Model ETF Portfolios as of June 30, 2019

Model ETF Portfolios as of June 30, 2019

RRSP & RRIF Accounts

80% bonds 70% bonds 60% bonds 50% bonds 40% bonds 30% bonds 20% bonds 10% bonds 20% stocks 30% stocks 40% stocks 50% stocks 60% stocks 70% stocks 80% stocks 90% stocks 100% stocks

Security Name BMO Aggregate Bond Index ETF Vanguard FTSE Canada All Cap Index ETF iShares Core S&P Total U.S. Stock Market ETF* iShares Core MSCI EAFE ETF* iShares Core MSCI Emerging Markets ETF*

*US-listed ETFs

Symbol ZAG VCN ITOT IEFA IEMG

80.0% 7.0% 7.0% 4.0% 2.0% 100.0%

70.0% 10.0% 10.0% 7.0% 3.0% 100.0%

60.0% 13.0% 14.0% 10.0% 3.0% 100.0%

Management Expense Ratio (MER)

0.08%

0.08%

0.08%

Hypothetical Performance as of June 30, 2019

YTD Return

7.74%

8.32%

8.97%

1-Year Return

6.64%

6.27%

5.99%

3-Year Annualized Return

4.23%

5.06%

5.93%

5-Year Annualized Return

4.78%

5.30%

5.89%

10-Year Annualized Return

5.68%

6.34%

7.08%

20-Year Annualized Return

5.61%

5.75%

5.83%

Lowest 1-Year Return

-3.84%

-7.75%

-11.48%

20-Year Annualized Standard Deviation

3.72%

4.33%

5.13%

Sources: Morningstar Direct, MSCI. S&P Dow Jones, and FTSE Russell Indices courtesy of Dimensional Returns 2.0

50.0% 17.0% 17.0% 12.0% 4.0% 100.0%

0.07%

9.61% 5.65% 6.75% 6.38% 7.71% 5.94% -15.38% 6.09%

40.0% 20.0% 20.0% 15.0% 5.0% 100.0%

0.07%

10.18% 5.27% 7.59% 6.89% 8.34% 5.99% -19.23% 7.14%

30.0% 23.0% 24.0% 17.0% 6.0% 100.0%

0.07%

10.80% 4.97% 8.46% 7.47% 9.02% 6.02% -22.95% 8.24%

20.0% 27.0% 27.0% 19.0% 7.0% 100.0%

0.07%

11.43% 4.62% 9.28% 7.94% 9.62% 6.04% -26.78% 9.39%

10.0% 30.0% 30.0% 22.0% 8.0% 100.0%

0.06%

12.01% 4.22% 10.10% 8.44% 10.22% 6.00% -30.56% 10.58%

0.0% 33.0% 34.0% 24.0% 9.0% 100.0%

0.06%

12.63% 3.91% 10.98% 9.01% 10.87% 5.95% -34.22% 11.79%

This report is published by PWL Capital Inc. for your information only. Information on which this report is based is available on request. Particular investments or trading strategies should be evaluated relative to each individual's objectives in consultation with the Investment Advisor. Opinions of PWL Capital constitute its judgment as of the above mentioned date, are subject to change without notice and are provided in good faith but without responsibility for any errors or omissions contained herein. This publication is furnished on the basis and understanding that neither PWL Capital Inc. nor its employees, agents or information suppliers is to be under any responsibility of liability whatsoever in respect thereof.

Model ETF Portfolios as of June 30, 2019

TFSA, RESP & RDSP Accounts

80% bonds 70% bonds 60% bonds 50% bonds 40% bonds 30% bonds 20% bonds 10% bonds 20% stocks 30% stocks 40% stocks 50% stocks 60% stocks 70% stocks 80% stocks 90% stocks 100% stocks

Security Name BMO Aggregate Bond Index ETF Vanguard FTSE Canada All Cap Index ETF iShares Core S&P U.S. Total Market Index ETF iShares Core MSCI EAFE IMI Index ETF iShares Core MSCI Emerging Markets IMI Index ETF

Symbol ZAG VCN XUU XEF XEC

80.0% 7.0% 7.0% 4.0% 2.0% 100.0%

70.0% 10.0% 10.0% 7.0% 3.0% 100.0%

60.0% 13.0% 14.0% 10.0% 3.0% 100.0%

50.0% 17.0% 17.0% 12.0% 4.0% 100.0%

40.0% 20.0% 20.0% 15.0% 5.0% 100.0%

30.0% 23.0% 24.0% 17.0% 6.0% 100.0%

20.0% 27.0% 27.0% 19.0% 7.0% 100.0%

10.0% 30.0% 30.0% 22.0% 8.0% 100.0%

0.0% 33.0% 34.0% 24.0% 9.0% 100.0%

Management Expense Ratio (MER)

