Legal Disclaimer The material contained in this presentation is for information purposes only and does not constitute an advertisement or an offer to sell or a solicitation to buy any securities in any jurisdiction. Such an offer can only be made by prospectus. MUTUAL FUND SHARES OF THE NORREP GROUP OF FUNDS ARE OFFERED FOR SALE BY WAY OF PROSPECTUS ONLY IN THE PROVINCES OF ONTARIO, SASKATCHEWAN, ALBERTA, BRITISH COLUMBIA, MANITOBA AND THE ATLANTIC PROVINCES. Every effort has been made to ensure that the information contained herein is accurate, complete and up-to-date. However, no guarantee, either express or implied, is made that the information in this presentation is accurate, complete or up-to-date. The contents of this presentation are for informational purposes only and are not intended to provide financial, legal, accounting or tax advice and should not be relied upon in that regard. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Indicated rates of return are the historical annual compound total returns including changes in share value and reinvestment of all dividends and do not take into account sales, redemption, distribution or optional charges or income tax payable by any security holder, if any, that would have reduced returns. The rate of return is used to illustrate the effects of the compound growth rate and is not intended to reflect future sales of Norrep Funds or returns on investment in Norrep Funds.
All quantitatively derived stock selections also undergo a rigorous and extensive fundamental examination before investment is made
Norrep II Class Advantage 1.08 0.35 1.43 Cash Flow to Debt 0.20 0.45 0.25 Debt to Equity 0.63 0.53 1.16 Expected Dividend Yield 5.8 0.8 6.6 Quarterly Cash Flow Momentum 7.7 -0.6 7.1 Quarterly Earnings Momentum 9.6 -12.4 -2.8 Estimate Revisions 3.7 -0.9 2.8 Earnings Surprise 20.1 8.0 28.1 Return on Equity (trailing) 4.9 13.9 9.0 Price to Cash Flow (trailing) 13.4 25.2 11.8 Price to Earnings 21.6 34.6 13.0 Price to Earnings (trailing) Our Advantage BMO Small Cap Index Norrep II Class Fund Attribute:
Norrep II Performance vs. Benchmark For the period ending May 31, 2007 * Annualized
Norrep II Performance Advantage For the period ending May 31, 2007 * Annualized ** Source: Globefund 10.3% 22.4% n/a n/a 32.7% Since Inception* 9.9% 18.2% 12.6% 15.5% 28.1% 5 Year* 12.0% 22.1% 15.2% 18.9% 34.1% 3 Year* 4.8% 21.9% 10.7% 16.0% 26.7% 1 Year 9.6% 15.7% 10.5% 14.8% 25.3% 6 Month 3.7% 8.6% 3.7% 8.6% 12.3% 3 Month 4.6% 2.7% 4.0% 3.2% 7.3% 1 Month Value Added BMO Small Cap TRI Value Added Peer Group Average** Norrep II Class
2004 Flow-Through Performance * Assumes full cycle investing with all tax deductions taken, sale of investment at June 12, 2007 and all capital gains taxes paid * Assumes a 45% marginal tax rate 19.03% Total "After tax" Annualized Return 68.97% Total "After Tax" Return $ 2.15 Taxes Payable if sold at rollover $ 9.54 Closing Value & Distribution $ 8.81 Closing Value of LP $ 0.73 Total Distributions $ - Distribution #2 $ 0.73 Distribution #1 $ 4.375 After Tax Cost Flow Through Portion 08-Jun-04 Inception Date 2004 After Tax Numbers
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