March - CI Investments

Signature Reportof the average bond tightened 58 basis points (one basis pointequal 1/100th of 1%) to end the quarter at 581 basis pointsover U.S. Treasuries. However, there was significant amountof volatility during the quarter.Signature believes that the Bank of Canada will begin raisinginterest rates this summer, followed by the U.S. FederalReserve later in the fall. As a result, during the quarter,we added to our overweight position in energy, due to ourpositive outlook and the sector’s defensive characteristics in arising interest rate environment. We added companies suchas Denbury Resources, Linn Energy and North AmericanEnergy Partners, while Athabasca Oil Sands was called forearly redemption late in the quarter. The last two namesrepresent an up-and-coming Canadian dollar high-yield bondmarket. This market is seeing increased demand with C$1.2billion of bonds issued in the first quarter – with issuanceof C$5 billion expected by year-end. As one of the largestmanagers of high-yield securities in Canada, Signatureintends to be an active participant in the development of thismarket, but the depth, diversification and liquidity of the U.S.high-yield bond market remains core to our efforts, especiallyif the Canadian market disassociates from fundamentalvaluations and lenders’ protections.Other new names in the portfolio include InternationalLease Finance Corporation and Teekay Shipping. We havesignificant investments in sectors such as energy and metals,which stand to benefit from secular emerging market andmodest North American economic growth, or those thatenjoy regulatory tailwinds, such as health care. We havesignificantly reduced exposure to sectors that rely on robusteconomic growth, such as retail, or those that have becometoo rich, such as utilities.At the beginning of the year, we predicted high-yield bondswould post coupon-like returns this year. We still hold thisconviction, despite the possibility of a record amount of newsupply this year. There are fundamental and technical factorsthat corroborate this belief, such as attractive valuations andthe tendency for credit rallies to continue for 40 monthson average. Risks to this view are the large budget deficitsin Europe, specifically Greece, and the accumulatedgovernment debt positions there that have becomeuntenable. The fix will ultimately be long and painful andwill result in a fiscal contraction that will act as a headwindto the current economic expansion. Signature’s holdings areoriented towards other regions. This applies to both equitiesand bonds.High-yield bond returns during past federal funds rate tightening episodesHigh-yield bond returns*Approx. Cumulative Six SixFrom Last rate To duration tightening months monthsStart (%) hike (%) (months) (%) prior During afterJan.5/87 5.88 Sept. 24/87 7.31 9 1.44 4.5 3.3 6.7Mar. 30/88 6.50 May 17/89 9.81 14 3.31 6.7 11.5 -1.0Feb. 4/94 3.00 Feb. 1/95 6.00 12 3.00 7.2 -1.7 12.7June 30/99 4.75 Mar. 16/00 6.50 9 1.75 2.4 -0.6 1.7June 30/04 1.00 June 29/06 5.25 24 4.25 -0.6 18.1 7.9Average 4.23 6.97 14 2.75 4.0 6.1 5.6Source: UBS, U.S. Federal Reserve and U.S. Bureau of Economic Analysis* Bank of America Merrill Lynch High Yield Master II Index in US$.Table 1: This shows how high-yield bonds have performed historically, before, during and after the U.S. Federal Reserve raises interest rates. High-yieldbonds have a slightly negative correlation to 3-month U.S. T-bills and 10-year U.S. Treasuries.PAGE 3 • SPRING 2010 PERSPECTIVE AS AT MARCH 31, 2010

Signature ReportThere are both positives and negatives to the current marketdynamics. On one side, many of the distressed buyingopportunities that we thought would materialize for publiccompanies appear to be in question. How distressed canprices be if there are so many buyers? On the other side, awell-capitalized real estate market with higher prices is a verygood for the sector and the economy. Banks will be able tounload problem real estate in an orderly manner at pricesthat do not jeopardize their equity. We still feel that much ofthis property will fall into the hands of the public companiesthat we invest in, albeit not at the rock-bottom prices we onceexpected, and over a longer timeframe.Overall, however, it sets the stage for a healthy recovery inproperty over the medium term. The key risk in the sectoris an overheating of asset values – and re-inflating a bubblein order to fix a previous bubble is not an ideal situation. Wefeel that this scenario still has low probability, but much ofthe outcome depends on policymakers and how long they seta stage that encourages huge flows into high-yielding assets.This is something that we at Signature are watching closely.Infrastructureby very manageable amounts. In addition, traffic volumesbottomed out and a solid rebound in share prices followed.So far in 2010, the global cyclical recovery is building instrength and inflationary fears remain subdued. Althoughinfrastructure stocks will benefit from the recovery, lowinflationary expectations will hurt their ability to increaseprices because they are typically linked to inflation. As aresult, the sector has had fairly stable performance year-todate.Airport stocks have outperformed, due to more cyclicalnature of passenger movements, while toll road stocks havelagged, given minimal traffic growth.M&A activity in the sector has been extremely quiet asgovernment privatizations continued to face politicalsetbacks. However, we feel it is only a matter of time beforeasset sales start again, given the large government deficits thathave built up.On a discounted cash flow basis, most of the infrastructurestocks in the fund continue to trade at around 10% expectedreturns, which is reasonable.Last year, the main focus in the infrastructure sector wason balance sheets, as many companies took advantage ofhealing credit markets to successfully refinance any debt thatmatured. The relative stability of cash flows made this a fairlysmooth process and interest rates on the new debt increasedSignature Diversified Yield Fundcombines alternative asset classes, so that investors benefit from:• Enhanced yield compared to traditional income investments.• Tax-efficient 5¢ per unit monthly distributions of capital gains and/or return of capital.• Exposure to a diversified portfolio of high-yielding asset classes, including securities not typically available tonon-institutional investors.• Active asset allocation in response to changing market conditions.• Active currency hedging.• Management expertise of the award-winning Signature Global Advisors.For more information on the fund, contact your CI sales representative or visit www.ci.com.PAGE 5 • SPRING 2010 PERSPECTIVE AS AT MARCH 31, 2010

Signature ReportSignature Diversified Yield –Representative holdingsHigh-yield bondsInternational Lease Finance Corp. – B1/BB+ rated andthe largest aircraft lease provider in the world. ILFC waspreviously cut off from the public debt markets because itis part of AIG. Nonetheless, the company has continuedto generate high levels of free cash flow via its stable leaseportfolio, and it has skillfully managed its debt maturities.ILFC is poised to take advantage of increasing global aviationdemand, particularly from emerging markets. It is a very goodbusiness on a stand-alone basis, but it is also a very attractiveacquisition candidate for a better-capitalized company.MGM Mirage – rated B1/B by Moody’s and Standard &Poor’s, respectively, at the senior secured level, and Caa1/CCC+ at the senior unsecured level. MGM is the premierhotel and gaming company in the world with marqueeproperties on the Las Vegas strip and in Macau. MGM isleveraged to a recovery in U.S. consumer spending. It hasa leading market share in Las Vegas with 50% of revenuesand 42% of hotel rooms. An IPO of its Macau joint venturecould raise as much as US$1 billion, further strengtheningthe balance sheet.Intelsat – Caa2/CCC+ rated satellite operator. As thelargest private satellite operator in the world, Intelsat is wellpositionedto benefit from an increasingly interconnectedworld that needs to send greater digital content and broadcasttranscontinental traffic further. A leveraged buyout from2005, Intelsat is a prime candidate for an IPO which wouldbe a credit risk positive event for bondholders.Kansas City Southern – B1/B rated U.S. railway operatorwhich serves as a key link between the commercial andindustrial markets of Mexico and the U.S. Kansas CitySouthern is well positioned to benefit from economicrecovery, manufacturing and port infrastructure expansionin Mexico, as well as recent upgrades to its own rail network.Fortescue Metals Group – B2/B rated Australian iron oreproducer, which has benefited from sharply rising iron oreprices driven by increased steel production in China andthe emerging markets. These bonds benefit from security onother company’s key operating assets. The bond covenantsmay require the company to pay a premium to bondholdersto rapidly carry out further expansion of its reserves.Denbury Resources – B1/BB rated oil and gas companyoperating in the U.S. Gulf Coast and Rocky Mountainregions. Denbury is one of the largest crude oil-focused NorthAmerican exploration and production companies and one ofthe largest carbon dioxide enhanced oil recovery operators.Denbury is primarily engaged in tertiary oil production,injecting carbon dioxide into mature oil reservoirs to boostrecoveries.Linn Energy – B3/B rated oil and gas company operatingin the U.S. mid-continent, California and Permian basins.Operating similar to an income trust, Linn focuses exclusivelyon long-lived, largely oil and liquids-rich natural gasproducing fields instead of riskier exploration. Oil and naturalgas production is hedged approximately 100% for 2010 and2011, and approximately 75% of oil production is hedged for2012 and 2013.PAGE 6 • SPRING 2010 PERSPECTIVE AS AT MARCH 31, 2010

Signature ReportReal estateInfrastructure holdingsGreat Portland Estates – a U.K. REIT focused on WestendLondon. This company is currently benefiting from thestrong bounce in London property values. In addition, thecompany will benefit from the economic recovery becauseLondon is a supply-constrained market.Commonwealth Property Office – an Australian REIT withgreat leverage to the rapid economic recovery in Australia.Chartwell Seniors Housing REIT – a Canadian REITfocused on seniors housing. This company suffered fromengaging in many of the excesses of the previous propertyboom. However, new management has done a good job atre-focusing the company to benefit from the strongfundamentals in the sector.Atlantia – an Italian toll road company that has seenautomobile traffic growth turn positive again; truck trafficgrowth should turn positive over the coming months.MAp Airports – an Australian airport operator with Sydneyairport as its major asset. Strong passenger growth is expectedthis year.Abertis Infraestructuras – a Spanish toll road company withassets mainly in Spain and France. Its stock has been undersome pressure due to the sluggish economic recovery inSpain and concerns about government finances. Valuation isvery compelling, despite few near-term catalysts.Transurban Group – an Australian toll road operator. Trafficgrowth has been very strong over the past few quarters.A takeover by Canadian pension funds has not materializedsince the speculation began last November and the stock haslagged slightly as a result.PAGE 7 • SPRING 2010 PERSPECTIVE AS AT MARCH 31, 2010

Signature ReportMarket RoundupGlobal outlookEric BushellSenior Vice-President,Portfolio Managementand Chief Investment OfficerDrummond BrodeurVice-President,Portfolio Managementand Portfolio ManagerIn early April, I set off to London, Athens and Madridto test a theory. I felt that that the combination ofsharp government spending cuts and financial sectorde-leveraging could mire the European Union in anextended period of subpar growth. Outright deflationarypressures could emerge in smaller peripheral Europeancountries, triggering falling incomes and asset values. Thishas pernicious consequences for the banking sector. But,hasn’t that already happened in Spain, Ireland and theU.K.? Yes, insofar as those governments have nationalizedmuch of the banking sector, but other aspects of theadjustment lie ahead. The political calendar will dictatethe timing of fiscal cuts, while the regulatory calendar willset the timing for new bank capital and funding rules. Thejourney has only begun.The consequences for the Eurozone will be lower growthand interest rates, a weaker euro, and more fertile groundfor political and social upheaval.Central to this discussion is the political stress in theEurozone over providing a liquidity facility for Greece,which has ongoing debt maturities to refinance. I believethat the market has mistaken a solvency problem for aliquidity problem. Recognition of this will ultimately resultin a debt restructuring for Greece once Europe, hopefully,has built a mechanism for orderly default.While the global economy may be entering a newgoldilocks period of not too hot and not too cold, we expectthat the dispersion of growth and inflation might prove farmore challenging than many expect. The engine of theeconomic recovery is clearly Asia, where growth continuesto be extremely robust and above expectations. In the firstquarter, Singapore grew at 13.1% and China at 11.9%. Inmany ways, Asia is on the verge of overheating. We cancontinue to expect more aggressive policy responses to slowdown growth and inflationary pressures.What a contrast to Europe, which is potentially tiltingtoward a stagnant deflationary period in the coming fiveyears as the PIIGS countries – Portugal, Ireland, Italy,Greece and Spain – are forced to adopt a stringent fiscalcontraction to reduce deficits to sustainable levels ifthey wish to avoid defaulting on their ballooning debtlevels. Meanwhile, the U.S. economy, benefiting fromthe aggressive policy response and recapitalization of theirfinancial system in 2009, should see strong private sectordemand. This will enable a tighter fiscal policy regimeas the government tackles a fiscal deficit reaching 10%or more of GDP, which will lead to sluggish growth for2011-2012. For investors, the long-term message is clear –position your portfolio to benefit from global growth drivenby emerging economies and beware of pitfalls in domesticdemand in the West, particularly Europe. In this goldilocksoutlook, growth is not distributed evenly.PAGE 8 • SPRING 2010 PERSPECTIVE AS AT MARCH 31, 2010

Signature ReportConsumerFinancialsStephane ChampagneVice-President,Portfolio Managementand Portfolio ManagerJohn HadwenVice-President,Portfolio Managementand Portfolio ManagerIn the first quarter, same-store sales for department storeretailers, such as Wal-Mart and Sears, were better thanexpected across the board. February and March salesshowed signs of sustainability, which could be an indicationof resurgent U.S. consumer spending this year.With the arrival of good spring weather in March, consumerscame out to shop, driving stronger-than-expected traffic atmost retailers. The positive impact of the Easter shifthelped the strong performance from specialty appareland teen retailers. (Easter was one week earlier this year,pushing sales into late March.)Over the quarter, promotions and inventories remainedwell controlled and monthly sales for both traffic andtransactions were up for the year-to-date. Big ticketsales continued to recover, particularly in home-relatedcategories. Strong areas also included apparel, accessories,shoes, and fashion jewellery.Stronger sales, which were up 8% on average in March,compared to mall traffic, which was up 5%-6%, appearto be driven by more shoppers turning into buyers andconsumers buying more items on each trip, both of whichindicate emerging strength in spending and a continuing ofthe behaviour seen in February.At Signature, we believe that the U.S. financial sectorhas already written off or established sufficient provisionsto cover the majority of anticipated credit losses. Thisshould contribute to growing confidence in equity markets.European financial institutions are making progress, butappear to be a few quarters behind the U.S. in fullyrecognizing problem assets. Plus, they still have more workto do in restructuring balance sheets. Anticipated regulatorychanges facing the financial sector will negatively influenceearnings power through a near-term transition period, buta stronger, more disciplined, lower-risk financial sectorshould not be viewed negatively.The past two years have presented extraordinarychallenges to the financial system. Companies with poorrisk management practices have been exposed, and inmany cases, eliminated from the investment universe.While investors have largely focused on the shockingevents experienced over the past couple of years, weshould give some consideration to the fact that overall thesystem has experienced a great cleansing. The survivingmanagement teams and business models obviously haveresilient attributes and investors can build positions in thesecompanies while risk premiums remain attractive.PAGE 10 • SPRING 2010 PERSPECTIVE AS AT MARCH 31, 2010

Signature ReportHealth careTechnology, media &telecommunicationsRui CardosoVice-President,Portfolio Managementand Portfolio ManagerMalcolm WhiteVice-President,Portfolio Managementand Portfolio ManagerWe are through the looking glass on the biggest issueimpacting health care stocks – U.S. health care reform. Inour view, the reform package does very little to ultimatelydent rising health care costs and will essentially represent agiant coverage expansion scheme, rather than true reform.While the system structure remains far too expansive andexpensive to run, answers to the complex problems are stillquite simple – if U.S. doctors were paid at levels similar toCanadian doctors and if capacity utilization rates for U.S.hospitals were similar to Canadian hospitals, U.S. healthcare spending would be closer to 11%-12% of GDP, ratherthan the 16%-plus that current spending suggests. Puttingthe right pressures on hospital inefficiencies will lead to agreater focus on costs (like medical device purchasing andcapital equipment utilization). We are far from seeing thepolitical will for these adjustments and are not confident wewill see them in the near-term.Sentiment in the information technology sector hasimproved since the start of the year. Areas such assemiconductors continue to benefit from positive trends.And consumers have been excited by the introductionof new products, such as the iPad, which bodes well fordemand later this year. After a long hiatus caused by therecession, large corporations appear to be at the start of atechnology capital spending cycle. In the media sector,advertising spending is expected to increase as businessconfidence improves, which is a positive sign.In Canada, telecommunication stocks have appreciatedover the past few months as dividend yields continueto look attractive and the initial threat of new wirelessentrants into the market appears to be overstated.With the health care reform clouds lifting, we expectthe market will once again focus on stock fundamentals.We expect the big winners to be drug companies, bothpharmas and biotechs, as the addressable patient populationexpands. Reform aside, we expect these sectors to rallyas improvements in R&D productivity and revampeddrug pipelines start to make it through Food and DrugAdministration (FDA) approvals. The pharma sector isfacing major challenges as a number of blockbuster drugs gogeneric, but the operating model is still profitable. Balancesheets are in excellent shape, sector valuations reflect direoutcomes, and there are still very high economic returnsfor innovative drugs that keep people out of expensivehospitals. We have our bets on the companies we believewill deliver innovation.PAGE 11 • SPRING 2010 PERSPECTIVE AS AT MARCH 31, 2010

Signature ReportResourcesInterest ratesScott ValiVice-President,Portfolio Managementand Portfolio ManagerJames DutkiewiczVice-President,Portfolio Managementand Portfolio ManagerThe global financial shock impacted the ability and desireof companies to finance and hold inventory of both finishedproducts and raw materials. In 2009, as business conditionsimproved, existing inventories were run down and limitednew inventory was built. This was the largest destockingthat the modern world has witnessed and affected the entirebusiness chain from raw materials to finished products.This year, as demand increases for finished products, webelieve that an equally impressive restocking is starting todevelop. This is evident in the rebounding steel sector,which is leading to dramatic price increases for rawmaterial inputs. As steel producers restart blast furnacesand rebuild depleted raw material inventories, iron oreand coking coal prices are being pushed toward previouspeak levels. Raw material producers are being challengedto supply these goods as infrastructure bottlenecks, whichwere never addressed due to credit issues, are again provingto be a major constraint. In addition, many capacityexpansions had been pushed out during the depths of thecrisis and are only now being revisited. This combinationof increased demand and restricted supply are conspiring tohelp producers realize large price increases.Credit markets remain fluid and liquid as the economicrecovery evolves into a true expansion in Canada andthe U.S. In Canada, the 6% annualized growth over thepast five months will prompt the Bank of Canada to raiseinterest rates by 75 to 100 basis points this year, startingthis summer. Our funds have been positioned to takeadvantage of these moves. Government budget deficits arestill too large and the accumulated debt positions of manycountries have become untenable. This will result in afiscal contraction that will act as a headwind to the globalexpansion and mute any near-term inflationary pressures.Signature will be covering our underweight position in theshort end of the yield curve too many rate hikes are pricedin.PAGE 12 • SPRING 2010 PERSPECTIVE AS AT MARCH 31, 2010

Signature ReportHigh-yield bondsGeof MarshallVice-President,Portfolio Managementand Portfolio ManagerThe first quarter of 2010, the credit rally continued, whilethe market for new issues remained strong, following it’srevival in the second half of 2009. Again, the high-yieldbond market was dominated by the primary market as boththe month of March and the first quarter set records for newissuance. To put the first quarter’s US$78 billion in newissuance in context, that adds approximately 8% to whatis widely acknowledged to be a trillion-dollar market. Thistrend extended to the emerging Canadian dollar high-yieldbond market as well, with C$1.2 billion of bond issuance inthe first quarter. There is increasing demand from investorsand borrowers for such a market and Canadian newissuance this year could surpass C$5 billion. The Signatureteam intends to be an active participant in the developmentof this market, but the depth, diversification and liquidity ofthe U.S. high-yield bond market remains core to our efforts– especially if the Canadian market disassociates fromfundamental valuations and lenders’ protections.PAGE 13 • SPRING 2010 PERSPECTIVE AS AT MARCH 31, 2010

Sterling’sWorld ReportYear TwoThe global economy is now a little more than one year intothe economic and stock market recoveries that have occurredsince the Lehman shock of September 2008. After that creditcrisis triggered the most severe global recession of the last60 years – the Great Recession – a multi-speed globalrecovery has been generated thanks to massive fiscal andmonetary stimulus, along with expensive measures to restoreconfidence in banks.The recovery is multi-speed because some emerging marketnations like Brazil and China have experienced much fasterrecoveries in economic activity and consumer confidencethan their counterparts in the developed markets. In addition,within the developed markets, there are reasons to believethat the U.S. recovery may be more robust in coming quartersthan we can expect for Europe or Japan.For investors, a key challenge now will be assessing if theglobal recovery has reached a self-sustaining phase that couldset the stage for many years of expansion. If so, equity marketscould continue to deliver attractive returns even if there islittle chance for a repeat of the massive rallies seen in YearOne of the post-crisis recovery. If not, and the world lapsesinto a “double-dip” recession, then government bonds coulddo well, along with defensive sectors in equity markets likehealth care, utilities and consumer staples.If history is any guide, Year Two of post-crisis markets tend todeliver positive but unexciting returns. As shown in Chart 1,in the 10 most severe bear markets in the United States since1929, Year Two has delivered average returns of 9%. YearTwo returns were in the positive double digits in 60% of thecases and, more notably, Year Two returns were negative inonly one episode: 1929-1932.PAGE 14 • SPRING 2010 PERSPECTIVE AS AT MARCH 31, 2010

Sterling’sWorld ReportIs Greece a “canary in the coal mine”?To be sure, the world economy still faces dauntingchallenges, especially since government finances havedeteriorated sharply in most major nations as a result of theGreat Recession. Much of this deterioration was unavoidableas tax revenues slumped along with economic activity. But,as the recent crisis in Greece highlights, bond investors havebecome increasingly nervous about financing nations withunsustainable debt dynamics.As Chart 2 indicates, Greece is far from alone in having anunenviable combination of low growth and a high ratio ofoutstanding government debt to GDP. To different degrees,Japan, Germany, Portugal, Canada and the U.S. all sharethose characteristics, with the U.K. rapidly moving intothat club. Even China is believed to have a much highergovernment debt-to-GDP ratio than official statistics suggest,with some analysts arguing that a proper accounting of itemslike local government financing vehicles and non-performingloans backed by the government would push China’s debt-to-GDP ratio up from a reported level of only 20% to somethingcloser to 70%.Return in Year Two after the Trough for the 10 S&P 500Bear Markets Since 19291973-741961-621946-491969-701937-381956-57Average2000-021990-911980-821929-32 -4%2%Source: BofA Merrill Lynch US Equity Strategy6%8%10%9%12%11%11%17%21%-5% 0% 5% 10% 15% 20% 25%Chart 1: The average recovery in Year Two after major bear markets inthe United States has produced positive but unexciting gains of 9%.Public Debt / GDPFiscal Sustainability Comparison220Japan200180Low Growth / High DebtUnsustainable160140120Greece100PortugalUS80Germany CanadaIndiaUKChina?60Philippines40SpainThailandMalaysia High Growth / Low DebtSustainable20AustraliaHong KongSingaporeChina00 1 2 3 4 5 6 7 8 9 10Long-Term Economic GrowthSource: CEIC, OECD, Bofa Merrill Lynch Global Research EstimatesChart 2: The recent fiscal crisis in Greece may be viewed as awake-up call for larger nations like Germany, Japan, the U.K. andthe U.S., which have high debt-to-GDP ratios and relatively low GDPgrowth rates.In a recent survey of government financial balances,Deutsche Securities estimated that bringing governmentdebt ratios in the advanced nations back to the pre-crisisaverage of 60% by 2030 would require steadily raising thestructural primary balance from a deficit of about 4% of GDPin 2010 to a surplus of about 4% of GDP in 2020 – a swingof eight percentage points – and keeping it at that level forthe following decade. An obvious concern is that it couldprove politically impossible to generate a swing toward fiscalprudence of that magnitude while swimming against a risingdemographic tide of entitlement spending on health care andretirement.At a minimum, this unpleasant fiscal arithmetic suggestsrisks of further financial market volatility in coming years asinvestors withhold funding from profligate governments or asgovernments opt for higher inflation as a way of reducing thereal value of their debt burdens. So, to some extent, Greecemay be the proverbial “canary in the coal mine,” warninglarger nations – or states and local governments – of potentialfunding issues in the future.PAGE 15 • SPRING 2010 PERSPECTIVE AS AT MARCH 31, 2010

Sterling’sWorld ReportThat said, we would not be particularly concerned in thenear term about fiscal deficits “crowding out” private creditformation until private credit growth actually takes off in aself-sustaining fashion. And to the extent a resumption ofeconomic growth brings with it higher tax revenues and asharp decline in fiscal deficits, the crowding out process maynot be as painful as many investors currently fear. As we havediscussed in these reports before, the early stages of recoveryfrom a credit crisis are apt to occur as a “credit-less recovery.”What is required is not that banks start lending and businessesand consumers start borrowing aggressively again, but merelythat both sides of the credit market stop trying to reduce theircredit exposure as aggressively as before.A “credit-less recovery” could be surprisingly robustwe have been particularly impressed with the resilience ofU.S. retail sales and auto output in recent months. The datasuggest that U.S. GDP growth this year will get a significantboost from final consumer demand, as well as being supportedby inventory rebuilding.Naturally, to complete the story of a self-sustaining recoverywe will need to see meaningful job growth. That wouldpermit a “virtuous circle” of higher labour income leadingto stronger consumer spending, which in turn would leadto further job creation, and so on. We remain optimisticthat such a dynamic will be evident in coming months,particularly since one of the most pronounced features of theU.S. recession was the severity of the decline in jobs acrossmany sectors.Chart 3 illustrates this process with data from the FederalReserve’s Senior Loan Officer Survey, which has been areasonably good leading indicator of U.S. real GDP growth.According to the January survey results, which were releasedin February, bankers are no longer tightening credit standardson balance even though they have also not begun to ease theirstandards significantly. However, that is a huge improvementfrom a year ago, when bankers were tripping over themselvesto tighten standards. As shown in the chart, the improvementin the Fed survey speaks to a meaningful improvement inU.S. GDP growth over the next four quarters – but with noimplication that U.S. bankers are about to go on a lendingbinge.In our view, the improvement in financial conditions seenin this indicator, or in closely related indicators like theBloomberg Financial Conditions Index, continue to pointtoward surprisingly strong U.S. growth in coming quarters,with quarterly growth rates more likely in the range of 4% to5% rather than the 2.5% to 3.0% range currently expected byconsensus surveys. And even though severe winter weathermay have obscured some of that dynamic in the first quarter,Wall Street economist Ed Hyman has noted that U.S. payrollemployment fell by a remarkable 6.1% during the recessioneven though the historical relationship between real GDPand employment would have justified a cut in employmentThe Fed’s Loan Survey is a Good Leading IndicatorIt Speaks to Substantial GDP Gains in Coming QuartersPercent (%), 1-Quarter Lag,Inverted ScaleYOY % Change-40.0 10.0%-20.00.020.040.060.080.0 Semior Loan SurveyReal GDP YOY100.099 00 01 02 03 04 05 06 07 08 09 10Source: Haver AnalyticsChart 3: Aggressive quantitative easing by the Federal Reserve hasresulted in a major improvement in lending conditions in the U.S.,which should support firm GDP growth in coming quarters.8.0%6.0%4.0%2.0%0.0%-2.0%-4.0%PAGE 16 • SPRING 2010 PERSPECTIVE AS AT MARCH 31, 2010

Sterling’sWorld Reportof only 3.7%. That suggests strongly that firms may have overreactedduring the recession and need to normalize theirstaffing now that business conditions and corporate profitshave improved markedly. Since we did not see U.S.-stylejob cuts in other developed economies like those of Europeor Japan, it would not be surprising to see a more vigorousrecovery in job growth and labour income in the U.S. thanin other developed nations.U.S. payroll employment data for April were supportive of thenotion that a self-sustaining recovery is now assured. Not onlydid March payroll employment rise by 162,000, but Januaryand February revisions added 62,000 more to the count.On top of that, we have seen the manufacturing purchasingmanagers’ survey rise to a six-year high at the same time thatunemployment claims have declined to an 18-month low.Economic activity firming in Europe and JapanIf the improvement in the U.S. economic picture wereoccurring in a vacuum, that would be a matter for concern.Fortunately, the global economic recovery appears to beincreasingly broad-based. In Europe, for example, compositepurchasing managers’ survey readings for both the U.K. andthe Eurozone have risen to nearly 57 on a 100-point scale,which is consistent with real GDP growth rates in the rangeof 2.5% to 3.5% for the first half of 2010. Moreover, theimprovement in activity appears to be broadly evident acrossmost European economies with the exception of Greece,where the recession is deepening. Otherwise, most Europeancountries are experiencing higher exports, increased domesticcapital spending and a reduced inventory drawdown. All ofthose forces are helping to offset a stagnant trend in consumerspending throughout much of Europe.Arguably, the outlook for consumer spending in Europeshould continue to improve along with evidence thatunemployment rates are set to peak. Some encouraging datain that regard come from Germany, where employment andvacancies have been rising for several months in a nation thatsuffered one of the deepest downturns in Europe.Japan has also been reporting surprisingly good economic data,with the growth rate of real GDP averaging nearly 3% overthe past year. Although Japan’s recovery was initially rathernarrowly based on net exports and public works spending,recent surveys point toward improved capital spending anddomestic consumption and strong improvements in businesssentiment among both small and large firms.Despite reasonably upbeat data from Japan, there appearsto be a growing dissatisfaction among key political leadersin Japan regarding the Bank of Japan’s de facto acceptanceof deflation. Consumer price inflation in Japan has beencontinuously negative since September 1998, only fivemonths after the Bank of Japan achieved legal independence.The only exception to the general deflation trend was the June-December 2008 period, as shown in Chart 4. In late March,the ruling Democratic Party of Japan (DPJ) announced theformation of an “Anti-Deflation Alliance” composed of 91members of the DPJ who advocate setting ambitious targetsfor real GDP growth and nominal GDP growth in 2011 of 4%and 6%, respectively, which implies 2% inflation as measuredby the GDP deflator.The purpose of the DPJ’s Anti-Deflation Alliance is topressure the Bank of Japan to adopt more aggressivequantitative easing measures. It is too early to determine howmuch traction this group will achieve in meeting its goals, butit potentially represents the most revolutionary shift in Japan’seconomic policy dialogue in decades. It may also reflectrecognition by Japanese policy analysts that Japan’s extremedebt-to-GDP ratio of above 200% as shown in Chart 2 is nolonger sustainable and can only be dealt with in the context ofhigher nominal GDP growth and a higher trend in inflation.PAGE 17 • SPRING 2010 PERSPECTIVE AS AT MARCH 31, 2010

Japan’s Deflation Has Persisted Since 1998:Year-on-Year Percentage Change in Consumerand GDP Deflator6543210-1-2-386 88 90 92 94 96 98 00 02 04 06 08Source: OECD and Haver AnalyticsCPI (YOY%)GDP Deflator (YOY%)Chart 4: Japan has suffered from persistent deflation since the Bankof Japan was granted independence in 1998 and political pressuresare mounting for the bank to adopt more aggressive easing measures.In that regard, perhaps Japan rather than Greece is the true“canary in the coal mine” as major governments contendwith issues of fiscal sustainability in coming years. Thisdevelopment in Japan bears very close watching since higherinflation in Japan would almost certainly mean importantspillover effects on other nations, including a weaker yen,higher Japanese government bond yields, and a new source ofdemand for commodities as a hedge against higher inflation.It could also imply explosive growth in Japanese corporateprofits during the initial transition stage from deflation toinflation, and a de-rating of any premium to Japanese priceearningsratios as Japan’s bond yields and inflation rateconverged with those of other major developed nations afteryears of being consistently lower. Close observers of Japanesepolitics do not expect any economic regime change in Tokyountil after Upper House elections expected to be held in July.Conclusion: Don’t sell short the global recoveryIn summary, we think it has become increasingly clear thatthe world economy is on the cusp of a broad-based andself-sustaining recovery, with full participation of the majordeveloped markets and the leading emerging markets alike.With yield curves in most developed nations remaining steepand positively sloped, and with credit spreads and equitymarkets signalling increased confidence in the sustainabilityof the recovery, the risks of a “double-dip” recession now lookquite low despite the “wall of worry” that remains regardinggovernment fiscal positions. Even though renewed boutsof volatility may occur as emerging market nations likeBrazil, China and India begin pulling back from hyperaccommodativemonetary policy, we would be reluctant tosell short the global recovery when policymakers in the majordeveloped nations remain focused on generating “virtuouscircles” of stronger labour income and consumption growthand improved starting points for fiscal consolidation in 2011and beyond.William SterlingChief Investment OfficerTrilogy Global Advisors, LLCPAGE 18 • SPRING 2010 PERSPECTIVE AS AT MARCH 31, 2010

Spotlight onStephen JenkinsGood management teams are also key in Harbour’s stockselection. They look for teams that have been in place formore than one business cycle, ones that think and act likeowners, or make decisions for the long term.“And last, but not least, we want the stock to be availableat a good price. For us that’s often a significant discount toits long-term fair value, because that provides us with a veryimportant margin of safety,” says Mr. Jenkins.funds. But, it became apparent over time, and more recentlywith the credit crisis, that I didn’t want those handcuffs on.”The focus at Harbour Foreign Equity is on buying best-ofbreedbusinesses that have global footprints, and there areCanadian companies that fit the bill. “If one or two of thempresented an opportunity, I wanted to be able to act on it andbuy that company,” he says. “I didn’t want the handcuffs onany longer, and I don’t think our unitholders deserve that.”The companies in Harbour portfolios always have twotailwinds pushing prices higher over time – a growth tailwind,which is the growth in the underlying business, and avaluation tailwind, which is the price-earnings (P/E) multiple(what investors are willing to pay per dollar of earnings).Harbour expects the P/E to expand over time because theypurchase companies at a discount.One reason Harbour felt comfortable launching this fund wasthat the characteristics they look for in a business are the sameglobally. Their style and investment research process appliesto all leading developed markets. When Harbour researchesa company in France, or the U.K., it’s the same way they doin Canada. Mr. Jenkins says, “If you’re going to kick the tireson a company, it takes a little longer, but the process is thesame. Businesses we seek tend to grow at 8%-12% a year, nomatter where they are domiciled. For big globally focusedbusinesses, the opportunity comes from a larger valuationexpansion because that differs from one area to another fora number of reasons.”Harbour Foreign Equity has just undergone a subtle changein its philosophy. Mr. Jenkins says “When we launched thefund we decided to concentrate on developed nations outsideof Canada, so we weren’t overlapping with our CanadianManulife Financial was the company that prompted Mr.Jenkins to add Canadian companies to his portfolio. He says,“Manulife is a company we own in the Harbour Fund. I knewit well; I’d met with management and was involved in theresearch. I had become very excited by the company and itslong-term prospects.”Despite only being added to the fund at the end of 2009,Manulife is now a top 10 holding of the portfolio. Mr. Jenkinssays, “I bought it aggressively because of our high convictionlevel. I think it’s a tremendous long-term opportunity for ourunitholders.”The financial crisis also provided opportunities for Mr.Jenkins to make other changes in his portfolio, allowing himto get more growth for similar valuations. Within the lastyear there have been at least a dozen new positions initiatedand for a concentrated portfolio of only 40 stocks or so, that’ssignificant.But some positions, such as Diageo, Nestlé and Air Liquidehave been in the portfolio since the fund was launched. “Asyou know we’re long-term investors with an average holdingperiod of five years” Mr. Jenkins says. “If the fundamentalshaven’t changed and the valuations aren’t extremely excessive,PAGE 20 • SPRING 2010 PERSPECTIVE AS AT MARCH 31, 2010