0.10%

0.10%

0.10%

Hypothetical Performance as of June 30, 2019

YTD Return

7.64%

8.16%

8.76%

1-Year Return

6.53%

6.10%

5.76%

3-Year Annualized Return

4.13%

4.92%

5.74%

5-Year Annualized Return

4.72%

5.21%

5.77%

10-Year Annualized Return

5.62%

6.26%

6.96%

20-Year Annualized Return

5.58%

5.69%

5.75%

Lowest 1-Year Return

-3.87%

-7.80%

-11.55%

20-Year Annualized Standard Deviation

3.71%

4.32%

5.11%

Sources: Morningstar Direct, MSCI. S&P Dow Jones, and FTSE Russell Indices courtesy of Dimensional Returns 2.0

0.10%

9.36% 5.37% 6.52% 6.22% 7.57% 5.84% -15.47% 6.08%

0.11%

9.88% 4.94% 7.30% 6.70% 8.17% 5.87% -19.33% 7.13%

0.11%

10.44% 4.58% 8.13% 7.25% 8.83% 5.88% -23.08% 8.23%

0.11%

11.03% 4.18% 8.89% 7.70% 9.40% 5.88% -26.93% 9.39%

0.12%

11.55% 3.74% 9.67% 8.16% 9.96% 5.82% -30.72% 10.58%

0.12%

12.12% 3.38% 10.49% 8.70% 10.59% 5.74% -34.41% 11.79%

This report is published by PWL Capital Inc. for your information only. Information on which this report is based is available on request. Particular investments or trading strategies should be evaluated relative to each individual's objectives in consultation with the Investment Advisor. Opinions of PWL Capital constitute its judgment as of the above mentioned date, are subject to change without notice and are provided in good faith but without responsibility for any errors or omissions contained herein. This publication is furnished on the basis and understanding that neither PWL Capital Inc. nor its employees, agents or information suppliers is to be under any responsibility of liability whatsoever in respect thereof.

Model ETF Portfolios as of June 30, 2019

Taxable Accounts

80% bonds 70% bonds 60% bonds 50% bonds 40% bonds 30% bonds 20% bonds 10% bonds 20% stocks 30% stocks 40% stocks 50% stocks 60% stocks 70% stocks 80% stocks 90% stocks 100% stocks

Security Name BMO Discount Bond Index ETF Vanguard FTSE Canada All Cap Index ETF iShares Core S&P U.S. Total Market Index ETF iShares Core MSCI EAFE IMI Index ETF iShares Core MSCI Emerging Markets IMI Index ETF

Symbol ZDB VCN XUU XEF XEC

80.0% 7.0% 7.0% 4.0% 2.0% 100.0%

70.0% 10.0% 10.0% 7.0% 3.0% 100.0%

60.0% 13.0% 14.0% 10.0% 3.0% 100.0%

Management Expense Ratio (MER)

0.10%

0.10%

0.10%

Hypothetical Performance as of June 30, 2019

YTD Return

7.67%

8.19%

8.79%

1-Year Return

6.52%

6.10%

5.76%

3-Year Annualized Return

3.92%

4.74%

5.58%

5-Year Annualized Return

4.64%

5.13%

5.71%

10-Year Annualized Return

5.69%

6.32%

7.02%

20-Year Annualized Return

5.61%

5.72%

5.78%

Lowest 1-Year Return

-3.87%

-7.80%

-11.55%

20-Year Annualized Standard Deviation

3.72%

4.33%

5.12%

Sources: Morningstar Direct, MSCI. S&P Dow Jones, and FTSE Russell Indices courtesy of Dimensional Returns 2.0

