1. Jov Leon Frazer Preferred Equity Fund

2. 2 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

3. 3 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

4. 4 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

5. 5 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

6. 6 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

7. 7 SECTOR BREAKDOWN Source: Leon Frazer & Associates

8. 8 SECURITY TYPE BREAKDOWN SECURITY TYPECURRENT WEIGHTTARGET WEIGHTRANGE Fixed Floater/Reset8.7%25.0%10-40% Retractable35.2%32.5%20-60% Floating Rate Perpetual0.0%12.5%0-30% Fixed Rate Perpetual54.5%30.0%10-40% Total Portfolio100.0% * 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

9. 9 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

10. 10 LONG-TERM, DISCIPLINED INVESTMENT PROCESS

11. 11 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

12. 12 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

13. 13 FUND DETAILS Portfolio Sub-Advisor:Leon Frazer & Associates Fund Code:JOV 110 JOV 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)

14. 14 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.

15. 15 APPENDIX

16. 16 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 15.5% Year 25.5% Year 35.0% Year 44.5% Year 54.0% Year 63.0% Year 72.0% Thereafter0%