Spotlight onStephen Jenkinswe’ll continue to hold the company. We just move it from avery prominent position in the portfolio to a lesser weighting.”“At times, Nestlé has been close to 7% of my portfolio, whenthe valuation was highly compelling; now, the weighting hasbeen reduced to 3%. The company is still growing so thegrowth tailwind is still evident, but the stock is more fairlyvalued today. I now see less in the way of value expansiongoing forward.”are going to find more of them if the world is your oyster.If you are looking globally, there are going to be moreopportunities than there are in a single country.”He thinks that the distaste many Canadian investors havewith global investing stems from changes in currencies. Andit’s played a very big role in the returns of foreign equity fundsto Canadian investors over the past decade as the Canadiandollar has swung from US$0.62 in 2002 to par today.Mr. Jenkins says that one advantage to keeping a stock inthe portfolio is that you’re in a better position to move it toa higher weighting when the price becomes more attractive.And that was certainly the case at the end of 2008 and early in2009 when markets bottomed. All the Harbour funds boughtaggressively in that period and poured more than $1 billioninto the market.One advantage, according to Mr. Jenkins, is the ability to takethe Harbour investment style and philosophy and apply it ina global marketplace. “I’ve always believed is that in terms ofwhat we do – buying these high-quality leading businesses,leaders in their industries, with their global footprints – youHarbour Foreign Equity started currency hedging in 2007.Mr. Jenkins says, “I think one of the most important benefitsthis fund brings to the investment community is the factthat we’ve taken the volatile currency component out of theequation for our unitholders by hedging.“If you believe we are good stock pickers, and can find highqualitycompanies around the world that are going to producean above-average return over time, that’s all you should want– the return from those individual stocks, unaltered by anymovements in currencies.”PAGE 21 • SPRING 2010 PERSPECTIVE AS AT MARCH 31, 2010

Spotlight onStephen JenkinsHarbourForeign EquityFundStephen Jenkins, portfolio manager of Harbour Foreign Equity Corporate Class and HarbourForeign Growth & Income Corporate Class has made quite a few changes to his portfolios overthe past year. Here, he talks about new additions to the funds and some of the top 10 holdings.PAGE 22 • SPRING 2010 PERSPECTIVE AS AT MARCH 31, 2010

Spotlight onStephen JenkinsMasterCard WorldwideMasterCard Worldwide is a global business that is benefitingfrom the trend of moving away from paper-based transactionsto electronic-based transactions for payments betweenthe banks of merchants and purchasers. This has largelyhappened in the U.S., where 40%-45% of all transactions arenow done electronically. The opportunity for MasterCardis in emerging economies and other nations where thepenetration is still very low. Unlike buying a bank with a largecredit card operation, MasterCard has no credit exposure andno default risk. It’s a toll bridge operator that takes a small feefrom every transaction. When we first bought the stock a yearago at around US$165, we felt strongly that it could grow salesby 12%-15% a year and there was an opportunity to cut costs.We felt that it would increase margins and the bottom linecould grow at close to 20% annually over a five-year period.There was very little expectation built into the stock whenwe bought it under 14X expected earnings. Now the stock istrading closer to US$250 and the multiple has expanded toabout 17X. We think it should be closer to 20X. The businesscontinues to grow at more than 15% annually and we thinkthere’s more to come. It’s a very solid global company, withgreat long-term growth prospects.CVS CaremarkCVS Caremark is a leading drugstore chain with over 7,000retail pharmacies in 40 U.S. states. Caremark, anotherdivision, is a pharmacy benefit manger. The two companiesmerged in 2007 and there was uncertainly about the benefitsthat would accrue from the merger. There still is some doubtbecause is hasn’t delivered on all the benefits that I think aregoing to come down the road. We bought the stock around10X earnings for company that we think will growth at 12%-15% a year over the next three to five years. CVS is a consistentbusiness that is going to be benefit from the changes in U.S.health care, such as more individuals having access and moregeneric drugs coming down the pipeline. The stock is doingwell and the multiple has expanded a bit. It’s a prominentholding and one of the top 10 in the portfolio.Mastercard Worldwide325300275CVS Caremark4540250225200175150125US$35302510020Mar 08May 08Jul 08Sep 08Nov 08Jan 09Mar 09May 09Mar 08May 08Jul 08Sep 08Nov 08Jan 09Mar 09May 09Jul 09Sep 09Nov 09Jan 10Mar 10US$Jul 09Sep 09Nov 09Jan 10Mar 10Source: BloombergSource: BloombergPAGE 23 • SPRING 2010 PERSPECTIVE AS AT MARCH 31, 2010

Spotlight onStephen JenkinsAryzta AGAryzta AG, which is based in Switzerland, is also in the top10. It has brought innovation to a very boring industry – theindustrial bakery business. The company is moving intonew markets, but also displacing old methodologies with itstechnology. Aryzta’s expertise is in partially baking goods, flashfreezing them and distributing them to different outlets, suchas restaurants, grocery stores, etc. In Canada, the companyhas a joint venture with Tim Hortons, where the technologyis used to partially bake doughnuts and other baked goods toabout 80%, flash freeze them and distribute to all its outlets.Before Aryzta, each store would have a baker getting up atfour in the morning and baking the doughnuts – and whenyou ran out, you ran out. The Aryzta technology has allowedTim’s to be more efficient and bake throughout the day. Italso means that they have been able to open many moreoutlets because all that’s needed are freezers and ovens. It isalso a large supplier of artisan breads to U.S. grocery stores,baguettes and other baked goods to convenience stores in theU.K. and Ireland, and grocery stores in Europe. In France, itsupplies its products to the Paris patisseries and boulangeries.Aryzta is quite small with US$3.3 billion in market cap – butit’s a leader in its field. It is a very well-managed, innovativecompany with good long-term growth prospects.Baldor Electric Co.Baldor Electric Co. has been a holding for some time. It isa designer and manufacturer of industrial electric motors,drives and generators. The motors are highly efficient and itsproducts have the highest energy efficiency in the industry.As a result, they have always been in demand because of thequality. The company is now seeing tailwinds as a result ofmandated energy efficiency standards that are being imposedon many industries. It is a leader in North America andaround the world with customers in 160 different industriesand over 60 countries. Baldor has US$1.6 billion in marketcap. We recently sold some stock because it’s had a very bigrun, but we still feel the company has a very bright future.Aryzta70Baldor Electric406560355550454035US$3025203025152010Aug 08Oct 08Dec 08Feb 09Apr 09Jun 09Mar 08May 08Jul 08Sep 08Nov 08Jan 09Mar 09May 09Jul 09Sep 09Nov 09Jan 10Mar 10Swiss FrancsAug 09Oct 09Dec 09Feb 10Source: BloombergSource: BloombergPAGE 24 • SPRING 2010 PERSPECTIVE AS AT MARCH 31, 2010

Balancedopportunitiesfor safety and growthAfter the volatility of the past decade, many of your clients may be hesitant about investingin equity markets. Balanced funds can provide a solution that combines the safety of incomeinvestments while maintaining exposure to the growth potential of equities.CI offers some of the best balanced funds in Canada.PAGE 25 • SPRING 2010 PERSPECTIVE AS AT MARCH 31, 2010

Harbour Growth & Income FundHarbour Growth & Income Fund, shown in the chart below, has been named the winner in the Canadian balancedfund category twice at the Canadian Investment Awards – in 2006 and 2008. In the decade ended March 31, 2010, it hasoutperformed its benchmark by nearly 20% with less volatility.The fund is managed by Gerry Coleman, who brings four decades of experience to his role as Harbour’s Chief InvestmentOfficer. In recognition of his accomplishments, he was named Fund Manager of the Year in 2001 and 2008 at the CanadianInvestment Awards. The Globe and Mail newspaper also selected him Money Manager of the Decade in 2010.Harbour Growth & Income versus Benchmark$10,000 invested over 10 years ending March 31, 2010$25,000$20,000Harbour Growth & IncomeBenchmark – 60% S&P/TSX Composite Index / 40% DEX Universe Bond $20,722$15,000$17,485$10,000$5,000Mar-2000Sep-2000Mar-2001Sep-2001Mar-2002Sep-2002Mar-2003Sep-2003Mar-2004Sep-2004Mar-2005Sep-2005Mar-2006Sep-2006Mar-2007Sep-2007Mar-2008Sep-2008Mar-2009Sep-2009Mar-2010Source: Globe HySalesCI’s balanced investment solutions can meet a variety of needs, including capital preservation, potentialgrowth and the opportunity for income plus growth. They are available in various platforms, includingmanaged solutions, SunWise Elite Segregated Funds and the tax-efficient CI Corporate Class and T-Class.PAGE 26 • SPRING 2010 PERSPECTIVE AS AT MARCH 31, 2010

Signature Income & Growth FundSignature Income & Growth Fund is another example of CI’s award-winning balanced funds. It won the CanadianInvestment Award in 2008 in the global balanced fund category.Signature Income & Growth is managed by Eric Bushell, Chief Investment Officer of Signature Global Advisors.Mr. Bushell was chosen as Morningstar Equity Fund Manager of the Year in 2009 and Investment Executive’s Fund Managerof the Year in 2008.The chart below tracks Mr. Bushell’s tenure as manager of the fund. Since he started managing the fund in June 2002, thefund has outperformed its peer group by 77%.Signature Income & Growth versus Peer Group$10,000 invested from June 30, 2002 to March 31, 2010$20,000$15,000CI Signature Income & GrowthGlobe Global Neutral Balanced Peer Index$18,850$10,000$10,621$5,000Nov-2000Mar-2001Jul-2001Nov-2001Mar-2002Jul-2002Nov-2002Mar-2003Jul-2003Nov-2003Mar-2004Jul-2004Nov-2004Mar-2005Jul-2005Nov-2005Mar-2006Jul-2006Nov-2006Mar-2007Jul-2007Nov-2007Mar-2008Jul-2008Nov-2008Mar-2009Jul-2009Nov-2009Mar-2010Source: Globe HySalesThe following pages provide a quick snapshot of the balanced opportunities available at CI. For moreinformation contact your CI sales representative or visit www.ci.com.PAGE 27 • SPRING 2010 PERSPECTIVE AS AT MARCH 31, 2010

Balanced OpportunitiesFundHarbour Growth & IncomeSignature Canadian BalancedSignature Income & GrowthObjectiveTo obtain long-term total return througha prudent balance of income and capitalappreciation. Invests primarily in Canadianequity and equity-related securities ofmid- to large-capitalization companies andfixed-income securities.To achieve an attractive total return,consisting of income and capital gains.Invests in a mix of Canadian equity andequity-related securities and fixed-incomesecurities.To provide a steady flow of current incomewhile preserving capital by investing in adiversified portfolio of securities composedmainly of equity, equity-related and fixedincomesecurities of Canadian issuers.Typicalasset allocationCashGovernment bondsCashCanadian equityHigh-yieldcorporate bondsCashCanadian equityBondsU.S. equityInternational equityCanadian equityInvestment-gradecorporate bondsU.S. equityInternational equityGovernment bondsInvestment-gradecorporate bondsU.S. equityInternational equityInvestmentmanagerHarbour AdvisorsSignature Global AdvisorsSignature Global AdvisorsMain benefits• Concentrated equity portfolio ofapproximately 40 companies.• Long-term focus – average equityholding period three to five years.• Large equity component with globalexposure to large multinational firms.• Canadian Investment Award winner,2006, 2008.• Prudent allocation to government andinvestment-grade corporate bonds.• Significant global equity exposure.• Canadian Investment Award winner,2007, 2009.• Income-oriented balanced fund witha monthly distribution at a targetedannual yield of 5%.• Diversified income sources.• Wide diversification by asset class andwithin each asset class for reduced risk.• Significant global exposure.• Canadian Investment Award winner,2008.SuitabilitySuitable for very conservative investorswho are seeking equity exposure.Suitable for investors seeking a traditionalbalanced fund with active management andhigh-quality investments.Suitable for investors seeking steadyincome, plus potential growth throughexposure to equity investments.Fund codes(all funds availablein low-load,Class F, Class I)F/EDSCClass A 691 891Corporate Class 2310 3310T-Class (5%) 130T5 230T5T-Class (8%) 630T8 730T8F/EDSCClass A 685 785F/EDSCClass A 6116 6166Corporate Class 2309 3309T-Class (5%) 131T5 231T5T-Class (8%) 631T8 731T8Also available in:SunWise Elite PlusSunWise Elite PlusPAGE 28 • SPRING 2010 PERSPECTIVE AS AT MARCH 31, 2010

FundCambridge Canadian Asset AllocationPortfolio Series BalancedPortfolio Select Series 50i50eObjectiveTo achieve superior total return by investingin a combination of primarily Canadianequity andfixed-income securities.To provide a balance between income andlong-term capital growth while diversifyingrisk by investing in income and equityfunds.To provide returns from a diversifiedportfolio split equally between income andequity securities, designed for steady longtermgrowth.Typicalasset allocationCashU.S. equityInternational equityIncomeCanadian equityCanadian equityIncomeCanadian equityU.S. equityInternational equityU.S. equityInternational equityInvestmentmanagerCambridge AdvisorsCI Investment ConsultingCI Investment ConsultingMain benefits• Primarily blue-chip equity holdings forlower volatility.• Large Canadian content.• Larger equity content than typicalbalanced fund for more potentialgrowth.• Monitored by CI Investment Consultingand rebalanced to target mix.• Multi-manager with multi-styleinvestments.• Broad diversification by asset class,geography and market cap.• Equal weightings of equities andincome.• Monitored by CI Investment Consultingand rebalanced to target mix.• Multi-manager with multi-styleinvestments.• Broad diversification by asset class,geography, market cap, investmentmanager and style.SuitabilitySuitable for investors seeking a balancedapproach with a higher equity content thanother balanced funds.Suitable for investors seeking a widelydiversified portfolio in a single investment.Suitable for investors seeking a tax-efficientdiversified portfolio split evenly betweenincome and equities.Fund codes(all funds availablein low-load,Class F, Class I)F/EDSCCorporate Class 2322 3322T-Class (5%) 117T5 217T5T-Class (8%) 617T8 717T8F/EDSCClass A 7710 7715T-Class (5%) 113T5 213T5T-Class (8%) 613T8 713T8F/EDSCCorporate Class 2244 3244T-Class (5%) 104T5 204T5T-Class (8%) 604T8 704T8Also available in:SunWise Elite PlusSunWise Elite PlusPAGE 29 • SPRING 2010 PERSPECTIVE AS AT MARCH 31, 2010

CI IncomeOpportunities –Fund HighlightsCI Investments offers a comprehensive selection of income funds to meet investor needs.These range from traditional bond funds to diversified income funds that offer enhanced yieldsby investing in higher-yielding asset classes, such as high-yield corporate bonds, infrastructure,REITs and other real estate-related securities. To assist you in choosing the appropriatefunds for your clients, we present this monthly communication featuring highlights of sevenkey income offerings. This piece will be e-mailed to you on a monthly basis. Please contactyour CI sales team to ensure delivery. We hope you will find it useful and informative indiscussions with your clients.PAGE 30 • SPRING 2010 PERSPECTIVE AS AT MARCH 31, 2010

as at March 31, 2010 (Class A)Signature Signature Signature Signature Signature CanadianDiversified Yield High Income Corporate Bond Income & Growth PS Income PSS 100i BondMonthly per unit distribution $0.05 $0.07 Variable $0.025 $0.04 N/A VariableAnnualized distribution payout 6.0% 6.5% Variable 6.4% 4.5% N/A VariablePortfolio yield (approx.) 6.7% 6.7% 6.6% 4.0% 5.2% 5.0% 3.9%Dividend characteristics ROC & ROC, income & Income Income & Income N/A Incomecapital gains capital gains capital gainsCurrent asset mix*Cash 8% 8% 4% 11% 7% 11% 6%Government and investmentgrade corporate bonds 8% 6% 45% 12% 40% 56% 94%High-yield bonds 38% 37% 51% 18% 20% 18% 0%REITs, trusts, & equities 46% 49% 0% 59% 33% 15% 0%DurationIn years (bond portion) 4.3 3.5 4.2 3.7 4.6 5.1 5.8Credit quality (high-yield bond portion only)Average credit quality BB- BB- BB- BB- B+ BB N/A% under Single B 10% 11% 8% 11% 9% 9% N/ACurrency exposure*‡CAD 86% 85% 90% 81% 76% 92% 98%USD 9% 9% 10% 13% 10% 6% 2%EUR 2% 2% 0% 1% 4% 1% 0%Other 3% 4% 0% 5% 10% 1% 0%Management feesClass A 1.90% 1.25% 1.70% 2.00% 1.65% 1.65% 1.35%Class F 0.90% 0.75% 0.85% 1.00% 0.90% 0.90% 0.85%PMA ($500K level)† 0.95% 0.95% 0.95% 0.95% 0.95% 0.95% 0.70%PMA ($1M level)† 0.85% 0.85% 0.85% 0.85% 0.85% 0.85% 0.65%Trailer feesClass A (ISC/DSC) 1.00%/0.50% 0.50%/0.25% 0.50%/0.25% 1.00%/0.50% 0.50%/0.25% 1.00%/0.50% 0.50%/0.25%Fund codesTrust Class A FE 619 686 9010 6116 7740 N/A 837Trust Class A DSC 819 786 9060 6166 7745 N/A 847Trust Class A LL 1619 1786 1150 1166 1745 N/A 1847Corp Class FE 2319 2304 2308 2309 N/A 2240 2303Corp Class DSC 3319 3304 3308 3309 N/A 3240 3303Corp Class LL 1319 1304 1308 1309 N/A 1320 1303Source: CI Investment Consulting, RBC Dexia, Wilshire Atlas, Wilshire Axiom* Aggregate exposure may not equal 100% due to rounding.† Includes both management and administration fees.‡ Currency exposure includes the effect of hedging.PAGE 31 • SPRING 2010 PERSPECTIVE AS AT MARCH 31, 2010

Reprinted with permission from The Globe and Mail.Retirement: How to navigate betweencaution and hopeThink about real returns and your time frame, and look beyond averagesBY DAN RICHARDSOf all the assumptions that go into a retirement plan, nonehas a bigger effect than the return you expect to get on yourinvestments. That number determines how much you needto save, when you can afford to retire and the kind of lifestyleyou can plan for.Over the very long term, stocks have averaged a return ofabout 10 per cent a year. In the last while, many industryinsiders have suggested that it would be wildly optimistic toexpect this kind of return in the future.Two key decisionsTo think intelligently about expected returns, you need tomake two key decisions.First, shift your thinking to after-inflation returns – what theindustry calls real returns. This way, you’ll focus on spendingpower – what really counts in retirement. Indeed, this is whatsophisticated pension plans and high-net-worth investors arealready focusing on.Indeed, a Wall Street Journal article last week indicatedthat the giant California Public Employees RetirementSystem (Calpers) pension plan in California is reducing theassumed return on its total portfolio of stocks, bonds andother investments.When it comes to your return assumptions, there are costs tobeing both too optimistic and overly conservative. Obviously,overly rosy assumptions can lead to disappointment aspeople fall short of their goals. But there’s a price forbeing too conservative as well – since overly pessimisticassumptions could lead Canadians to make poor decisionsabout investing. After all, if you think you’re only going to get2 per cent on stocks, why not just buy guaranteed investmentcertificates?Second, you have to extend your time frame. The shorteryour time frame, the more uncertainty you’ll experience onreturns – pick one year as your time horizon and you couldexperience swings of 40 per cent in either direction.Even five- and 10-year periods can subject you to substantialswings in returns on stocks, especially if you do what manyinvestors do and set your expectations based on whathappened in the last three to five years.The only way to bring stability to your expected returns isto follow pension funds and high-net-worth investors andlook out 15 or 20 years. That may seem an unduly long timeframe, but in fact, that’s the horizon that most Canadiansneed to think about. Even if you’re a 65-year-old couple,there’s a 50-per-cent chance one of you will live to age 90.PAGE 32 • SPRING 2010 PERSPECTIVE AS AT MARCH 31, 2010

Looking inside average returnsThe third key decision for investors is to look beyondaverages. There is good data on stock market returns in theUnited States going back to 1926. In the 85 years since then,after-inflation returns have averaged 6.6 per cent.The big difficulty with an average number is that often you’llbe below it. Given the high cost of underperforming yourreturn assumption, you need to look beyond the averagereturn to the distribution of returns that got you to thataverage – that will tell you how badly you might fall shortbased on historical precedent.Recently, I spent some time with Michael Nairne and histeam at Tacita Capital, looking at long-run total returns(including both capital appreciation and dividends) on theStandard & Poor’s 500 stock index.Since 1926, there have been 65 20-year periods. If we list thereal returns during those 65 periods from highest to lowestand look at how often those returns happened, here’s whatyou end up with (See table).Picking your numberIn deciding on the expected return for the stock componentof your savings, you could pick the after-inflation return that’shalfway down the list; that would give you a return of 8.5 percent, but risks erring on the optimistic side. For those whowant to be more conservative, you should choose one of thelower numbers – the 5 per cent that was achieved two-thirdsof the time or the 3.3 per cent that was exceeded 80 per centof the time. Or you could be really cautious and pick the 1.8per cent that was delivered 95 per cent of the time, in 62 outof 65 20-year periods.Of note, the worst after-inflation returns all occurred duringthe high-inflation years in the 1970s. As a result, yourassumption about the return on the stock component ofyour savings will be heavily influenced by the concern abouta return to inflation. Picking the right return assumption foryour investments will vary with your attitude toward risk. Byfocusing on after-tax returns, taking a long-term view anddigging deep into the historical experience, you can end upwith a realistic number that strikes the right balance betweenundue optimism and extreme pessimism.Annual return after inflation in 6520-year periods – 1926 to 2009:Return% of the timethis happened13.3% 1%12.7% 5%11.9% 10%10.8% 20%9.3% 33%8.5% 50%5.0% 67%3.3% 80%2.2% 90%1.8% 95%0.8% 100%Dan Richards is Founder and CEO of Clientinsights.ca.He is a faculty member in the MBA program at the RotmanSchool at the University of Toronto.PAGE 33 • SPRING 2010 PERSPECTIVE AS AT MARCH 31, 2010

COMMENTARYCambridge AdvisorsMost of the world’s key equity markets posted gains during thefirst quarter, with the Canadian stock market outperformingits peers when results are reported in Canadian dollars. Thisreflects the increase in the Canadian dollar against othermajor currencies, including the euro, the pound, the yenand the U.S. dollar. Notably, after nearly a year of dislocationof investment fundamentals from performance, marketsreturned to a more normal relationship between the two. Allthree Cambridge portfolios outperformed their benchmarks,as our adherence to a strategy of investing in companies withstrong business fundamentals paid off.Cambridge Canadian Equity Corporate Class waspropelled by overweight positions in the top-performinghealth care sector and two other strong sectors, industrialsand information technology, and by underweighting thesluggish energy and materials sectors. Asset allocation waslittle changed from the end of the fourth quarter of 2009,with the exception of a slight decrease in materials. Thefund was almost fully invested. Among individual holdings,the biggest contributors to performance were Toronto-Dominion Bank, Bombardier and Petrominerales.The fund’s key industrials positions are Canadian NationalRailways, Transforce (trucking), WestJet and Bombardier.We maintained our position in Research In Motion, a top 10holding, as demand for the company’s Blackberry productsremains strong. We have been cautious in our approach tothe energy sector, choosing not to invest based purely onexpectations of high energy prices but rather in companiesthat show good business fundamentals, such as Suncor,which acquired Petro-Canada last year, and CanadianNatural Resources, an oilsands producer.some income-oriented securities with growth-focused equityinvestments, notably in the health care sector. The cashposition was 8% by the end of the period, down fromprevious quarters. Aiding the fund were overweight positionsin industrials, information technology and health care. Itstop-performing holdings were Toronto-Dominion Bank,Keyera Facilities Income Fund and Labrador Iron Ore.Cambridge Global Equity Corporate Class maintainedits focus on larger-cap, high-quality names and a mixtureof some small-cap names, mostly in developed markets.Apart from a few select holdings, we continued to avoiddirect investments in the “BRIC” countries (Brazil, Russia,India and China) because we are finding more appealingvaluations elsewhere. Performance was helped by a largeposition in the financials sector, while other favoured sectors– energy, health care and information technology – alsocontributed. The cash position stood at 10% at the end ofthe period. Top-performing stocks were Senior PLC, Abcamand Autoliv.Despite continuing concerns over high government deficitsand housing starts, we expect the economic recovery tocontinue in the coming months, which should supportequity markets. Interest rates remain low, and central banksare likely to be prudent and maintain this provision ofliquidity. Government intervention has and should continueto be successful in allowing corporate expansion to occurand housing to move forward.Manager: Alan RadloAnalysts: Joe Sylvester, Emi WintererCambridge Canadian Asset Allocation Corporate Classbenefited from a high weighting in equities. We replacedPAGE 34 • SPRING 2010 PERSPECTIVE AS AT MARCH 31, 2010

COMMENTARYCI Investment ConsultingMarket overviewThe quarter began with a selloff in Canadian equities inlate January and early February which was precipitated bypassable – but not spectacular – economic data, moves bythe U.S. government to impose new rules on banks andquestions about the financial stability of Greece. With theemergence of stronger economic and earnings numbers, theCanadian equity market rallied and the S&P/TSX CompositeIndex gained 3.1% during the quarter – establishing a new18-month high. Credit concerns in Europe and strongcommodity prices helped push the Canadian dollar throughthe US$0.99 level for the first time in 20 months. The euroand the British pound depreciated 9% against the Canadiandollar, while the Japanese yen lost 4%. Against this backdrop,foreign equity returns reported in Canadian dollars were lessthan stellar. Global markets, as represented by the MSCIWorld Index in Canadian dollars, gained only 0.3%. Inthe U.S., the S&P 500 Index gained 4.9%, its strongest firstquarter since 1998, but the effect in Canadian dollars was arise of only 1.8%.Year-over-year, the S&P/TSX has risen 42.1%, while inCanadian dollars the MSCI World Index gained 23.5% andthe S&P 500 rose 19.5%. The shortfall was caused mainly bythe rise in the Canadian dollar.Portfolio performanceAll portfolios posted strong returns during the quarterand have rebounded nicely during this recovery. Thecombination of a prudent asset mix and superior investmentmanagement skills by award-winning portfolio managerssuch as Signature Global Advisors and Harbour Advisorsadded value to the returns. Individual stocks that were majorcontributors during this period included Toronto DominionBank, Apple Computer, Heineken and Rio Tinto.Returns in % 1 Year 3 Years 5 Years 10 Years Since InceptionPortfolio Series Income Fund 17.8 1.5 3.7 5.1 4.8 (Dec. 97)Portfolio Series Balanced Fund 21.6 -2.6 2.9 3.2 6.9 (Nov. 88)Portfolio Series Growth Fund 24.8 -4.6 1.5 n/a 2.2 (Dec. 01)Select 100i Managed Portfolio 11.3 2.9 n/a n/a 3.0 (Nov. 06)Select 50i50e Managed Portfolio 20.9 -1.6 n/a n/a -0.5 (Nov. 06)Select 30i70e Managed Portfolio 24.9 -3.5 n/a n/a -2.1 (Nov. 06)S&P/TSX Composite Index 42.1 0.0 7.4 4.7 n/aS&P 500 Index (C$) 20.7 -8.1 -1.6 -4.2 n/aMSCI World Index (C$) 23.5 -8.8 -0.1 -3.1 n/aDEX Universe Bond Index 5.1 5.3 5.2 6.5 n/aPAGE 35 • SPRING 2010 PERSPECTIVE AS AT MARCH 31, 2010

COMMENTARYFor the income portfolios, the decision to overweightcorporate bonds added value as they significantlyoutperformed government bonds. In the government bondmarket, mid and long-term North American yields ended thefirst quarter of 2010 essentially unchanged. Short-term bondyields rose modestly in response to a growing recognition ofthe vibrancy in the economic recovery. The negative effectof the rising Canadian dollar was significantly offset by theactive currency management of Signature Global Advisorsand the 50% hedging for Portfolio Select Series portfolios.Portfolio positioningFor the fixed-income portion of our portfolios, we aresignificantly underweight government bonds and overweightcorporate bonds to reduce the negative impact of risinginterest rates. We expect the Bank of Canada to begin toincrease short-term rates this summer. Currently, the cashweighting is higher than normal, but we expect our managersto put money back into the market within the next fewmonths. Both Portfolio Series Income Fund and Select 100iManaged Portfolio have an attractive yield of approximately5.0%. This is due to owning diversified income asset classessuch as investment-grade corporate and high-yield bonds,preferred stocks and income trusts.We continue to have a positive outlook for global economiesand stocks markets. Our portfolios are positioned to benefitfrom economic recovery, however, we are underweight theresource sector as valuations have become too rich after a50% rise in prices over the past year. Our portfolio managersare finding opportunities in information technology andindustrials. In technology, we own some of the larger,financially stable companies such as Microsoft, CiscoSystems, and Oracle. In industrials, Canadian NationalRailway, Canadian Pacific Railway and Siemens are sizeableholdings.As the Canadian dollar tests new highs versus othercurrencies, its upside potential is limited. As a result, themanagers are starting to gradually reduce their currencyhedges and increase our exposure to foreign currencies.Alfred Lam, Vice-PresidentCI Investment ConsultingDuring the quarter, we continued to add emerging marketsassets to our Portfolio Series funds. The Balanced, BalancedGrowth, Growth and Maximum Growth portfolios nowhold between 1.5% and 2.8% in CI Emerging MarketsCorporate Class. Previously, the Portfolio Series funds didnot have a specific allocation to emerging markets, but didhave some exposure at the discretion of the managers of theunderlying international equity funds. We have made thischange because the quality of emerging markets investmentshas improved significantly. Today, there is a better selectionof companies and, more importantly, many of them havestronger financial positions and superior products to theirdeveloped country counterparts. We are taking a five-yearview to investing in emerging markets, believing they willcontribute strong risk-adjusted returns to the portfolios.PAGE 36 • SPRING 2010 PERSPECTIVE AS AT MARCH 31, 2010

COMMENTARYHarbour AdvisorsHarbour Fund and Harbour Growth & Income FundLeading worldwide economies continued to displayeconomic growth and recovery during the first quarter of2010 and we believe this positive trend will continue to bethe case for the foreseeable future. Against this backdrop,the past quarter saw stock markets here at home and in theU.S., our two principal areas of investment, sell off duringthe month of January. However, since early February, bothmarkets have marched steadily upward, erasing the declinesexperienced during January. Both Harbour portfolios ekedout small gains during the quarter.At the end of March, Harbour Fund was 82.9% investedin common stocks (Canadian stocks 52.4%, foreign stocks30.5%), while the fund’s cash and equivalent position stoodat 17.1%. Harbour Growth & Income Fund, in contrast, was71.5% invested in common stocks (Canadian stocks 49.8%,foreign stocks 21.7%) and held a bond position of 6.7% anda cash reserve position of 21.8%. Our ongoing low levelof commitment to the bond market remained essentiallyunchanged during the quarter, as we believe the risk/rewardratio for investors in bonds is unattractive against an expectedbackdrop of rising interest rates over the next couple of years.While the past quarter was relatively uneventful for thestock markets overall, nonetheless, further upward progresscontinued. We at Harbour were quite active in bothportfolios, with our efforts strongly biased to the buy side.Specific examples where we added to existing holdingsinclude Cisco Systems, General Electric, Intact Financial,Manulife Financial, Martin Marietta Materials, PennWest Energy, Taiwan Semiconductor, TD Bank, and TimHortons. On the sell side of the ledger, we eliminated oursmall holding of PetroBras from both portfolios.Notably, we are pleased to report the initiation of four newholdings in both portfolios over the past quarter, which whencoupled with two new names that we added in the latterpart of 2009, brings the number of recent new positionsto six. Since we are still in the early stages of doing ourfundamental analysis on certain of these companies, andgetting comfortable with the underlying businesses, weare not in a position yet to reveal their names. However,to provide a little colour, we can report that two of thenew names are U.S. banks, which we believe to have largeappreciation potential over the next two to three years andwe hope that our research efforts here will permit us toboost each of these names to more meaningful levels. Wehave also started small positions in a leading multinationaltechnology company with a strong growth profile, as wellas a leading telecommunications company based in China.Lastly, we are now well on our way towards establishing a fullposition in a leading North American company involved infood processing and distribution.While everyone knows that stock market indices haveadvanced considerably since the spring of 2009, we havenonetheless, as outlined above, been able to identify anumber of new high-quality names without compromisingour strong growth and value disciplines. The main outgrowthof these new initiatives has been to reduce the cash positionin Harbour Fund from a year-end level of 22.5% to a March31 level of 17.1%. In Harbour Growth & Income Fund, wehave moved the cash reserve down from 27.0% to 21.8% atMarch 31, 2010.Harbour Foreign Equity Corporate Class andHarbour Foreign Growth & Income Corporate ClassThe first quarter saw a continuation of the positive returnsearned in 2009 for the funds. Looking out over the comingPAGE 37 • SPRING 2010 PERSPECTIVE AS AT MARCH 31, 2010

