Fund prime broker/banker: Scotia Capital/Scotiabank
Legal advisors: Borden Ladner Gervais LLP
Fund auditors: Deloitte LLP
Independent Fund NAV accounting: Apex Fund Services (Canada) Ltd.
GIPS® verification: Ashland Partners International Ltd., Jacksonville, OR

Securities registration:
– Ontario – Portfolio Manager/Exempt Market Dealer/Investment Fund Manager
– Also registered in Quebec, British Columbia, Alberta and Manitoba

Bristol Gate claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. It has been independently verified or the periods May 2009 – December 2013. The verification report(s) is/are available upon request.

The Bristol Gate US Equity Strategy Composite consists of equities of publicly traded, dividend-paying US companies. The composite is valued in US dollars and for comparison purposes is measured against the S&P 500. The composite’s Investment Advisor, Bristol Gate Capital Partners Inc., defines itself as a portfolio manager, exempt market dealer and investment fund manager.

The results of the composite are based on an investment discipline managed by the Chief Investment Officer of the Investment Advisor. The invested money, past and present, is discretionary to the extent that it invests in companies that regularly pay dividends and are publicly traded on exchanges in the United States. The performance of the composite is comprehensive in that it reflects all returns, including those accounts no longer with the firm. Past performance is not indicative of future returns.

The Investment Advisor’s objective is to select companies with positive dividend growth and which collectively will generate over the long term a growing income and capital appreciation for investors.

To determine the selection of stocks, the Investment Advisor firstly analyzes each company’s past and potential future dividend payments with its proprietary statistical methodology. Secondly, it examines the companies’ sources and uses of cash to determine sustainable profit and dividend growth. Valuation and risk management metrics are applied which generate a focused portfolio with above-average dividend growth, without above-market valuations. The Investment Advisor does not attempt to match securities selection to any index. Turnover and trading are strictly limited.

Bristol Gate Capital Partners Inc. claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. Bristol Gate Capital Partners Inc. has been independently verified for the periods May 2009 until December 2013 by Ashland Partners International Limited.

Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm’s policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. The Bristol Gate US Dividend Growth Composite has been examined for the periods May 2009 until December 2013. The verification and performance examination reports are available upon request. The Advisor maintains a complete list and description of composites and they are available upon request. Policies for valuing portfolios, calculating performance, and preparing compliant presentations are available upon request.

The US dollar is the currency used to measure performance, which is presented on a gross basis and includes the reinvestment of investment income. There is the opportunity for the use of leverage up to 30% of the net asset value of the underlying investments using a margin account at the prime broker. Thus far no leverage has been utilized. The composite’s return is gross of withholding taxes. An investor’s actual returns will be reduced by the management and performance fees, subject to the hurdle rate, the high water mark, and other minor expenses incurred as a result of the management of the composite.

The annual management fee is as follows: 1% on assets under $1M; between $1M and $5M this charge is 0.75%, and above $5M it is 0.50% of assets, and is charged monthly in arrears. The 10% performance fee is earned on returns above the 8.2% hurdle rate and crystallizes at the end of each calendar year. There is a high water mark in effect, which means that the annual performance fee is earned only on a return above the last highest return.

The Bristol Gate US Equity Strategy Composite was formerly known as the Bristol Gate US Dividend Growth Composite until April 1, 2015. The Composite inception date was May 15, 2009. The Composite consists of equities of publically traded, dividend paying US companies and is valued in US Dollars.