Resolute Growth Fund

Prior to launching the Resolute Performance Fund, Resolute Funds managed the Resolute Growth Fund, a Canadian public mutual fund. The Resolute Growth Fund commenced investment operations on December 3, 1993 and was wound up effective June 2, 2006, after 12½ years of operations. The historical information of the Resolute Growth Fund set out below is presented for informational purposes only and no inferences should be drawn that the future performance of the Resolute Performance Fund will necessarily reflect the past performance of the Resolute Growth Fund. Past performance is no guarantee of future results, especially where 2 investment vehicles may have differences that impact such performance returns. The legal requirements that applied to the Resolute Growth Fund are different from those that apply to the Resolute Performance Fund. For example, the Resolute Growth Fund was subject to the requirements of National Instrument 81-102 Investment Funds (“NI 81-102”), while the Resolute Performance Fund is not, and this difference means that the investments the Resolute Performance Fund is permitted to make are or may be different from the investments the Resolute Growth Fund was permitted to make under NI 81-102. Such differences may arise from both the types of securities into which each vehicle is permitted to invest, as well as the amount or concentration of such security permitted. Further, the cost structure, including the fund expenses and management fees, that was applicable to the Resolute Growth Fund differs from that which applies to the Resolute Performance Fund. In addition to these specific factors, there may be other differences that could impact a performance comparison between the Resolute Performance Fund and the Resolute Growth Fund. However, given that there are many factors in common between these vehicles, including the individual responsible for portfolio management as well as the investment objectives and strategies, Resolute Funds believes that showing the past performance of the Resolute Growth Fund is a useful tool to judge the investment advisory track record of our portfolio manager.

The following table shows the historical annual compound return of the Resolute Growth Fund for each year of operation compared to the performance of the S&P/TSX Composite Total Return (the “S&P/TSX Index”) over the same periods. The S&P/TSX Index is the headline index designed to measure market activity of stocks and trust units listed on the Toronto Stock Exchange (“TSX”). It is comprised of the stock prices of the largest companies on the TSX as measured by market capitalization. While the Resolute Growth Fund used the S&P/TSX Index for long-term performance comparisons, it was not managed relative to the composition of the Index and did not mirror the composition of the S&P/TSX Index. As a result, the Resolute Growth Fund has experienced periods when its performance differed from the S&P/TSX Index.

Resolute Growth Fund: December 3, 1993 – June 2, 2006

$10,000 invested at inception was worth $256,072 on termination

Years Growth Fund (%) S&P/TSX Total Return (%)
1993* 6.9 2.3
1994 (5.0) (0.2)
1995 8.5 14.5
1996 49.1 28.4
1997 (5.4) 15.0
1998 (12.2) (1.6)
1999 29.9 31.7
2000 76.2 7.4
2001 24.4 (12.6)
2002 40.2 (12.4)
2003 26.9 26.7
2004 38.4 14.5
2005 100.5 24.1
2006** 33.5 6.4
Compounded 29.63% 10.61%
Total Return 2,461% 252%

*This period was 29 days as the Fund commenced December 3, 1993
**This period was 153 days as the Fund wound up on June 2, 2006