COMMENTARYquarters, the backdrop for stocks globally continues to bepositive. The developed economies of the world are showingencouraging signs of recuperation and most importantly,corporate profits are rebounding at higher rates than expected– a trend we expect to continue in the coming months andquarters. This backdrop, coupled with our current slate ofholdings, leads us to conclude that 2010 is shaping up to bea good year for Harbour Foreign.Activity within the two fund portfolios was higher than usualduring the reported quarter, and while the activity was agood mix of both buying and selling, the end result producedan increase in our cash reserves. Harbour Foreign Equityfinished the quarter 78% invested in common stocks, and22% in cash and equivalents. The geographic exposure ofthe fund fell out as follows: North America 37.5%, Europe31.2%, Asia Pacific 8.5% and “other” at 0.8%.The year-to-date activity included the addition of seven newholdings – a significant amount for us in any environmentbut even more impressive given the sharp rise in overall stockprices during the past 12 months. This achievement pointsstrongly to the fact that irrespective of where the markets aretoday or where they have come from, we are still findingsome attractive opportunities. And while it’s too early for usto be introducing these new positions, we are nonethelessexcited by their quantity and quality.In addition to the new holdings, we increased our ownershipin Cisco Systems, CVS Caremark, MasterCard, TaiwanSemiconductor, and Ultra Petroleum – all high-qualitygrowth companies that navigated their way through therecession very well and have emerged competitively stronger– the benefits of which we will likely continue to witnessin the years ahead. All of these companies are prominentlyplaced amongst the top holdings within Harbour Foreign,helping form the engine of the portfolio.On the other side of the ledger, we reduced exposure to anumber of our holdings, prudently taking a little moneyoff the table as valuations continued to expand. Examplesinclude Air Liquide, Baldor Electric, Nestlé, Rio Tinto,Schneider Electric, and Swatch Group. In addition, we soldour entire position in Alcon, which became the subject ofa takeover bid by Swiss pharmaceutical giant Novartis, andour holding in Swedish fashion retailer H&M was also sold.Harbour Foreign Growth & Income completed the quarter63% invested in common stocks, 28% in cash and equivalents,and the remaining 9% in fixed-income investments. Thefixed-income component, almost entirely high-gradesovereign and corporate credits, was expanded slightly thisquarter by the addition of some fixed-rate preferreds – anarea in which we are currently testing the waters. Givenour outlook for rising interest rates and inflation in the yearsahead, our aversion to the bond market continues. Thatbeing said, we continue to assess other avenues in our questfor yield, with the goal of moving some of our cash holdingsinto longer-dated, higher-yielding securities over time.There’s no question that returns over the next couple ofyears won’t come as easy as they did in the last 12 months.Corporate profit growth across many different economieswill likely be very uneven – some companies will performconsiderably better than others. Being invested in the rightcompanies will have a demonstrable effect on portfolioreturns in the years ahead. We are already beginning to seeevidence of this differentiation. The competitively strong,financially sound businesses that were able to fortify theirposition during the recession are producing superior resultsrelative to their weakened peers – this is a theme that willlikely continue to play out over the coming quarters andyears. The Harbour portfolios are very well positioned tobenefit from this new selective order in the quarters andyears ahead.Managers: Gerry Coleman, Stephen JenkinsAnalysts: Douglas Cooper, Phil D’Iorio, Jared Spice,Aleksy WojcikPAGE 38 • SPRING 2010 PERSPECTIVE AS AT MARCH 31, 2010

COMMENTARYSynergy Asset ManagementThe first quarter of 2010 was a “mini-echo” of the stockmarket’s overall performance in 2009. After a modest uptickin January, the S&P 500 Index endured a 9.2% correctioninto early February and then rallied almost 12% to finish atits highest levels since the market bottomed last year. TheS&P/TSX Composite Index rose 3.1% and the MSCI WorldIndex was up 3.4%. A notable exception was the negativeperformance of various Chinese markets.Over the past year, we have been consistently positive in ouroutlook for equities and still believe that stock markets haveupside potential. However, we are adopting more of a neutralor trading stance in our portfolios for the balance of 2010.We believe that near-term upside in equities may representan opportunity to trim positions in more beta-sensitive stocks.We do not expect a bear market to begin in 2010, but wedo expect stock market weakness to occur mid-year relatedto fears of the onset of a new monetary tightening cycle inthe U.S. This should create a healthy corrective phase andan attractive entry point for the stock market. On a longertermbasis, we believe that capital market returns will besomewhat muted until the significant excesses of the pastcycle have been more sufficiently dealt with.economic and risk indicators have essentially normalized topre-crisis levels while the S&P 500 Index and other majorstock market indexes remain well below their pre-crisislevels. While stock markets have performed admirably overthe past year, comparisons of stock market valuations relativeto bonds or cash still suggest equities are attractively valued.We think stock prices will normalize upwards as investorsbegin shifting assets from cash and bond investments towardsequities.The broadening of the economic recovery should also helpstocks. We believe the economic recovery will be strongerthan expected over the next few quarters. There are hopefulsigns emerging that the economic recovery is advancing fromgovernment stimulus driven to a more self-sustaining stage.While the economies of developed countries are recovering,many emerging economies seem to be flourishing. RealGDPs have moved above their prior peaks in at least ninecountries, including Brazil, Korea and Australia. In the mostimportant of emerging markets, China, the government hasalready been tightening monetary and fiscal policy to preventthe economy from overheating. A powerful near-term driverof global economic growth will be the rebuilding of depletedThere are a number of reasons why we believe there isupside potential in stock markets this year. Perhaps themost important reason is that equities have lagged thenormalization that has occurred in other markets andeconomic variables. Table 1 shows the current level of theCBOE SPX Volatility Index, the spread between Moody’sCorporate BAA bond yields and government bonds and thelevel of the ISM Purchasing Managers’ Index. The tablealso shows the last date prior to the financial crisis that theseindicators were at their current levels and the correspondingS&P 500 Index level that existed at that time. ManyEquity markets lag other variablesIndicator Current Last at this S&P %Levels Level 500 DifferenceVIX Index 17.59 10/10/2007 1562.5 33.6%Corporate BAA Spreads 248 30/11/2007 1481.1 26.7%ISM Index 56.5 31/10/2005 1207 3.2%Source: BloombergTable 1: The table shows the recent levels of three indicators and thedate before the financial crisis that they were at those levels, along withthe S&P 500 Index at that time, and the difference from the index’s recentlevel. It suggests that while many indicators have normalized, equitiesstill offer relative value.PAGE 39 • SPRING 2010 PERSPECTIVE AS AT MARCH 31, 2010

COMMENTARYinventories throughout the economic food chain. This willalso aid job creation and consumer spending. Non-financialcorporations are under-invested and generating significantfree cash flow. As business confidence improves and thecredit crunch abates, a new capital spending cycle shouldalso emerge.While we believe these factors should push stock marketshigher from current levels, at some point in the coming yeargood economic news will become a negative, since it will raisethe spectre of tightening monetary policy. Many developedcountries’ central banks eventually will have to considerraising rates to minimize the potential of new unwantedbubbles emerging or to limit an increase in inflationexpectations. It is normal for stock markets to consolidate andcorrect around a change to tighter monetary policy. Table 2shows the performance of the S&P 500 Index following thestart of the last three significant tightening cycles in the U.S.A change in policy led to a short but significant correctionin each of the last three cycles. We expect the same to occurthis cycle. Given the immense economic damage that hasoccurred in the past few years, it is possible that the upcomingtightening process may be greeted with more fear thannormal, leading to a larger corrective phase than normal.We do not expect a bear market to begin in 2010, but wedo believe we are approaching a point where the upside anddownside potential of the market are approximately equalfor the balance of this year. We are prepared to switch outof more beta-sensitive stocks into further strength and to buysharp dips related to the tightening process as they occur. Weexpect that 2010 should deliver positive stock market returnsSignificant Fed policy tightening and S&P 500 reactionsPolicy 2s10s UST yield S&P 500 FP/E S&P 500 index S&P 500 indexTightening curve (1y chg) (1y chg) (initial chg) (1y chg)Mar. ’88 -151bp (116 to -36) -1.1pts (11.1x to 10.0x) -6.7%, 2 mos 8.1%Feb. ’94 -115bp (149 to 34) -2.6pts (15.0x to 12.4x) -8.7%, 2 mos -4.0%Jun. ’04 -141bp (240 to 99) -1.6pts (18.2x to 16.5x) -8.2%, 6 mos 2.3%Note: The Fed changed its language in January 2004 and raised rates in June 2004.Source: Barclays CapitalTable 2: An equity market correction has accompanied the last threechanges to a tighter monetary policy by the U.S. Federal Reserve.by the time it is done, but there could be a few sharp swingsalong the way.We believe there are two important keys to the stock market’soutlook beyond 2010. The first will be the global economy’sability to continue growing as stimulus is removed from thesystem. The second will be the levels of longer-term interestrates. We expect that global economic growth in this cycleshould be more muted than normal as the excesses of thepast decade continue to be unwound. It should take yearsto work through the ill effects of large fiscal imbalances,growing public sector debt and continued private sectorde-leveraging. Central bankers have solved recent financialcrises over the past decade by injecting enough stimulusinto the system to persuade the private sector to leverageand spend. It seems unlikely to us that a typical re-leveragingbinge will occur this cycle and there are currently very fewsigns of bank lending increasing in the developed world.As for government bond yields, they have already begun toincrease on signs of better economic growth. We are notoverly concerned about inflation risks at this time given thesignificant output gap that exists around the world. However,we believe a factor that could boost interest rates longerterm is the “crowding out” effect caused by funding massivegovernment budget deficits around the world.Over the past few quarters, we have seen a decided shift fromcompanies driven by “normalization” and “hope” to thosebeing driven by real acceleration and delivery. Our growthoriented,positive change discipline has benefited from thisshift. Our sector positioning has not changed much over thepast few quarters with our investment process guiding us tomore cyclical exposures with a focus on those where earningsand revenue growth is most visible. The sectors that we aremost overweight in our portfolios remain the technology,consumer discretionary and industrials groups. Many stockswithin these groups have provided good relative earningsgrowth in a tougher economic environment, yet still havecyclical leverage to an economic recovery.PAGE 40 • SPRING 2010 PERSPECTIVE AS AT MARCH 31, 2010

COMMENTARYThe technology sector is poised to benefit from an enterprise“refresh” cycle in the next few years. In Canada, we believethat Celestica Inc. and CGI Group Inc. will benefit, whileResearch In Motion should benefit from the release of a newproduct lineup this year.The consumer discretionary and industrials sectors offersignificant cyclical leverage to an improving economy.Our holdings include Canadian National Railway Co. andWestjet Airlines Ltd. Engineering companies like SNC-Lavalin Group Inc. and Aecon Group Inc. are examplesof companies that delivered earnings growth through thedownturn and which provide upside earnings leverage topublic works projects. Corus Entertainment Inc. and AstralMedia Inc. are examples of our consumer discretionaryholdings that are showing improved results as the advertisingmarket begins to recover.We continue to have a modest overweight position inthe materials sector at this time. Expectations of strongereconomic growth have fuelled a rally in most metal pricesand we believe that some conservatism on metal prices iswarranted. We own a number of companies in the materialssector that are generating positive fundamental momentumbased on their ability to grow production and/or reserves or tootherwise take advantage of buoyant commodity prices. Basemetals names that we favour include Teck Resources Ltd.,Labrador Iron Ore Royalty Income Fund, Lundin MiningCorp. and Anvil Mining Ltd. We are somewhat constructiveon gold prices, though our portfolio is positioned to avoiddirect bets on the precious metal commodities and insteadtarget low-cost producers and developers with higher-gradeassets and unique exploration-driven growth catalysts.Examples are Red Back Mining Inc. and Iamgold Corp., aswell as smaller-cap emerging growth plays such as PremierGold Mines Ltd. and Osisko Mining Corp. Finally, weinitiated a position in Potash Corp of Saskatchewan duringthe quarter, with potash inventories at their lowest levels indecades.We remain underweight the energy sector. We feel crudewill gradually trend upwards through 2010 as the economyimproves. Our investment discipline has always been biasedto companies that can grow production and reserves andwe continue to favour Baytex Energy Trust. In natural gas,with the emergence of low-cost shale gas, our focus is onnatural gas operators with large and growing resources thatcan be survivors in almost any type of pricing environment.Examples include Advantage Oil & Gas Ltd. and DaylightResources Trust.We have been adding to positions in the banking sector overthe quarter, although we are still underweight financials.The cyclical outlook for this sector continues to improve,although there is a strong likelihood that global bankingprofitability will be constrained due to less leverage beingemployed in the business, combined with more stringentregulatory constraints. Canadian banks should remain wellpositioned, but their valuations are already at a premium.Royal Bank and Toronto-Dominion Bank remain our largestpositions in the sector and we have been adding to Bank ofMontreal given its strong recent results. We are underweightthe non-bank financials, but believe that Sun Life Financialis well positioned to outperform.Managers: David Picton, Michael Mahoney, James LawsonAnalysts: Michael Bentz, Michael Kimmel,Michael Kuan, Timothy Shiu, Peter Yik,Dashmeet Singh MayalPAGE 41 • SPRING 2010 PERSPECTIVE AS AT MARCH 31, 2010

COMMENTARYEpoch Investment Partners, Inc.Investment PartnersThe Power of Zero and the Dash for Trash in EquitiesIn the history of finance, interest rates have been the singlemost powerful driver of economic growth and decline. Andthe past several years have been no exception. Since thebeginning of the global financial crisis in the summer of2007, we have witnessed a collapse in equity prices and acontraction in real global GDP rivalled only by the GreatDepression. In response, governments and central bankstook action on several fronts. First, government stimulusplans were enacted that allowed for unprecedented levels ofliability guarantees and government spending. Second, andmost importantly, interest rates were slashed, dropping theshort end of the yield curve to just a hair’s breadth from zero.The impact of these astonishingly low interest rates is ourfocus here. Let’s start with Table 1, which shows whathappens to the value of a dollar when the discount ratechanges from a high number to a lower one. Should thediscount rate fall from 5% to 1%, for example, the presentvalue of a dollar due 20 years hence climbs from 38 cents to82 cents: an increase of 215%. The table demonstrates thatthe longer the duration of the asset in years, the greater theimpact of a given decline in the discount rate.Furthermore, compare the impact on the valuation of onedollar over five years with one due in 30 years. ContinuingPresent Value of a DollarPeriodsRates 1 5 10 20 306% 0.94 0.75 0.56 0.31 0.175% 0.95 0.78 0.61 0.38 0.234% 0.96 0.82 0.68 0.46 0.313% 0.97 0.86 0.74 0.55 0.412% 0.98 0.90 0.82 0.67 0.551% 0.99 0.95 0.90 0.82 0.74Source: Epoch, Investment PartnersTable 1: A decline in the discount rate will have its greatest impact onassets with longer durations.the example of a shift in the discount rate from 5% to 1%, anasset with a five-year duration rises 22% (.95/.78) whereas anasset with a 30-year duration gains more than 320% (.74/.23).In the case of a long duration asset containing option-likecharacteristics, its value explodes upward as rates approachzero. This is effectively what happened in the equity marketover the past 12 months.With the lessons of Table 1 in mind, let’s take a look ata real-life example. From the summer of 2007 throughtoday, Treasury Bill rates have fallen from 500 basis points to15 basis points, while 20-year rates declined modestly from5% to 4.5%. This downward shift in the yield curve haslowered the discount rate applied to all financial assets. Onecan debate whether it is the short-term or the long-term ratethat most affects equity valuations. Either way, it is clear thatsuch a shift has a powerful effect on valuation and favours theasset with the longest duration and highest risk. As previouslymentioned, the present value of equities possessing optionlikecharacteristics (funding problems, bankruptcy risk, orother forms of significant operational and financial leverage)will be affected more than the equities of companies withreal cash flows and solid balance sheets.Chart 1 offers yet another way to see the effects of themassive injection of liquidity by central banks and theaccompanying decline in interest rates. This chart of theBloomberg Financial Conditions Index shows that in thesummer of 2007, an event occurred that triggered a negativetwo standard deviation event. (The event was the inabilityof Paribas Bank to meet redemption requests on a fund itmanaged, which triggered a major liquidity injection intomoney markets first by the European Central Bank and thena day later by the U.S. Federal Reserve.) The index thenstaggered sideways for over a year until it finally collapsedwith the Lehman bankruptcy and the failure of AIG – anamazing 12 standard deviation event. The index reachedits nadir in October 2008 and look at what’s happenedsince. Today, the index scores a positive 0.5 or one-half ofone standard deviation better than its historical average.Indeed, the index is back to its level preceding the ParibasPAGE 42 • SPRING 2010 PERSPECTIVE AS AT MARCH 31, 2010

COMMENTARYincident. This index is the mirror image of the cost ofliquidity and reflects the power of zero when combinedwith liability guarantees on the valuation of financial assets.The power of zero also appears in the data presented inChart 2. Here we see the performance of the companies inthe S&P 500, with and without earnings. Stock prices of firmswithout earnings that were shaky financially and, in somecases, facing bankruptcy performed better than those withearnings. Hence, the more option-like the equity, the betterit performed over the past year as interest rates approachedzero and the cost of liquidity collapsed from the incredible12 standard deviation level shown in Chart 1. In Chart 2,we see how equity markets illustrated the lessons shown inTable 1. It literally was a dash for trash over the past year.While the power of zero has certainly had a dramatic impacton the recent history of the stock market, we believe it hasrun its course with respect to positive valuation influences.Future gains in the stock market will reflect the degreeof success of an economy transitioning from governmentstimulus and inventory building to one led by privatesector demand. Success will be determined by gains inemployment and rising personal income. Too little progressBloomberg Financial Conditions Index2.000.00-2.00-4.00-6.00-8.00-10.00-12.00Source: BloombergSMAVG Last Price (1)SMAVG Last Price (50)SMAVG Last Price (200)Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar20072008 2009 2010Chart 1: The Bloomberg Financial Conditions Index combines yieldspreads and indexes from the money markets, equity markets, andbond markets into a normalized index. The values of this index arepresented as z-scores, which represent the number of standarddeviations from which current financial conditions surpass or lag theaverage of the 1992-June 2008 period. The chart shows that after amassive decline beginning in the summer of the 2007 and bottoming inOctober 2008, the index has rebounded to previous levels.2009 Quality Analysis: Earnings1601401201008060Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov DecDec. 31, 2008 = 100Source: Strategas ResearchS&P 500 Cos. WITHOUT Earnings: +69.7%S&P 500 Cos. WITH Earnings: +39.8%Chart 2: The chart shows that S&P 500 companies without earningssignificantly outperformed those with earnings in 2009, indicating thatthe lowest-quality companies benefited most from the sharp declinein interest rates.will trigger stagnation. Corporate earnings growth will bean important component, as will the effects of very strongcorporate balance sheets. External issues such as sovereigndebt concerns must be allayed and the balance sheets ofstate and local governments must improve. China needsto continue to grow and protectionism actions by ourCongress need to be held to a minimum. Put another way,the domination of the collapse of short-term interest rateson equity prices will now give way to other forces affectingequity prices.As investment managers, our task is to identify thosecompanies that will prosper over the long run and notbe swayed by the “power of zero” in the short run. Withinterest rates at present levels, that game has ended, butEpoch’s investment philosophy remains consistent. Firmsthat generate free cash flow and management teams thatdeploy this cash flow for shareholder value creation will win.These are the companies we seek to own in our portfolios.Managers: William Priest, David Pearl, Eric Sappenfield,Michael Welhoelter, Emily BakerAnalysts: Dina Dicenso, Kenneth Hightower, Thomas Hu,Janet Navon, John Reddan, David Siino, Richard Watt,Chris WoltersPAGE 43 • SPRING 2010 PERSPECTIVE AS AT MARCH 31, 2010

COMMENTARYTetrem Capital ManagementCI Canadian Investment FundA confluence of negative news items in January and February(Chinese monetary tightening, Greek debt crisis, slowingrate of growth in earnings) led equity markets around theworld to face one of their more serious downdrafts since thestock market recovery began in March 2009. The “minicorrection”of 7%-8% in Canada and the U.S. was shortlived,however, and both markets came back strongly inMarch and finished up for the quarter.During the quarter, CI Canadian Investment Fund rose2.7%, while the S&P/TSX Composite Index was up 3.1%.Within Canada, all sectors rose, with the exception ofenergy, which declined 0.6%, due mostly to the sharp dropin natural gas prices. Natural gas is notoriously volatile in theshort term and, at the moment, there is more supply thandemand as a result of a mild winter and depressed industrialproduction. We expect demand to pick up as conditionsnormalize.On the positive side, our performance was driven by stocksin the consumer discretionary, financial, and industrialsectors – at a high level, cyclical names continued to rallythanks to increased confidence in the economic recovery.This was offset by our exposure to the energy sector, wherewe continue to be slightly overweight relative to the index.The U.S. equity portion contributed positively during thequarter, rising 7.3%, while the international componentlagged, rising 0.24%.There is controversy about whether equity market valuationshave gotten ahead of themselves. The Canadian markethas now rallied approximately 60% from its March 2009lows, and much of the rally has been in anticipation of aneconomic recovery and rebound in corporate profits. Nowthat the recovery is occurring, the question is whether or notit will be strong enough to support further advances in stockprices. In our opinion, there are good reasons to believe thereis still upside. Corporations have been proactive in reducingtheir cost structure and deferring capital expenditures toprotect cash flow. The benefits of these cost savings areexpected to continue into the future and, therefore, thesecompanies stand to benefit from operating leverage asrevenues increase. We think that profits could surprise tothe upside and this is not yet reflected in valuations acrossthe market.We will be watching the upcoming earnings season forNorth American railways, which responded quickly to therecession by laying off employees and shuttering locomotivesand cars. The rail companies have stated that many of thecost reductions will be permanent – if this proves to be true,they would be expected to deliver higher levels of profitabilityassuming stable pricing, business mix, and distance travelled.In other words, if the rails are able to generate “good times”revenues with a cost structure that has been downsized forbad times, the results could pleasantly surprise shareholders.U.S. & Canadian Rails: Originated Weekly Total CarloadsYoY % Change0.10.050-0.05-0.1-0.15-0.2-0.25Source: AAR, BMO CMTotal 13WMA YoY% ChangeMay 06Aug 06Nov 06Feb 07Jun 07Sep 07Dec 07Mar 08Jun 08Oct 08Jan 09Apr 09Jul 09Oct 09Feb 10Chart 1: Carload volumes for the largest North American railwayshave rebounded strongly, helping to drive their share prices higher.PAGE 44 • SPRING 2010 PERSPECTIVE AS AT MARCH 31, 2010

COMMENTARYWe own shares in CN Rail, CP Rail, and Norfolk Southernin our Canadian and U.S. portfolios. So far in 2010,carload volumes for the Big Six North American rails haverebounded more strongly than many had originally expected(See Chart 1), which explains the recent surge in the stocks.CAE is an aerospace name we recently added to ourCanadian portfolios. The company is a global leader in themanufacture of flight simulators for pilot training in boththe commercial aviation and defence sectors. We purchasedCAE at well below its historical mid-cycle valuation (SeeChart 2) when investors feared a prolonged downturn in theaerospace market. This fear seemed overblown, and we arenow seeing airlines place new orders with Boeing and Airbus– a big change from last year when the news was dominatedby order cancellations. In the long run, strong demand forCAE’s commercial flight simulators should be driven byseveral factors: replacement of aging fleets, new pilot hiresdue to accelerating retirements and increased global airtraffic. As earnings visibility improves, we believe the stockshould rally as investors become willing to value CAE onfuture results that are likely to be much improved.In our U.S. portfolios, we added Qualcomm in Februaryat a very attractive valuation after investors had punishedthe stock for temporarily weak near-term results, sendingit down approximately 28% from early January to lateFebruary. The company had missed earnings expectationsdue to lower-than-expected average selling prices, whichface long-term downward pressure. Investors appeared tobelieve the magnitude of average selling price declines goingforward would be more severe than originally thought. Wehad done our work on the stock and saw the controversy asoverblown, which created a buying opportunity. Aside fromthe compelling valuation, our confidence was supportedby the fact that Qualcomm owns key patents on wirelesstechnologies (3G, 4G) that are likely to experience longtermgrowth, more than offsetting the average selling pricedeclines. The company has a strong balance sheet, generatessignificant free cash flow and the stock trades well belowour estimate of the company’s intrinsic value. Out ofinterest, shortly after we took an initial position in the stock,the company announced a new $3 billion stock buybackCAE Inc. Valuation at an Attractive Discount to History18.0016.0014.0012.0010.008.006.004.002.000.00Apr 05Jul 05Oct 05Jan 06Apr 06Jul 06Oct 06Jan 07Apr 07Jul 07Oct 07Jan 08Apr 08Jul 08Oct 08Jan 09Apr 09Jul 09Oct 09Jan 10Source: Capital IQ, Tetrem Capital Managementand raised the dividend by 12%, two actions that indicatemanagement is intent on delivering value to shareholders.As was the case last quarter, our portfolios have a cyclicalbias – for now. We have been favouring names in sectorssuch as consumer discretionary (retail, auto parts, media),industrials (transports, aerospace), and energy (naturalgas, services). The overweight position in energy is alsosupported by our view that the long-term demand outlookis strong. Notwithstanding our pro-cyclical positioning, wesee opportunities emerging among companies, with stableearnings characteristics, that have lagged the overall market’sadvance. As the portfolio’s cyclical stocks approach fair value,we intend to harvest gains and will likely plough them backinto these undervalued defensive names.Manager: Daniel BubisEV/EBITDA (trailing 12 months)EV/EBITDA (average)Chart 2: CAE, a maker of flight simulators for commercial aviationand defence, is trading at a discount to its historical valuations. Thisreflects fears of a prolonged downturn in the aerospace industry butfails to reflect other long-term factors driving the company`s growth.Analysts: Ben Boult, Aaron Clark, Alec MacIsaac,Steve Maksymyk, Eileen MuellerPAGE 45 • SPRING 2010 PERSPECTIVE AS AT MARCH 31, 2010

COMMENTARYLegg Mason Capital ManagementThe current bull market celebrated its first birthday onMarch 9, but with little fanfare. The Wall Street Journalwrote a subdued front page story on the event, but the NewYork Times and Financial Times barely made note of it.This strikes us as odd, and probably quite bullish, since the12-month return of the S&P 500 Index from March 9, 2009(+72.29%) was the best in over 70 years. Instead of sportingparty hats, many observers seem more inclined to fret aboutwhen the next correction might begin. Michael Santoli’sMarch 15, 2010 Streetwise column in Barron’s entitled “IsAnother Market Pullback Near?” exemplified the cautiousmood, failing to even mention the fact that the bull’s firstbirthday had occurred in the previous week.In early 2009, in many respects, it required a considerableleap of faith to be bullish on equities. Among other things,one had to believe that frozen credit markets would thaw,that gapping credit spreads would normalize, that thebanking system would survive and that the sickening yearlongdecline in global equity markets would one day end.Many investors were unwilling or unable to make that leapof faith and, as a consequence, have missed one of the mostpowerful upswings in stock market history.In our judgment, no such leap of faith is required todayto be bullish on equities. An objective evaluation of theavailable evidence should be sufficient to do so, in ouropinion. Credit markets have healed, credit spreads havenarrowed and the banking system has been recapitalized.Most economic indicators point to recovery and corporateprofits have snapped back strongly. So far, for many investors,the evidence has not been sufficient to persuade them to bebullish.While appeals to reason may continue to be unpersuasiveto some, we continue to believe it is worthwhile to makethe bull case for equities. As with a simple tripod, the caserests solidly on three legs: (1) the technical condition of themarket itself, (2) the nascent economic recovery, and (3) theoutlook for corporate earnings and resultant valuation of themarket.From a purely technical point of view, the market isabout as healthy as it ever gets. Most major indices are“in gear” on the upside, meaning that the index is tradingabove its own 10-day moving average, which is above the50-day moving average, which is, in turn, above the 200-day moving average, and all of those moving averages arerising. In addition, nearly every major market index – withthe lone exception of the Dow Jones Utilities Index – hasrecently made a new recovery high. Moreover, the NYSEAdvance/Decline Line and the NYSE Daily Net New Highindex have also both posted new recovery highs in thelast few days. Historically, at major market turning points,divergences develop between the popular averages (suchas the Dow Industrials and S&P) and measures of marketbreadth (such as the advance/decline line). In other words,trouble develops when the generals lead and the troops stopfollowing. No such divergences exist today.In fact, the Leuthold Group notes in its April monthlythat: “Market strength is so pervasive that NYSE NetNew Highs (on a six-week moving average basis) movedto yet another new bull market high for the week endedApril 1. Historically, a new high in this indicator has servedto “reset the clock” on the cyclical bull market. Following abull market peak in Net New Highs since 1940, the medianbull market has lasted another two years and delivered anadditional S&P gain of 32%. (After the worst signal fromthe indicator, the cyclical bull market still lasted another 30weeks and produced an additional 7% gain.)”As far as the economic backdrop is concerned, we believethat the economy bottomed in June or July of last year andPAGE 46 • SPRING 2010 PERSPECTIVE AS AT MARCH 31, 2010

COMMENTARYthat the recovery is beginning to gain traction. The Institutefor Supply Management (ISM) data has been signallingexpansion for a number of months. That trend continues asthe ISM announced that its composite index rose to 55.4 inMarch, up from 53.0 in February, and better than consensusexpectations of 54.0. Earlier, the ISM had reported that itsfactory index rose to 59.6 in March, its highest level sinceJuly 2004. The latest release indicates that the recoverymay be broadening out beyond manufacturing into servicesegments. Service industries expanded in March at the fastestpace since May 2006. The ISM’s gauge of new orders grewto 62.3 in March, the highest mark since August 2005 anda significant jump from February’s 55.0 reading. Finally,export orders improved last month as well, rising to 57.5 from47.0 in February.An important element of the recovery picture fell into place,when the Bureau of Labor Statistics (BLS) reported that nonfarmpayrolls increased 162,000 in March, the best showingin three years. Total job growth came in somewhat belowexpectations of 184,000, because census hiring was belowexpectations. Private sector job gains, on the other hand,were better than expected at 123,000. The BLS’s householdsurvey (which includes small businesses) showed a gain of264,000. We think the resumption of job growth shouldprovide an important psychological boost to both businessesand consumers, as job losses during the recession generatedan enormous amount of media attention. As encouragingas the data are, with the unemployment rate remaining at+9.7% and the underemployment rate still higher at +16.9%,we believe the Federal Reserve will feel little pressure toboost the Fed funds rate any time soon, even if job growthaccelerates in coming months, as we expect.growth of about 37%, according to Thomson Reuters.They are also expected to see revenue growth averagingabout 10%, the second quarterly gain in a row after fourconsecutive declines. The resumption of revenue growthcould turbocharge earnings growth rates for many companieswhose strong earnings performance up to this point has beendriven largely by cost cutting.Bottom-up consensus 2010 EPS estimates for the S&P 500Index are approaching $80 per share, according to ThomsonReuters, while expectations for 2011 are about $96.50. It isuncertain at this point whether these expectations will berealized or not, but if they are anywhere close, then the S&P500 at about 15x 2010 estimates and 12.5x expectations for2011 is very reasonably priced.In summary, we believe most investors remain far toopessimistic about the outlook for equities. The economy isclearly in recovery, corporate earnings are booming and stocksare not expensive. With the Fed likely to be on hold until latethis year due to moderating rates of core inflation, slack inthe economy and continuing high rates of unemployment,we think we are in the sweet spot of the equity investmentcycle. Stocks are clearly not as cheap as they were a year ago,but they are still attractive, in our view, especially relativeto cash – which yields next to nothing – and bonds, whichface the headwind of rising long-term interest rates. Risinglong rates will ultimately pose a headwind for equities, butin the near term, powerful earnings growth will mitigate thedamage, in our view.Managers: Bill Miller, Mary Chris GayThe outlook for corporate earnings continues to be robustas well. Fourth quarter 2009 results are in and 72% ofcompanies beat consensus expectations, according to theWall Street Journal. The outlook for the first quarter of 2010is for more of the same. The ratio of negative to positiveearnings pre-announcements, which typically averages about2-to-1, is only running 1.3-to-1 for the first quarter. Firms inthe S&P 500 are expected to report year-over-year earningsPAGE 47 • SPRING 2010 PERSPECTIVE AS AT MARCH 31, 2010

COMMENTARYAltrinsic Global Advisors, LLCGlobal equity markets delivered strong performance duringthe first quarter, reflecting investors’ growing confidence inthe pace of economic recovery and strengthening corporateprofits. This improving sentiment, supported by stimulativemonetary and fiscal policies, has outweighed countervailingforces of excessive government and private sector leverage,weak end demand, high unemployment, high oil prices,and the fragile property and financial sectors. It remainsto be seen whether sustainable economic drivers will takeover from this policy stimulus. At the company-specificlevel, the balance sheets of many non-financial companiesare quite strong, and the pace of restructuring has beenimpressive. With cash balances among major companiesnear historically high levels, prudent management teams arepoised to allocate cash flow to the benefit of shareholdersvia higher dividends, buybacks, or sensible acquisitions.We believe that companies with these characteristicsoffer the greatest sources of value and long-term upside.Highly leveraged companies, generally the best-performingstocks during the MSCI World Index’s 73% climb from itsMarch 2009 bottom, present the greatest risk.Our global and international portfolios outperformedthe MSCI World and EAFE indexes during the quarter.Outperformance was overwhelmingly driven by stockselection, with the most favourable attribution derived fromholdings in the technology, financial and industrial sectors.BioMarin Pharmaceutical, Nintendo and Torchmark weremajor gainers. Defensive sectors generally underperformedthe broad markets during the first quarter of 2010 and werea source of slightly negative attribution. From a geographicperspective, holdings in Japanese and Continental Europeancompanies were the major contributors to outperformance,while those in North America and the U.K. adverselyaffected relative performance.Investment Perspectives and Portfolio StrategyAlthough the underlying conditions of the world’s largesteconomies are fragile, the fundamental condition and longterminvestment outlook for equity in corporations is notablycompelling. If the last decade was one of vibrant economicgrowth and disappointing stock-price returns, we could verywell be in a new era of disappointing economic growth andmore prosperous stock returns.Generally speaking, corporations entered this downturn withrelatively strong balance sheets and were ruthless in initiatingcost-cutting and efficiency-gaining measures to adjust forthe challenging environment. The result is an abundanceof well-capitalized companies that are generating substantialfree cash flow, which is likely to be deployed for the benefitof shareholders via dividends, share buybacks, or sensibleacquisitions (as seen in Chart 1). A lack of the supportive,sustained nominal GDP growth experienced during muchof the last decade, coupled with greater alignment betweenmanagement incentives and shareholders, could result in amore investor-friendly deployment of this cash. As investorfocus shifts from cyclical recovery to an assessment ofabsolute levels and sustainability of economic activity,we believe that those companies that can maintain levelsof financial productivity (i.e., return on equity/return oncapital employed) will be differentiated and their associatedvaluation anomalies will be adjusted. Ironically, companieswith these characteristics are trading at attractive valuationlevels, while more highly leveraged companies that haveled markets since the March 9, 2009 bottom appear moreexpensively valued. These leveraged businesses offer amuch less favourable trade-off between upside potential anddownside risk.PAGE 48 • SPRING 2010 PERSPECTIVE AS AT MARCH 31, 2010

COMMENTARYAs value investors, we typically find opportunities amongmore esoteric companies, businesses going throughchanges, or those facing temporary headwinds. The currentenvironment, however, appears to be one of those uniqueepisodes where value exists among more recognizable andhigh-quality companies. Not confined to particular industriesor regions, such holdings include Nestlé (Switzerland),Canon (Japan), Principal Financial Group (U.S.), andCisco Systems (U.S.). We certainly have our share ofmore controversial companies, including BioMarin (U.S.),NKSJ Holdings (Japan), Bangkok Bank (Thailand), MitsuiCorporation (Japan), Ubisoft Entertainment (France), andSime Darby (Malaysia). We believe this combination ofcompanies has resulted in a distinctive portfolio that ispoised to deliver superior risk-adjusted returns with a lowercorrelation to broad markets.S&P 500 Average Company % Cash-to-Assets% Cash-to-Assets15.0%14.0%13.0%12.0%11.0%10.0%9.0%8.0%7.0%6.0%198019841988Source: Factset Fundamentals, Altrinsic Research1992Chart 1: U.S. companies have aggressively cut costs and are buildingup cash reserves, which bodes well for shareholder-friendly moveslike acquisitions, increasing dividends and buying back shares.1996200020042008An unintended result of these company-specific investmentsis our overweight exposure to Japan, a slight overweightexposure to Europe, and an underweight exposure to NorthAmerica. Our direct investment in emerging markets is nearour all-time low, reflecting the high valuations and aggressiveexpectations already priced into local shares. In contrastto the conditions that existed 10 years ago, we believe thatcurrently the best means of benefiting from the long-termemerging markets growth story is by investing in high-qualitymultinational companies, including those mentioned above.Much of our European and North American exposureis invested in this type of company. Although our directemerging market exposure is 4% of the portfolio, our effectiveexposure is 24%, which was derived from the proportion ofour holdings’ sales to emerging markets.Our most notable outliers, which are embedded in ourindustry exposures, include an overweight position inEuropean multinational consumer franchises, Japanesefinancials, and Japanese industrial companies. Notableunderweight exposures include financials (particularly inEurope), telecommunications and utilities. Our exposure totechnology companies is near its all-time high, and we havebeen further adding to quality franchises in the health caresector.Given the relative strength of company-specific fundamentals,we believe the greatest risks reside at the sovereign level andamong those highly leveraged companies that led marketperformance from the March 2009 lows. As the balancesheets and credit quality of Western nations remain underPAGE 49 • SPRING 2010 PERSPECTIVE AS AT MARCH 31, 2010

pressure, investors will be searching for solace from anyevidence that recovery is being supported by sustainablefactors and not simply policy stimulus. Rather than focusingon headlines, investors should look to loan demand and signsof resuscitation in securitization markets as tangible gaugesof this progress. Additional risks are derived from the massiveamount of capital that needs to be raised by governmentsand financial institutions. Developments in Greece andtheir influence on credit markets in Europe are among themore immediate areas of consequence that could affect thelong list of countries and financial institutions planningto raise capital in the coming months. This is a delicatesituation. If confidence in Greece continues to erode, themost immediate countries affected will be Portugal, Spainand Italy. These countries have significantly larger pools ofoutstanding debt and substantial upcoming funding needs.More acutely, the roll call of European banks that mustraise enormous sums over the next six months could be atrisk. Other potential fault lines include geopolitical matters(primarily Iran) and developments in the ongoing tug ofwar between deflationary and inflationary forces. Emergingmarkets may provide early warning indications for buddinginflationary risks.The widespread fears surrounding March 2009 havesubsided, sentiment has improved markedly, and stock priceshave rallied 73% off the bottom. The fundamental conditionof the world’s major economies remains in disarray, butthe fundamental condition of the world’s best companiesis strong. Attractive valuations, balance sheet strength, freecash flow generation, and changes in management prioritiescontribute to the compelling long-term prospects for theshare prices of many companies. Consisting of an eclecticmix of undervalued high-quality businesses and several moreesoteric positions, we believe the portfolio is well positionedto weather these turbulent times and deliver superior longtermrisk-adjusted returns.Managers: John Hock, John DeVita, Andrew WaightAnalysts: Rehan Chaudhri, Srinivas Polaki, Ken DennigPAGE 50 • SPRING 2010 PERSPECTIVE AS AT MARCH 31, 2010

March 2010GlobefundThe information on these pages/profiles is for informational purposes only.CTVglobemedia Publishing Inc., its affiliates and content licensors assume noliability for any inaccurate, delayed or incomplete information, nor for any actionstaken in reliance thereon. The information contained about each individual andfirm has been supplied by such individual or firm without verification by us. Pastperformance is not necessarily indicative of future performance. Prior to making anyinvestment decision, it is recommended that you consult directly with the individualor firm and seek advice from a qualified investment advisor.CI Investments Inc. DisclaimerCommissions, trailing commissions, management fees and expenses all may beassociated with mutual fund investments. Please read the prospectus beforeinvesting. Unless otherwise indicated and except for returns for periods less thanone year, the indicated rates of return are the historical annual compoundedtotal returns including changes in security value. All performance data assumereinvestment of all distributions or dividends and do not take into account sales,redemption, distribution or optional charges or income taxes payable by anysecurityholder that would have reduced returns. Mutual funds are not guaranteed,their values change frequently and past performance may not be repeated.All commentaries are published by CI Investments Inc. They are provided as ageneral source of information and should not be considered personal investmentadvice or an offer or solicitation to buy or sell securities. Every effort has beenmade to ensure that the material contained in the commentary is accurate at thetime of publication. However, CI Investments Inc. cannot guarantee the accuracyof the commentary or of the information provided by Globefund. CI InvestmentsInc. accepts no responsibility for any loss arising from any use of or reliance on theinformation contained herein.

