May 2010 – July 2012

Turtle Funds Performance

NexGen Turtle Canadian Balanced FundAs of June 30th 2012

Fund Name3 Mth

Ret6 Mth

Ret YTD Ret 1 Yr Ret 2 Yr RetNexGen Turtle Cdn Bal Tax Managed CG 0.0 1.3 1.3 4.6 1.3

Brandes Sionna Canadian Balanced -2.2 1.0 1.0 -2.1 4.0CI Harbour Growth & Income -3.8 2.0 2.0 -6.0 3.4Dynamic Value Balanced Class -1.3 2.5 2.5 -8.9 1.0EdgePoint Cdn Gr & Inc Pt (non-HST) A(N) -5.0 3.0 3.0 -2.5 Templeton Canadian Balanced -3.8 -2.1 -2.1 -9.6 2.1Trimark Income Growth Series A 0.6 4.7 4.7 -1.4 5.1

Turtle Cdn Balanced One year:   3rd out of Canadian Neutral Balanced 1216 funds

Turtle Funds Performance

NexGen Turtle Canadian Equity FundAs of June 30th 2012

Fund Name3 Mth

Ret6 Mth

Ret YTD Ret 1 Yr Ret 2 Yr RetNexGen Turtle Cdn Eq Tax Managed CG -1.1 1.3 1.3 3.9 0.7

Brandes Sionna Canadian Equity Class A -4.3 -0.3 -0.3 -7.9 2.9CI Canadian Investment -6.1 0.5 0.5 -13.2 2.3Dynamic Canadian Value Class -3.6 2.7 2.7 -15.5 -1.7EdgePoint Canadian Portfolio Series A -7.3 3.6 3.6 -5.3 5.9Templeton Canadian Stock Corporate Cl A -6.0 -3.3 -3.3 -14.9 0.2Trimark Canadian Series A -0.6 3.6 3.6 -7.4 5.6

Turtle Cdn Equity One year: 3rd out of Canadian Equity 856 funds

Outperformance During Downmarkets

Since Inception

Outperformance During Down Months

% of Down Months Portfolio Outperformed

Standard Deviation

NexGen Turtle Canadian Equity Tax Managed* +363bps 85.71% 5.44

NexGen Turtle Canadian Balanced Tax Managed** +197bps 83.33% 2.87

* Vs. S&P/TSX** Vs. 50% S&P/TSX 50% DEX Universe Bond Index

Keith Graham Historical Performance

Investment Philosophy

• Capital Growth at a Conservative Pace• Absolute Return Focused• Fundamental Value Investing• Long-term, Bottom-up• 2 Key Questions

− Is it A Good Business?− Is it a Good Price?

Who Are We

• 2 Year Old Firm, 20+ Years of Experience• G. Keith Graham, President & Founder

– 20+ Years Investment Management Experience– Managed Multi-Billion $$ Pension & Mutual Fund

Portfolios– Ontario Teachers Pension Plan Board, Trimark

Investments, AGF Funds Inc.*– Multiple Awards** & Fund Building Success– MBA, CFA

* AGF Real Value Platform, Trimark Income Growth, Trimark Canadian Small Companies, Trimark Canadian Resources, Trimark Canadian Endeavor Fund

** Best Canadian Balanced Fund (2001 & 2002), Best Small Cap Fund (2001) – Canadian Investment Awards

Rondeau Capital Inc. - Founder

The Power of Consistent Positive Returns

Hypothetical Preservation Example Beginning Assets$1 Million

"Turtle" Portfolio 1 2 3 4 5 6 7 8 9 10

Returns 6% 6% 6% 6% 6% 6% 6% 6% 6% 6%

"Rabbit" Portfolio 1 2 3 4 5 6 7 8 9 10

Returns 15% 15% 15% 15% -30% -10% 0% 15% 15% 15%

Years

1,790,848$ 6.0%

1,675,813$ 6.5%Average Return

Average ReturnEnding Assets

Ending Assets

Result: The “Turtle” Portfolio achieved larger assets with a lower but consistent return – Slow and Steady!

Significant Economic Headwinds – Invest with caution and care

•Long Term-Debt-Employment/Demographics-Valuation

•Short Term-Europe-US Politics-China Slowdown

ECB LTRO – If it looks like a Ponzi scheme….

ECB

Banks buy sovereign debt

LTRO: 1 Trillion+ EUR @ 1% for 3 years• 500-800 Banks took funds• Reduction in Collateral Quality

US Debt Simplified

• U.S. 2010 Tax revenue: $2,170,000,000,000• Fed budget: $3,820,000,000,000• New debt: $ 1,650,000,000,000• National debt: $14,271,000,000,000• 2011 Budget Cut $ 38,500,000,000

Now, remove 8 zeros and pretend it's a household budget.• Annual family income: $21,700• Money the family spent: $38,200• New debt on the credit card: $16,500• Outstanding balance on credit card: $142,710• Total budget cuts: $385

