Trapeze Asset Management, Inc.

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Description

Trapeze composite returns are net of fees and commissions. Composites include all accounts with like objectives which are managed based on model portfolios at Trapeze Asset Management Incorporated and its affiliate, Trapeze Capital Corp. (together "Trapeze"), excluding certain accounts based on relatively small size and exceptional mandates (including "balanced" accounts). Accounts are managed on the same basis at both companies. Composites include accounts which are subject to different fee and commission schedules (primarily "legacy" accounts) than new accounts. The aggregate amount of charges to legacy accounts approximates charges to new accounts over most periods. Performance of individual accounts may differ from composites. We have cited common industry index returns and a blended benchmark's return for general comparison to our composites' performance. The blended benchmark consists of a blend of the following indexes so as to reflect the all-cap nature of Trapeze's portfolio management style and our long-term neutral position for "Growth" accounts: Canadian Large Cap (S&P/TSX) = 20%; Canadian Small Cap (S&P/TSX Venture from Jan. 1, 2002 and BMO Nesbitt Burns Canadian Small Cap Index for periods up to Dec. 31, 2001) = 30%; U.S. Large Cap (S&P 500 in CAD) = 40%; U.S. Small Cap (Russell 2000 in CAD)= 10%. Returns for S&P/TSX Venture Composite Index include returns for BMO Nesbitt Burns Canadian Small Cap Index for periods up to Dec. 31, 2001. Trapeze's managed portfolios may not necessarily be representative of these indexes or the blended benchmark and the volatility of our managed accounts may vary substantially compared to these benchmarks for reasons which include, but are not limited to: (i) Trapeze uses an active investment style to construct portfolios based on attractiveness to Trapeze of investments, sectors, and markets, from time to time; (ii) growth accounts may hold or have held a larger percentage of small cap securities and a higher concentration in specific securities and industries; (iii) certain growth accounts use leverage, short selling and options for clients who approve such strategies; and (iv) income accounts hold and have held a higher concentration of non-rated income investments, including corporate securities, and a lower concentration of government-issued securities compared to the bond index shown. Our strategies include investment in new issues, such as private placements. Results reflect the reinvestment of dividend and other earnings. Returns are in Canadian Dollars. Inception date is October 1, 1998. Past performance is no guarantee of future returns.

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