Fund Factsas at March 31, 2010Fund CodesISCDSCLSCClass ACIG7740CIG7745CIG1745Portfolio Series Income FundAlso available: Class F & IManaged Solutions(Class A)Managed By: CI Investments Inc.Advisors: CI Investment ConsultingAssets Under Management: $583.1 millionPortfolio Manager: Multi−managerAsset Class: Asset AllocationInception Date: December 1997NAV: $10.62Min. Initial Investment: $500Subsequent Purchase(s): $50Min. PAC Investment: $50Management Expense Ratio: 1.90%Top Holdingsas at March 31, 2010CI Signature High Income 26.61%CI Signature Canadian Bond 19.56%CI Signature Corporate Bond 15.53%CI Global Bond 13.06%CI Signature Income & Growth 10.47%CI Glb High Dividend Adv. Corp Cl 9.15%CI Signature Div Corporate Class 5.39%Total 99.77%OBJECTIVEThis portfolio’s objective is to emphasize income by investing primarily in income−oriented mutual funds. The portfolio may also invest inequity mutual funds to achieve modest capital appreciation. Any change to the investment objective must be approved by a majority ofvotes cast at a meeting of unitholders held for that reason.Compound Returns and Quartile Rankings (as at March 31, 2010)This table shows the historical annual compound total return of the fund compared with the Globefund Group Average and Globefund’sbenchmark Blend: 40% MSCI World, 60% Barclays Cap. The returns listed below are percentages.YTD 1Mo 3Mo 1Yr 3Yr 5Yr 10YrSinceInception*Qrtl 3 3 3 3 1 1 1 {N/A}Return 1.33 0.66 1.33 17.83 1.55 3.71 5.04 4.74Grp Avg 1.78 1.26 1.78 20.94 0.36 2.79 4.46 {N/A}Ind Ret −0.67 −1.31 −0.67 0.25 −2.23 1.26 0.58 {N/A}*December 1, 1997Performance DataThis chart shows you the fund´s annual performance and how an investment would have changed over time. Volatility MeterLowHighBased on 3−year standard deviation relative to other fundsin its category, from Globe HySales.Equity Style and Capitalization OverviewBlend Growth ValueLargeMidSmallAsset ClassIncome 70.0%International Equities 5.0%Canadian Equities 20.0%American Equities 5.0%Current Value of a $10,000 Investment Source: CI Investments and CTVglobemedia Publishing Inc.PAGE 52 • SPRING 2010 PERSPECTIVE AS AT MARCH 31, 2010

Fund Factsas at March 31, 2010Fund CodesISCDSCLSCClass ACIG7770CIG7775CIG1775Portfolio Series Conservative FundAlso available: Class F & IManaged Solutions(Class A)Managed By: CI Investments Inc.Advisors: CI Investment ConsultingAssets Under Management: $746.2 millionPortfolio Manager: Multi−managerAsset Class: Asset AllocationInception Date: December 1997NAV: $12.54Min. Initial Investment: $500Subsequent Purchase(s): $50Min. PAC Investment: $50Management Expense Ratio: 2.23%Top Holdingsas at March 31, 2010CI Signature Canadian Bond 22.98%CI Signature High Income 18.43%CI Signature Corporate Bond 12.02%CI Signature Select Cdn Corp Cl 6.29%CI Synergy Canadian Corporate Class 6.28%CI Canadian Investment Corp Class 6.23%CI Global Bond 5.52%CI International Value Corp Class 5.03%CI American Value Corporate Class 4.88%CI American Small Companies Corp Cl 3.01%Total 90.67%OBJECTIVEThis portfolio’s objective is to provide a balance between income and capital growth at lower than average levels of volatility byinvesting in income and equity mutual funds. Any change to the investment objective must be approved by a majority of votes cast at ameeting of unitholders held for that reason.Compound Returns and Quartile Rankings (as at March 31, 2010)This table shows the historical annual compound total return of the fund compared with the Globefund Group Average and Globefund’sbenchmark Blend: 60% MSCI World, 40% Barclays Cap. The returns listed below are percentages.YTD 1Mo 3Mo 1Yr 3Yr 5Yr 10YrSinceInception*Qrtl 2 3 2 3 2 2 1 {N/A}Return 1.7 1.46 1.7 19.47 −0.75 3.15 4.35 4.67Grp Avg 1.72 1.98 1.72 24.89 −1.64 2.42 2.22 {N/A}Ind Ret −0.32 −0.03 −0.32 7.6 −4.28 0.93 −0.53 {N/A}*December 1, 1997Performance DataThis chart shows you the fund´s annual performance and how an investment would have changed over time. Volatility MeterAsset ClassCurrent Value of a $10,000 InvestmentLowHighBased on 3−year standard deviation relative to other fundsin its category, from Globe HySales.Equity Style and Capitalization OverviewLargeMidSmallBlend Growth ValueIncome 55.0%International Equities 9.0%Canadian Equities 20.0%American Equities 16.0% Source: CI Investments and CTVglobemedia Publishing Inc.PAGE 53 • SPRING 2010 PERSPECTIVE AS AT MARCH 31, 2010

Fund Factsas at March 31, 2010Fund CodesISCDSCLSCClass ACIG2600CIG3600CIG1600Managed By: CI Investments Inc.Advisors: CI Investment ConsultingAssets Under Management: $562.4 millionPortfolio Manager: Multi−managerAsset Class: Asset AllocationInception Date: December 2001NAV: $11.85Min. Initial Investment: $500Subsequent Purchase(s): $50Min. PAC Investment: $50Management Expense Ratio: 2.34%Top Holdingsas at March 31, 2010CI Signature Canadian Bond 19.62%CI Signature High Income 15.34%CI Signature Corporate Bond 10.08%CI Canadian Investment Corp Class 7.38%CI Signature Select Cdn Corp Cl 6.16%CI International Value Corp Class 5.79%CI International Corporate Class 4.66%CI Global Bond 4.63%CI Synergy Canadian Corporate Class 4.17%CI Harbour Corporate Class 4.04%Total 81.87%Managed Solutions(Class A)Portfolio Series Conservative Balanced FundAlso available: Class F & IOBJECTIVEThis portfolio’s objective is to provide a conservative total return with lower than average volatility by investing directly in other mutualfunds managed by CI. Any change to the investment objective must be approved by a majority of votes cast at a meeting of unitholdersheld for that reason.Compound Returns and Quartile Rankings (as at March 31, 2010)This table shows the historical annual compound total return of the fund compared with the Globefund Group Average and Globefund’sbenchmark Blend: 60% MSCI World, 40% Barclays Cap. The returns listed below are percentages.YTD 1Mo 3Mo 1Yr 3Yr 5Yr 10YrSinceInception*Qrtl 2 3 2 3 3 2 {N/A} {N/A}Return 1.54 1.63 1.54 20.53 −1.7 2.73 {N/A} 3.78Grp Avg 1.72 1.98 1.72 24.89 −1.64 2.42 2.22 {N/A}Ind Ret −0.32 −0.03 −0.32 7.6 −4.28 0.93 −0.53 {N/A}*December 17, 2001Performance DataThis chart shows you the fund´s annual performance and how an investment would have changed over time. Volatility MeterAsset ClassCurrent Value of a $10,000 InvestmentLowHighBased on 3−year standard deviation relative to other fundsin its category, from Globe HySales.Equity Style and Capitalization OverviewLargeMidSmallBlend Growth ValueInternational Equities 13.0%Canadian Equities 22.0%Income 45.0%American Equities 20.0% Source: CI Investments and CTVglobemedia Publishing Inc.PAGE 54 • SPRING 2010 PERSPECTIVE AS AT MARCH 31, 2010

Fund Factsas at March 31, 2010Fund CodesISCDSCLSCClass ACIG7710CIG7715CIG1715Portfolio Series Balanced FundAlso available: Class F, I & TManaged Solutions(Class A)Managed By: CI Investments Inc.Advisors: CI Investment ConsultingAssets Under Management: $2,214.9 millionPortfolio Manager: Multi−managerAsset Class: Asset AllocationInception Date: November 1988NAV: $21.50Min. Initial Investment: $500Subsequent Purchase(s): $50Min. PAC Investment: $50Management Expense Ratio: 2.32%Top Holdingsas at March 31, 2010CI Signature Canadian Bond 14.97%CI Signature High Income 12.09%CI Canadian Investment Corp Class 9.39%CI Signature Select Cdn Corp Cl 8.27%CI Signature Corporate Bond 8.12%CI International Value Corp Class 6.73%CI International Corporate Class 5.49%CI Synergy Canadian Corporate Class 5.29%CI American Value Corporate Class 4.81%CI Harbour Corporate Class 4.15%Total 79.31%OBJECTIVEThis portfolio’s objective is to provide a balance between income and long−term capital growth while diversifying risk by investing inincome and equity mutual funds. Any change to the investment objective must be approved by a majority of votes cast at a meeting ofunitholders held for that reason.Compound Returns and Quartile Rankings (as at March 31, 2010)This table shows the historical annual compound total return of the fund compared with the Globefund Group Average and Globefund’sbenchmark Blend: 60% MSCI World, 40% Barclays Cap. The returns listed below are percentages.YTD 1Mo 3Mo 1Yr 3Yr 5Yr 10YrSinceInception*Qrtl 3 3 3 3 1 1 1 {N/A}Return 1.42 1.99 1.42 21.6 −2.65 2.86 3.19 6.94Grp Avg 1.42 2.32 1.42 26.13 −4.28 1.41 0.87 {N/A}Ind Ret −0.32 −0.03 −0.32 7.6 −4.28 0.93 −0.53 {N/A}*November 9, 1988Performance DataThis chart shows you the fund´s annual performance and how an investment would have changed over time. Volatility MeterAsset ClassCurrent Value of a $10,000 InvestmentLowHighBased on 3−year standard deviation relative to other fundsin its category, from Globe HySales.Equity Style and Capitalization OverviewLargeMidSmallBlend Growth ValueInternational Equities 15.0%Canadian Equities 26.0%Income 35.0%American Equities 24.0% Source: CI Investments and CTVglobemedia Publishing Inc.PAGE 55 • SPRING 2010 PERSPECTIVE AS AT MARCH 31, 2010

Fund Factsas at March 31, 2010Fund CodesISCDSCLSCClass ACIG2601CIG3601CIG1601Portfolio Series Balanced Growth FundAlso available: Class F, I & TManaged Solutions(Class A)Managed By: CI Investments Inc.Advisors: CI Investment ConsultingAssets Under Management: $1,114.1 millionPortfolio Manager: Multi−managerAsset Class: Asset AllocationInception Date: December 2001NAV: $11.64Min. Initial Investment: $500Subsequent Purchase(s): $50Min. PAC Investment: $50Management Expense Ratio: 2.35%Top Holdingsas at March 31, 2010CI Signature Canadian Bond 13.99%CI Canadian Investment Corp Class 10.44%CI Signature Select Cdn Corp Cl 10.41%CI Signature High Income 8.98%CI International Value Corp Class 8.64%CI International Corporate Class 6.36%CI Signature Corporate Bond 5.89%CI Harbour Corporate Class 5.06%CI American Managers Corp Class 4.76%CI American Value Corporate Class 4.66%Total 79.19%OBJECTIVEThis portfolio’s objective is to provide long−term capital growth with a moderate level of risk and volatility by investing directly in othermutual funds managed by CI. Any change to the investment objective must be approved by a majority of votes cast at a meeting ofunitholders held for that reason.Compound Returns and Quartile Rankings (as at March 31, 2010)This table shows the historical annual compound total return of the fund compared with the Globefund Group Average and Globefund’sbenchmark Blend: 60% MSCI World, 40% Barclays Cap. The returns listed below are percentages.YTD 1Mo 3Mo 1Yr 3Yr 5Yr 10YrSinceInception*Qrtl 2 2 2 2 2 2 {N/A} {N/A}Return 1.57 2.37 1.57 24.14 −3.38 2.05 {N/A} 3.01Grp Avg 1.42 2.32 1.42 26.13 −4.28 1.41 0.87 {N/A}Ind Ret −0.32 −0.03 −0.32 7.6 −4.28 0.93 −0.53 {N/A}*December 17, 2001Performance DataThis chart shows you the fund´s annual performance and how an investment would have changed over time. Volatility MeterAsset ClassCurrent Value of a $10,000 InvestmentLowHighBased on 3−year standard deviation relative to other fundsin its category, from Globe HySales.Equity Style and Capitalization OverviewLargeMidSmallBlend Growth ValueInternational Equities 18.0%American Equities 26.0%Canadian Equities 31.0%Income 25.0% Source: CI Investments and CTVglobemedia Publishing Inc.PAGE 56 • SPRING 2010 PERSPECTIVE AS AT MARCH 31, 2010

Fund Factsas at March 31, 2010Fund CodesISCDSCLSCClass ACIG2602CIG3602CIG1602Portfolio Series Growth FundAlso available: Class F, I & TManaged Solutions(Class A)Managed By: CI Investments Inc.Advisors: CI Investment ConsultingAssets Under Management: $496.0 millionPortfolio Manager: Multi−managerAsset Class: Asset AllocationInception Date: December 2001NAV: $11.14Min. Initial Investment: $500Subsequent Purchase(s): $50Min. PAC Investment: $50Management Expense Ratio: 2.35%Top Holdingsas at March 31, 2010CI Canadian Investment Corp Class 11.39%CI International Value Corp Class 10.37%CI Signature Select Cdn Corp Cl 10.03%CI Signature Canadian Bond 9.85%CI International Corporate Class 7.41%CI Harbour Corporate Class 6.11%CI Signature High Income 6.11%CI American Value Corporate Class 5.57%CI Synergy Canadian Corporate Class 5.25%CI Canadian Small/Mid Cap 4.67%Total 76.76%OBJECTIVEThis portfolio’s objective is to provide long−term capital growth by investing directly in other mutual funds managed by CI. Any change tothe investment objective must be approved by a majority of votes cast at a meeting of unitholders held for that reason.Compound Returns and Quartile Rankings (as at March 31, 2010)This table shows the historical annual compound total return of the fund compared with the Globefund Group Average and Globefund’sbenchmark Blend: 60% MSCI World, 40% Barclays Cap. The returns listed below are percentages.YTD 1Mo 3Mo 1Yr 3Yr 5Yr 10YrSinceInception*Qrtl 2 2 2 2 3 3 {N/A} {N/A}Return 1.55 2.58 1.55 24.82 −4.65 1.49 {N/A} 2.24Grp Avg 1.42 2.32 1.42 26.13 −4.28 1.41 0.87 {N/A}Ind Ret −0.32 −0.03 −0.32 7.6 −4.28 0.93 −0.53 {N/A}*December 17, 2001Performance DataThis chart shows you the fund´s annual performance and how an investment would have changed over time. Volatility MeterAsset ClassCurrent Value of a $10,000 InvestmentLowHighBased on 3−year standard deviation relative to other fundsin its category, from Globe HySales.Equity Style and Capitalization OverviewLargeMidSmallBlend Growth ValueIncome 20.0%American Equities 28.0%Canadian Equities 31.0%International Equities 21.0% Source: CI Investments and CTVglobemedia Publishing Inc.PAGE 57 • SPRING 2010 PERSPECTIVE AS AT MARCH 31, 2010

Fund Factsas at March 31, 2010Fund CodesISCDSCLSCClass ACIG2603CIG3603CIG1603Portfolio Series Maximum Growth FundAlso available: Class F, I & TManaged Solutions(Class A)Managed By: CI Investments Inc.Advisors: CI Investment ConsultingAssets Under Management: $231.5 millionPortfolio Manager: Multi−managerAsset Class: Asset AllocationInception Date: December 2001NAV: $10.59Min. Initial Investment: $500Subsequent Purchase(s): $50Min. PAC Investment: $50Management Expense Ratio: 2.41%Top Holdingsas at March 31, 2010CI Canadian Investment Corp Class 15.28%CI Signature Select Cdn Corp Cl 14.37%CI International Value Corp Class 10.93%CI International Corporate Class 9.22%CI Synergy Canadian Corporate Class 7.22%CI Harbour Corporate Class 7.20%CI American Value Corporate Class 6.91%CI American Managers Corp Class 5.51%CI Canadian Small/Mid Cap 5.35%CI Synergy American Corporate Class 5.33%Total 87.32%OBJECTIVEThis portfolio’s objective is to provide above−average long−term capital growth by investing directly in other mutual funds managed byCI. The portfolio may have a medium to higher level of risk and volatility. Any change to the investment objective must be approved by amajority of votes cast at a meeting of unitholders held for that reason.Compound Returns and Quartile Rankings (as at March 31, 2010)This table shows the historical annual compound total return of the fund compared with the Globefund Group Average and Globefund’sbenchmark MSCI World ($ Cdn). The returns listed below are percentages.YTD 1Mo 3Mo 1Yr 3Yr 5Yr 10YrSinceInception*Qrtl 2 2 2 2 2 2 {N/A} {N/A}Return 1.34 3.12 1.34 27.28 −6.46 0.9 {N/A} 1.32Grp Avg 0.76 3.11 0.76 28.34 −8.5 −0.69 −2.42 {N/A}Ind Ret 0.29 2.51 0.29 23.49 −8.79 −0.1 −3.08 {N/A}*December 17, 2001Performance DataThis chart shows you the fund´s annual performance and how an investment would have changed over time. Volatility MeterAsset ClassCurrent Value of a $10,000 InvestmentLowHighBased on 3−year standard deviation relative to other fundsin its category, from Globe HySales.Equity Style and Capitalization OverviewLargeMidSmallBlend Growth ValueAmerican Equities 35.0%Canadian Equities 40.0%International Equities 25.0% Source: CI Investments and CTVglobemedia Publishing Inc.PAGE 58 • SPRING 2010 PERSPECTIVE AS AT MARCH 31, 2010

Fund Factsas at March 31, 2010Fund CodesISCDSCLSCClass ACIG2323CIG3323CIG1523Cambridge Global Equity Corporate ClassAlso available: Class F, W, I & TMutual Funds(Class A)Managed By: CI Investments Inc.Advisors: Cambridge AdvisorsAssets Under Management: $305.4 millionPortfolio Manager: Alan Radlo, MBA, BAAsset Class: Global EquityInception Date: December 2007NAV: $10.23Min. Initial Investment: $500Subsequent Purchase(s): $50Min. PAC Investment: $50Management Expense Ratio: 2.35%Top Holdingsas at March 31, 2010Goldman Sachs 2.27%State Street Corp. 2.25%JP Morgan Chase & Co. 2.23%IBM 2.13%Occidental Petroleum 2.11%BNP PARIBAS 1.92%OGX PETROLEO NM 1.87%Samsung Electronics Co. 1.83%Aker Solutions ASA 1.82%Computer Sciences 1.81%Total 20.24%OBJECTIVEThis fund’s objective is to achieve long−term capital growth by investing, directly or indirectly, primarily in equity securities of companieslocated anywhere in the world. Indirect investments may include convertible securities, derivatives, equity−related securities andsecurities of other mutual funds. Any change to the investment objective must be approved by a majority of the votes cast byshareholders at a meeting called to consider the change.Compound Returns and Quartile Rankings (as at March 31, 2010)This table shows the historical annual compound total return of the fund compared with the Globefund Group Average and Globefund’sbenchmark MSCI World ($ Cdn). The returns listed below are percentages.YTD 1Mo 3Mo 1Yr 3Yr 5Yr 10YrSinceInception*Qrtl 1 1 1 2 {N/A} {N/A} {N/A} {N/A}Return 3.13 6.01 3.13 28.2 {N/A} {N/A} {N/A} 1.01Grp Avg 0.76 3.11 0.76 28.34 −8.5 −0.69 −2.42 {N/A}Ind Ret 0.29 2.51 0.29 23.49 −8.79 −0.1 −3.08 {N/A}*December 31, 2007Performance DataThis chart shows you the fund´s annual performance and how an investment would have changed over time. Volatility MeterAsset ClassCurrent Value of a $10,000 InvestmentLowHighBased on 3−year standard deviation relative to other fundsin its category, from Globe HySales.Equity Style and Capitalization OverviewLargeMidSmallBlend Growth ValueEquity SectorsInternational Equity 54.0%Canadian Equity 4.2%United States Equity 31.6%Cash 10.2%Other 8.0%Health Care 14.1%Information Technology 13.5%Industrials 15.6%Financials 15.0%Cash 10.2%Energy 14.8%Consumer Discretionary 8.7% Geographic CompositionSource: CI Investments and CTVglobemedia Publishing Inc.Japan 4.5%Norway 5.1%Australia 5.4%United States 31.6%Other 33.9%United Kingdom 9.6%France 5.0%Switzerland 4.9%PAGE 59 • SPRING 2010 PERSPECTIVE AS AT MARCH 31, 2010

Fund Factsas at March 31, 2010Fund Codes Class A Corporate ClassISC CIG654 CIG660DSC CIG644 CIG667LSC CIG1644 CIG1667CI Global FundAlso available: Class F & IMutual Funds(Class A)Managed By: CI Investments Inc.Advisors: Trilogy Global Advisors, LLCAssets Under Management: $550.9 millionPortfolio Manager: William Sterling, RobertBeckwitt and Greg GigliottiAsset Class: Global EquityInception Date: February 1986NAV: $9.82Min. Initial Investment: $500Subsequent Purchase(s): $50Min. PAC Investment: $50Management Expense Ratio: 2.33%Top Holdingsas at March 31, 2010Microsoft 2.26%Cisco Systems 1.53%Hutchison Whampoa 1.53%Walt Disney 1.50%Oracle Corp. 1.48%Pfizer 1.40%Kroger Co. 1.35%Taiwan Semiconductor 1.35%IBM 1.34%Accenture plc 1.32%Total 15.06%OBJECTIVEThis fund’s objective is to obtain long−term capital growth. It invests primarily in equity and equity−related securities of establishedcompanies throughout the world that the portfolio advisor believes have good growth potential. The fund may make large investments inany country, including emerging markets or emerging industries of any market. Any change to the investment objective must be approvedby a majority of votes cast at a meeting of unitholders held for that reason.Compound Returns and Quartile Rankings (as at March 31, 2010)This table shows the historical annual compound total return of the fund compared with the Globefund Group Average and Globefund’sbenchmark MSCI World ($ Cdn). The returns listed below are percentages.YTD 1Mo 3Mo 1Yr 3Yr 5Yr 10YrSinceInception*Qrtl 3 4 3 3 4 4 4 {N/A}Return −0.81 1.87 −0.81 22.14 −13.15 −3.51 −5.7 4.89Grp Avg 0.76 3.11 0.76 28.34 −8.5 −0.69 −2.42 {N/A}Ind Ret 0.29 2.51 0.29 23.49 −8.79 −0.1 −3.08 {N/A}*June 3, 1986Performance DataThis chart shows you the fund´s annual performance and how an investment would have changed over time. Volatility MeterAsset ClassCurrent Value of a $10,000 InvestmentLowHighBased on 3−year standard deviation relative to other fundsin its category, from Globe HySales.International Equity 52.8%United States Equity 43.2%Equity Style and Capitalization OverviewLargeMidSmallBlend Growth ValueEquity SectorsCash 3.9%Cash 3.9%Industrials 10.5%Consumer Discretionary 13.7%Financials 17.7%Other 19.0%Information Technology 16.5%Health Care 9.6%Energy 9.1% Geographic CompositionSource: CI Investments and CTVglobemedia Publishing Inc.United Kingdom 6.6%Ireland 3.1%Hong Kong 5.1%Other 23.6%United States 43.2%Japan 9.2%Switzerland 4.1%Germany 5.1%PAGE 60 • SPRING 2010 PERSPECTIVE AS AT MARCH 31, 2010

Fund Factsas at March 31, 2010Fund Codes Class A Corporate ClassISC CIG2810 CIG2311DSC CIG3810 CIG3311LSC CIG1610 CIG1311CI Global High Dividend Advantage FundAlso available: Class F & IMutual Funds(Class A)Managed By: CI Investments Inc.Advisors: Epoch Investment Partners, Inc.Assets Under Management: $324.1 millionPortfolio Manager: William PriestAsset Class: Global EquityInception Date: January 2006NAV: $6.47Min. Initial Investment: $500Subsequent Purchase(s): $50Min. PAC Investment: $50Management Expense Ratio: 2.42%Top Holdingsas at March 31, 2010NESTLE N 1.90%Anheuser−Busch InBev NV 1.80%Imperial Tobacco Group PLC 1.77%Altria Group Inc. 1.75%Philip Morris International 1.75%BCE Inc. 1.73%Johnson & Johnson 1.63%Lorillard 1.54%Verizon Communications 1.47%Vodafone Group PLC 1.45%Total 16.79%OBJECTIVEThis fund’s objectives are to provide investors with a stable stream of tax efficient monthly distributions, consisting mostly of capitalgains and returns of capital, of $0.05 per unit($0.60 per annum) and endeavour to preserve and enhance the net asset value of the fund.Any change to the investment objective must be approved by a majority of votes cast at a meeting of unitholders held for that reason.Compound Returns and Quartile Rankings (as at March 31, 2010)This table shows the historical annual compound total return of the fund compared with the Globefund Group Average and Globefund’sbenchmark MSCI World ($ Cdn). The returns listed below are percentages.YTD 1Mo 3Mo 1Yr 3Yr 5Yr 10YrSinceInception*Qrtl 4 4 4 4 3 {N/A} {N/A} {N/A}Return −1.61 1.88 −1.61 16.2 −9.14 {N/A} {N/A} −3.24Grp Avg 0.76 3.11 0.76 28.34 −8.5 −0.69 −2.42 {N/A}Ind Ret 0.29 2.51 0.29 23.49 −8.79 −0.1 −3.08 {N/A}*February 28, 2006Performance DataThis chart shows you the fund´s annual performance and how an investment would have changed over time. Volatility MeterAsset ClassCurrent Value of a $10,000 InvestmentLowHighBased on 3−year standard deviation relative to other fundsin its category, from Globe HySales.Equity Style and Capitalization OverviewLargeMidSmallBlend Growth ValueEquity SectorsUnited States Equity 50.9%Cash 2.5%International Equity 42.0%Canadian Equity 4.5%Cash 2.5%Telecommunication Services 13.9%Energy 9.4%Consumer Staples 18.0%Other 24.0%Utilities 15.5%Industrials 8.5%Financials 8.0% Geographic CompositionSource: CI Investments and CTVglobemedia Publishing Inc.United States 50.9%France 6.1%Belgium 2.4%Canada 4.5%United Kingdom 17.1%Other 12.1%Germany 2.6%Switzerland 4.3%PAGE 61 • SPRING 2010 PERSPECTIVE AS AT MARCH 31, 2010

Fund Factsas at March 31, 2010Fund Codes Class A Corporate ClassISC CIG680 CIG206DSC CIG880 CIG706LSC CIG1880 CIG1706CI Global Value FundAlso available: Class F & IMutual Funds(Class A)Managed By: CI Investments Inc.Advisors: Altrinsic Global Advisors, LLCAssets Under Management: $90.9 millionPortfolio Manager: John HockAsset Class: Global EquityInception Date: June 1996NAV: $10.25Min. Initial Investment: $500Subsequent Purchase(s): $50Min. PAC Investment: $50Management Expense Ratio: 2.33%Top Holdingsas at March 31, 2010Merck & Company 2.36%GlaxoSmithKline PLC 2.20%NESTLE N 2.00%Wal−Mart 1.85%BP PLC 1.84%Covidien 1.84%Nintendo Co. 1.80%Comcast Corp. 1.78%Torchmark Corp. 1.76%Seven & I Holdings Co. 1.68%Total 19.11%OBJECTIVEThis fund’s objective is to obtain maximum long−term capital growth by identifying securities that the portfolio advisor believes areundervalued and have the potential for future growth. It invests primarily in equity and equity−related securities of companies aroundthe world. The fund may make large investments in any country, including emerging markets or emerging industries of any market. Anychange to the investment objective must be approved by a majority of votes cast at a meeting of unitholders held for that reason.Compound Returns and Quartile Rankings (as at March 31, 2010)This table shows the historical annual compound total return of the fund compared with the Globefund Group Average and Globefund’sbenchmark MSCI World ($ Cdn). The returns listed below are percentages.YTD 1Mo 3Mo 1Yr 3Yr 5Yr 10YrSinceInception*Qrtl 2 2 2 4 3 3 2 {N/A}Return 0.89 2.91 0.89 19.2 −9.69 −2.07 −1.58 0.71Grp Avg 0.76 3.11 0.76 28.34 −8.5 −0.69 −2.42 {N/A}Ind Ret 0.29 2.51 0.29 23.49 −8.79 −0.1 −3.08 {N/A}*June 12, 1996Performance DataThis chart shows you the fund´s annual performance and how an investment would have changed over time. Volatility MeterAsset ClassCurrent Value of a $10,000 InvestmentLowHighBased on 3−year standard deviation relative to other fundsin its category, from Globe HySales.Equity Style and Capitalization OverviewBlend Growth ValueLargeMidSmallEquity SectorsInternational Equity 57.9%Cash 2.2%United States Equity 36.9%Canadian Equity 2.9%Cash 2.2%Other 13.8%Information Technology 14.2%Industrials 16.2%Financials 16.9%Consumer Staples 15.0%Health Care 11.7%Energy 10.0% Geographic CompositionSource: CI Investments and CTVglobemedia Publishing Inc.United Kingdom 12.2%Switzerland 2.9%Germany 6.5%Japan 18.6%United States 36.9%Other 14.6%France 5.3%Canada 2.9%PAGE 62 • SPRING 2010 PERSPECTIVE AS AT MARCH 31, 2010

