Greystone Managed Investments Inc.

Monthly pooled fund performance - December 2011

Fund	Month	2 Mos	3 Mos	YTD	1 Yr	2 Yrs	3 Yrs	4 Yrs	5 Yrs	10 Yrs
Balanced	-0.8	-0.8	3.2	-4.2	-4.2	3.4	7.2	0.2	1.1	5.1
Balanced benchmark(1)	0.1	0.3	3.5	0.2	0.2	5.1	8.8	1.8	2.0	5.1
Difference	-0.9	-1.1	-0.3	-4.4	-4.4	-1.7	-1.6	-1.6	-0.9	0.0
Cdn Fixed Income	1.7	2.4	2.1	9.7	9.7	8.7	8.5	7.6	6.8	6.8
DEX Universe Bond	1.7	2.5	2.1	9.7	9.7	8.2	7.3	7.0	6.4	6.5
Difference	0.0	-0.1	0.0	0.0	0.0	0.5	1.2	0.6	0.4	0.3
US & Global Fixed Income	1.0	4.1	-1.5	12.9	12.9	6.8	-2.2	7.3	4.1
Merrill Lynch Corp & Gov Master	1.4	3.6	-1.2	11.3	11.3	6.2	0.1	7.1	3.7
Difference	-0.4	0.5	-0.3	1.6	1.6	0.6	-2.3	0.2	0.4
Long Bond	3.7	5.7	4.7	17.6	17.6	15.4	13.0	9.9
DEX Long Bond	3.7	6.0	4.9	18.1	18.1	15.3	11.9	9.5
Difference	0.0	-0.3	-0.2	-0.5	-0.5	0.1	1.1	0.4
High Yield Bond	1.9	1.9	4.7	7.9	7.9	11.9	17.2
High Yield Benchmark(2)	2.2	0.9	4.9	4.0	4.0	9.0	21.6
Difference	-0.3	1.0	-0.2	3.9	3.9	2.9	-4.4
Money Market	0.1	0.2	0.3	1.1	1.1	0.8	0.8	1.4	2.0	2.5
DEX 91-day T-bill	0.1	0.2	0.2	1.0	1.0	0.8	0.7	1.4	2.0	2.4
Difference	0.0	0.0	0.1	0.1	0.1	0.0	0.1	0.0	0.0	0.1
Cdn equity (growth)	-3.4	-3.8	2.5	-15.3	-15.3	-0.2	8.4	-5.2	-1.9	6.6
S&P/TSX	-1.7	-1.9	3.6	-8.7	-8.7	3.6	13.2	-0.7	1.3	7.0
Difference	-1.7	-1.9	-1.1	-6.6	-6.6	-3.8	-4.8	-4.5	-3.2	-0.4
Cdn Income & Growth	0.8	2.2	5.2	0.4	0.4	10.4	16.2	4.4	4.1	13.0
S&P/TSX	-1.7	-1.9	3.6	-8.7	-8.7	3.6	13.2	-0.7	1.3	7.0
Difference	2.5	4.1	1.6	9.1	9.1	6.8	3.0	5.1	2.8	6.0
Cdn Small Cap	-2.7	-4.4	6.3	-13.3	-13.3	12.1	18.3	-1.2	4.0
Small Cap Benchmark(3)	-2.1	-3.6	5.9	-16.4	-16.4	6.3	25.5	1.4	1.5
Difference	-0.6	-0.8	0.4	3.1	3.1	5.8	-7.2	-2.6	2.5
US Equity (growth)	0.0	1.8	9.7	1.0	1.0	6.9	5.4	-1.7	-1.8	-0.9
S&P 500	1.2	3.3	9.3	4.6	4.6	6.8	7.4	-0.9	-2.9	-1.6
Difference	-1.2	-1.5	0.4	-3.6	-3.6	0.1	-2.0	-0.8	1.1	0.7
US Income & Growth	1.2	3.8	10.5	4.0	4.0	7.7	6.2	0.0	-0.8
S&P 500	1.2	3.3	9.3	4.6	4.6	6.8	7.4	-0.9	-2.9
Difference	0.0	0.5	1.2	-0.6	-0.6	0.9	-1.2	0.9	2.1
US Strat. Growth	-0.7	1.5	6.7	0.1	0.1	2.9	9.3	-0.3	-1.3
Russell 1000 Growth	-0.2	2.2	8.1	5.2	5.2	7.8	10.6	1.0	-0.2
Difference	-0.5	-0.7	-1.4	-5.1	-5.1	-4.9	-1.3	-1.3	-1.1
US Strat. Value	1.7	2.6	9.0	-4.5	-4.5	1.2	3.3	-3.6	-5.3
Russell 1000 Value	2.2	4.0	10.5	2.9	2.9	6.0	4.5	-2.5	-5.2
Difference	-0.5	-1.4	-1.5	-7.4	-7.4	-4.8	-1.2	-1.1	-0.1
EAFE Plus(4)	-1.3	-4.0	1.6	-13.6	-13.6	-5.5	2.5	-8.2	-7.1
MSCI EAFE(4)	-0.8	-3.4	1.0	-10.0	-10.0	-4.1	1.0	-7.6	-7.2
Difference	-0.5	-0.6	0.6	-3.6	-3.6	-1.4	1.5	-0.6	0.1
EAFE Growth(4)	-1.5	-4.3	2.1	-14.1	-14.1	-5.5	4.9	-7.9	-6.1
MSCI EAFE(4)	-0.8	-3.4	1.0	-10.0	-10.0	-4.1	1.0	-7.6	-7.2
Difference	-0.7	-0.9	1.1	-4.1	-4.1	-1.4	3.9	-0.3	1.1
International Equity(4)	-1.2	-2.5	2.8	-4.2	-4.2	0.2	4.2
MSCI EAFE(4)	-0.8	-3.4	1.0	-10.0	-10.0	-4.1	1.0
Difference	-0.4	0.9	1.8	5.8	5.8	4.3	3.2
Intn'l Income & Growth(4)	0.4	-0.3	4.0	1.9	1.9	2.9	3.5
MSCI EAFE High Div Yield(4)	0.7	-0.8	3.1	1.3	1.3	-2.2	4.5
Difference	-0.3	0.5	0.9	0.6	0.6	5.1	-1.0
Global(4)	-0.6	-1.0	5.8	-5.9	-5.9	1.1	4.0	-5.0	-4.4	-0.7
MSCI World(4)	0.1	0.0	5.1	-3.2	-3.2	1.3	4.2	-4.3	-4.9	-0.9
Difference	-0.7	-1.0	0.7	-2.7	-2.7	-0.2	-0.2	-0.7	0.5	0.2
N. Am. Equity	-2.1	-1.8	5.6	-7.8	-7.8	2.1	6.8	-3.8	-1.3
N. Am. Benchmark (5)	-0.3	0.7	6.5	-2.0	-2.0	5.5	10.6	-0.4	-0.5
Difference	-1.8	-2.5	-0.9	-5.8	-5.8	-3.4	-3.8	-3.4	-0.8
Real Estate Fund	3.3	5.0	5.4	13.7	13.7	11.1	6.7	7.4	9.5


