as at November 30, 2020
40/60

50/50

60/40

70/30

80/20

100/0

Fama French Five Factor Model Portfolios

For illustration purposes only.
Actual client portfolios may be different.
Fund Holdings

TickerBMO Aggregate Bond Index ETF

ZAG

60.0%

50.0%

40.0%

30.0%

20.0%

0.0%

iShares Core S&P/TSX Capped Composite ETF

XIC

12.0%

15.0%

18.0%

21.0%

24.0%

30.0%

Vanguard US Total Market ETF

VUN

12.0%

15.0%

18.0%

21.0%

24.0%

30.0%

Avantis® U.S. Small Cap Value ETF

AVUV

4.0%

5.0%

6.0%

7.0%

8.0%

10.0%

iShares Core MSCI EAFE IMI ETF

XEF

6.4%

8.0%

9.6%

11.2%

12.8%

16.0%

Avantis® International Small Cap Value ETF

AVDV

2.4%

3.0%

3.6%

4.2%

4.8%

6.0%

iShares Core MSCI EM IMI ETF

XEC

3.2%

4.0%

4.8%

5.6%

6.4%

8.0%

0.12%

0.12%

0.13%

0.14%

0.15%

0.17%

YTD Return

8.28%

8.18%

8.04%

7.85%

7.63%

7.05%

1-Year Total Return

8.09%

8.24%

8.34%

8.41%

8.43%

8.33%

3-Year Annualized Return

6.05%

6.20%

6.33%

6.44%

6.52%6.62%

5-Year Annualized Return

6.30%

6.80%

7.28%

7.74%

8.19%

9.05%

10-Year Annualized Return

6.79%

7.40%

8.00%

8.59%

9.16%

10.28%

20-Year Annualized Return

6.11%

6.28%

6.44%

6.58%

6.70%

6.89%

Lowest 1-Year Return (03/2008-02/2009)-12.79%-16.59%-20.27%-23.82%-27.25%-33.75%

20-Year Annualized Standard Deviation

5.86%

6.82%

7.86%

8.95%

10.09%

12.41%

Management Expense Ratio

Model Portfolio Hypothetical Performance as at November 30, 2020

Data Source: Morningstar Direct, Avantis
This table is published by Benjamin Felix and Cameron Passmore for your information only. Information on which this table is based is available on request. Particular investments or trading strategies should be evaluated relative toeach individual’s objectives in consultation with the Investment Advisor. Opinions of Benjamin Felix and Cameron Passmore constitute their judgment as of the date on this document, and are subject to change without notice. They
are provided in good faith but without responsibility for any errors or omissions contained herein. This table is furnished on the basis and understanding that neither Benjamin Felix, Cameron Passmore, nor their employees, agents orinformation suppliers are to be under any responsibility of liability whatsoever in respect thereof.

Performance Methodology as at November 30, 2020

BMO Aggregate Bond Index ETF (ZAG)
01/1999-01/2010: Monthly returns of the FTSE Canada Universe Bond Index, net of 0.0067% estimated fees per month
02/2010-11/2020: Monthly returns of the BMO Aggregate Bond Index ETF (ZAG)
iShares Core S&P/TSX Capped Composite ETF (XIC)
07/2000-02/2001: Monthly return of S&P/TSX Capped Composite Total Return Index net of 0.0050% estimated fees per month
03/2001-11/2020: Monthly return of the iShares Core S&P/TSX Capped Composite ETF (XIC)
Vanguard US Total Market ETF (VUN)
07/2000-08/2013: Monthly return of MSCI USA Net Return Index net of 0.013% estimated fees per month
09/2013-11/2020: Monthly return of Vanguard US Total Market ETF (VUN)
Avantis U.S. Small Cap Value ETF (AVUV)
07/2000-09/2019: Avantis monthly US small cap value backtest data net of estimated withholding taxes and 0.021% estimated fees per month
10/2019-11/2020: Monthly returns of Avantis U.S. Small Cap Value ETF (AVUV)iShares Core MSCI EAFE IMI ETF (XEF)
07/2000-04/2013: Monthly return of MSCI EAFE IMI Net Return Index net of 0.018% estimated fees per month
05/2013-11/2020: Monthly return of iShares Core MSCI EAFE IMI Index ETF (XEF)
Avantis International Small Cap Value ETF (AVDV)
07/2000-12/2002: Monthly returns of the Dimensional International Small Cap Value Index net of estimated withholding taxes and 0.030% estimated fees per month
01/2003-09/2019: Avantis monthly International small cap value backtest data net of estimated withholding taxes and 0.030% estimated fees per month
10/2019-11/2020: Monthly returns of Avantis International Small Cap Value ETF (AVDV)iShares Core MSCI Emerging Mkts IMI ETF (XEC)
07/2000 - 04/2013: Monthly return of MSCI EM IMI Net Return Index net of 0.023% estimated fees per month
05/2013-11/2020: Monthly return of iShares Core MSCI Emerging Markets IMI Index ETF (XEC)
Data Source: PWL CapitalThis table is published by Benjamin Felix and Cameron Passmore for your information only. Information on which this table is based is available on request. Particular investments or trading strategies should be evaluated relative to eachindividual’s objectives in consultation with the Investment Advisor. Opinions of Benjamin Felix and Cameron Passmore constitu te their judgment as of the date on this document, and are subject to change without notice. They are provided ingood faith but without responsibility for any errors or omissions contained herein. This table is furnished on the basis and understanding that neither Benjamin Felix, Cameron Passmore, nor their employees, agents or information suppliers
are to be under any responsibility of liability whatsoever in respect thereof.