Fund Factsas at March 31, 2010Fund CodesISCDSCLSCClass ACIG2300CIG3300CIG1300Harbour Foreign Equity Corporate ClassAlso available: Class F, I & TMutual Funds(Class A)Managed By: CI Investments Inc.Advisors: Harbour AdvisorsAssets Under Management: $599.9 millionPortfolio Manager: Stephen Jenkins and GeraldColemanAsset Class: Global EquityInception Date: December 2001NAV: $10.59Min. Initial Investment: $500Subsequent Purchase(s): $50Min. PAC Investment: $50Management Expense Ratio: 2.37%Top Holdingsas at March 31, 2010AIR LIQUIDE−Aryzta AG−Cisco Systems−CVS Caremark−Diageo PLC−General Electric−Manulife Financial−Mastercard−NESTLE N−Ultra Petroleum−Total 32.43%OBJECTIVEThis fund’s objective is to obtain long−term capital growth consistent with the preservation of capital. It invests primarily in equity andequity−related securities of large and mid−capitalization companies around the world that the portfolio advisor believes have goodpotential for future growth and are attractively priced. The fund will make investments chiefly in leading industrialized nations and mayfrom time to time invest in emerging markets. Any change to the investment objective must be approved by a majority of votes cast at ameeting of unitholders held for that reason.Compound Returns and Quartile Rankings (as at March 31, 2010)This table shows the historical annual compound total return of the fund compared with the Globefund Group Average and Globefund’sbenchmark MSCI World ($ Cdn). The returns listed below are percentages.YTD 1Mo 3Mo 1Yr 3Yr 5Yr 10YrSinceInception*Qrtl 1 1 1 1 2 2 {N/A} {N/A}Return 4.75 6.86 4.75 53.48 −6.63 −0.06 {N/A} 0.7Grp Avg 0.76 3.11 0.76 28.34 −8.5 −0.69 −2.42 {N/A}Ind Ret 0.29 2.51 0.29 23.49 −8.79 −0.1 −3.08 {N/A}*December 31, 2001Performance DataThis chart shows you the fund´s annual performance and how an investment would have changed over time. Volatility MeterAsset ClassCurrent Value of a $10,000 InvestmentLowHighBased on 3−year standard deviation relative to other fundsin its category, from Globe HySales.Equity Style and Capitalization OverviewLargeMidSmallBlend Growth ValueEquity SectorsCanadian Equity 5.7%United States Equity 31.8%International Equity 40.3%Cash 22.2%Other 7.9%Industrials 13.8%Materials 10.2%Consumer Staples 14.4%Cash 22.2%Information Technology 14.2%Energy 8.9%Consumer Discretionary 8.5% Geographic CompositionSource: CI Investments and CTVglobemedia Publishing Inc.Taiwan 2.5%Canada 5.7%United Kingdom 7.6%United States 31.8%Other 31.9%France 5.2%Switzerland 11.9%Japan 3.4%PAGE 63 • SPRING 2010 PERSPECTIVE AS AT MARCH 31, 2010

Fund Factsas at March 31, 2010Fund CodesISCDSCLSCClass ACIG6109CIG6159CIG1159Synergy Global Corporate ClassAlso available: Class F, I & TMutual Funds(Class A)Managed By: CI Investments Inc.Advisors: Synergy Asset ManagementAssets Under Management: $276.9 millionPortfolio Manager: Michael MahoneyAsset Class: Global EquityInception Date: March 1999NAV: $3.97Min. Initial Investment: $500Subsequent Purchase(s): $50Min. PAC Investment: $50Management Expense Ratio: 2.33%Top Holdingsas at March 31, 2010Rio Tinto 1.43%JP Morgan Chase & Co. 1.35%Next PLC 1.23%Novartis AG 1.20%Koninklijke Philips Electronic 1.06%Samsung Electronics Co. 1.06%Henkel KGaA 1.04%Sony Corp. 1.03%Thermo Fisher Scientific 1.02%Noble Energy Inc. 1.00%Total 11.42%OBJECTIVEThe fund seeks long−term capital growth by investing primarily in equity and equity−related securities of global momentum companiessituated in the developed markets represented in the MSCI World Index − C$ which currently includes 22 of the world’s developedmarkets. The fundamental investment objective of the fund cannot be changed without obtaining securityholder approval.Compound Returns and Quartile Rankings (as at March 31, 2010)This table shows the historical annual compound total return of the fund compared with the Globefund Group Average and Globefund’sbenchmark MSCI World ($ Cdn). The returns listed below are percentages.YTD 1Mo 3Mo 1Yr 3Yr 5Yr 10YrSinceInception*Qrtl 3 1 3 4 3 3 3 {N/A}Return 0.0 3.93 0.0 14.74 −10.73 −0.93 −3.48 −2.07Grp Avg 0.76 3.11 0.76 28.34 −8.5 −0.69 −2.42 {N/A}Ind Ret 0.29 2.51 0.29 23.49 −8.79 −0.1 −3.08 {N/A}*March 30, 1999Performance DataThis chart shows you the fund´s annual performance and how an investment would have changed over time. Volatility MeterAsset ClassCurrent Value of a $10,000 InvestmentLowHighBased on 3−year standard deviation relative to other fundsin its category, from Globe HySales.Equity Style and Capitalization OverviewLargeMidSmallBlend Growth ValueEquity SectorsInternational Equity 55.8%Canadian Equity 2.5%United States Equity 39.0%Cash 2.7%Cash 2.7%Consumer Discretionary 12.2%Information Technology 14.6%Industrials 17.2%Other 18.8%Financials 16.9%Materials 9.7%Health Care 7.9% Geographic CompositionSource: CI Investments and CTVglobemedia Publishing Inc.United Kingdom 11.3%Canada 2.5%Switzerland 6.0%Other 21.2%United States 39.0%Japan 12.9%Germany 3.7%South Korea 3.4%PAGE 64 • SPRING 2010 PERSPECTIVE AS AT MARCH 31, 2010

Fund Factsas at March 31, 2010Fund Codes Class A Corporate ClassISC CIG215 CIG298DSC CIG815 CIG798LSC CIG1815 CIG1798CI Global Small Companies FundAlso available: Class F & IMutual Funds(Class A)Managed By: CI Investments Inc.Advisors: Epoch Investment Partners, Inc.Assets Under Management: $186.7 millionPortfolio Manager: William PriestAsset Class: Global EquityInception Date: April 1993NAV: $20.52Min. Initial Investment: $500Subsequent Purchase(s): $50Min. PAC Investment: $50Management Expense Ratio: 2.33%Top Holdingsas at March 31, 2010Bio Reference Lab Inc 1.32%EFG International 1.28%TEMENOS GRP N 1.28%Syniverse Holdings 1.26%Sybase Inc. 1.23%Core Laboratories 1.19%Endo Pharmaceuticals Hldgs 1.16%Huabao International Holdings 1.05%SYSMEX CORP 1.05%Oneok 1.04%Total 11.86%OBJECTIVEThis fund’sobjective is to seek maximum long−term capital growth. It invests primarily in equity and equity−related securities of small tomid−capitalization companies around the world. The fund may make large investments in any country including developed and emergingmarkets and emerging industries of any market. Any change to the investment objective must be approved by a majority of votes cast ata meeting of unitholders held for that reason.Compound Returns and Quartile Rankings (as at March 31, 2010)This table shows the historical annual compound total return of the fund compared with the Globefund Group Average and Globefund’sbenchmark Globe Global Small/Mid Cap Eqt Peer Indx. The returns listed below are percentages.YTD 1Mo 3Mo 1Yr 3Yr 5Yr 10YrSinceInception*Qrtl 3 3 3 4 2 3 3 {N/A}Return 0.24 1.58 0.24 21.93 −8.64 1.0 −2.64 8.01Grp Avg 2.2 3.86 2.2 47.35 −8.73 1.03 1.76 {N/A}Ind Ret 2.24 3.86 2.24 44.72 −7.64 0.79 −0.08 {N/A}*April 7, 1993Performance DataThis chart shows you the fund´s annual performance and how an investment would have changed over time. Volatility MeterAsset ClassCurrent Value of a $10,000 InvestmentLowHighBased on 3−year standard deviation relative to other fundsin its category, from Globe HySales.Equity Style and Capitalization OverviewLargeMidSmallBlend Growth ValueEquity SectorsCanadian Equity 3.2%International Equity 42.8%United States Equity 48.9%Cash 5.2%Cash 5.2%Information Technology 11.5%Health Care 10.1%Other 18.8%Industrials 23.3%Financials 15.0%Materials 8.8%Consumer Discretionary 7.3% Geographic CompositionSource: CI Investments and CTVglobemedia Publishing Inc.Japan 5.1%Canada 3.2%Switzerland 4.8%Other 24.9%United States 48.9%United Kingdom 5.7%Bermuda 3.2%Brazil 4.2%PAGE 65 • SPRING 2010 PERSPECTIVE AS AT MARCH 31, 2010

Fund Factsas at March 31, 2010Fund Codes Class A Corporate ClassISC CIG681 CIG205DSC CIG881 CIG705LSC CIG1881 CIG1705CI International Value FundAlso available: Class F & IMutual Funds(Class A)Managed By: CI Investments Inc.Advisors: Altrinsic Global Advisors, LLCAssets Under Management: $130.3 millionPortfolio Manager: John HockAsset Class: International EquityInception Date: June 1996NAV: $9.85Min. Initial Investment: $500Subsequent Purchase(s): $50Min. PAC Investment: $50Management Expense Ratio: 2.33%Top Holdingsas at March 31, 2010Nintendo Co. 2.82%GlaxoSmithKline PLC 2.58%BP PLC 2.31%Sanofi−Aventis 2.23%Covidien 2.21%Diageo PLC 2.20%Seven & I Holdings Co. 2.13%Heineken NV 2.10%Carrefour SA 2.06%Nokia 1.94%Total 22.58%OBJECTIVEThis fund’s objective is to obtain maximum long−term capital growth. It invests primarily in equity and equity−related securities ofcompanies whose primary operations are outside of North America. The fund may make significant investments in any country includingemerging markets and emerging industries of any market. Any change to the investment objective must be approved by a majority ofvotes cast at a meeting of unitholders held for that reason.Compound Returns and Quartile Rankings (as at March 31, 2010)This table shows the historical annual compound total return of the fund compared with the Globefund Group Average and Globefund’sbenchmark MSCI EAFE ($ Cdn). The returns listed below are percentages.YTD 1Mo 3Mo 1Yr 3Yr 5Yr 10YrSinceInception*Qrtl 1 3 1 4 1 2 1 {N/A}Return −0.3 2.6 −0.3 18.71 −9.63 −0.98 −1.47 0.56Grp Avg −1.57 3.34 −1.57 27.7 −12.06 −1.46 −3.23 {N/A}Ind Ret −2.05 2.57 −2.05 25.08 −10.42 0.65 −1.9 {N/A}*June 12, 1996Performance DataThis chart shows you the fund´s annual performance and how an investment would have changed over time. Volatility MeterAsset ClassCurrent Value of a $10,000 InvestmentLowHighBased on 3−year standard deviation relative to other fundsin its category, from Globe HySales.Equity Style and Capitalization OverviewLargeMidSmallBlend Growth ValueEquity SectorsInternational Equity 91.5%Cash 1.4%Canadian Equity 5.5%United States Equity 1.6%Cash 1.4%Information Technology 12.5%Industrials 13.5%Financials 18.0%Consumer Staples 19.1%Other 17.2%Health Care 9.3%Energy 9.0% Geographic CompositionSource: CI Investments and CTVglobemedia Publishing Inc.Ireland 2.2%Germany 11.1%France 9.7%Other 20.6%Japan 28.6%United Kingdom 17.0%Canada 5.5%Switzerland 5.2%PAGE 66 • SPRING 2010 PERSPECTIVE AS AT MARCH 31, 2010

Fund Factsas at March 31, 2010Fund CodesISCDSCLSCClass ACIG209CIG709CIG1709CI American Managers Corporate ClassAlso available: Class F & IMutual Funds(Class A)Managed By: CI Investment ConsultingAdvisors: CI Investment ConsultingAssets Under Management: $222.9 millionPortfolio Manager: Multi−managerAsset Class: American EquityInception Date: July 2000NAV: $9.99Min. Initial Investment: $500Subsequent Purchase(s): $50Min. PAC Investment: $50Management Expense Ratio: 2.33%Top Holdingsas at March 31, 2010Microsoft 3.91%Google 2.14%JP Morgan Chase & Co. 2.03%Apple 1.90%Cisco Systems 1.90%Noble Energy Inc. 1.78%Merck & Company 1.73%Prudential Financial Inc. 1.72%Thermo Fisher Scientific 1.65%Praxair 1.62%Total 20.38%OBJECTIVEThis fund’s objective is to obtain maximum long−term capital growth. It invests primarily in equity and equity−related securities ofcompanies that the portfolio advisors believe have good growth potential. These companies are located in countries that have signedthe North American Free Trade Agreement (NAFTA) (or its successor). These countries currently include the United States, Canada andMexico, but may also include countries that become members of NAFTA in the future. The fund uses a "multi−manager" approach, whichmeans that it’s managed by more that one portfolio advisor. Any change to the investment objective must be approved by a majority ofvotes cast at a meeting of unitholders held for that reason.Compound Returns and Quartile Rankings (as at March 31, 2010)This table shows the historical annual compound total return of the fund compared with the Globefund Group Average and Globefund’sbenchmark S&P 500 Composite Total Return Idx($Cdn). The returns listed below are percentages.YTD 1Mo 3Mo 1Yr 3Yr 5Yr 10YrSinceInception*Qrtl 3 2 3 2 2 2 {N/A} {N/A}Return 1.42 2.78 1.42 27.59 −8.29 −1.53 {N/A} −0.01Grp Avg 2.35 3.01 2.35 24.65 −9.84 −3.38 −5.31 {N/A}Ind Ret 2.27 2.31 2.27 20.7 −8.13 −1.59 −4.15 {N/A}*July 17, 2000Performance DataThis chart shows you the fund´s annual performance and how an investment would have changed over time. Volatility MeterAsset ClassCurrent Value of a $10,000 InvestmentLowHighBased on 3−year standard deviation relative to other fundsin its category, from Globe HySales.Equity Style and Capitalization OverviewLargeMidSmallBlend Growth ValueEquity SectorsUnited States Equity 88.9%Canadian Equity 2.5%International Equity 4.7%Cash 3.9%Cash 3.9%Consumer Discretionary 10.5%Financials 14.8%Health Care 16.0%Information Technology 19.0%Other 15.7%Energy 10.3%Industrials 9.8% Geographic CompositionSource: CI Investments and CTVglobemedia Publishing Inc.United States 88.9%Ireland 2.2%Panama 0.3%Switzerland 1.5%Other 3.9%Canada 2.5%Cayman Islands 0.4%Bermuda 0.5%PAGE 67 • SPRING 2010 PERSPECTIVE AS AT MARCH 31, 2010

Fund Factsas at March 31, 2010Fund Codes Class A Corporate ClassISC CIG7500 CIG510DSC CIG7505 CIG511LSC CIG1510 CIG1511CI American Value Corporate ClassMutual Funds(Class A)Managed By: CI Investments Inc.Advisors: Epoch Investment Partners, Inc.Assets Under Management: $340.2 millionPortfolio Manager: William Priest and David PearlAsset Class: American EquityInception Date: July 2001NAV: $9.68Min. Initial Investment: $500Subsequent Purchase(s): $50Min. PAC Investment: $50Management Expense Ratio: 2.34%Top Holdings as at March 31, 2010Visa Inc. 4.80%Microsoft 4.18%Exxon Mobil 3.12%Boeing Co. 2.89%Franklin Resources 2.76%Oracle Corp. 2.71%Praxair 2.65%Ameriprise Financial 2.58%Thermo Fisher Scientific 2.48%DaVita 2.41%Total 30.58%OBJECTIVEThis fund’s objective is to provide superior returns with a limited level of risk by investing in a diversified portfolio of high qualityundervalued companies. It invests primarily in equity and equity−related securities of companies in the United States. Any change to theinvestment objective must be approved by a majority of votes cast at a meeting of unitholders held for that reason.Compound Returns and Quartile Rankings (as at March 31, 2010)This table shows the historical annual compound total return of the fund compared with the Globefund Group Average and Globefund’sbenchmark S&P 500 Composite Total Return Idx($Cdn). The returns listed below are percentages.YTD 1Mo 3Mo 1Yr 3Yr 5Yr 10YrSinceInception*Qrtl 3 2 3 3 1 1 {N/A} {N/A}Return 1.68 2.87 1.68 16.35 −6.81 −0.98 {N/A} −0.37Grp Avg 2.35 3.01 2.35 24.65 −9.84 −3.38 −5.31 {N/A}Ind Ret 2.27 2.31 2.27 20.7 −8.13 −1.59 −4.15 {N/A}Performance DataThis chart shows you the fund´s annual performance and how an investment would have changed over time. Volatility MeterAsset ClassCurrent Value of a $10,000 InvestmentLowHighBased on 3−year standard deviation relative to other fundsin its category, from Globe HySales.United States Equity 93.1%$15,000Equity Style and Capitalization OverviewLargeMidSmallBlend Growth ValueEquity SectorsCash 4.2%International Equity 2.6%$10,000$5,000$9,680Cash 4.2%Health Care 11.0%Energy 10.9%Information Technology 18.2%Financials 24.9%Industrials 12.5%Other 10.4%Consumer Discretionary 7.8%$0Dec01 Dec02 Dec03 Dec04 Dec05 Dec06 Dec07 Dec08 Dec09Geographic CompositionSource: CI Investments and CTVglobemedia Publishing Inc.United States 93.1%Switzerland 0.9%Other 4.2%Bermuda 1.8%PAGE 68 • SPRING 2010 PERSPECTIVE AS AT MARCH 31, 2010

Fund Factsas at March 31, 2010Fund CodesISCDSCLSCClass ACIG2301CIG3301CIG1301CI Value Trust Corporate ClassAlso available: Class F, I & TMutual Funds(Class A)Managed By: CI Investments Inc.Advisors: Legg Mason Capital ManagementAssets Under Management: $282.6 millionPortfolio Manager: Bill Miller, CFAAsset Class: American EquityInception Date: December 2001NAV: $6.52Min. Initial Investment: $500Subsequent Purchase(s): $50Min. PAC Investment: $50Management Expense Ratio: 2.58%Top Holdingsas at March 31, 2010AES Corp. 6.50%Aflac 4.26%Sears Holdings 3.72%Aetna 3.58%eBay 3.54%Cisco Systems 3.19%Capital One Financial 3.17%Hewlett−Packard Co. 3.16%IBM 3.09%CA Inc. 3.08%Total 37.29%OBJECTIVEThis fund’s objective is to obtain long−term capital growth. It invests primarily in equity and equity−related securities of companies inthe UnitedStates. Any change to the investment objective must be approved by a majority of votes cast at a meeting of unitholders heldfor that reason.Compound Returns and Quartile Rankings (as at March 31, 2010)This table shows the historical annual compound total return of the fund compared with the Globefund Group Average and Globefund’sbenchmark S&P 500 Composite Total Return Idx($Cdn). The returns listed below are percentages.YTD 1Mo 3Mo 1Yr 3Yr 5Yr 10YrSinceInception*Qrtl 3 3 3 1 4 4 {N/A} {N/A}Return 1.56 2.19 1.56 33.88 −19.33 −10.59 {N/A} −5.05Grp Avg 2.35 3.01 2.35 24.65 −9.84 −3.38 −5.31 {N/A}Ind Ret 2.27 2.31 2.27 20.7 −8.13 −1.59 −4.15 {N/A}*December 31, 2001Performance DataThis chart shows you the fund´s annual performance and how an investment would have changed over time. Volatility MeterAsset ClassCurrent Value of a $10,000 InvestmentLowHighBased on 3−year standard deviation relative to other fundsin its category, from Globe HySales.Equity Style and Capitalization OverviewLargeMidSmallBlend Growth ValueEquity SectorsUnited States Equity 99.8%Cash 0.2%Cash 0.2%Health Care 12.5%Utilities 6.5%Information Technology 24.1%Financials 28.2%Industrials 4.4%Consumer Discretionary 21.5%Other 2.6% Geographic CompositionUnited States 99.8%Other 0.2%Source: CI Investments and CTVglobemedia Publishing Inc.PAGE 69 • SPRING 2010 PERSPECTIVE AS AT MARCH 31, 2010

Fund Factsas at March 31, 2010Fund CodesISCDSCLSCClass ACIG2321CIG3321CIG1521Cambridge Canadian Equity Corp ClassAlso available: Class F, W, I & TMutual Funds(Class A)Managed By: CI Investments Inc.Advisors: Cambridge AdvisorsAssets Under Management: $345.6 millionPortfolio Manager: Alan Radlo, MBA, BAAsset Class: Canadian EquityInception Date: December 2007NAV: $9.84Min. Initial Investment: $500Subsequent Purchase(s): $50Min. PAC Investment: $50Management Expense Ratio: 2.32%Top Holdingsas at March 31, 2010TD Bank 6.57%Royal Bank of Canada 6.02%Suncor Energy 4.78%National Bank of Canada 4.47%Canadian Natural Resources 4.35%Research In Motion 3.27%Canadian National Railway 2.68%Barrick Gold Corp. 2.26%Goldcorp Inc. 2.20%Onex Corporation 2.09%Total 38.69%OBJECTIVEThis fund’s objective is to achieve long−term capital growth by investing, directly or indirectly, primarily in equity securities of Canadiancompanies. Indirect investments may include convertible securities, derivatives, equity−related securities and securities of other mutualfunds. Any change to the investment objective must be approved by a majority of the votes cast by shareholders at a meeting called toconsider the change.Compound Returns and Quartile Rankings (as at March 31, 2010)This table shows the historical annual compound total return of the fund compared with the Globefund Group Average and Globefund’sbenchmark S&P/TSX Total Return. The returns listed below are percentages.YTD 1Mo 3Mo 1Yr 3Yr 5Yr 10YrSinceInception*Qrtl 1 2 1 2 {N/A} {N/A} {N/A} {N/A}Return 4.46 3.91 4.46 34.19 {N/A} {N/A} {N/A} −0.55Grp Avg 2.51 3.65 2.51 34.78 −3.84 3.52 4.69 {N/A}Ind Ret 3.14 3.81 3.14 42.15 −0.03 7.41 4.67 {N/A}*December 31, 2007Performance DataThis chart shows you the fund´s annual performance and how an investment would have changed over time. Volatility MeterAsset ClassCurrent Value of a $10,000 InvestmentLowHighBased on 3−year standard deviation relative to other fundsin its category, from Globe HySales.Equity Style and Capitalization OverviewLargeMidSmallBlend Growth ValueEquity SectorsCanadian Equity 79.2%Cash 1.5%United States Equity 11.0%International Equity 8.2%Cash 1.5%Health Care 8.0%Information Technology 11.6%Energy 22.3%Financials 22.5%Industrials 18.8%Materials 7.7%Other 7.5% Geographic CompositionSource: CI Investments and CTVglobemedia Publishing Inc.Canada 79.2%United Kingdom 2.2%Sweden 0.6%Brazil 1.8%United States 11.0%Other 2.8%Japan 0.8%Panama 1.6%PAGE 70 • SPRING 2010 PERSPECTIVE AS AT MARCH 31, 2010

Fund Factsas at March 31, 2010Fund Codes Class A Corporate ClassISC CIG7420 CIG2307DSC CIG7425 CIG3307LSC CIG1425 CIG1307CI Canadian Investment FundAlso available: Class F & IMutual Funds(Class A)Managed By: CI Investments Inc.Advisors: Tetrem Capital Management Ltd.Assets Under Management: $4,052.3 millionPortfolio Manager: Daniel BubisAsset Class: Canadian EquityInception Date: November 1932NAV: $23.17Min. Initial Investment: $500Subsequent Purchase(s): $50Min. PAC Investment: $50Management Expense Ratio: 2.26%Top Holdingsas at March 31, 2010TD Bank 4.18%Power Corp of Canada 4.03%Suncor Energy 3.90%Royal Bank of Canada 3.87%Potash Corp. of Saskatchewan 3.52%Barrick Gold Corp. 2.93%Talisman Energy 2.76%Manulife Financial 2.73%Imperial Oil 2.52%Canadian Natural Resources 2.34%Total 32.78%OBJECTIVEThis fund’s objective is to achieve long−term capital growth by investing primarily in shares of major Canadian corporations. Any changeto the investment objective must be approved by a majority of votes cast at a meeting of unitholders held for that reason.Compound Returns and Quartile Rankings (as at March 31, 2010)This table shows the historical annual compound total return of the fund compared with the Globefund Group Average and Globefund’sbenchmark S&P/TSX Total Return. The returns listed below are percentages.YTD 1Mo 3Mo 1Yr 3Yr 5Yr 10YrSinceInception*Qrtl 2 2 2 2 1 1 1 {N/A}Return 2.7 3.85 2.7 36.13 −1.18 5.1 8.8 9.93Grp Avg 2.51 3.65 2.51 34.78 −3.84 3.52 4.69 {N/A}Ind Ret 3.14 3.81 3.14 42.15 −0.03 7.41 4.67 {N/A}*January 29, 1977Performance DataThis chart shows you the fund´s annual performance and how an investment would have changed over time. Volatility MeterAsset ClassCurrent Value of a $10,000 InvestmentLowHighBased on 3−year standard deviation relative to other fundsin its category, from Globe HySales.Equity Style and Capitalization OverviewLargeMidSmallBlend Growth ValueEquity SectorsCanadian Equity 73.9%Cash 2.2%Bond 0.3%United States Equity 13.0%International Equity 10.6%Cash 2.2%Other 9.0%Industrials 11.4%Energy 22.6%Financials 25.8%Materials 15.6%Consumer Discretionary 8.9%Consumer Staples 4.5% Geographic CompositionSource: CI Investments and CTVglobemedia Publishing Inc.Canada 74.2%Japan 2.8%France 1.0%United Kingdom 1.7%United States 13.0%Other 5.1%Germany 1.1%Switzerland 1.1%PAGE 71 • SPRING 2010 PERSPECTIVE AS AT MARCH 31, 2010

Fund Factsas at March 31, 2010Fund Codes Class A Corporate ClassISC CIG690 CIG290DSC CIG890 CIG790LSC CIG1890 CIG1790Harbour FundAlso available: Class F & IMutual Funds(Class A)Managed By: CI Investments Inc.Advisors: Harbour AdvisorsAssets Under Management: $6,107.7 millionPortfolio Manager: Gerald Coleman and StephenJenkinsAsset Class: Canadian EquityInception Date: June 1997NAV: $19.73Min. Initial Investment: $500Subsequent Purchase(s): $50Min. PAC Investment: $50Management Expense Ratio: 2.31%Top Holdingsas at March 31, 2010Bank of Nova Scotia−BHP Billiton Limited−Canadian National Railway−CIBC−Cisco Systems−Manulife Financial−Suncor Energy−Talisman Energy−TD Bank−Tim Hortons−Total 39.21%OBJECTIVEThis fund’s objective is to obtain maximum long−term capital growth. It invests primarily in equity and equity−related securities of highquality, large and mid−capitalization Canadian companies that the portfolio adviser believes have good potential for future growth. Anychange to the investment objective must be approved by a majority of votes cast at a meeting of unitholders held for that reason.Compound Returns and Quartile Rankings (as at March 31, 2010)This table shows the historical annual compound total return of the fund compared with the Globefund Group Average and Globefund’sbenchmark S&P/TSX Total Return. The returns listed below are percentages.YTD 1Mo 3Mo 1Yr 3Yr 5Yr 10YrSinceInception*Qrtl 4 2 4 3 1 1 1 {N/A}Return 1.08 3.9 1.08 29.38 0.37 6.62 8.94 7.98Grp Avg 2.51 3.65 2.51 34.78 −3.84 3.52 4.69 {N/A}Ind Ret 3.14 3.81 3.14 42.15 −0.03 7.41 4.67 {N/A}*June 27, 1997Performance DataThis chart shows you the fund´s annual performance and how an investment would have changed over time. Volatility MeterAsset ClassCurrent Value of a $10,000 InvestmentLowHighBased on 3−year standard deviation relative to other fundsin its category, from Globe HySales.Equity Style and Capitalization OverviewLargeMidSmallBlend Growth ValueEquity SectorsCanadian Equity 52.4%International Equity 12.3%United States Equity 18.2%Cash 17.1%Consumer Discretionary 5.9%Energy 13.8%Information Technology 10.1%Cash 17.1%Financials 22.8%Industrials 7.5%Materials 16.8%Other 6.0% Geographic CompositionSource: CI Investments and CTVglobemedia Publishing Inc.Canada 52.4%Australia 4.8%Hong Kong 0.4%United Kingdom 3.8%United States 18.2%Other 17.1%Switzerland 1.2%Taiwan 2.1%PAGE 72 • SPRING 2010 PERSPECTIVE AS AT MARCH 31, 2010

Fund Factsas at March 31, 2010Fund Codes Class A Corporate ClassISC CIG677 CIG150DSC CIG777 CIG151LSC CIG1777 CIG1151Signature Select Canadian FundAlso available: Class F & IMutual Funds(Class A)Managed By: CI Investments Inc.Advisors: Signature Global AdvisorsAssets Under Management: $3,336.9 millionPortfolio Manager: Eric BushellAsset Class: Canadian EquityInception Date: May 1998NAV: $17.50Min. Initial Investment: $500Subsequent Purchase(s): $50Min. PAC Investment: $50Management Expense Ratio: 2.31%Top Holdingsas at March 31, 2010TD Bank 4.75%Suncor Energy 3.59%Royal Bank of Canada 3.16%Canadian Natural Resources 3.00%Talisman Energy 2.55%Bank of America 2.24%BCE Inc. 1.96%TELUS Corp. 1.80%Eli Lilly & Co. 1.69%Rogers Communications 1.67%Total 26.41%OBJECTIVEThis fund’s objective is to seek capital appreciation over the long−term coupled with dividend income. It invests primarily in commonshares and convertible securities of Canadian companies and preferred shares that pay regular income. The fund’s investments arediversified across industry sectors. Any change to the investment objective must be approved by a majority of votes cast at a meeting ofunitholders held for that reason.Compound Returns and Quartile Rankings (as at March 31, 2010)This table shows the historical annual compound total return of the fund compared with the Globefund Group Average and Globefund’sbenchmark S&P/TSX Total Return. The returns listed below are percentages.YTD 1Mo 3Mo 1Yr 3Yr 5Yr 10YrSinceInception*Qrtl 3 1 3 2 1 1 1 {N/A}Return 1.74 4.17 1.74 34.62 −1.11 7.26 9.65 10.76Grp Avg 2.51 3.65 2.51 34.78 −3.84 3.52 4.69 {N/A}Ind Ret 3.14 3.81 3.14 42.15 −0.03 7.41 4.67 {N/A}*May 13, 1998Performance DataThis chart shows you the fund´s annual performance and how an investment would have changed over time. Volatility MeterAsset ClassCurrent Value of a $10,000 InvestmentLowHighBased on 3−year standard deviation relative to other fundsin its category, from Globe HySales.Equity Style and Capitalization OverviewLargeMidSmallBlend Growth ValueEquity SectorsCash 9.0%Bond 0.1%United States Equity 28.8%Canadian Equity 45.9%International Equity 16.2%Consumer Staples 7.2%Information Technology 8.6%Cash 9.0%Energy 18.9%Financials 23.9%Other 16.6%Industrials 8.2%Materials 7.5% Geographic CompositionSource: CI Investments and CTVglobemedia Publishing Inc.United Kingdom 4.6%Bermuda 1.0%Switzerland 3.2%United States 28.9%Canada 45.9%Other 13.9%Netherlands 1.4%Germany 1.1%PAGE 73 • SPRING 2010 PERSPECTIVE AS AT MARCH 31, 2010

Fund Factsas at March 31, 2010Fund CodesISCDSCLSCClass ACIG6103CIG6153CIG1153Synergy Canadian Corporate ClassAlso available: Class F & IMutual Funds(Class A)Managed By: CI Investments Inc.Advisors: Synergy Asset ManagementAssets Under Management: $1,408.9 millionPortfolio Manager: David PictonAsset Class: Canadian EquityInception Date: December 1997NAV: $13.31Min. Initial Investment: $500Subsequent Purchase(s): $50Min. PAC Investment: $50Management Expense Ratio: 2.32%Top Holdingsas at March 31, 2010TD Bank 4.08%Royal Bank of Canada 4.04%Bank of Montreal 3.36%Research In Motion 2.22%Canadian National Railway 2.08%Suncor Energy 1.87%Baytex Energy Trust 1.84%Agrium 1.83%Goldcorp Inc. 1.49%Canadian Natural Resources 1.48%Total 24.29%OBJECTIVEThe fund seeks long−term capital growth by investing primarily in equity and equity−related securities of Canadian companies thatrepresent the growth style. The fund may also invest in foreign securities. The fundamental investment objective of the fund cannot bechanged without obtaining securityholder approval.Compound Returns and Quartile Rankings (as at March 31, 2010)This table shows the historical annual compound total return of the fund compared with the Globefund Group Average and Globefund’sbenchmark S&P/TSX Total Return. The returns listed below are percentages.YTD 1Mo 3Mo 1Yr 3Yr 5Yr 10YrSinceInception*Qrtl 1 2 1 2 2 2 3 {N/A}Return 3.42 3.98 3.42 35.86 −3.91 4.22 4.15 9.38Grp Avg 2.51 3.65 2.51 34.78 −3.84 3.52 4.69 {N/A}Ind Ret 3.14 3.81 3.14 42.15 −0.03 7.41 4.67 {N/A}*December 29, 1997Performance DataThis chart shows you the fund´s annual performance and how an investment would have changed over time. Volatility MeterAsset ClassCurrent Value of a $10,000 InvestmentLowHighBased on 3−year standard deviation relative to other fundsin its category, from Globe HySales.Equity Style and Capitalization OverviewLargeMidSmallBlend Growth ValueEquity SectorsCanadian Equity 71.3%Cash 3.7%International Equity 13.5%United States Equity 11.4%Cash 3.7%Industrials 12.2%Other 8.6%Materials 17.8%Financials 24.6%Energy 17.1%Information Technology 8.1%Consumer Discretionary 7.8% Geographic CompositionSource: CI Investments and CTVglobemedia Publishing Inc.Canada 71.3%Japan 3.3%South Korea 0.7%United Kingdom 2.7%United States 11.4%Other 8.3%Germany 0.8%Switzerland 1.4%PAGE 74 • SPRING 2010 PERSPECTIVE AS AT MARCH 31, 2010

