DECLARE @Cat varchar(15),
	@Channel varchar(2),
	@Aging varchar(15)
SELECT @Cat = 'Termed',@Channel = 'BE', @Aging = 'NEW'

--0:01
SELECT RepQBL 
FROM report.dbo.compliance_termed
WHERE compliance_cat='Termed' and Left(RepQBL,2)='BE'
AND (Aging = 'New')
group by RepQBL
order by RepQBL

--0:01
EXEC('
SELECT RepQBL 
FROM Report.dbo.Compliance_Termed
WHERE Compliance_Cat='''+@Cat+''' and Left(RepQBL,2)='''+@Channel+'''
AND (Aging = '''+@Aging+''')
group by RepQBL
order by RepQBL')

--0:05
SELECT RepQBL
FROM Report.dbo.Compliance_Termed
WHERE Compliance_Cat=@Cat and Left(RepQBL,2)=@Channel
AND (Aging = @Aging)
group by RepQBL
order by RepQBL