Mortgage Fund	0.9	1.2	1.2	8.0	8.0	8.5	7.8	7.4
Mortgage Benchmark (6)	1.0	1.4	1.2	7.6	7.6	6.7	7.5	8.3
Difference	-0.1	-0.2	0.0	0.4	0.4	1.8	0.3	-0.9

Notes:
Performance shown in unit values, in Canadian dollars, gross of investment-management fees.
(1) Current balanced benchmark: 35% S&P/TSX + 37% DEX Universe Bond index + 12.5% S&P 500 + 12.5% MSCI EAFE (net) + 3% DEX 91-day T-Bill index.
(2) Current High Yield benchmark: 50% ML US HY Master II Trust Hedge to CAD + 50% ML CAD and USD HY Canadian Issuers.
(3) Small Cap benchmark: S&P/TSX Small Cap Index. Prior to Jan. 1, 2010, the benchmark was BMO Small Cap Index.
(4) EAFE funds and MSCI EAFE performance is net of foreign dividend withholding taxes.
(5) North American equity benchmark: 50% S&P/TSX + 50% S&P 500.
(6) Mortgage benchmark: As of Oct. 1, 2009 the benchmark changed from the Dex Conv. Mortgage to 40% DEX Mid-term Index + 60% DEX Short-term Index + 0.5% per annum.

Figures may be subject to rounding.

EAFE equity performance reflects previous sub-advisors.

Contents are copyright and are not to be reproduced or distributed. Information contained herein, while obtained from reliable sources, is not guaranteed as to accuracy or completeness. This performance data and other information on this site are for information only and do not constitute an offer to sell or a solicitation to buy the securities referred to herein. Past performance is not necessarily indicative of future returns.