Fund Factsas at March 31, 2010Fund CodesISCDSCLSCClass ACIG2322CIG3322CIG1522Managed By: CI Investments Inc.Advisors: Cambridge AdvisorsAssets Under Management: $317.3 millionPortfolio Manager: Alan Radlo, MBA, BAAsset Class: Asset AllocationInception Date: December 2007NAV: $10.26Min. Initial Investment: $500Subsequent Purchase(s): $50Min. PAC Investment: $50Management Expense Ratio: 2.36%Top Holdingsas at March 31, 2010TD Bank 5.96%Royal Bank of Canada 5.62%Canadian Natural Resources 4.74%National Bank of Canada 3.90%Suncor Energy 3.64%Keyera Facilities Income Fund 3.40%Canadian National Railway 2.91%EnCana Corp. 2.49%Provident Energy Trust 2.48%Goldcorp Inc. 2.39%Total 37.53%Mutual Funds(Class A)Cambridge Canadian Asset Allocation Corp ClassAlso available: Class F, W, I & TOBJECTIVEThis fund’s objective is to achieve a superior total investment return by investing, directly or indirectly, in a combination of primarilyequity and fixed income securities of Canadian companies. Indirect investments may include convertible securities, derivatives, equity−related securities and securities of other mutual funds. Any change to the investment objective must be approved by a majority of thevotes cast by shareholders at a meeting called to consider the change.Compound Returns and Quartile Rankings (as at March 31, 2010)This table shows the historical annual compound total return of the fund compared with the Globefund Group Average and Globefund’sbenchmark Globe Canadian Eqt Balanced Peer Index. The returns listed below are percentages.YTD 1Mo 3Mo 1Yr 3Yr 5Yr 10YrSinceInception*Qrtl 1 1 1 1 {N/A} {N/A} {N/A} {N/A}Return 3.85 3.43 3.85 31.26 {N/A} {N/A} {N/A} 1.28Grp Avg 2.14 2.29 2.14 27.32 −0.72 3.48 4.61 {N/A}Ind Ret 2.16 2.29 2.16 26.69 −0.83 3.43 4.48 {N/A}*December 31, 2007Performance DataThis chart shows you the fund´s annual performance and how an investment would have changed over time. Volatility MeterAsset ClassCurrent Value of a $10,000 InvestmentLowHighBased on 3−year standard deviation relative to other fundsin its category, from Globe HySales.Equity Style and Capitalization OverviewLargeMidSmallBlend Growth ValueEquity SectorsCanadian Equity 81.6%International Equity 2.8%Cash 8.1%United States Equity 7.4%Health Care 5.2%Information Technology 8.2%Other 9.1%Energy 22.2%Financials 22.4%Industrials 16.8%Cash 8.1%Materials 8.0% Geographic CompositionSource: CI Investments and CTVglobemedia Publishing Inc.Canada 81.6%United Kingdom 1.6%Brazil 1.2%Other 8.1%United States 7.4%PAGE 75 • SPRING 2010 PERSPECTIVE AS AT MARCH 31, 2010

Fund Factsas at March 31, 2010Fund Codes Class A Corporate ClassISC CIG630 CIG093DSC CIG830 CIG094LSC CIG1830 CIG1195CI International Balanced FundAlso available: Class F & IMutual Funds(Class A)Managed By: CI Investments Inc.Advisors: Trilogy Global Advisors, LLCAssets Under Management: $181.7 millionPortfolio Manager: William Sterling, RobertBeckwitt and Greg GigliottiAsset Class: International BalancedInception Date: September 1994NAV: $15.38Min. Initial Investment: $500Subsequent Purchase(s): $50Min. PAC Investment: $50Management Expense Ratio: 2.33%Top Holdingsas at March 31, 2010Nota Do Tesouro Nacional, 10.00%, 3.08%January 1, 2017Republic of Germany, 5.00%, January 2.02%4, 2012Government of France, 5.00%,1.78%October 25, 2016Canada Housing Trust, 3.60%, June 1.70%15, 2013Microsoft 1.45%Republic of Germany, 4.75%, July 4, 1.20%2028Republic of France, 4.25%, April 25, 1.10%2019Government of Korea, 4.15%, August 1.09%2, 2011Israel Government Bond, 7.50%, 1.09%March 31, 2014U.S. Treasury, 2.38%, January 15, 1.01%2025Total 15.52%Volatility MeterLowHighBased on 3−year standard deviation relative to other fundsin its category, from Globe HySales.Equity Style and Capitalization OverviewLargeMidSmallBlend Growth ValueSource: CI Investments and CTVglobemedia Publishing Inc.OBJECTIVEThis fund’s objective is to obtain maximum long−term total return. It invests primarily in equities, equity−related securities and fixedincome securities of issuers located throughout the world. The fund is not limited to how much it invests in a country or asset class orkeeps invested in each asset class. This will vary according to market conditions. Any change to the investment objective must beapproved by a majority of votes cast at a meeting of unitholders held for that reason.Compound Returns and Quartile Rankings (as at March 31, 2010)This table shows the historical annual compound total return of the fund compared with the Globefund Group Average and Globefund’sbenchmark Blend: 60% MSCI World, 40% Barclays Cap. The returns listed below are percentages.YTD 1Mo 3Mo 1Yr 3Yr 5Yr 10YrSinceInception*Qrtl 4 4 4 4 3 4 4 {N/A}Return −1.22 0.07 −1.22 10.65 −5.87 −0.42 −2.62 3.85Grp Avg 1.42 2.32 1.42 26.13 −4.28 1.41 0.87 {N/A}Ind Ret −0.32 −0.03 −0.32 7.6 −4.28 0.93 −0.53 {N/A}*September 29, 1994Performance DataThis chart shows you the fund´s annual performance and how an investment would have changed over time.Asset ClassEquity SectorsGeographic Composition Cash 10.8%Canadian Equity 0.3%Bond 28.5%International Equity 34.4%Other 0.0%United States Equity 25.9%Information Technology 9.8%Energy 5.7%Consumer Discretionary 8.5%Financials 11.4%Other 41.2%Cash 10.8%Health Care 5.9%Industrials 6.8%Japan 5.9%Canada 3.3%United Kingdom 5.8%United States 29.1%Other 41.8%Germany 6.7%Brazil 3.6%France 3.7%Current Value of a $10,000 Investment PAGE 76 • SPRING 2010 PERSPECTIVE AS AT MARCH 31, 2010

Fund Factsas at March 31, 2010Fund Codes Class A Corporate ClassISC CIG691 CIG2310DSC CIG891 CIG3310LSC CIG1891 CIG1310Harbour Growth & Income FundAlso available: Class F & IMutual Funds(Class A)Managed By: CI Investments Inc.Advisors: Harbour AdvisorsAssets Under Management: $9,036.1 millionPortfolio Manager: Gerald Coleman and StephenJenkinsAsset Class: Canadian BalancedInception Date: June 1997NAV: $17.50Min. Initial Investment: $500Subsequent Purchase(s): $50Min. PAC Investment: $50Management Expense Ratio: 2.31%Top Holdingsas at March 31, 2010Bank of Nova Scotia−BHP Billiton Limited−Canadian National Railway−CIBC−Cisco Systems−Intact Financial−Manulife Financial−Suncor Energy−TD Bank−Tim Hortons−Total 31.14%OBJECTIVEThis fund’s objective is to obtain long−term total return through a prudent balance of income and capital appreciation. It investsprimarily in equity and equity−related securities of mid− to large−capitalization Canadian companies and fixed income securities issuedby Canadian governments and companies. The proportion of the fund’s assets invested in equity and fixed income securities may varyaccording to market conditions. Any change to the investment objective must be approved by a majority of votes cast at a meeting ofunitholders held for that reason.Compound Returns and Quartile Rankings (as at March 31, 2010)This table shows the historical annual compound total return of the fund compared with the Globefund Group Average and Globefund’sbenchmark Blend: 50% S&P/TSX, 50% DEX Universe. The returns listed below are percentages.YTD 1Mo 3Mo 1Yr 3Yr 5Yr 10YrSinceInception*Qrtl 4 1 4 3 2 2 1 {N/A}Return 1.04 2.82 1.04 22.89 0.25 4.98 7.56 5.89Grp Avg 2.14 2.29 2.14 27.32 −0.72 3.48 4.61 {N/A}Ind Ret 2.32 1.54 2.32 22.78 3.14 6.72 5.95 {N/A}*June 27, 1997Performance DataThis chart shows you the fund´s annual performance and how an investment would have changed over time. Volatility MeterAsset ClassCurrent Value of a $10,000 InvestmentLowHighBased on 3−year standard deviation relative to other fundsin its category, from Globe HySales.Equity Style and Capitalization OverviewLargeMidSmallBlend Growth ValueEquity SectorsInternational Equity 9.2%Bond 5.4%Canadian Equity 49.8%Cash 23.2%United States Equity 12.4%Consumer Staples 4.4%Materials 13.3%Other 9.7%Financials 18.0%Cash 23.2%Energy 17.6%Information Technology 7.8%Industrials 6.1% Geographic CompositionSource: CI Investments and CTVglobemedia Publishing Inc.Canada 55.2%United Kingdom 3.3%Hong Kong 0.3%Australia 3.2%Other 23.2%United States 12.4%Switzerland 0.9%Taiwan 1.6%PAGE 77 • SPRING 2010 PERSPECTIVE AS AT MARCH 31, 2010

Fund Factsas at March 31, 2010Fund Codes Class A Corporate ClassISC CIG6116 CIG2309DSC CIG6166 CIG3309LSC CIG1166 CIG1309Signature Income & Growth FundAlso available: Class F & IMutual Funds(Class A)Managed By: CI Investments Inc.Advisors: Signature Global AdvisorsAssets Under Management: $3,066.7 millionPortfolio Manager: Eric Bushell and JamesDutkiewiczAsset Class: Canadian BalancedInception Date: November 2000NAV: $4.70Min. Initial Investment: $500Subsequent Purchase(s): $50Min. PAC Investment: $50Management Expense Ratio: 2.31%Top Holdingsas at March 31, 2010TD Bank 2.78%Suncor Energy 2.01%Royal Bank of Canada 1.84%Canadian Natural Resources 1.79%Talisman Energy 1.46%BCE Inc. 1.43%Bank of America 1.32%TELUS Corp. 1.08%Yellow Pages Income Fund 0.95%Eli Lilly & Co. 0.90%Total 15.56%OBJECTIVEThe fund seeks to provide a steady flow of current income while preserving capital by investing in a diversified portfolio of securitiescomposed mainly of equity, equity−related and fixed income securities of Canadian issuers. The fund may also invest in foreignsecurities. The fundamental investment objective of the fund cannot be changed without obtaining securityholder approval.Compound Returns and Quartile Rankings (as at March 31, 2010)This table shows the historical annual compound total return of the fund compared with the Globefund Group Average and Globefund’sbenchmark Blend: 60% MSCI World, 40% Barclays Cap. The returns listed below are percentages.YTD 1Mo 3Mo 1Yr 3Yr 5Yr 10YrSinceInception*Qrtl 2 1 2 1 1 1 {N/A} {N/A}Return 1.85 2.72 1.85 32.45 0.71 5.78 {N/A} 6.99Grp Avg 1.72 1.98 1.72 24.89 −1.64 2.42 2.22 {N/A}Ind Ret −0.32 −0.03 −0.32 7.6 −4.28 0.93 −0.53 {N/A}*November 13, 2000Performance DataThis chart shows you the fund´s annual performance and how an investment would have changed over time. Volatility MeterAsset ClassCurrent Value of a $10,000 InvestmentLowHighBased on 3−year standard deviation relative to other fundsin its category, from Globe HySales.Equity Style and Capitalization OverviewLargeMidSmallBlend Growth ValueEquity SectorsOther 1.0%Canadian Bonds 12.5%Cash and Equivalents 10.9%Foreign Equity 27.3%Canadian Equity 26.1%Income and Royalty Trusts 3.7%REITs 1.1%Foreign Bonds 17.4%Cash 10.9%Materials 4.2%Industrials 6.0%Financials 16.4%Other 41.5%Energy 12.0%Telecommunication Services 4.4%Information Technology 4.6% Geographic CompositionSource: CI Investments and CTVglobemedia Publishing Inc.France 0.9%Australia 2.0%United Kingdom 2.9%United States 31.8%Canada 43.4%Other 16.0%Switzerland 1.8%Bermuda 1.2%PAGE 78 • SPRING 2010 PERSPECTIVE AS AT MARCH 31, 2010

Fund Factsas at March 31, 2010Fund Codes Class A Corporate ClassISC CIG611 CIG013DSC CIG811 CIG344LSC CIG1811 CIG1344Signature Canadian Resource FundAlso available: Class FMutual Funds(Class A)Managed By: CI Investments Inc.Advisors: Signature Global AdvisorsAssets Under Management: $665.6 millionPortfolio Manager: Scott ValiAsset Class: Industry−SpecificInception Date: April 1997NAV: $19.67Min. Initial Investment: $500Subsequent Purchase(s): $50Min. PAC Investment: $50Management Expense Ratio: 2.31%Top Holdingsas at March 31, 2010Suncor Energy 3.59%Canadian Natural Resources 3.28%Talisman Energy 3.27%Occidental Petroleum 2.68%EnCana Corp. 2.66%Freeport McMoran 2.64%Barrick Gold Corp. 2.49%Xstrata PLC 2.46%Goldcorp Inc. 2.23%Imperial Oil 2.06%Total 27.36%OBJECTIVEThis fund’s objective is to obtain maximum long−term capital growth. It invests primarily in equity and equity−related securities ofCanadian companies engaged in or related to the energy, commodity and natural resource industries. Any change to the investmentobjective must be approved by a majority of votes cast at a meeting of unitholders held for that reason.Compound Returns and Quartile Rankings (as at March 31, 2010)This table shows the historical annual compound total return of the fund compared with the Globefund Group Average and Globefund’sbenchmark Globe Natural Resources Peer Index. The returns listed below are percentages.YTD 1Mo 3Mo 1Yr 3Yr 5Yr 10YrSinceInception*Qrtl 4 3 4 4 2 1 1 {N/A}Return −2.43 1.6 −2.43 32.1 4.1 15.06 19.36 11.61Grp Avg 3.86 2.09 3.86 59.07 −0.69 8.89 14.41 {N/A}Ind Ret 3.95 2.09 3.95 57.5 −0.26 8.32 14.03 {N/A}*April 11, 1997Performance DataThis chart shows you the fund´s annual performance and how an investment would have changed over time. Volatility MeterAsset ClassCurrent Value of a $10,000 InvestmentLowHighBased on 3−year standard deviation relative to other fundsin its category, from Globe HySales.Equity Style and Capitalization OverviewLargeMidSmallBlend Growth ValueEquity SectorsCash 10.3%Bond 0.7%United States Equity 23.9%Canadian Equity 49.3%International Equity 15.8%Industrials 0.6%Consumer Staples 2.2%Financials 1.0%Materials 38.5%Energy 45.8%Cash 10.3%Utilities 1.0%Other 0.7% Geographic CompositionSource: CI Investments and CTVglobemedia Publishing Inc.United Kingdom 6.4%Brazil 1.4%Australia 3.3%United States 23.9%Canada 49.7%Other 11.4%Netherlands 1.4%Switzerland 2.5%PAGE 79 • SPRING 2010 PERSPECTIVE AS AT MARCH 31, 2010

Fund Factsas at March 31, 2010Fund CodesISCDSCLSCClass ACIG281CIG781CIG1781Signature Global Energy Corporate ClassAlso available: Class FMutual Funds(Class A)Managed By: CI Investments Inc.Advisors: Signature Global AdvisorsAssets Under Management: $169.5 millionPortfolio Manager: Scott ValiAsset Class: Industry−SpecificInception Date: June 1998NAV: $43.69Min. Initial Investment: $500Subsequent Purchase(s): $50Min. PAC Investment: $50Management Expense Ratio: 2.40%Top Holdingsas at March 31, 2010Canadian Natural Resources 5.38%Suncor Energy 4.10%Apache Corp. 3.91%Talisman Energy 3.52%Occidental Petroleum 3.32%EnCana Corp. 2.90%Imperial Oil 2.78%Crew Energy Inc 2.54%Anadarko Petroleum 2.26%Petroleo Bras Sa Petro 2.26%Total 32.97%OBJECTIVEThis fund’s objective is to obtain maximum long−term capital growth. It invests primarily in equity and equity−related securities ofcompanies around the world that are engaged in the exploration, development, production and distribution of oil, gas, coal and relatedenergy products, including geothermal, solar and other energy sources. The fund may also invest in companies that supply goods andservices to these companies. Any change to the investment objective must be approved by a majority of votes cast at a meeting ofunitholders held for that reason.Compound Returns and Quartile Rankings (as at March 31, 2010)This table shows the historical annual compound total return of the fund compared with the Globefund Group Average and Globefund’sbenchmark Globe Natural Resources Peer Index. The returns listed below are percentages.YTD 1Mo 3Mo 1Yr 3Yr 5Yr 10YrSinceInception*Qrtl 4 3 4 4 2 3 2 {N/A}Return −2.02 0.85 −2.02 33.71 0.54 8.7 14.36 13.65Grp Avg 3.86 2.09 3.86 59.07 −0.69 8.89 14.41 {N/A}Ind Ret 3.95 2.09 3.95 57.5 −0.26 8.32 14.03 {N/A}*June 11, 1998Performance DataThis chart shows you the fund´s annual performance and how an investment would have changed over time. Volatility MeterAsset ClassCurrent Value of a $10,000 InvestmentLowHighBased on 3−year standard deviation relative to other fundsin its category, from Globe HySales.Equity Style and Capitalization OverviewLargeMidSmallBlend Growth ValueEquity SectorsCanadian Equity 53.8%International Equity 8.2%Bond 0.7%United States Equity 27.4%Cash 10.0%Energy 82.5%Materials 2.5%Other 0.7%Cash 10.0%Utilities 3.4%Industrials 0.5%Consumer Discretionary 0.5% Geographic CompositionSource: CI Investments and CTVglobemedia Publishing Inc.Canada 53.8%Brazil 3.0%Switzerland 0.5%United Kingdom 2.0%United States 28.1%Other 9.9%Australia 1.3%Netherlands 1.4%PAGE 80 • SPRING 2010 PERSPECTIVE AS AT MARCH 31, 2010

Fund Factsas at March 31, 2010Fund Codes Class A Corporate ClassISC CIG837 CIG2303DSC CIG847 CIG3303LSC CIG1847 CIG1303Signature Canadian Bond FundAlso available: Class F & IMutual Funds(Class A)Managed By: CI Investments Inc.Advisors: Signature Global AdvisorsAssets Under Management: $1,970.4 millionPortfolio Manager: James DutkiewiczAsset Class: Canadian Fixed IncomeInception Date: January 1993NAV: $5.60Min. Initial Investment: $500Subsequent Purchase(s): $50Min. PAC Investment: $50Management Expense Ratio: 1.60%Top Holdingsas at March 31, 2010Gov’t of Canada, 3.50%, June 1, 2020 3.79%Gov’t of Canada, 3.75%, June 1, 2019 3.69%Gov’t of Canada, 5.00%, June 1, 2037 2.63%Gov’t of Canada, 1.25%, June 1, 2011 2.63%Gov’t of Canada, 2.00%, December 1, 2.48%2014Gov’t of Canada, 3.50%, June 1, 2013 2.07%Ontario School Boards Fin., 5.90%, 2.01%June 2, 2033Gov’t of Canada, 5.75%, June 1, 2029 1.66%Gov’t of Canada, 3.00%, June 1, 2014 1.66%Gov’t of Canada, 3.75%, September 1, 1.49%2011Total 24.11%OBJECTIVEThis fund’s objective is to obtain long−term total return. It invests primarily in fixed income securities of Canadian governments andcompanies that the portfolio advisor believes offers an attractive yield and the opportunity for capital gains. Any change to theinvestment objective must be approved by a majority of votes cast at a meeting of unitholders held for that reason.Compound Returns and Quartile Rankings (as at March 31, 2010)This table shows the historical annual compound total return of the fund compared with the Globefund Group Average and Globefund’sbenchmark DEX Universe Bond Total Return Index. The returns listed below are percentages.YTD 1Mo 3Mo 1Yr 3Yr 5Yr 10YrSinceInception*Qrtl 1 1 1 2 2 2 2 {N/A}Return 1.71 −0.32 1.71 6.09 3.64 3.74 4.62 1.79Grp Avg 1.28 −0.59 1.28 6.6 3.78 3.75 4.85 {N/A}Ind Ret 1.26 −0.73 1.26 5.13 5.28 5.23 6.47 {N/A}*January 20, 1993Performance DataThis chart shows you the fund´s annual performance and how an investment would have changed over time.Bond Type Current Value of a $10,000 InvestmentVolatility MeterLowHighBased on 3−year standard deviation relative to other fundsin its category, from Globe HySales.Provincial Bonds 6.0%Municipal Bonds 3.5%Corporate Debentures 50.0%Federal Bonds 32.8%Other 7.8%Fixed Income and Capitalization OverviewLongBlendShortSpread Rate BlendBond Term10−20 years maturity 11.1%Other 7.8%5−10 years maturity 24.8%1−5 years maturity 31.7%More than 20 years maturity 24.6% Geographic CompositionSource: CI Investments and CTVglobemedia Publishing Inc.Canada 82.6%United Kingdom 1.5%Tunisia 0.9%Ireland 1.4%Other 9.5%United States 1.8%France 1.0%Spain 1.3%PAGE 81 • SPRING 2010 PERSPECTIVE AS AT MARCH 31, 2010

Fund Factsas at March 31, 2010Fund Codes Class A Corporate ClassISC CIG610 CIG2305DSC CIG810 CIG3305LSC CIG1810 CIG1305Signature Dividend FundAlso available: Class F & IMutual Funds(Class A)Managed By: CI Investments Inc.Advisors: Signature Global AdvisorsAssets Under Management: $1,511.7 millionPortfolio Manager: Eric BushellAsset Class: Canadian DividendInception Date: October 1996NAV: $11.93Min. Initial Investment: $500Subsequent Purchase(s): $50Min. PAC Investment: $50Management Expense Ratio: 1.79%Top Holdingsas at March 31, 2010TD Bank 4.65%Bank of America 3.88%Royal Bank of Canada 3.01%TELUS Corp. 2.21%Manitoba Telecom Services 1.68%Johnson & Johnson 1.66%Eli Lilly & Co. 1.56%BCE Inc. 1.49%BCE Inc. 1.42%TransCanada Corp. 1.41%Total 22.97%OBJECTIVEThis fund’s objective is to generate a high level of dividend income and to preserve capital. It invests primarily in preferred shares anddividend paying common shares of Canadian companies. It may also invest in other common shares, fixed income securities and incometrusts. The fund may also invest in foreign securities. Any change to the investment objective must be approved by a majority of votescast at a meeting of unitholders held for that reason.Compound Returns and Quartile Rankings (as at March 31, 2010)This table shows the historical annual compound total return of the fund compared with the Globefund Group Average and Globefund’sbenchmark S&P/TSX Total Return. The returns listed below are percentages.YTD 1Mo 3Mo 1Yr 3Yr 5Yr 10YrSinceInception*Qrtl 3 4 3 2 1 2 3 {N/A}Return 3.19 2.48 3.19 39.67 −0.43 3.86 6.84 6.48Grp Avg 3.76 4.03 3.76 37.5 −1.6 3.79 7.31 {N/A}Ind Ret 3.14 3.81 3.14 42.15 −0.03 7.41 4.67 {N/A}*October 29, 1996Performance DataThis chart shows you the fund´s annual performance and how an investment would have changed over time. Volatility MeterAsset ClassCurrent Value of a $10,000 InvestmentLowHighBased on 3−year standard deviation relative to other fundsin its category, from Globe HySales.Equity Style and Capitalization OverviewLargeMidSmallBlend Growth ValueEquity SectorsCanadian Equity 64.3%Cash 4.5%Bond 1.9%United States Equity 16.1%International Equity 13.1%Financials 53.0%Energy 7.5%Consumer Staples 3.6%Utilities 5.4%Telecommunication Services 11.4%Other 9.7%Cash 4.5%Health Care 4.8% Geographic CompositionSource: CI Investments and CTVglobemedia Publishing Inc.Canada 64.8%United Kingdom 3.7%Ireland 0.9%Switzerland 2.4%United States 17.3%Other 7.4%France 1.7%Netherlands 1.8%PAGE 82 • SPRING 2010 PERSPECTIVE AS AT MARCH 31, 2010

Fund Factsas at March 31, 2010Fund Codes Class A Corporate ClassISC CIG686 CIG2304DSC CIG786 CIG3304LSC CIG1786 CIG1304Signature High Income FundAlso available: Class F & IMutual Funds(Class A)Managed By: CI Investments Inc.Advisors: Signature Global AdvisorsAssets Under Management: $3,575.6 millionPortfolio Manager: Eric BushellAsset Class: Canadian Balanced IncomeInception Date: December 1996NAV: $12.84Min. Initial Investment: $500Subsequent Purchase(s): $50Min. PAC Investment: $50Management Expense Ratio: 1.52%Top Holdingsas at March 31, 2010Inter Pipeline Fund 2.35%Westfield Group 1.96%BCE Inc. 1.75%Cdn. Real Estate Investment 1.74%Brookfield Asset Management 1.58%Cominar REIT 1.49%Vermilion Energy Trust 1.40%TELUS Corp. 1.36%ARC Energy Trust 1.34%Allied Properties REIT 1.33%Total 16.30%OBJECTIVEThis fund’s objective is to generate a high level of income and long−term capital growth. It invests primarily in high−yielding equitysecurities and Canadian corporate bonds. Any change to the investment objective must be approved by a majority of votes cast at ameeting of unitholders held for that reason.Compound Returns and Quartile Rankings (as at March 31, 2010)This table shows the historical annual compound total return of the fund compared with the Globefund Group Average and Globefund’sbenchmark Blend: 60% MSCI World, 40% Barclays Cap. The returns listed below are percentages.YTD 1Mo 3Mo 1Yr 3Yr 5Yr 10YrSinceInception*Qrtl 1 2 1 1 1 1 1 {N/A}Return 2.94 1.81 2.94 35.99 1.03 4.92 11.47 9.64Grp Avg 1.72 1.98 1.72 24.89 −1.64 2.42 2.22 {N/A}Ind Ret −0.32 −0.03 −0.32 7.6 −4.28 0.93 −0.53 {N/A}*December 18, 1996Performance DataThis chart shows you the fund´s annual performance and how an investment would have changed over time. Volatility MeterAsset ClassCurrent Value of a $10,000 InvestmentLowHighBased on 3−year standard deviation relative to other fundsin its category, from Globe HySales.Equity Style and Capitalization OverviewBlend Growth ValueLargeMidSmallEquity SectorsCanadian Equity 12.3%Other 1.6%Canadian Bonds 9.6%Income and Royalty Trusts 15.5%Foreign Bonds 32.0%Foreign Equity 14.1%Cash and Equivalents 8.7%REITs 6.2%Cash 8.7%Consumer Discretionary 1.5%Industrials 6.2%Financials 16.8%Other 43.8%Energy 12.4%Utilities 4.6%Telecommunication Services 6.1% Geographic CompositionSource: CI Investments and CTVglobemedia Publishing Inc.Australia 6.0%Spain 1.3%Italy 2.1%United States 32.3%Canada 44.1%Other 11.2%France 1.6%United Kingdom 1.3%PAGE 83 • SPRING 2010 PERSPECTIVE AS AT MARCH 31, 2010

CI Funds ® LEAD MANAGERCDN $FUND CODE: CIGISC / DSC / LSCUS $FUND CODE: CIGISC / DSC / LSCCI ALPINE GROWTH EQUITY TED WHITEHEAD 9022 / 9372 / 1372 – $20.70 $62.2CI AMERICAN EQUITY R. BECKWITT / F. CAMPEAU 212 / 812 / 1812 312 / 612 / 1612 $6.10 $94.5CI AMERICAN SMALL COMPANIES W. PRIEST / D. PEARL 213 / 813 / 1813 313 / 613 / 1613 $23.59 $126.86.8 2.9 18.4 69.4 0.4 5.8 5.1 5.7(JUNE ’97)0.2 0.8 4.5 22.4 -13.0 -4.3 -8.8 6.0 (MAY’89)3.2 2.7 5.8 28.0 -7.8 -2.3 -4.6 7.6 (APR.’91)CI AMERICAN VALUE W. PRIEST / D. PEARL 7500 / 7505 / 1510 – $14.90 $312.6 1.6 2.8 5.9 16.1 -7.1 -0.8 -4.0 8.3 (MAY‘57)CI CANADIAN INVESTMENT DANIEL BUBIS 7420 / 7425 / 1425 – $23.17 $4,052.3CI CANADIAN SMALL/MID CAP J. LAWSON / D. PICTON 9023 / 9373 / 1850 – $21.82 $525.92.7 3.9 5.3 36.1 -1.2 5.1 8.8 8.6 (NOV.‘32)5.1 3.1 16.4 49.6 -2.7 2.5 3.2 6.9 (NOV.’92)CI EMERGING MARKETS PABLO SALAS 662 / 646 / 1646 546 / 549 / 1549 $15.03 $179.6 -2.7 4.1 2.9 45.5 -3.0 9.6 3.1 7.3 (SEPT.’91)CI EUROPEAN G. GIGLIOTTI / F. CAMPEAU 669 / 647 / 1647 114 / 840 / 1840 $6.17 $62.6 -4.9 2.7 -3.2 19.7 -16.7 -3.1 -1.6 2.5 (SEPT.’91)CI GLOBAL STERLING / GIGLIOTTI / BECKWITT 654 / 644 / 1644 113 / 543 / 1543 $9.82 $550.9 -0.8 1.9 1.4 22.1 -13.1 -3.5 -5.7 4.8 (FEB.’86)CI GLOBAL BOND R. GLUCK / D. RUNKLE 624 / 623 / 1623 110 / 540 / 1540 $3.62 $324.9 -2.8 -3.6 -5.1 -8.3 3.8 1.8 2.1 3.9 (SEPT.’92)CI GLOBAL HIGH DIVIDEND ADVANTAGE PRIEST/ SAPPENFIELD / WELHOELTER 2810 / 3810 / 1610 2811 / 3811 / 1611 $6.47 $324.1 -1.6 1.9 3.2 16.2 -9.1 N/A N/A -3.2 (JAN.’06)CI GLOBAL SMALL COMPANIES W. PRIEST / E. BAKER / D. PEARL 215 / 815 / 1815 315 / 615 / 1615 $20.52 $186.7 0.2 1.6 1.4 21.9 -8.6 1.0 -2.6 8.0 (APR.’93)CI GLOBAL VALUE JOHN HOCK 680 / 880 / 1880 180 / 580 / 1580 $10.25 $90.9 0.9 2.9 2.3 19.2 -9.7 -2.1 -1.6 0.7 (JUNE’96)CI INTERNATIONAL STERLING / GIGLIOTTI / BECKWITT 864 / 874 / 1874 564 / 174 / 1174 $12.71 $84.9 -2.0 3.0 0.4 22.9 -14.8 -3.5 -5.4 4.1 (AUG.’99)CI INTERNATIONAL BALANCED STERLING / GIGLIOTTI / BECKWITT 630 / 830 / 1830 130 / 530 / 1530 $15.38 $181.7 -1.2 0.1 -0.5 10.6 -5.9 -0.4 -2.6 3.9 (SEPT.’94)CI INTERNATIONAL VALUE JOHN HOCK 681 / 881 / 1881 181 / 581 / 1581 $9.85 $130.3 -0.3 2.6 0.6 18.7 -9.6 -1.0 -1.5 0.6 (JUNE’96)CI PACIFIC W. PRIEST / E. BAKER 651 / 641 / 1641 544 / 547 / 1547 $12.19 $72.1 1.8 2.5 -1.0 16.2 -7.8 2.4 -5.2 6.4 (OCT.’81)CI MONEY MARKET CI INVESTMENTS 649 / 648 / 1648 – $10.00 $1,282.6 0.0 0.0 0.1 0.1 1.7 2.0 2.2 3.8 (OCT.’90)CI US MONEY MARKET (a) CI INVESTMENTS – 125 / 525 / 1525 $10.00 $37.7 0.0 0.0 0.0 0.0 1.6 2.3 2.1 3.0 (FEB.’95)NAV(CDN)FUNDASSETS($MM)Y-T-D(%)1MTH(%)*6MTH(%)*1 YR(%)3 YR(%)5 YR(%)10 YR(%)SINCEINCEPTION(%)Portfolio Series PORTFOLIO SERIES BALANCED CI INVESTMENTS 7710 / 7715 / 1715 – $21.50 $1,358.4 1.4 2.0 4.1 21.6 -2.6 2.9 3.2 6.9 (NOV.‘88)PORTFOLIO SERIES BALANCED GROWTH CI INVESTMENTS 2601 / 3601 / 1601 2701 / 3701 / 1708 $11.64 $706.9 1.6 2.4 4.6 24.1 -3.4 2.1 N/A 3.0 (DEC.’01)PORTFOLIO SERIES CONSERVATIVE CI INVESTMENTS 7770 / 7775 / 1775 – $12.54 $400.2 1.7 1.5 4.2 19.5 -0.7 3.2 4.3 4.7 (DEC.‘97)PORTFOLIO SERIES CONSERVATIVE BALANCED CI INVESTMENTS 2600 / 3600 / 1600 2700 / 3700 / 1707 $11.85 $390.4 1.5 1.6 4.0 20.5 -1.7 2.7 N/A 3.8 (DEC.’01)PORTFOLIO SERIES GROWTH CI INVESTMENTS 2602 / 3602 / 1602 2702 / 3702 / 1702 $11.14 $300.6 1.5 2.6 4.7 24.8 -4.6 1.5 N/A 2.2 (DEC.’01)PORTFOLIO SERIES INCOME CI INVESTMENTS 7740 / 7745 / 1745 – $10.62 $314.1 1.3 0.7 3.9 17.8 1.5 3.7 5.1 4.8 (DEC.‘97)PORTFOLIO SERIES MAXIMUM GROWTH CI INVESTMENTS 2603 / 3603 / 1603 2703 / 3703 / 1704 $10.59 $129.6 1.3 3.1 4.7 27.3 -6.5 0.9 N/A 1.3 (DEC.’01)*simple rates of return(a)may not be held in a CI Registered Planas at March 31, 2010F O R DEALE R U SE ONLY • VIS IT U S AT WWW.CI .COM F O R ALL THE LATEST FUND AND MANAGER INFO RMATIO N • M O NTHLY P E RFO RMANCE SCOR ECARD PAGE 84 87

