(2015-2016) THE UPDATE

Crescent School Business Team

The Update is a bi-weekly publication (once every two weeks) summarizing the performance of the portfolio of the Crescent School Investment Team (CSIT). The Update measures the portfolio against two specially-designed benchmarks - Crescent TSX 60 Benchmark (BM), taking into account the performance of the TSX 60 as a whole and a Crescent Alternative Benchmark (XIU) composed of iShares S&P/TSX 60 Index Funds in place of our holdings. Additionally, it will include commentary from certain members of the Executive Team regarding the state of the portfolio, the markets and our outlook on the future.