Jov Leon Frazer Preferred Equity

Fund

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JOV LEON FRAZER PREFERRED EQUITY FUND: KEY FEATURES

• Attractive investment opportunities through investment in high quality preferred shares

• Regular tax-efficient income• Current portfolio yield is 7.10%• Interest-equivalent yield of 10.19%• Experienced portfolio management by Leon Frazer &

Associates• Credit and interest rate risk management through

diversification and active management• Liquidity – daily NAV Current Yield and Bond Equivalent Yield is as of 3/9/09. Current Yield and Bond Equivalent Yield do not factor in any Fund fees or expenses. Source: Leon Frazer & Associates

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CURRENT MARKET BACKGROUND

• Volatility occurs in all asset classes, including money market funds

• Aging population creating shift from accumulating wealth to payout of wealth

• Need for income as investors move away from full-time employment

• “Protect what I have” mentality• Looking for solutions, not products

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ADVANTAGES OF PREFERRED SHARES

• Priority over common stocks for dividend payments and liquidation proceeds

• Greater price stability than common stock • Regular tax-efficient income• Bond equivalent yield on fund is currently 10.19%

Current Yield and Bond Equivalent Yield is as of 3/9/09. Current Yield and Bond Equivalent Yield do not factor in any Fund fees or expenses. Source: Leon Frazer & Associates

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CURRENT OPPORTUNITY

• Historically wide credit spreads for high quality preferred shares relative to government bonds

• Preferred shares offer attractive, risk-adjusted return potential

• Potential for equity-like capital gains as spreads return to historical norms

• Attractive tax-advantaged preferred income stream while awaiting recovery

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ABOUT THE FUND

• Fund invests primarily in high quality preferred shares of major Canadian companies

• Tax-advantaged dividend income• Current bond equivalent yield is 10.19%• Potential for capital gains• Diversification by credit, industry sector and security type• Benchmark: S&P/TSX Preferred Share Index• Inception: February 2009

Current Yield and Bond Equivalent Yield is as of 3/9/09. Current Yield and Bond Equivalent Yield do not factor in any Fund fees or expenses. Source: Leon Frazer & Associates

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SECTOR BREAKDOWN

Source: Leon Frazer & Associates

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SECURITY TYPE BREAKDOWN

SECURITY TYPE CURRENT WEIGHT TARGET WEIGHT RANGE

Fixed Floater/Reset 8.7% 25.0% 10-40%

Retractable 35.2% 32.5% 20-60%

Floating Rate Perpetual 0.0% 12.5% 0-30%

Fixed Rate Perpetual 54.5% 30.0% 10-40%

Total Portfolio 100.0% 100.0%

* Current Yield on the Portfolio is 7.1%

**Bond Equivalent Yield is 10.19% (Based on Highest Tax Bracket, Ontario resident)

***100% invested in investment grade preferred shares per DBRS Rating Service

Current Yield and Bond Equivalent Yield is as of 3/31/09. Current Yield and Bond Equivalent Yield do not factor in any Fund fees or expenses. Source: Leon Frazer & Associates

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EXPERIENCED PORTFOLIO MANAGEMENT: LEON FRAZER & ASSOCIATES

• 70 years experience navigating volatile markets • Established in 1939

– Oldest independent investment counselling firm in Ontario – Second oldest in Canada

• Offices in Toronto and Vancouver• $1.3 billion under management• Lead manager: Frances Connelly

– 20 years experience managing preferred portfolios

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LONG-TERM, DISCIPLINED INVESTMENT PROCESS

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SECURITY SELECTION

• Fundamental research with a consideration for quantitative and technical factors

• Securities selected based on company background, industry and growth potential

• Analysis of risk profile and relative value to confirm selection and portfolio weighting

• Consider expectations for future interest rates• Diversified by company and sector as well as credit quality

and security type

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IDEAL FOR INVESTORS WHO:

• Want to take advantage of opportunities in an unprecedented financial marketplace

• Desire regular, tax-efficient income • Want the benefits of experienced portfolio management• Want a diversified portfolio• Require daily liquidity

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FUND DETAILS

Portfolio Sub-Advisor: Leon Frazer & Associates

Fund Code: JOV 110JOV 210 (DSC)JOV 310 (F Class)JOV 510 (T Class)

Minimum Investment: $1,000

Minimum Subsequent: $500

Minimum Pre-Authorized Payment: $50

Minimum Automatic Withdrawal Plan:

$50

Currency: CAD

Distributions: Quarterly

Commission: Up to 5%

Management Fee: 1.40% (A & T Class), 0.70% (F Class)

Trailer: 0.70% (FE), 0.20% (DSC)

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DISCLAIMER

Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. The indicated rates of return are the historical total returns and do not take into account fees, expenses, sales, redemptions, distribution or optional charges or income taxes payable by any security holder that would have reduced returns. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated.

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APPENDIX

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DSC SCHEDULE

• 5.00% sales commission on the amount invested

• 20bps trailer paid quarterly

• Each year the investor is allowed to redeem up to 10% of the number of units they held on December 31 of the previous year without being charged the early redemption fee

• The 10% free redemption rate will be reduced by the distribution rate of the fund during the previous calendar year

Redeems During:

Client Pays:

Year 1 5.5%

Year 2 5.5%

Year 3 5.0%

Year 4 4.5%

Year 5 4.0%

Year 6 3.0%

Year 7 2.0%

Thereafter 0%