North Growth Management US Equity Fund Results in Canadian Dollars

Current Performance As of November 19, 2008 Current Price $15.3228 Daily Change -$0.7305 1 Day -4.55% 7 Day -6.32% Month to Date -16.56% 30 Day -13.02% Year to Date -33.17%

Long Term Performance Returns as of October 31, 2008   NGM US Equity S&P 500 Total Return One Month -4.33% -5.83% Three Month -7.92% -9.56% Six Month -15.28% -15.43% One Year -21.94% -18.52% Three Year -6.29% -4.59% Five Year -1.42% -1.54% Ten Year 7.76% -2.06% Return Since Inception 11.53% 7.33% Years Since Inception 16.05 16.05 Volatility * 0.92% 0.85% * The 3 year average daily percentage change

North Growth Management US Equity Fund Results in US Dollars

Current Performance As of November 19, 2008 Current Price $12.2328 Daily Change -$0.8197 1 Day -6.28% 7 Day -7.46% Month to Date -19.76% 30 Day -17.58% Year to Date -47.11%

Long Term Performance Returns as of October 31, 2008   NGM US Equity S&P 500 Total Return One Month -15.47% -16.79% Three Month -21.71% -23.11% Six Month -29.16% -29.28% One Year -38.77% -36.10% Three Year -6.90% -5.21% Five Year 0.38% 0.26% Ten Year 10.46% 0.40% Return Since Inception 11.75% 7.54% Years Since Inception 16.05 16.05 Volatility * 0.92% 0.84% * The 3 year average daily percentage change