Portfolio Select Series LEAD MANAGERCDN $FUND CODE: CIGISC / DSC / LSCUS $FUND CODE: CIGISC / DSC / LSCNAV(CDN)FUNDASSETS($MM)Y-T-D(%)1MTH(%)*6MTH(%)*1 YR(%)3 YR(%)5 YR(%)10 YR(%)SINCEINCEPTION(%)SELECT INCOME MANAGED CORPORATE CLASS SIGNATURE GLOBAL ADVISORS 2215 / 3215 / 1415 – $11.51 $135.4 1.9 0.3 3.9 13.2 3.4 N/A N/A 3.2 (JAN.’06)SELECT CANADIAN EQUITY MANAGED CORPORATE CLASS MULTIPLE MANAGERS † 2216 / 3216 / 1416 – $11.13 $59.2 3.4 3.7 8.2 40.4 -2.1 N/A N/A 3.0 (JAN.’06)SELECT U.S. EQUITY MANAGED CORPORATE CLASS MULTIPLE MANAGERS †† 2217 / 3217 / 1417 – $8.57 $43.7 3.1 4.1 7.1 26.4 -9.0 N/A N/A -3.4 (JAN.’06)SELECT INTERNATIONAL EQUITY MANAGED CORPORATE CLASS MULTIPLE MANAGERS ††† 2218 / 3218 / 1418 – $8.77 $37.2 0.9 4.5 3.7 26.6 -9.8 N/A N/A -2.9 (JAN.’06)SELECT STAGING FUND CI INVESTMENTS 2230 / 3230 / 1430 – $10.00 $0.0 0.0 0.0 0.0 0.0 0.0 N/A N/A 0.0 (JAN.’06)SELECT 100e MANAGED PORTFOLIO CORPORATE CLASS CI INVESTMENTS 2248 / 3248 / 1328 – $8.55 $6.8 2.8 4.0 6.7 31.5 -6.4 N/A N/A -4.5 (NOV.’06)SELECT 100i MANAGED PORTFOLIO CORPORATE CLASS CI INVESTMENTS 2240 / 3240 / 1320 – $11.04 $64.4 1.5 0.1 3.1 11.3 2.9 N/A N/A 3.0 (NOV.’06)SELECT 20i80e MANAGED PORTFOLIO CORPORATE CLASS CI INVESTMENTS 2247 / 3247 / 1327 – $9.07 $22.1 2.6 3.3 6.0 27.2 -4.4 N/A N/A -2.8 (NOV.’06)SELECT 30i70e MANAGED PORTFOLIO CORPORATE CLASS CI INVESTMENTS 2246 / 3246 / 1326 – $9.28 $44.3 2.4 2.9 5.6 24.9 -3.5 N/A N/A -2.1 (NOV.’06)SELECT 40i60e MANAGED PORTFOLIO CORPORATE CLASS CI INVESTMENTS 2245 / 3245 / 1325 – $9.54 $84.6 2.3 2.5 5.3 22.9 -2.5 N/A N/A -1.3 (NOV.’06)SELECT 50i50e MANAGED PORTFOLIO CORPORATE CLASS CI INVESTMENTS 2244 / 3244 / 1324 – $9.80 $52.9 2.2 2.2 4.9 20.9 -1.6 N/A N/A -0.5 (NOV.’06)SELECT 60i40e MANAGED PORTFOLIO CORPORATE CLASS CI INVESTMENTS 2243 / 3243 / 1323 – $10.03 $28.1 2.0 1.7 4.5 18.9 -0.7 N/A N/A 0.1 (NOV.’06)SELECT 70i30e MANAGED PORTFOLIO CORPORATE CLASS CI INVESTMENTS 2242 / 3242 / 1322 – $10.30 $28.0 1.9 1.4 4.2 16.9 0.2 N/A N/A 0.9 (NOV.’06)SELECT 80i20e MANAGED PORTFOLIO CORPORATE CLASS CI INVESTMENTS 2241 / 3241 / 1321 – $10.55 $24.1 1.7 0.9 3.7 14.9 1.1 N/A N/A 1.6 (NOV.’06)Insight ® Units/SharesCI AMERICAN VALUE INSIGHT UNITS W. PRIEST / D. PEARL 5904 / – / – – $11.66 $3.2 1.8 2.9 6.4 17.3 -6.2 0.1 N/A 2.9 (JULY’03)CI CANADIAN INVESTMENT INSIGHT UNITS DANIEL BUBIS 5900 / – / – – $15.21 $4.3 3.0 4.0 5.9 37.6 -0.1 6.2 N/A 9.4 (JULY’03)CI GLOBAL BOND INSIGHT UNITS R. GLUCK / D. RUNKLE 5913 / – / – – $7.99 $2.6 -2.7 -3.4 -4.6 -7.6 4.5 2.5 N/A 1.9 (JULY’03)CI GLOBAL INSIGHT UNITS STERLING / GIGLIOTTI / BECKWITT 5908 / – / – – $10.23 $2.7 -0.6 2.0 1.9 23.4 -12.3 -2.6 N/A 0.4 (JULY’03)CI GLOBAL SMALL COMPANIES INSIGHT UNITS W. PRIEST / D. PEARL / E. BAKER 5910 / – / – – $13.62 $1.5 0.5 1.7 2.0 23.3 -7.7 2.1 N/A 4.7 (JULY’03)CI INTERNATIONAL INSIGHT UNITS STERLING / GIGLIOTTI / BECKWITT 5907 / – / – – $9.70 $1.3 -1.8 3.0 0.8 24.0 -14.0 -2.6 N/A 1.3 (JULY’03)CI INTERNATIONAL VALUE INSIGHT UNITS JOHN HOCK 5906 / – / – – $10.98 $1.5 -0.2 2.6 1.0 19.7 -8.8 -0.1 N/A 3.3 (JULY’03)CI MONEY MARKET INSIGHT UNITS CI INVESTMENTS 5914 / – / – – $10.00 $2.0 0.0 0.0 0.0 0.0 1.8 2.2 N/A 2.0 (JULY’03)CI VALUE TRUST CORP. CLASS INSIGHT SHARES BILL MILLER 5915 / – / – – $5.91 $2.4 1.9 2.4 3.1 35.6 -18.4 -9.5 N/A -8.6 (JULY’03)SIGNATURE CANADIAN BOND INSIGHT UNITS JAMES DUTKIEWICZ 5912 / – / – – $10.19 $6.6 1.8 -0.2 2.3 6.7 4.3 4.3 N/A 4.4 (JULY’03)SIGNATURE CORPORATE BOND INSIGHT UNITS DUTKIEWICZ / SHAW / MARSHALL 5911 / – / – – $10.22 $5.0 2.9 1.2 6.1 22.5 4.9 5.3 N/A 5.7 (JULY’03)SIGNATURE SELECT CANADIAN INSIGHT UNITS ERIC BUSHELL 5902 / – / – – $12.47 $2.4 2.0 4.3 5.9 36.0 0.0 8.5 N/A 11.0 (JULY’03)SYNERGY CANADIAN CORP. CLASS INSIGHT SHARES DAVID PICTON 5916 / – / – – $14.95 $4.4 3.7 4.1 9.0 37.4 -2.8 5.4 N/A 8.4 (JULY’03)††*simple rates of returnTetrem Capital Partners, Synergy Asset Management and QV Investors Inc.Epoch Investment Partners, Synergy Asset Management and Trilogy Global AdvisorsAltrinsic Global Advisors, Synergy Asset Management and Trilogy Global Advisors†††as at March 31, 2010F O R DEALE R U SE ONLY • VIS IT U S AT WWW.CI .COM F O R ALL THE LATEST FUND AND MANAGER INFO RMATIO N • M O NTHLY P E RFO RMANCE SCOR ECARD PAGE 85 88†

CI Corporate ClassLEAD MANAGERCDN $FUND CODE: CIGISC / DSC / LSCUS $FUND CODE: CIGISC / DSC / LSCNAV(CDN)FUNDASSETS($MM)Y-T-D(%)1MTH(%)*6MTH(%)*1 YR(%)3 YR(%)5 YR(%)10 YR(%)SINCEINCEPTION(%)CAMBRIDGE CANADIAN ASSET ALLOCATION CORPORATE CLASS ALAN RADLO 2322 / 3322 / 1522 2517 / 3517 / 1217 $10.26 $317.3 3.8 3.4 7.6 31.3 N/A N/A N/A 1.3 (DEC.’07)CAMBRIDGE CANADIAN EQUITY CORPORATE CLASS ALAN RADLO 2321 / 3321 / 1521 2516 / 3516 / 1216 $9.84 $345.6 4.5 3.9 7.8 34.2 N/A N/A N/A -0.6 (DEC.’07)CAMBRIDGE GLOBAL EQUITY CORPORATE CLASS ALAN RADLO 2323 / 3323 / 1523 2518 / 3518 / 1218 $10.23 $305.4 3.1 6.0 5.9 28.2 N/A N/A N/A 1.0 (DEC.’07)CI AMERICAN EQUITY CORPORATE CLASS R. BECKWITT / F. CAMPEAU 294 / 794 / 1794 394 / 194 / 1194 $4.15 $202.7 0.2 1.0 4.8 22.4 -12.3 -3.9 -8.8 -8.3 (FEB.’00)CI AMERICAN MANAGERS ® CORPORATE CLASS MULTIPLE MANAGERS †† 209 / 709 / 1709 309 / 409 / 1409 $9.99 $222.9 1.4 2.8 5.7 27.6 -8.3 -1.5 N/A 0.0 (JULY’00)CI AMERICAN SMALL COMPANIES CORPORATE CLASS WILLIAM PRIEST 297 / 797 / 1797 397 / 497 / 1497 $5.79 $207.2 3.2 2.7 5.7 27.5 -7.8 -2.0 -4.8 -5.3 (FEB.’00)CI AMERICAN VALUE CORPORATE CLASS W. PRIEST / D. PEARL 510 / 511 / 1511 512 / 513 / 1513 $9.68 $340.2 1.7 2.9 6.0 16.3 -6.8 -1.0 N/A -0.4 (AUG.’01)CI CANADIAN INVESTMENT CORPORATE CLASS DANIEL BUBIS 2307 / 3307 / 1307 2507 / 3507 / 1507 $17.04 $745.9 2.7 3.8 5.4 35.7 -1.2 4.9 N/A 8.4 (JULY’03)CI CAN-AM SMALL CAP CORPORATE CLASS L. PULLEN / J. JUGOVIC 6104 / 6154 / 1154 2512 / 3512 / 1517 $13.38 $108.8 3.5 3.4 11.3 39.0 1.2 5.5 5.5 8.9 (DEC.’97)CI EMERGING MARKETS CORPORATE CLASS PABLO SALAS 277 / 276 / 1276 377 / 476 / 1476 $14.19 $149.3 -2.8 4.0 2.4 44.8 -2.8 9.7 3.2 6.5 (SEPT.’92)CI EUROPEAN CORPORATE CLASS G. GIGLIOTTI / F. CAMPEAU 275 / 274 / 1274 375 / 474 / 1474 $7.15 $11.3 -4.9 2.6 -3.4 19.6 -16.6 -3.2 -1.7 2.3 (SEPT.’92)CI GLOBAL BOND CORPORATE CLASS R. GLUCK / D. RUNKLE 2302 / 3302 / 1302 2502 / 3502 / 1512 $10.23 $13.1 -2.8 -3.4 -5.1 -9.5 3.2 1.4 N/A 0.3 (AUG.’02)CI GLOBAL HEALTH SCIENCES CORPORATE CLASS ANDREW WAIGHT 201 / 701 / 1701 301 / 401 / 1401 $20.60 $142.1 -1.8 1.2 1.9 32.4 -6.4 2.0 2.3 6.1 (JULY’96)CI GLOBAL HIGH DIVIDEND ADVANTAGE CORPORATE CLASS PRIEST / SAPPENFIELD / WELHOELTER 2311 / 3311 / 1311 2514 / 3514 / 1519 $7.82 $98.8 -1.6 1.8 3.3 15.3 -8.3 N/A N/A -7.6 (FEB.’07)CI GLOBAL MANAGERS ® CORPORATE CLASS MULTIPLE MANAGERS ††† 293 / 793 / 1793 393 / 493 / 1493 $8.55 $70.6 -0.5 2.2 1.6 17.2 -5.2 1.8 -2.3 -1.5 (FEB.’00)CI GLOBAL CORPORATE CLASS STERLING / GIGLIOTTI / BECKWITT 660 / 667 / 1667 360 / 467 / 1467 $11.94 $64.3 -0.8 1.9 1.4 22.2 -13.3 -3.6 -5.8 4.7 (JULY’87)CI GLOBAL SCIENCE & TECHNOLOGY CORPORATE CLASS FRANÇOIS CAMPEAU 203 / 703 / 1703 303 / 403 / 1403 $11.88 $96.5 1.1 3.8 7.7 36.2 -1.0 1.2 -13.4 2.5 (JULY’96)CI GLOBAL SMALL COMPANIES CORPORATE CLASS W. PRIEST / D. PEARL / E. BAKER 298 / 798 / 1798 398 / 198 / 1198 $7.14 $11.2 0.1 1.6 1.4 22.7 -7.9 1.0 -3.1 -3.3 (FEB.’00)CI GLOBAL VALUE CORPORATE CLASS JOHN HOCK 206 / 706 / 1706 306 / 406 / 1406 $11.04 $62.2 0.8 2.9 2.0 19.5 -9.6 -2.0 -1.5 0.7 (JULY’96)CI INTERNATIONAL BALANCED CORPORATE CLASS STERLING / GIGLIOTTI / BECKWITT 093 / 094 / 1195 095 / 096 / 1196 $8.90 $157.7 -0.7 0.0 -0.2 10.6 -6.0 -1.0 N/A -1.3 (AUG.’01)CI INTERNATIONAL CORPORATE CLASS STERLING / GIGLIOTTI / BECKWITT † 144 / 145 / 1145 146 / 147 / 1147 $8.11 $305.4 -1.8 2.7 -0.1 23.1 -14.9 -3.6 N/A -2.4 (AUG.’01)CI INTERNATIONAL VALUE CORPORATE CLASS JOHN HOCK 205 / 705 / 1705 305 / 405 / 1405 $10.73 $409.8 -0.5 2.5 0.3 17.7 -9.4 -0.9 -1.5 0.5 (JULY’96)CI JAPANESE CORPORATE CLASS W. PRIEST / E. BAKER 250 / 750 / 1750 350 / 450 / 1450 $8.16 $6.0 3.6 0.7 -2.6 7.4 -12.6 -3.4 -7.0 -1.5 (DEC.’98)CI PACIFIC CORPORATE CLASS W. PRIEST / E. BAKER 657 / 664 / 1664 357 / 464 / 1464 $7.50 $11.6 1.9 2.6 -1.1 16.5 -8.4 2.4 -5.4 2.1 (JULY’87)CI SHORT-TERM ADVANTAGE CORPORATE CLASS CI INVESTMENTS 2313 / 3313 / 1313 – $10.13 $139.9 0.0 -0.1 0.0 0.4 N/A N/A N/A 0.7 (MAY’08)CI SHORT-TERM CORPORATE CLASS CI INVESTMENTS 661 / 668 / 1668 361 / 468 / – $10.30 $207.2 0.1 -0.1 0.1 0.9 1.9 2.1 2.3 3.3 (JULY’87)CI SHORT-TERM US$ CORPORATE CLASS CI INVESTMENTS – 101 / 501 / 1509 US $11.36 $16.1 -0.1 0.0 -0.3 -0.1 1.4 2.2 N/A 1.5 (AUG.’01)CI VALUE TRUST CORPORATE CLASS BILL MILLER 2301 / 3301 / 1301 2501 / 3501 / 1501 $6.52 $282.6 1.6 2.2 2.5 33.9 -19.3 -10.6 N/A -5.0 (DEC.’01)HARBOUR CORPORATE CLASS G. COLEMAN / S. JENKINS 290 / 790 / 1790 390 / 490 / 1490 $23.81 $949.1 1.2 3.8 3.8 28.7 0.6 6.4 8.6 7.3 (JUNE’97)HARBOUR FOREIGN EQUITY CORPORATE CLASS S. JENKINS / G. COLEMAN 2300 / 3300 / 1300 2500 / 3500 / 1500 $10.59 $599.9 4.7 6.9 9.5 53.5 -6.6 -0.1 N/A 0.7 (DEC.’01)HARBOUR FOREIGN GROWTH & INCOME CORPORATE CLASS S. JENKINS / G. COLEMAN 2306 / 3306 / 1306 2506 / 3506 / 1506 $12.05 $180.9 3.8 5.1 7.7 37.4 -3.3 0.9 N/A 2.6 (DEC.’02)HARBOUR GROWTH & INCOME CORPORATE CLASS G. COLEMAN / S. JENKINS 2310 / 3310 / 1310 2513 / 3513 / 1518 $10.70 $561.4 1.0 2.9 3.2 22.9 0.3 N/A N/A 2.0 (AUG.’06)SIGNATURE CANADIAN RESOURCE CORPORATE CLASS SCOTT VALI 013 / 344 / 1344 345 / 348 / 1348 $38.72 $163.9 -2.4 1.6 4.0 31.8 4.3 15.0 N/A 17.0 (AUG.’01)SIGNATURE CANADIAN BOND CORPORATE CLASS JAMES DUTKIEWICZ † 2303 / 3303 / 1303 2503 / 3503 / 1503 $13.19 $422.5 1.6 -0.3 1.7 5.1 3.8 3.7 N/A 3.7 (AUG.’02)SIGNATURE CORPORATE BOND CORPORATE CLASS DUTKIEWICZ / SHAW / MARSHALL 2308 / 3308 / 1308 2508 / 3508 / 1508 $12.97 $235.0 2.3 0.9 5.0 18.8 3.0 3.6 N/A 3.9 (JULY’03)SIGNATURE DIVERSIFIED YIELD CORPORATE CLASS ERIC BUSHELL 2319 / 3319 / 1319 2519 / 3519 / 1419 $10.20 $132.5 1.5 2.1 N/A N/A N/A N/A N/A 2.1 (NOV.’09)SIGNATURE DIVIDEND CORPORATE CLASS ERIC BUSHELL 2305 / 3305 / 1305 2505 / 3505 / 1505 $14.67 $242.1 3.0 2.4 5.4 38.0 -0.2 3.8 N/A 5.6 (AUG.’02)SIGNATURE GLOBAL ENERGY CORPORATE CLASS SCOTT VALI 281 / 781 / 1781 381 / 481 / 1481 $43.69 $169.5 -2.0 0.9 4.5 33.7 0.5 8.7 14.4 13.6 (JUNE’98)SIGNATURE GLOBAL INCOME & GROWTH CORPORATE CLASS ERIC BUSHELL 2312 / 3312 / 1312 2515 / 3515 / 1520 $9.06 $26.8 1.7 3.4 5.7 32.7 -2.8 N/A N/A -3.1 (FEB.’07)*simple rates of return†Lead Manager of the Underlying Fund††J. Hock, W. Priest, D. Pearl, D. Picton and R. Beckwitt†††R. Beckwitt, F. Campeau, J. Hock, N. Narayanan and W. Priestas at March 31, 2010F O R DEALE R U SE ONLY • VIS IT U S AT WWW.CI .COM F O R ALL THE LATEST FUND AND MANAGER INFO RMATIO N • M O NTHLY P E RFO RMANCE SCOR ECARD PAGE 86 8 9

CI Corporate Class cont’dLEAD MANAGERCDN $FUND CODE: CIGISC / DSC / LSCUS $FUND CODE: CIGISC / DSC / LSCNAV(CDN)FUNDASSETS($MM)Y-T-D(%)1MTH(%)*6MTH(%)*1 YR(%)3 YR(%)5 YR(%)10 YR(%)SINCEINCEPTION(%)SIGNATURE HIGH INCOME CORPORATE CLASS ERIC BUSHELL 2304 / 3304 / 1304 2504 / 3504 / 1504 $18.70 $476.9 2.6 1.7 8.2 33.1 1.0 4.7 N/A 8.6 (AUG.’02)SIGNATURE INCOME & GROWTH CORPORATE CLASS E. BUSHELL / J. DUTKIEWICZ 2309 / 3309 / 1309 2509 / 3509 / 1514 $13.20 $461.2 1.9 2.8 5.2 32.2 0.9 5.8 N/A 5.8 (MAR.’05)SIGNATURE SELECT CANADIAN CORPORATE CLASS ERIC BUSHELL 150 / 151 / 1151 164 / 017 / 1117 $19.14 $763.5 1.5 4.1 5.4 34.3 -0.7 7.4 N/A 7.8 (AUG.’01)SYNERGY AMERICAN CORPORATE CLASS DAVID PICTON 279 / 278 / 1278 379 / 478 / 1478 $9.27 $210.0 1.3 2.5 3.6 10.2 -9.7 -2.4 -5.3 4.7 (SEPT.’92)SYNERGY CANADIAN CORPORATE CLASS DAVID PICTON 6103 / 6153 / 1153 2510 / 3510 / 1515 $13.31 $1,408.9 3.4 4.0 8.3 35.9 -3.9 4.2 4.2 9.4 (DEC.’97)SYNERGY GLOBAL CORPORATE CLASS M. MAHONEY/ D. PICTON 6109 / 6159 / 1159 6209 / 6259 / 1259 $3.97 $276.9 0.0 3.9 2.8 14.7 -10.7 -0.9 -3.5 -2.1 (MAR’99)Harbour Funds ®HARBOUR G. COLEMAN / S. JENKINS 690 / 890 / 1890 – $19.73 $6,107.7 1.1 3.9 3.7 29.4 0.4 6.6 8.9 8.0 (JUNE’97)HARBOUR GROWTH & INCOME G. COLEMAN / S. JENKINS 691 / 891 / 1891 – $17.50 $9,036.1 1.0 2.8 3.2 22.9 0.3 5.0 7.6 5.9 (JUNE’97)Signature Funds SIGNATURE CANADIAN BOND JAMES DUTKIEWICZ 837 / 847 / 1847 – $5.60 $1,970.4 1.7 -0.3 1.8 6.1 3.6 3.7 4.6 6.0 (JAN.’93)SIGNATURE CANADIAN BALANCED ERIC BUSHELL 685 / 785 / 1785 – $14.77 $1,780.3 1.7 2.7 4.4 25.7 1.6 6.9 5.4 8.1 (JUNE’97)SIGNATURE CANADIAN RESOURCE SCOTT VALI 611 / 811 / 1811 – $19.67 $665.6 -2.4 1.6 3.9 32.1 4.1 15.1 19.4 11.6 (APR.’97)SIGNATURE CORPORATE BOND DUTKIEWICZ / SHAW / MARSHALL 9010 / 9060 / 1150 – $9.77 $962.2 2.6 1.2 5.7 21.4 3.8 4.2 N/A 4.0 (JAN.’02)SIGNATURE DIVERSIFIED YIELD ERIC BUSHELL 619 / 819 / 1619 620 / 820 / 1620 $10.00 $213.9 1.4 2.0 N/A N/A N/A N/A N/A 2.0 (NOV.’09)SIGNATURE DIVIDEND ERIC BUSHELL 610 / 810 / 1810 – $11.93 $1,511.7 3.2 2.5 5.7 39.7 -0.4 3.9 6.8 6.5 (OCT.’96)SIGNATURE GLOBAL INCOME & GROWTH ERIC BUSHELL 2111 / 3111 / 1111 2402 / 3402 / 1402 $7.42 $102.5 1.8 3.5 5.8 33.0 -2.7 N/A N/A -2.9 (FEB.’07)SIGNATURE HIGH INCOME ERIC BUSHELL 686 / 786 / 1786 – $12.84 $3,575.6 2.9 1.8 8.8 36.0 1.0 4.9 11.5 9.6 (DEC.’96)SIGNATURE INCOME & GROWTH E. BUSHELL / J. DUTKIEWICZ 6116 / 6166 / 1166 – $4.70 $3,066.7 1.9 2.7 5.2 32.5 0.7 5.8 N/A 7.0 (NOV.’00)SIGNATURE MORTGAGE JAMES DUTKIEWICZ 9002 / 9352 / 1342 – $10.30 $48.0 1.2 0.1 1.7 2.5 2.6 2.4 3.2 4.1 (JUNE’93)SIGNATURE SELECT CANADIAN ERIC BUSHELL 677 / 777 / 1777 – $17.50 $3,336.9 1.7 4.2 5.4 34.6 -1.1 7.3 9.7 10.8 (MAY’98)SIGNATURE SHORT-TERM BOND JAMES DUTKIEWICZ 7220 / 7225 / 1225 – $5.33 $145.1 0.1 -0.8 0.1 0.3 2.8 2.5 3.6 7.2 (MAY‘76)Synergy FundsSYNERGY AMERICAN DAVID PICTON 622 / 621 / 1621 545 / 548 / 1548 $10.35 $94.0 1.4 2.6 3.6 12.3 -9.7 -2.4 -5.2 5.8 (SEPT.’92)SYNERGY TACTICAL ASSET ALLOCATION D. PICTON / D. BUBIS 6115 / 6165 / 1165 – $7.33 $189.1 2.4 2.7 4.5 18.7 -1.3 3.5 4.0 5.9 (SEPT.’98)*simple rates of returnas at March 31, 2010F O R DEALE R U SE ONLY • VIS IT U S AT WWW.CI .COM F O R ALL THE LATEST FUND AND MANAGER INFO RMATIO N • M O NTHLY P E RFO RMANCE SCOR ECARD PAGE 87 90

Labour-sponsored FundsLEAD MANAGERCDN $FUND CODE: CIGISC / DSC / LSCNAV(CDN)FUNDASSETS($MM)Y-T-D(%)1MTH(%)*6MTH(%)*1 YR(%)3 YR(%)5 YR(%)10 YR(%)SINCEINCEPTION(%)COVINGTON II FUND INC. (ONTARIO ONLY) G. BROWN / C. VALLIS – / 912 / – $9.43 $77.1 1.7 -1.6 -4.6 26.6 3.4 4.1 -0.6 -0.6 (DEC.’99)ENSIS GROWTH FUND INC. (MANITOBA ONLY) ENSIS MANAGEMENT 508 / 509 / – $7.59 $54.0 -4.6 -2.7 -6.8 -15.8 -2.6 -3.1 -2.3 -2.2 (JAN.’98)VENTURELINK BALANCED FUND INC. VENTURELINK LP – / 6942 / – $9.84 $27.9 -1.7 -1.7 2.2 -4.4 -1.5 N/A N/A -0.4 (SEPT.’01)VENTURELINK BRIGHTER FUTURE FUND INC. SERIES I VENTURELINK LP – / 6940 / – $11.47 $21.0 -9.7 -4.4 -2.4 -2.5 5.7 N/A N/A 3.8 (SEPT.’01)VENTURELINK BRIGHTER FUTURE FUND INC. SERIES II VENTURELINK LP – / 6941 / – $11.50 $1.9 -9.8 -4.5 -2.7 -3.3 5.7 N/A N/A 3.9 (SEPT.’01)VENTURELINK BRIGHTER FUTURE FUND INC. SERIES III* VENTURELINK LP – / 6943 / – $11.56 $20.0 -9.8 -4.5 -2.6 -3.2 5.8 N/A N/A 4.0 (JAN.’04)VENTURELINK BRIGHTER FUTURE FUND INC. SERIES IV* VENTURELINK LP – / 6944 / – $11.55 $12.2 -9.8 -4.5 -2.6 -3.1 5.7 N/A N/A 4.0 (JAN.’04)VENTURELINK BRIGHTER FUTURE FUND INC. SERIES V VENTURELINK LP – / 6945 / – $11.59 $0.7 -9.7 -4.4 -2.4 -2.6 5.9 N/A N/A 4.1 (OCT.’00)VENTURELINK DIVERSIFIED INCOME FUND INC. SERIES I VENTURELINK LP – / 6930 / – $8.90 $6.3 0.0 0.1 2.4 9.1 -8.8 -3.2 N/A -1.4 (NOV.’02)VENTURELINK DIVERSIFIED INCOME FUND INC. SERIES II VENTURELINK LP – / 6931 / – $8.83 $0.9 0.0 0.1 2.3 9.0 -8.9 -3.3 N/A -1.5 (NOV.’02)VENTURELINK DIVERSIFIED INCOME FUND INC. SERIES III * VENTURELINK LP – / 6933 / – $8.69 $27.3 -0.1 0.1 2.2 8.8 -9.2 -3.6 N/A -2.0 (JAN.’04)VENTURELINK DIVERSIFIED INCOME FUND INC. SERIES IV* VENTURELINK LP – / 6934 / – $8.68 $14.0 0.0 0.1 2.2 8.8 -9.2 -3.7 N/A -2.0 (JAN.’04)VENTURELINK FINANCIAL SERVICES INNOVATION FUND INC. SERIES I VENTURELINK LP – / 6910 / – $10.43 $45.0 1.5 2.3 1.4 16.5 -6.4 -0.4 N/A 0.7 (SEPT.’01)VENTURELINK FINANCIAL SERVICES INNOVATION FUND INC. SERIES II VENTURELINK LP – / 6911 / – $10.35 $6.3 1.5 2.3 1.4 16.6 -6.4 -0.5 N/A 0.6 (SEPT.’01)VENTURELINK FINANCIAL SERVICES INNOVATION FUND INC. SERIES III* VENTURELINK LP – / 6913 / – $9.77 $47.4 1.5 2.3 1.1 16.2 -6.8 -0.9 N/A -0.4 (JAN.’04)VENTURELINK FINANCIAL SERVICES INNOVATION FUND INC. SERIES IV* VENTURELINK LP – / 6914 / – $9.77 $16.2 1.3 2.2 1.1 16.0 -6.8 -1.0 N/A -0.4 (JAN.’04)*simple rates of returnas at March 31, 2010F O R DEALE R U SE ONLY • VIS IT U S AT WWW.CI .COM F O R ALL THE LATEST FUND AND MANAGER INFO RMATIO N • M O NTHLY P E RFO RMANCE SCOR ECARD PAGE 88 91

CI GIFs (Class A units) 1Issued by Transamerica Life CanadaLEAD MANAGERCDN $FUND CODE: CIGISC / DSC / LSCNAV(CDN)FUNDASSETS($MM)Y-T-D(%)1MTH(%)*6MTH(%)*1 YR(%)3 YR(%)5 YR(%)10 YR(%)SINCEINCEPTION(%)CI AMERICAN EQUITY GIF R. BECKWITT / F. CAMPEAU 047 / 947 / – $3.83 $6.5 -0.5 0.5 3.2 19.3 -15.0 -6.5 -10.7 -8.9 (JAN.’00)CI GLOBAL GIF STERLING / GIGLIOTTI / BECKWITT 034 / 934 / – $6.71 $18.8 -1.3 1.7 0.3 19.2 -15.1 -5.7 -7.6 -3.5 (FEB.’99)CI GLOBAL VALUE GIF JOHN HOCK 046 / 946 / – $8.83 $1.8 0.2 2.7 0.8 15.7 -12.2 -4.8 -4.1 -1.1 (FEB.’99)CI HARBOUR GIF G. COLEMAN / S. JENKINS 030 / 930 / – $21.89 $55.6 0.5 3.7 2.4 26.2 -2.1 4.0 6.5 7.3 (FEB.’99)CI HARBOUR GROWTH & INCOME GIF G. COLEMAN / S. JENKINS 031 / 931 / – $18.18 $41.2 0.6 2.7 2.2 20.6 -1.6 3.0 5.7 5.5 (FEB.’99)CI INTERNATIONAL GIF STERLING / GIGLIOTTI / BECKWITT 051 / 951 / – $4.23 $2.7 -2.5 2.7 -0.9 19.8 -16.7 -5.6 -8.7 -8.1 (JAN.’00)CI INTERNATIONAL BALANCED GIF STERLING / GIGLIOTTI / BECKWITT 038 / 938 / – $8.26 $11.9 -1.7 -0.1 -1.4 8.7 -7.6 -2.2 -4.2 -1.7 (FEB.’99)CI INTERNATIONAL BALANCED CORPORATE CLASS GIF 3 STERLING / GIGLIOTTI / BECKWITT 036 / 936 / – $7.48 $20.9 -1.3 -0.3 -1.4 10.3 -10.2 -3.5 -7.1 -2.6 (FEB.’99)CI SIGNATURE CANADIAN BALANCED GIF ERIC BUSHELL 040 / 940 / – $18.50 $16.7 1.3 2.5 3.5 23.4 -0.2 4.9 3.6 5.7 (FEB.’99)CI SIGNATURE CANADIAN BOND GIF JAMES DUTKIEWICZ 044 / 944 / – $14.14 $7.3 1.4 -0.4 1.2 4.8 2.4 2.4 3.5 3.2 (FEB.’99)CI SIGNATURE DIVIDEND GIF ERIC BUSHELL 042 / 942 / – $15.48 $20.0 2.6 2.2 4.5 36.3 -2.7 1.4 4.6 4.0 (FEB.’99)CI SIGNATURE HIGH INCOME GIF ERIC BUSHELL 052 / 952 / – $25.52 $29.6 2.6 1.7 8.0 33.9 -0.5 3.3 9.9 9.6 (JAN.’00)CI SIGNATURE SELECT CANADIAN GIF ERIC BUSHELL 041 / 941 / – $18.98 $22.6 1.1 3.9 4.1 31.3 -3.5 4.7 2.8 5.9 (FEB.’99)CI SYNERGY AMERICAN GIF DAVID PICTON 032 / 932 / – $5.85 $4.4 0.9 2.5 2.5 9.8 -11.7 -4.6 -7.2 -4.7 (FEB.’99)CI MONEY MARKET GIF CI INVESTMENTS 045 / 945 / – $11.99 $19.2 -0.2 -0.1 -0.3 -0.8 0.8 1.1 1.5 1.6 (FEB.’99)CI CONSERVATIVE PORTFOLIO GIF CI INVESTMENTS 053 / 953 / – $13.57 $20.1 1.4 1.3 3.7 18.3 -1.6 2.2 N/A 3.7 (SEPT.’01)CI MODERATE PORTFOLIO GIF CI INVESTMENTS 054/ 954/ – $12.68 $40.3 1.2 2.0 3.6 20.4 -3.7 1.7 N/A 2.8 (SEPT.’01)CI GROWTH PORTFOLIO GIF CI INVESTMENTS 055 / 955 / – $11.22 $21.0 1.4 2.3 4.1 22.8 -4.6 0.8 N/A 1.4 (SEPT.’01)CI AGGRESSIVE GROWTH PORTFOLIO GIF CI INVESTMENTS 056 / 956 / – $9.81 $4.2 0.9 3.0 3.8 24.8 -8.0 -1.0 N/A -0.2 (SEPT.’01)CI GIFs (Class B units) 2 Issued by Transamerica Life CanadaCI AMERICAN EQUITY GIF R. BECKWITT / F. CAMPEAU 079 / 771 / – $6.50 $0.2 -0.3 0.6 3.7 20.8 -14.1 -5.5 N/A -5.0 (SEPT.’01)CI GLOBAL GIF STERLING / GIGLIOTTI / BECKWITT 066 / 756 / – $8.08 $1.1 -1.1 1.6 0.7 20.4 -14.2 -4.7 N/A -2.5 (SEPT.’01)CI GLOBAL VALUE GIF JOHN HOCK 078 / 770 / – $8.39 $0.3 0.5 2.7 1.5 17.2 -11.1 -3.6 N/A -2.1 (SEPT.’01)CI HARBOUR GIF G. COLEMAN / S. JENKINS 062 / 752 / – $17.39 $15.7 0.8 3.8 3.0 27.6 -1.0 5.2 N/A 6.8 (SEPT.’01)CI HARBOUR GROWTH & INCOME GIF G. COLEMAN / S. JENKINS 063 / 753 / – $15.93 $21.4 0.8 2.8 2.8 21.9 -0.5 4.1 N/A 5.7 (SEPT.’01)CI INTERNATIONAL GIF STERLING / GIGLIOTTI / BECKWITT 083 / 775 / – $6.84 $0.2 -2.3 2.9 -0.3 21.3 -15.8 -4.6 N/A -4.4 (SEPT.’01)CI INTERNATIONAL BALANCED GIF STERLING / GIGLIOTTI / BECKWITT 070 / 760 / – $9.43 $1.2 -1.4 0.0 -0.8 9.9 -6.5 -1.1 N/A -0.7(SEPT.’01))CI INTERNATIONAL BALANCED CORPORATE CLASS GIF 3 STERLING / GIGLIOTTI / BECKWITT 068/ 758/ – $8.19 $0.6 -1.0 -0.1 -0.8 11.6 -9.2 -2.4 N/A -2.3 (SEPT.’01)CI SIGNATURE CANADIAN BALANCED GIF ERIC BUSHELL 072 / 762 / – $16.34 $4.0 1.6 2.6 4.0 24.7 0.8 6.0 N/A 6.0 (SEPT.’01)CI SIGNATURE CANADIAN BOND GIF JAMES DUTKIEWICZ 076 / 768/ – $13.16 $1.7 1.5 -0.4 1.5 5.4 3.0 3.1 N/A 3.3 (SEPT.’01)CI SIGNATURE DIVIDEND GIF ERIC BUSHELL 074 / 764/ – $13.66 $6.3 2.9 2.4 5.1 37.8 -1.7 2.6 N/A 3.8 (SEPT.’01)CI SIGNATURE HIGH INCOME GIF ERIC BUSHELL 084 / 782 / – $20.46 $6.9 2.8 1.7 8.4 35.0 0.3 4.1 N/A 8.8 (SEPT.’01)CI SIGNATURE SELECT CANADIAN GIF ERIC BUSHELL 073 / 763 / – $16.67 $4.7 1.5 4.1 4.8 33.0 -2.3 5.9 N/A 6.2 (SEPT.’01CI SYNERGY AMERICAN GIF DAVID PICTON 064/ 754/ – $7.06 $0.3 1.1 2.5 3.1 11.0 -10.7 -3.6 N/A -4.0 (SEPT.’01)CI MONEY MARKET GIF CI INVESTMENTS 077 / 769 / – $11.30 $4.7 -0.1 -0.1 -0.2 -0.4 1.3 1.7 N/A 1.5 (SEPT.’01)CI CONSERVATIVE PORTFOLIO GIF CI INVESTMENTS 085 / 783 / – $13.86 $9.7 1.5 1.3 3.9 18.8 -1.2 2.6 N/A 3.9 (SEPT.’01)CI MODERATE PORTFOLIO GIF CI INVESTMENTS 086 / 788 / – $12.99 $16.6 1.2 2.0 3.8 20.9 -3.3 2.2 N/A 3.1 (SEPT.’01)CI GROWTH PORTFOLIO GIF CI INVESTMENTS 087 / 789 / – $11.73 $5.5 1.5 2.4 4.3 23.3 -4.1 1.3 N/A 1.9 (SEPT.’01)CI AGGRESSIVE GROWTH PORTFOLIO GIF CI INVESTMENTS 088 / 799 / – $9.92 $0.7 1.1 3.0 4.0 25.4 -7.6 -0.6 N/A -0.1 (SEPT.’01)*simple rates of return1Class A units: 100% Maturity Guarantee and 100% Death Benefit Guarantee2Class B units: 75% Maturity Guarantee and 100% Death Benefit Guarantee3formerly CI Global Balanced Corporate Class GIFas at March 31, 2010F O R DEALE R U SE ONLY • VIS IT U S AT WWW.CI .COM F O R ALL THE LATEST FUND AND MANAGER INFO RMATIO N • M O NTHLY P E RFO RMANCE SCOR ECARD PAGE 89 92