Current situation is Unsustainable

For Dealer Use Only

Sector Allocation

CASH & EQUIVALENTS 28.8% ENERGY 16.7%

FINANCIALS 9.7% TELECOMMUNICATION SERVICES 8.3%

HEALTH CARE 7.4% CONSUMER DISCRETIONARY 7.1%

INFORMATION TECHNOLOGY 6.2% CONSUMER STAPLES 5.6%

MATERIALS 4.2% INDEX FUNDS 3.9%

INDUSTRIALS 2.1%

NexGen Turtle Canadian Equity Funds

Keith Graham

MBA, CFA

Rondeau Capital

Name Country Sector% of total

Portfolio Assets

Cash & Equivalents Canada Cash & Equivalents 28.6%

SPDR Gold Shares United States Index Funds 3.9%

Cenovus Energy Inc Canada Energy 3.9%

Intact Financial Corp Canada Financials 3.5%

Telus Corp CanadaTelecommunication Services 3.5%

Metro Inc Canada Consumer Staples 3.2%

Astral Media Inc Class A Canada Consumer Discretionary 3.2%

Cisco Systems Inc United States Information Technology 3.1%

eBay Inc United States Information Technology 3.1%

Ensign Energy Services Inc Canada Energy 3.1%

Top Holdings

Inception Date: May 31, 2010

Funds’ Assets (all series):

Management Fee (FE): 2.00%

Fund Facts

* Tax Managed Returns are Capital Gains Class

Performance (Quartile) to June 30, 2012Fund 1 mth 3 mth 6 mth CYTD 1 Year 3 Year 5 Year Since Inception

Registered 1.7% (2) -1.1% (1) 1.3% (2) 1.3% (2) 3.8% (1) - - 0.5%

Tax Managed* 1.7% (2) -1.1% (1) 1.3% (2) 1.3% (2) 3.9% (1) - - 0.3%

$18,078,237

NexGen Turtle Canadian Equity Fund

Top 25 Holdings (as of June 30th, 2012)

1. Cash & Cash Equivalents 28.60% 14. Suncor Energy Inc 3.00%2. SPDR Gold Shares 3.90% 15. Medtronic Inc 3.00%3. Cenovus Energy Inc 3.90% 16. BCE Inc 2.60%4. Intact Financial Corp 3.50% 17. Saputo Inc 2.40%5. TELUS Corp 3.50% 18. Rogers Communications Inc B 2.20%6. Metro Inc 3.20% 19. Kinross Gold Corp 2.20%7. Astral Media Inc A 3.20% 20. Bonavista Energy Corp 2.10%8. Cisco Systems Inc 3.10% 21. Macdonald Dettwiler & Associates 2.10%9. Ebay Inc 3.10% 22. Eldorado Gold Corp 2.10%10. Ensign Energy Services Inc 3.10% 23. Thomson Reuters Corp 2.00%11. Abbott Laboratories 3.10% 24. Sonde Resources Corp 1.90%12. Westwood Holdings Group Inc 3.10% 25. Bauer Performance Sports LTD 1.80%13. US Bancorp 3.00%

For Dealer Use Only

NexGen Turtle Canadian Balanced Funds

Sector Allocation

CASH & EQUIVALENTS 25.5% CORPORATE BONDS 17.9%

ENERGY 9.6% PROVINCIAL BONDS 6.7%

FEDERAL BONDS 5.5% FINANCIALS 5.5%

TELECOMMUNICATION SERVICES 4.7% HEALTH CARE 4.3%

CONSUMER DISCRETIONARY 3.8% INFORMATION TECHNOLOGY 3.5%

CONSUMER STAPLES 3.2% MATERIALS 2.5%

MORTGAGE BACKED SECURITIES 2.4% OTHER 4.9%

Keith Graham

MBA, CFA

Rondeau Capital

Name Country Sector% of total

Portfolio Assets

Cash & Equivalents Canada Cash & Equivalents 25.7%Government of Canada 4.00% 06/01/2041 Canada Federal Bonds 2.7%

Cenovus Energy Inc Canada Energy 2.2%

SPDR Gold Shares United States Index Funds 2.2%Government of Canada 3.50% 06/01/2020 Canada Federal Bonds 2.1%

Intact Financial Corp Canada Financials 2.0%

Telus Corp Canada Telecommunication Services 2.0%

Metro Inc Canada Consumer Staples 1.9%

Abbott Laboratories United States Health Care 1.8%

Cisco Systems Inc United States Information Technology 1.8%

Top Holdings

Inception Date: May 31, 2010

Funds’ Assets (all series):

Management Fee (FE): 2.00%

Fund Facts

* Tax Managed Returns are Capital Gains Class

Performance (Quartile) to June 30, 2012Fund 1 mth 3 mth 6 mth CYTD 1 Year 3 Year 5 Year Since Inception

Registered 0.9% (3) -0.1% (1) 1.3% (3) 1.3% (3) 4.5% (1) - - 1.2%

Tax Managed* 0.9% (2) 0% (1) 1.3% (3) 1.3% (3) 4.6% (1) - - 1.3%

$38,779,035

NexGen Turtle Canadian Balanced Fund

As of June 30th, 2012Portfolio Sector Allocation

Cash & Cash Equivalents 25.5%

Corporate Bonds 17.9%

Energy 9.6%

Provincial Bonds 6.7%

Federal Bonds 5.5%

Financials 5.5%

Telecommunication Services 4.7%

Health Care 4.3%

Consumer Discretionary 3.8%

Information Technology 3.5%

Consumer Staples 3.2%

Materials 2.5%

Mortgage Backed Securities 2.4%

Other 4.9%

Total 100.00%

Portfolio Asset Allocation

Equity 40.4%

Fixed Income 34.0%

Cash & Cash Equivalents 25.7%

Total 100.00%