NORTH AMERICAN DIVIDEND GROWTH PORTFOLIO Healthy Companies produce healthy dividends, and have a tendency to grow those dividends over time. Our investment philosophy places tremendous emphasis on finding companies with positive and rising, free cash flow that can consistently grow their dividends - an approach that has historically helped provide strong, risk-adjusted returns. 2018 DIVIDEND INCREASES CANADIAN Dividend Previous dividend (annualized) Increase ($) (annualized) Increase (%) Telus Corp. 2.10 0.13 1.97 6.60% Enbridge Inc. 2.68 0.27 2.41 11.37% Suncor Energy Inc. Inc. 1.44 0.16 1.28 12.50% Royal Bank of Canada 3.77 0.29 3.48 8.33% Manulife Financial Corp. 0.91 0.09 0.82 10.98% Dollarama Inc. 0.47 0.04 0.43 9.30% Canadian National Railway 1.82 0.17 1.65 10.30% US Dividend Previous dividend (annualized) Increase ($) (annualized) Increase (%) Verizon Communications Inc. 2.37 0.05 2.32 2.16% WEC Energy Group 2.21 0.13 2.08 6.25% JP Morgan Chase & Co. 2.72 0.68 2.04 33.33% Bank of America 0.54 0.15 0.39 38.46% Metlife Inc. 1.66 0.06 1.60 3.75% Starbucks Corp. 1.38 0.33 1.05 31.43% Procter & Gamble Co. 2.84 0.10 2.74 3.69% Walt Disney Co. 1.72 0.10 1.62 6.17% McCormick & Co. Inc. 2.13 0.20 1.93 10.36% Johnson & Johnson 3.60 0.28 3.32 8.43% Amgen Inc. 5.28 0.68 4.60 14.78% United Health Group 3.45 0.58 2.88 20.00% FedEx Corp. 2.45 0.55 1.90 28.95% Sherwin Williams Co. 3.44 0.04 3.40 1.18% Waste Management Inc. 1.86 0.16 1.70 9.41% Apple Inc. 2.82 0.36 2.46 14.63% Intel Corp. 1.20 0.12 1.08 11.11% Visa Inc. 0.92 0.23 0.69 33.33% ANNUAL AVERAGE DIVIDEND INCREASE 13.87% Note: All dividends are in local currency Source: Thomson One These dividend rates are subject to change at any time. NORTH AMERICAN DIVIDEND GROWTH PORTFOLIO Healthy Companies produce healthy dividends, and have a tendency to grow those dividends over time. Our investment philosophy places tremendous emphasis on finding companies with positive and rising, free cash flow that can consistently grow their dividends - an approach that has historically helped provide strong, risk-adjusted returns. 2017 DIVIDEND INCREASES CANADIAN Dividend Previous dividend (annualized) Increase ($) (annualized) Increase (%) Telus Corp. 1.97 0.13 1.84 7.07% Enbridge Inc. 2.41 0.29 2.12 13.68% Fortis Inc. 1.63 0.10 1.53 6.56% Royal Bank of Canada 3.48 0.24 3.24 7.41% Manulife Financial Corp. 0.82 0.08 0.74 10.81% Brookfield Asset Management 0.70 0.03 0.67 4.79% Dollarama 0.43 0.04 0.39 10.26% US Dividend Previous dividend (annualized) Increase ($) (annualized) Increase (%) Verizon Communications Inc. 2.32 0.05 2.27 2.09% WEC Energy Group 2.08 0.10 1.98 5.05% JP Morgan Chase & Co. 2.04 0.20 1.84 10.87% Metlife Inc. 1.60 0.03 1.58 1.59% Starbucks Corp. 1.05 0.20 0.85 23.53% Procter & Gamble Co. 2.74 0.07 2.67 2.57% Walt Disney Co. 1.62 0.13 1.49 8.72% McCormick & Co. Inc. 1.93 0.17 1.76 9.66% Johnson & Johnson 3.32 0.17 3.15 5.40% Amgen Inc. 4.60 0.60 4.00 15.00% United Health Group 2.88 0.50 2.38 21.05% FedEx Corp. 1.90 0.45 1.45 31.03% 3M Company 4.70 0.26 4.44 5.86% Illinois Tool Works Inc. 2.86 0.46 2.40 19.17% Apple Inc. 2.46 0.23 2.23 10.31% Intel Corp. 1.08 0.04 1.04 3.85% Visa Inc. 0.69 0.11 0.59 17.95% ANNUAL AVERAGE DIVIDEND INCREASE 11.00% Note: All dividends are in local currency Source: Thomson One These dividend rates are subject to change at any time. NORTH AMERICAN DIVIDEND GROWTH PORTFOLIO Healthy Companies produce healthy dividends, and have a tendency to grow those dividends over time. Our investment philosophy places tremendous emphasis on finding companies with positive and rising, free cash flow that can consistently grow their dividends - an approach that has historically helped provide strong, risk-adjusted returns. 