50.0% 17.0% 17.0% 12.0% 4.0% 100.0%

0.10%

9.38% 5.37% 6.39% 6.17% 7.61% 5.86% -15.47% 6.08%

40.0% 20.0% 20.0% 15.0% 5.0% 100.0%

0.11%

9.89% 4.94% 7.20% 6.66% 8.20% 5.89% -19.33% 7.13%

30.0% 23.0% 24.0% 17.0% 6.0% 100.0%

0.11%

10.45% 4.58% 8.05% 7.22% 8.85% 5.90% -23.08% 8.23%

20.0% 27.0% 27.0% 19.0% 7.0% 100.0%

0.11%

11.04% 4.18% 8.84% 7.68% 9.42% 5.89% -26.93% 9.39%

10.0% 30.0% 30.0% 22.0% 8.0% 100.0%

0.12%

11.56% 3.74% 9.65% 8.15% 9.97% 5.82% -30.72% 10.58%

0.0% 33.0% 34.0% 24.0% 9.0% 100.0%

0.12%

12.12% 3.38% 10.49% 8.70% 10.59% 5.74% -34.41% 11.79%

This report is published by PWL Capital Inc. for your information only. Information on which this report is based is available on request. Particular investments or trading strategies should be evaluated relative to each individual's objectives in consultation with the Investment Advisor. Opinions of PWL Capital constitute its judgment as of the above mentioned date, are subject to change without notice and are provided in good faith but without responsibility for any errors or omissions contained herein. This publication is furnished on the basis and understanding that neither PWL Capital Inc. nor its employees, agents or information suppliers is to be under any responsibility of liability whatsoever in respect thereof.

Performance Methodology as of June 30, 2019

BMO Aggregate Bond Index ETF (ZAG) 01/1998-01/2010: Monthly returns of the FTSE Canada Universe Bond Index, minus 0.0075% per month 02/2010-06/2019: Monthly returns of the BMO Aggregate Bond Index ETF (ZAG)

BMO Discount Bond Index ETF (ZDB) 01/1998-02/2014: Monthly returns of the FTSE Canada Universe Bond Index, minus 0.0075% per month 03/2014-06/2019: Monthly returns of the BMO Discount Bond Index ETF (ZDB)

Vanguard FTSE Canada All Cap Index ETF (VCN) 01/1998-08/2013: Monthly returns of the S&P/TSX Composite Index, minus 0.005% per month 09/2013-06/2019: Monthly returns of the Vanguard FTSE Canada All Cap Index ETF (VCN)

iShares Core S&P U.S. Total Market Index ETF (XUU) 01/1998-02/2015: Monthly returns of the MSCI USA IMI Index (net div.) (in CAD), minus 0.005833% per month 03/2015-06/2019: Monthly returns of the iShares Core S&P U.S. Total Market Index ETF (XUU)

iShares Core S&P Total U.S. Stock Market ETF (ITOT) 01/1998-01/2004: Monthly returns of the MSCI USA IMI Index (gross div.) (in CAD), minus 0.0025% per month 02/2004-06/2019: Monthly returns of the iShares Core S&P Total U.S. Stock Market ETF (ITOT) (in CAD)

iShares Core MSCI EAFE IMI Index ETF (XEF) 01/1998-04/2013: Monthly returns of the MSCI EAFE IMI Index (net div.) (in CAD), minus 0.018333% per month 05/2013-06/2019: Monthly returns of the iShares Core MSCI EAFE IMI Index ETF (XEF)

iShares Core MSCI EAFE ETF (IEFA) 01/1998-10/2012: Monthly returns of the MSCI EAFE IMI Index (net div.) (in CAD), minus 0.006667% per month 11/2012-06/2019: Monthly returns of the iShares Core MSCI EAFE ETF (IEFA) (in CAD)

iShares Core MSCI Emerging Markets IMI Index ETF (XEC) 01/1998-04/2013: Monthly returns of the MSCI Emerging Markets IMI Index (net div.) (in CAD), minus 0.021667% per month 05/2013-06/2019: Monthly returns of the iShares Core MSCI Emerging Markets IMI Index ETF (XEC)

iShares Core MSCI Emerging Markets ETF (IEMG) 01/1998-10/2012: Monthly returns of the MSCI Emerging Markets IMI Index (net div.) (in CAD), minus 0.011667% per month 11/2012-06/2019: Monthly returns of the iShares Core MSCI Emerging Markets ETF (IEMG) (in CAD) Portfolios are rebalanced annually at the end of each calendar year.

This report is published by PWL Capital Inc. for your information only. Information on which this report is based is available on request. Particular investments or trading strategies should be evaluated relative to each individual's objectives in consultation with the Investment Advisor. Opinions of PWL Capital constitute its judgment as of the above mentioned date, are subject to change without notice and are provided in good faith but without responsibility for any errors or omissions contained herein. This publication is furnished on the basis and understanding that neither PWL Capital Inc. nor its employees, agents or information suppliers is to be under any responsibility of liability whatsoever in respect thereof.

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