Advanced Continuum Fund (PSG) Asset allocation Fund facts Fund objective as at Sept. 30, 2014 To provide some income while focusing on long-term capital appreciation. This fund invests in other London Life funds. It's appropriate for investors who seek long-term capital appreciation with some income. Its target mix is 80% equity and 20% fixed income investments. Fund code: S608 Asset class: Asset allocation Asset category: Advanced Fund inception date: October 2004 Segregated fund size: $951.7 million Underlying fund: n/a Underlying fund size: n/a Historical performance as at Sept. 30, 2014 This graph shows how a $10,000 investment in this fund would have changed in value compared with the benchmark: 40.00% S&P/TSX Composite Index, 40.00% MSCI World Index, 20.00% FTSE TMX Canada Universe Bond Index Total fund operating expenses 2013 0.051% 2012 0.050% 2011 0.044% Volatility meter Risk within all asset classes Low High Risk within fund asset class Fund* Benchmark Investment advisor Portfolio Solutions Group Who is Portfolio Solutions Group? • Portfolio Solutions Group is a division of The Great-West Life Assurance Company • Responsible for managing asset allocation funds • Over $18.4 billion in assets under management as of December 31, 2013 Investment management style Portfolio Solutions Group builds and monitors asset allocation funds. Their objective is to maximize returns while minimizing risks. To achieve this they combine top-down modelling and bottom-up manager selection. Their top-down analysis provides insight into aggregate portfolio style drift, risk exposure and mandate gaps. Their bottom-up focus is on selecting managers who consistently add value by following a well-defined investment process. Compound returns as at Sept. 30, 2014 3 Mth 0.34% 1.09% Fund* Benchmark 1 Year 2 Year** 3 Year** 4 Year** 5 Year** 10 Year** 16.60% 15.79% 14.48% 10.56% 10.21% 8.17% 17.97% 14.53% 13.19% 9.47% 9.17% 7.61% ** Stated on an annualized basis Calendar year returns Fund* Benchmark YTD 2014 8.08% 9.95% 2013 20.08% 16.83% 2012 10.95% 8.70% 2011 -2.10% -3.12% 2010 11.58% 11.96% 2009 19.52% 21.23% * Any performance shown prior to the fund's inception date is that of the underlying fund and is considered representative of this fund's performance. Composition Top holdings as at Sept. 30, 2014 Canadian equity 40.0% Foreign equity 40.0% Fixed income 20.0% Global Equity Fund (Sprucegrove) Global Equity Fund (Trimark) Pure Canadian Equity Fund (Beutel, Goodman) Canadian Equity Fund (Greystone) Canadian Equity Fund (Leith Wheeler) Canadian Equity Fund (SRA) Real Estate Fund (GWLRA) American Growth Fund (AGF) Fixed Income Fund (Portico) U.S. Equity Fund (Jarislowsky Fraser) Mortgage Fund (Portico) Global Infrastructure Equity Fund (London Capital) Growth Equity Fund (Montrusco) Bond Fund (Beutel, Goodman) Bond Fund (Phillips, Hager & North) International Equity (Putnam) International Opportunity Fund (JPMorgan) International Bond Fund (Brandywine) Corporate Bond Fund (Portico) North American High Yield Bond Fund (Putnam) Total 12.0% 9.2% 8.8% 8.0% 8.0% 5.6% 5.6% 5.2% 5.1% 4.8% 4.3% 4.0% 4.0% 3.2% 3.0% 2.4% 2.4% 2.0% 1.2% 1.2% 100.0% The Great-West Life Assurance Company and key design are trademarks of The Great-West Life Assurance Company, used under licence by London Life and Canada Life for the promotion and marketing of insurance products. The fund operating expenses displayed do not include applicable taxes. The indicated fund performance reflects changes in unit value and reinvestment of all distributions and are after deduction of all fund operating expenses and applicable taxes, but before the deduction of investment management fees and applicable taxes. The historical performance shown is that of the London Life segregated fund or the underlying third-party fund. Performance data is provided for illustrative purposes only and represents past performance, which is not necessarily indicative of future performance. For more information on the fund and its holdings, call Access Line.