2016 DIVIDEND INCREASES CANADIAN Dividend Previous dividend (annualized) Increase ($) (annualized) Increase (%) Royal Bank of Canada 3.24 0.16 3.08 5.19% Toronto Dominion Bank 2.16 0.16 2.00 8.00% Brookfield Asset Management 0.67 0.04 0.63 6.35% Manulife Financial Corp. 0.74 0.07 0.67 10.45% Enbridge Inc. 2.12 0.26 1.86 13.98% Telus Corp. 1.84 0.16 1.68 9.52% Dollarama 0.39 0.04 0.35 11.43% Fortis Inc. 1.53 0.13 1.40 9.29% US Dividend Previous dividend (annualized) Increase ($) (annualized) Increase (%) Verizon Communications Inc. 2.27 0.05 2.22 2.25% JP Morgan Chase & Co. 1.84 0.16 1.68 9.52% Procter & Gamble Co. 2.67 0.04 2.63 1.52% Starbucks Corp. 0.85 0.20 0.65 30.77% Walt Disney Co. 1.49 0.12 1.37 8.76% Amgen Inc. 4.00 0.84 3.16 26.58% Johnson & Johnson 3.15 0.20 2.95 6.78% Pfizer Inc. 1.20 0.08 1.12 7.14% 3M Company 4.44 0.34 4.10 8.29% FedEx Corp. 1.45 0.50 0.95 52.63% General Electric Co. 0.92 - 0.92 0.00% Apple Inc. 2.23 0.20 2.03 9.85% Intel Corp. 1.04 0.08 0.96 8.33% Visa Inc. 0.59 0.09 0.50 18.00% ANNUAL AVERAGE DIVIDEND INCREASE 12.00% Note: All dividends are in local currency Source: Thomson One These dividend rates are subject to change at any time. NORTH AMERICAN DIVIDEND GROWTH PORTFOLIO Healthy Companies produce healthy dividends, and have a tendency to grow those dividends over time. Our investment philosophy places tremendous emphasis on finding companies with positive and rising, free cash flow that can consistently grow their dividends - an approach that has historically helped provide strong, risk-adjusted returns. 2015 DIVIDEND INCREASES CANADIAN Dividend Previous dividend (annualized) Increase ($) (annualized) Increase (%) Royal Bank of Canada 3.08 0.24 2.84 8.45% Toronto Dominion Bank 2.00 0.16 1.84 8.70% Manulife Financial Corp. 0.67 0.10 0.57 16.67% Enbridge Inc. 1.86 0.46 1.40 32.86% Telus Corp. 1.68 0.16 1.52 10.53% Dollarama 0.35 0.04 0.31 12.90% Canadian National Railway 1.25 0.25 1.00 25.00% Rogers Communications Inc.* 1.92 0.09 1.83 4.92% US Dividend Previous dividend (annualized) Increase ($) (annualized) Increase (%) AT&T Inc.* 1.88 0.04 1.84 2.17% Verizon Communications Inc. 2.22 0.07 2.14 3.50% JP Morgan Chase & Co. 1.68 0.12 1.56 7.69% Wells Fargo & Co. 1.48 0.13 1.35 9.26% Procter & Gamble Co. 2.63 0.10 2.53 4.04% Starbucks Corp. 0.65 0.10 0.55 17.27% Walt Disney Co. 1.37 0.22 1.15 19.13% Amgen Inc.* 3.16 0.72 2.44 29.51% Johnson & Johnson 2.95 0.19 2.76 6.88% Pfizer Inc. 1.12 0.08 1.04 7.69% 3M Company 4.10 0.68 3.42 19.88% FedEx Corp. 0.95 0.20 0.75 26.67% Apple Inc. 2.03 0.18 1.85 9.73% Intel Corp. 0.96 0.06 0.90 6.67% Visa Inc. 0.50 0.08 0.42 19.05% Du Pont E I De Nemours & Co. * 1.84 - 1.84 - General Electric Co. * 0.92 0.03 0.89 3.37% Whole Foods Market Inc. * 0.52 0.04 0.48 8.33% ANNUAL AVERAGE DIVIDEND INCREASE 12.84% Note: All dividends are in local currency * January 13, 2015, Amgen Inc. (AMGN-US) & AT&T Inc. (T-US) added to strategy. General Electric Company (GE) removed from strategy. May 27, 2015, Rogers Communications Inc. (RCI.B) removed from strategy. July 29, 2015, EI Du Pont Nemours (DD-US) removed from strategy. October 29, 2015, Whole Foods Market (WFM-US) removed from strategy. Source: Thomson One These dividend rates are subject to change at any time. NORTH AMERICAN DIVIDEND GROWTH PORTFOLIO Healthy Companies produce healthy dividends, and have a tendency to grow those dividends over time. Our investment philosophy places tremendous emphasis on finding companies with positive and rising, free cash flow that can consistently grow their dividends - an approach that has historically helped provide strong, risk-adjusted returns. 2014 DIVIDEND INCREASES CANADIAN Dividend Previous dividend (annualized) Increase ($) (annualized) Increase (%) Royal Bank of Canada 2.84 0.31 2.53 12.25% Toronto Dominion Bank 1.84 0.22 1.62 13.58% Manulife Financial Corp. 0.57 0.05 0.52 9.62% Enbridge Inc. 1.40 0.14 1.26 11.11% Telus Corp. 1.52 0.16 1.36 11.76% Rogers Communications Inc. 1.83 0.09 1.74 5.17% Dollarama 0.31 0.05 0.27 16.98% Canadian National Railway 1.00 0.14 0.86 16.28% US Dividend Previous dividend (annualized) Increase ($) (annualized) Increase (%) JP Morgan Chase & Co.