CI Segregated FundsIssued by Unity Life of CanadaLEAD MANAGERCDN $FUND CODE: CIGISC / DSC / LSCNAV(CDN)FUNDASSETS($MM)Y-T-D(%)1MTH(%)*6MTH(%)*1 YR(%)3 YR(%)5 YR(%)10 YR(%)SINCEINCEPTION(%)CI GLOBAL STERLING / GIGLIOTTI / BECKWITT 025 / 925 / – $9.30 $2.3 -1.0 1.8 1.1 20.9 -13.9 -4.4 -6.6 -0.6 (OCT.’97)CI GLOBAL VALUE JOHN HOCK 024 / 924/ – $9.25 $0.8 0.7 2.9 1.8 18.0 -10.5 -3.0 -2.6 -0.6 (OCT.’97)CI HARBOUR G. COLEMAN / S. JENKINS 021 / 921/ – $24.93 $13.9 0.8 3.8 3.2 28.1 -0.5 5.7 8.0 7.6 (OCT.’97)CI HARBOUR GROWTH & INCOME G. COLEMAN / S. JENKINS 022 / 922 / – $19.26 $12.3 0.8 2.7 2.8 21.8 -0.5 4.2 6.7 5.4 (OCT.’97)CI MONEY MARKET CI INVESTMENTS 020 / 920 / – $12.90 $1.2 -0.2 0.0 -0.2 -0.5 1.2 1.6 1.8 2.1 (OCT.’97)CI SYNERGY AMERICAN DAVID PICTON 023 / 923 / – $8.64 $0.9 1.2 2.5 3.1 11.2 -10.5 -3.2 -6.1 -1.2 (OCT.’97)Legacy Segregated Funds I Issued by Transamerica Life CanadaCI AMERICAN EQUITY I R. BECKWITT / F. CAMPEAU 134 / 234/ – $8.57 $1.4 0.0 0.8 4.3 21.9 -14.3 -6.1 -10.6 -1.3 (DEC.’97)CI AMERICAN SMALL COMPANIES I WILLIAM PRIEST / D. PEARL 133 / 233 / – $8.15 $0.3 3.0 2.5 5.6 27.3 -9.5 -3.1 -3.3 -1.7 (DEC.’97)CI GLOBAL I STERLING / GIGLIOTTI / BECKWITT 135 / 235 / – $6.92 $2.4 -0.9 1.8 1.2 21.6 -14.4 -5.5 -10.1 -3.0 (DEC.’97)CI INTERNATIONAL I STERLING / GIGLIOTTI / BECKWITT 136 / 236 / – $7.46 $1.6 -2.0 3.0 0.3 22.5 -16.0 -5.1 -8.5 -2.4 (DEC.’97)SIGNATURE CANADIAN I ERIC BUSHELL 131 / 231/ – $15.17 $3.3 1.7 4.1 5.3 34.1 -2.6 5.2 3.0 3.5 (DEC.’97)SIGNATURE CANADIAN BALANCED I ERIC BUSHELL 137 / 237/ – $17.82 $10.5 1.7 2.7 4.3 25.4 0.5 5.3 3.9 4.8 (DEC.’97)SIGNATURE CANADIAN BOND I JAMES DUTKIEWICZ 140 / 240 / – $15.01 $0.9 1.6 -0.3 1.7 5.9 2.8 2.7 3.6 3.4 (DEC.’97)SIGNATURE DIVIDEND INCOME I ERIC BUSHELL 139 / 239 / – $19.15 $12.1 3.4 2.6 6.0 40.0 -0.8 3.2 6.1 5.4 (DEC.’97)SIGNATURE HIGH INCOME I ERIC BUSHELL 138 / 238/ – $24.46 $5.8 2.9 1.8 8.7 35.5 0.1 3.6 10.1 7.6 (DEC.’97)SIGNATURE HIGH INCOME B I ERIC BUSHELL 141 / 241 / – $22.02 $0.9 2.8 1.8 8.7 35.5 0.1 3.7 8.5 7.3 (FEB.’99)SIGNATURE SELECT CANADIAN I ERIC BUSHELL 132 / 232 / – $28.02 $3.8 1.6 4.1 5.2 34.1 -2.6 5.2 7.5 9.7 (FEB.’99)CI MONEY MARKET I CI INVESTMENTS 142 / 242 / – $12.83 $4.0 0.0 0.0 0.0 -0.1 1.1 1.4 1.6 2.1 (DEC.’97)Legacy Segregated Funds II Issued by Transamerica Life CanadaCI AMERICAN EQUITY II R. BECKWITT / F. CAMPEAU 334 / 434/ – $8.29 $1.8 -0.5 0.6 3.1 19.5 -15.0 -6.6 -10.9 -5.9 (FEB.’99)CI AMERICAN SMALL COMPANIES II WILLIAM PRIEST / D. PEARL 333 / 433 / – $7.85 $0.2 2.5 2.5 4.2 24.2 -10.5 -3.7 -3.6 -1.6 (FEB.’99)CI GLOBAL II STERLING / GIGLIOTTI / BECKWITT 335 / 435 / – $6.70 $2.8 -1.3 1.7 0.3 19.2 -15.1 -6.0 -10.4 -6.1 (FEB.’99)CI INTERNATIONAL II STERLING / GIGLIOTTI / BECKWITT 336 / 436 / – $7.20 $0.7 -2.6 2.7 -0.8 19.8 -16.8 -5.7 -8.8 -5.2 (FEB.’99)SIGNATURE CANADIAN II ERIC BUSHELL 331/ 431/ – $14.58 $1.7 1.2 3.9 4.1 31.2 -3.6 4.6 2.6 3.8 (FEB.’99)SIGNATURE CANADIAN BALANCED II ERIC BUSHELL 337 / 437/ – $17.29 $5.9 1.2 2.5 3.4 23.2 -0.3 4.8 3.6 4.2 (FEB.’99)SIGNATURE CANADIAN BOND II JAMES DUTKIEWICZ 340 / 440 / – $14.76 $0.7 1.4 -0.5 1.2 4.7 2.3 2.4 3.4 3.0 (FEB.’99)SIGNATURE DIVIDEND INCOME II ERIC BUSHELL 339 / 439 / – $18.69 $7.2 3.0 2.5 5.2 38.0 -1.4 2.8 5.8 5.5 (FEB.’99)SIGNATURE HIGH INCOME II ERIC BUSHELL 338/ 438/ – $23.88 $4.5 2.5 1.7 8.0 33.7 -0.6 3.2 9.8 8.8 (FEB.’99)SIGNATURE HIGH INCOME B II ERIC BUSHELL 341 / 441 / – $21.73 $0.5 2.5 1.6 7.9 33.7 -0.6 3.3 8.3 7.2 (FEB.’99)SIGNATURE SELECT CANADIAN II ERIC BUSHELL 332 / 432 / – $27.10 $5.4 1.1 3.9 4.1 31.2 -3.5 4.6 7.2 9.3 (FEB.’99)CI MONEY MARKET II CI INVESTMENTS 342 / 442 / – $12.68 $4.8 -0.2 -0.1 -0.3 -0.8 0.8 1.2 1.5 1.8 (FEB.’99)*simple rates of returnas at March 31, 2010F O R DEALE R U SE ONLY • VIS IT U S AT WWW.CI .COM F O R ALL THE LATEST FUND AND MANAGER INFO RMATIO N • M O NTHLY P E RFO RMANCE SCOR ECARD PAGE 90 93

Hedge FundsLEAD MANAGERCDN $FUND CODE: CIGISC / DSC / LSCUS $FUND CODE: CIGISC / DSC / LSCNAV(CDN)FUNDASSETS($MM)Y-T-D(%)1MTH(%)*6MTH(%)*1 YR(%)3 YR(%)5 YR(%)10 YR(%)SINCEINCEPTION(%)CI GLOBAL OPPORTUNITIES NANDU NARAYANAN 218 / 818 / – 318 / 618 / – $23.59 $19.4 -2.9 -2.0 -3.3 -8.2 36.8 22.1 6.3 19.9 (MAR.’95)TRIDENT GLOBAL OPPORTUNITIES NANDU NARAYANAN 261 / 761 / – 177 / 577 / – $237.91 $241.2 -3.0 -2.2 -3.4 -8.7 33.4 20.9 N/A 12.7 (FEB.’01)Clarica MVP Segregated Funds Issued by Sun Life Assurance Company of CanadaCLARICA MVP ASIAN-PACIFIC NON-RSP EQUITY W. PRIEST / E. BAKER 9250 / – / – – $11.61 $0.1 1.8 2.5 -1.2 15.6 -7.9 2.2 -8.5 1.0 (JUL.’97)CLARICA MVP 1987 ASIAN-PACIFIC NON-RSP EQUITY W. PRIEST / E. BAKER 9262 / – / – – $11.63 $0.0 1.7 2.5 -1.1 15.8 -7.9 2.2 -8.5 1.0 (JUL.’97)CLARICA MVP ASIAN-PACIFIC RSP EQUITY W. PRIEST / E. BAKER 9251/ – / – – $12.43 $1.4 1.6 2.5 -1.3 15.6 -8.0 2.1 -8.2 1.7 (DEC.’96)CLARICA MVP 1987 ASIAN-PACIFIC RSP EQUITY W. PRIEST / E. BAKER 9263 / – / – – $12.45 $0.1 1.8 2.5 -1.1 15.8 -8.0 2.2 -8.2 1.7 (DEC.’96)CLARICA MVP BALANCED ERIC BUSHELL 9252 / – / – – $42.57 $55.9 1.6 2.7 4.1 25.1 1.3 6.5 4.1 6.4 (DEC.’86)CLARICA MVP 1987 BALANCED ERIC BUSHELL 9264/ – / – – $42.63 $3.3 1.6 2.7 4.3 25.2 1.4 6.6 4.1 6.4 (DEC.’86)CLARICA MVP BOND JAMES DUTKIEWICZ 9253 / – / – – $35.66 $10.3 1.6 -0.4 1.5 5.6 3.3 3.4 4.2 5.6 (DEC.’86)CLARICA MVP 1987 BOND JAMES DUTKIEWICZ 9265 / – / – – $35.72 $0.4 1.7 -0.3 1.7 5.8 3.4 3.5 4.2 5.6 (DEC.’86)CLARICA MVP DIVIDEND ERIC BUSHELL 9257/ – / – – $14.44 $4.2 2.8 2.3 5.1 38.0 -1.2 3.0 3.3 3.0 (DEC.’97)CLARICA MVP 1987 DIVIDEND ERIC BUSHELL 9269 / – / – – $14.46 $0.2 2.9 2.3 5.2 38.2 -1.2 3.1 3.3 3.1 (DEC.’97)CLARICA MVP EQUITY DAVID PICTON 9254/ – / – – $36.31 $32.3 3.3 3.9 8.0 35.1 -4.1 4.0 3.0 5.7 (DEC.’86)CLARICA MVP 1987 EQUITY DAVID PICTON 9266 / – / – – $36.37 $4.2 3.4 3.9 8.1 35.4 -4.0 4.0 3.1 5.7 (DEC.’86)CLARICA MVP EUROPEAN GROWTH G. GIGLIOTTI / F. CAMPEAU 9258/ – / – – $8.51 $1.4 -5.1 2.5 -3.7 18.4 -17.3 -3.8 -5.5 -1.3 (DEC.’97)CLARICA MVP 1987 EUROPEAN GROWTH G. GIGLIOTTI / F. CAMPEAU 9270 / – / – – $8.52 $0.0 -5.1 2.5 -3.6 18.5 -17.2 -3.8 -5.5 -1.3 (DEC.’97)CLARICA MVP GLOBAL EQUITY STERLING / GIGLIOTTI / BECKWITT 9255 / – / – – $10.42 $1.9 -1.0 1.9 1.2 21.4 -13.4 -3.8 -6.0 0.3 (DEC.’96)CLARICA MVP 1987 GLOBAL EQUITY STERLING / GIGLIOTTI / BECKWITT 9267/ – / – – $10.44 $0.2 -0.9 1.9 1.3 21.7 -13.3 -3.7 -6.0 0.3 (DEC.’96)CLARICA MVP GROWTH W. PRIEST / D. PEARL 9256 / – / – – $39.92 $46.4 3.1 2.6 5.6 27.3 -8.0 -1.1 0.0 8.4 (DEC.’92)CLARICA MVP 1987 GROWTH W. PRIEST / D. PEARL 9268/ – / – – $39.97 $1.4 3.1 2.6 5.7 27.5 -8.0 -1.0 0.0 8.4 (DEC.’92)CLARICA MVP MONEY MARKET CI INVESTMENTS 9260 / – / – – $1.64 $4.0 0.0 -0.1 -0.1 -0.3 1.4 1.8 1.9 2.7 (JAN.’88)CLARICA MVP 1987 MONEY MARKET CI INVESTMENTS 9272 / – / – – $1.26 $0.1 0.0 0.0 -23.2 -23.3 -7.1 -3.4 -0.8 1.3 (JAN.’88)CLARICA MVP SMALL CAP AMERICAN W. PRIEST / D. PEARL 9259 / – / – – $16.88 $1.5 2.9 2.6 5.2 26.5 -8.5 -3.1 3.0 4.4 (DEC.’97)CLARICA MVP 1987 SMALL CAP AMERICAN W. PRIEST / D. PEARL 9271 / – / – – $16.91 $0.1 3.0 2.6 5.4 26.8 -8.4 -3.0 3.1 4.4 (DEC.’97)CLARICA MVP U.S. EQUITY BILL MILLER 9261/ – / – – $12.48 $3.1 1.5 2.1 2.3 33.2 -19.4 -10.6 -10.9 1.2 (DEC.’92)CLARICA MVP 1987 U.S. EQUITY BILL MILLER 9273 / – / – – $12.50 $0.1 1.5 2.2 2.4 33.4 -19.3 -10.6 -10.8 1.2 (DEC.’92)*simple rates of returnas at March 31, 2010F O R DEALE R U SE ONLY • VIS IT U S AT WWW.CI .COM F O R ALL THE LATEST FUND AND MANAGER INFO RMATIO N • M O NTHLY P E RFO RMANCE SCOR ECARD PAGE 91 94

Clarica PortfolioSegregated FundsIssued by Sun Life Assurance Company of CanadaLEAD MANAGERCDN $FUND CODE: CIGISC / DSC / LSCCLARICA SF CI ALPINE GROWTH EQUITY - DSC TED WHITEHEAD – / 9202 / – $19.61 $5.3CLARICA SF CI ALPINE GROWTH EQUITY - FE TED WHITEHEAD 9152 / – / – $19.53 $19.7CLARICA SF CI AMERICAN EQUITY - DSC R. BECKWITT / F. CAMPEAU – / 9219 / – $5.65 $2.2CLARICA SF CI AMERICAN EQUITY - FE R. BECKWITT / F. CAMPEAU 9169 / – / – $5.65 $10.5CLARICA SF CI AMERICAN SMALL COMPANIES - DSC W. PRIEST / D. PEARL – / 9212 / – $7.25 $3.1NAV(CDN)FUNDASSETS($MM)Y-T-D(%)1MTH(%)*6MTH(%)*1 YR(%)3 YR(%)5 YR(%)10 YR(%)SINCEINCEPTION(%)6.5 2.8 17.8 67.3 -0.5 5.0 4.5 7.2 (JAN ’98)6.5 2.8 17.7 67.2 -0.5 4.9 4.5 5.6 (JAN ’98)0.0 0.9 4.1 21.5 -13.6 -4.5 -6.9 -5.4 (FEB.’99)0.0 0.9 4.1 21.5 -13.6 -4.5 -6.9 -5.0 (FEB.’99)3.0 2.5 5.4 27.0 -8.3 -2.7 -4.8 -3.0 (JAN.’00)CLARICA SF CI AMERICAN SMALL COMPANIES - FE W. PRIEST / D. PEARL 9162 / – / – $7.23 $6.0 3.0 2.6 5.4 27.1 -8.2 -2.7 -4.8 -3.1 (JAN.’00)CLARICA SF CI ASIAN AND PACIFIC - DSC W. PRIEST / E. BAKER – / 9203 / – $6.27 $0.7 1.5 2.5 -1.6 14.6 -8.9 1.2 N/A -4.9 (JAN.’01)CLARICA SF CI ASIAN AND PACIFIC -FE W. PRIEST / E. BAKER 9153 / – / – $6.24 $1.3 1.5 2.5 -1.6 14.7 -9.0 1.1 N/A -4.9 (JAN.’01)CLARICA SF CI CANADIAN INVESTMENT - DSC DANIEL BUBIS – / 9206 / – $19.17 $26.3 2.5 3.8 4.9 35.0 -1.7 4.7 5.2 6.5 (JAN.’00)CLARICA SF CI CANADIAN INVESTMENT - FE DANIEL BUBIS 9156 / – / – $19.10 $62.2 2.5 3.7 4.9 35.0 -1.7 4.7 5.2 6.4 (JAN.’00)CLARICA SF CI CANADIAN SMALL/MID CAP - DSC J. LAWSON / D. PICTON – / 9225 / – $13.49 $9.6 4.9 3.0 15.8 48.1 -3.4 1.8 2.6 3.7 (JAN.’98)CLARICA SF CI CANADIAN SMALL/MID CAP - FE J. LAWSON / D. PICTON 9175 / – / – $13.49 $61.2 4.9 3.0 15.8 48.1 -3.4 1.8 2.6 2.5 (JAN.’98)CLARICA SF CI EMERGING MARKETS - DSC PABLO SALAS – / 9224 / – $15.55 $4.6 -3.0 4.0 2.3 43.6 -4.0 8.4 1.4 3.0 (JAN.’98)CLARICA SF CI EMERGING MARKETS - FE PABLO SALAS 9174 / – / – $15.46 $9.4 -3.1 3.9 2.2 43.4 -4.2 8.3 1.4 3.6 (JAN.’98)CLARICA SF CI EUROPEAN - DSC G. GIGLIOTTI / F. CAMPEAU – / 9207 / – $6.69 $1.2 -5.2 2.5 -3.9 18.0 -17.6 -4.2 -6.3 -3.8 (JAN.’00)CLARICA SF CI EUROPEAN - FE G. GIGLIOTTI / F. CAMPEAU 9157 / – / – $6.62 $3.4 -5.2 2.5 -3.9 18.0 -17.7 -4.3 -6.4 -3.9 (JAN.’00)CLARICA SF CI GLOBAL BOND - DSC R. GLUCK / D. RUNKLE – / 9209 / – $10.93 $4.6 -3.0 -3.6 -5.4 -8.9 3.1 1.2 1.4 0.9 (JAN.’00)CLARICA SF CI GLOBAL BOND - FE R. GLUCK / D. RUNKLE 9159 / – / – $10.91 $8.2 -2.9 -3.5 -5.3 -8.9 3.2 1.2 1.4 0.8 (JAN.’00)CLARICA SF CI GLOBAL STERLING / GIGLIOTTI / BECKWITT 9188 / 9238 / – $10.55 $2.1 -1.0 1.7 1.0 21.1 -13.8 -4.2 N/A 0.8 (APR.’03)CLARICA SF CI GLOBAL SCIENCE & TECHNOLOGY - DSC FRANÇOIS CAMPEAU – / 9216 / – $6.01 $2.1 1.0 3.6 7.1 34.8 -1.8 2.1 -12.0 -4.8 (FEB.’99)CLARICA SF CI GLOBAL SCIENCE & TECHNOLOGY - FE FRANÇOIS CAMPEAU 9166 / – / – $6.09 $10.5 0.8 3.6 7.0 34.7 -1.8 2.0 -12.1 -4.3 (FEB.’99)CLARICA SF CI HARBOUR - DSC G. COLEMAN / S. JENKINS – / 9229 / – $23.60 $25.7 0.9 3.8 3.3 28.5 -0.2 6.1 7.7 7.8 (JAN.’98)CLARICA SF CI HARBOUR - FE G. COLEMAN / S. JENKINS 9179 / – / – $23.55 $79.7 0.9 3.8 3.3 28.5 -0.2 6.1 7.7 7.3 (JAN.’98)CLARICA SF CI HARBOUR FOREIGN EQUITY CORPORATE CLASS - DSC S. JENKINS / G. COLEMAN – / 9230 / – $13.26 $3.5 4.6 6.8 9.1 52.2 -7.0 -0.5 1.1 0.8 (JAN.’98)CLARICA SF CI HARBOUR FOREIGN EQUITY CORPORATE CLASS - FE S. JENKINS / G. COLEMAN 9180 / – / – $13.24 $18.1 4.6 6.8 9.2 52.4 -7.0 -0.5 1.1 2.3 (JAN.’98)CLARICA SF CI HARBOUR GLOBAL EQUITY - DSC S. JENKINS / G. COLEMAN – / 9217 / – $13.54 $7.6 4.5 6.7 8.9 51.5 -7.4 -0.4 1.6 3.0 (FEB.’99)CLARICA SF CI HARBOUR GLOBAL EQUITY - FE S. JENKINS / G. COLEMAN 9167 / – / – $13.46 $33.2 4.4 6.7 8.9 51.6 -7.4 -0.4 1.6 2.7 (FEB.’99)CLARICA SF CI HARBOUR GROWTH & INCOME - DSC G. COLEMAN / S. JENKINS – / 9231 / – $19.83 $27.6 0.9 2.7 2.9 22.0 -0.3 4.6 6.0 6.2 (JAN.’98)CLARICA SF CI HARBOUR GROWTH & INCOME - FE G. COLEMAN / S. JENKINS 9181 / – / – $19.75 $114.7 0.8 2.7 2.9 22.0 -0.3 4.6 6.0 5.7 (JAN.’98)CLARICA SF CI INTERNATIONAL BALANCED STERLING / GIGLIOTTI / BECKWITT 9191 / 9241 / – $11.33 $2.1 -1.5 0.0 -1.0 9.7 -6.6 -1.2 N/A 1.8 (APR.’03)CLARICA SF CI INTERNATIONAL VALUE - DSC JOHN HOCK – / 9226 / – $8.38 $6.4 -0.5 2.6 0.2 17.9 -10.1 -1.4 -5.7 -4.7 (JAN.’98)CLARICA SF CI INTERNATIONAL VALUE - FE JOHN HOCK 9176 / – / – $8.34 $19.4 -0.5 2.6 0.2 18.0 -10.1 -1.4 -5.7 -1.5 (JAN.’98)CLARICA SF CI MONEY MARKET CI INVESTMENTS 9183 / 9233 / – $10.86 $25.8 -0.2 -0.1 -0.3 -0.6 1.0 1.3 N/A 1.2 (APR.’03)CLARICA SF CI PACIFIC - DSC W. PRIEST / E. BAKER – / 9200 / – $13.83 $1.2 1.5 2.4 -1.6 14.6 -8.8 1.2 -2.8 -0.7 (JAN.’98)CLARICA SF CI PACIFIC - FE W. PRIEST / E. BAKER 9150 / – / – $13.66 $5.1 1.4 2.3 -1.7 14.4 -8.9 1.1 -2.9 2.6 (JAN ’98)CLARICA SF CI SIGNATURE CANADIAN - DSC ERIC BUSHELL – / 9215 / – $18.77 $7.7 1.4 3.9 4.7 32.9 -2.0 3.5 5.1 6.3 (FEB.’99)CLARICA SF CI SIGNATURE CANADIAN - FE ERIC BUSHELL 9165 / – / – $18.64 $27.7 1.4 3.9 4.7 33.0 -2.0 3.5 5.0 5.7 (FEB.’99)CLARICA SF CI SIGNATURE CANADIAN BALANCED - DSC ERIC BUSHELL – / 9201 / – $18.00 $8.8 1.5 2.6 3.9 24.6 0.8 6.0 4.8 5.8 (FEB.’99)CLARICA SF CI SIGNATURE CANADIAN BALANCED - FE ERIC BUSHELL 9151 / – / – $17.94 $43.3 1.5 2.6 3.9 24.6 0.8 6.0 4.8 5.4 (FEB.’99)*simple rates of returnas at March 31, 2010F O R DEALE R U SE ONLY • VIS IT U S AT WWW.CI .COM F O R ALL THE LATEST FUND AND MANAGER INFO RMATIO N • M O NTHLY P E RFO RMANCE SCOR ECARD PAGE 92 95

Clarica PortfolioSegregated Funds cont’dIssued by Sun Life Assurance Company of CanadaLEAD MANAGERCDN $FUND CODE: CIGISC / DSC / LSCCLARICA SF CI SIGNATURE CANADIAN BOND - DSC JAMES DUTKIEWICZ – / 9221 / – $15.56 $13.4 1.6 -0.4 1.5 5.4 3.1 3.2 4.0 4.3 (JAN.’98)CLARICA SF CI SIGNATURE CANADIAN BOND - FE JAMES DUTKIEWICZ 9171 / – / – $15.44 $41.3 1.5 -0.4 1.4 5.4 3.1 3.2 4.0 3.6 (JAN.’98)CLARICA SF CI SIGNATURE CANADIAN RESOURCE - DSC ERIC BUSHELL – / 9204 / – $31.83 $23.9 -2.7 1.5 3.4 30.8 3.2 14.0 15.9 15.3 (JAN ’98)CLARICA SF CI SIGNATURE CANADIAN RESOURCE - FE ERIC BUSHELL 9154 / – / – $31.52 $63.9 -2.7 1.5 3.4 30.8 3.2 14.0 15.9 9.8 (JAN ’98)CLARICA SF CI SIGNATURE CORPORATE BOND - DSC JAMES DUTKIEWICZ – / 9205 / – $15.30 $4.6NAV(CDN)FUNDASSETS($MM)Y-T-D(%)1MTH(%)*6MTH(%)*1 YR(%)3 YR(%)5 YR(%)10 YR(%)SINCEINCEPTION(%)2.3 1.1 5.0 20.0 3.0 3.3 4.3 4.2 (FEB.’99)CLARICA SF CI SIGNATURE CORPORATE BOND - FE JAMES DUTKIEWICZ 9155 / – / – $15.08 $14.0 2.3 1.1 5.0 20.0 3.0 3.3 4.2 3.7 (FEB.’99)CLARICA SF CI SIGNATURE DIVERSIFIED CANADIAN BALANCED - DSC ERIC BUSHELL – / 9223 / – $16.49 $12.5 1.6 2.7 4.1 25.0 1.1 6.3 3.3 3.9 (JAN ’98)CLARICA SF CI SIGNATURE DIVERSIFIED CANADIAN BALANCED - FE ERIC BUSHELL 9173 / – / – $16.45 $97.5 1.5 2.7 4.0 24.9 1.1 6.3 3.3 4.2 (JAN ’98)CLARICA SF CI SIGNATURE MORTGAGE - DSC JAMES DUTKIEWICZ – / 9227 / – $14.12 $4.3 1.1 0.0 1.4 1.9 2.1 1.8 2.8 2.9 (JAN.’98)CLARICA SF CI SIGNATURE MORTGAGE - FE JAMES DUTKIEWICZ 9177 / – / – $14.08 $10.3 1.1 0.0 1.4 1.9 2.1 1.8 2.7 2.8 (JAN.’98)CLARICA SF CI SIGNATURE SELECT CANADIAN - DSC ERIC BUSHELL – / 9222 / – $16.16 $28.2 1.6 4.1 5.1 33.6 -1.6 6.7 2.3 3.1 (JAN ’98)CLARICA SF CI SIGNATURE SELECT CANADIAN - FE ERIC BUSHELL 9172 / – / – $16.14 $133.0 1.6 4.1 5.0 33.5 -1.6 6.7 2.2 4.0 (JAN ’98)CLARICA SF CI SIGNATURE SELECT CANADIAN BALANCED - DSC ERIC BUSHELL – / 9213 / – $20.47 $29.6 1.4 2.7 4.0 24.5 0.7 2.9 6.5 7.1 (FEB.’99)CLARICA SF CI SIGNATURE SELECT CANADIAN BALANCED - FE ERIC BUSHELL 9163 / – / – $20.25 $88.6 1.5 2.7 4.0 24.5 0.7 2.9 6.4 6.5 (FEB.’99)CLARICA SF CI SIGNATURE SHORT TERM BOND - DSC JAMES DUTKIEWICZ – / 9232 / – $12.99 $2.7 0.0 -0.8 -0.2 -0.2 2.4 2.1 2.6 2.6 (JAN.’00)CLARICA SF CI SIGNATURE SHORT TERM BOND - FE JAMES DUTKIEWICZ 9182 / – / – $12.85 $6.3 -0.1 -0.8 -0.2 -0.3 2.2 2.0 2.5 2.5 (JAN.’00)CLARICA SF CI SIGNATURE SUMMIT SELECT CANADIAN - DSC ERIC BUSHELL – / 9228 / – $23.27 $22.6 1.6 4.1 5.0 33.6 -1.6 6.6 8.4 8.4 (JAN.’98)CLARICA SF CI SIGNATURE SUMMIT SELECT CANADIAN - FE ERIC BUSHELL 9178 / – / – $23.09 $63.6 1.6 4.1 5.1 33.6 -1.6 6.6 8.4 7.1 (JAN.’98)CLARICA SF CI SYNERGY AMERICAN DAVID PICTON 9192 / 9242 / – $9.23 $1.6 1.2 2.6 3.1 11.3 -10.3 -3.1 N/A -1.1 (APR.’03)CLARICA SF CI SYNERGY CANADIAN CLASS - DSC DAVID PICTON – / 9218 / – $19.95 $14.7 3.2 3.9 7.7 34.4 -4.6 3.7 4.2 6.9 (FEB.’99)CLARICA SF CI SYNERGY CANADIAN CLASS - FE DAVID PICTON 9168 / – / – $19.98 $70.5 3.1 3.9 7.8 34.5 -4.6 3.7 4.1 6.4 (FEB.’99)CLARICA SF CI SYNERGY TACTICAL ASSET ALLOCATION - DSC MULTIPLE MANAGERS † – / 9214 / – $15.72 $17.1 2.1 2.5 4.0 17.6 -2.1 2.9 3.0 4.5 (FEB.’99)CLARICA SF CI SYNERGY TACTICAL ASSET ALLOCATION - FE MULTIPLE MANAGERS † 9164 / – / – $15.70 $98.4 2.1 2.5 4.0 17.6 -2.1 2.9 3.0 4.1 (FEB.’99)CLARICA SF CI VALUE TRUST CORPORATE CLASS - DSC BILL MILLER – / 9211 / – $3.24 $2.5 1.2 2.2 1.9 32.2 -19.9 -11.3 -11.5 -10.3 (JAN.’00)CLARICA SF CI VALUE TRUST CORPORATE CLASS - FE BILL MILLER 9161 / – / – $3.21 $5.0 1.3 2.2 1.9 32.1 -20.0 -11.4 -11.6 -10.4 (JAN.’00)CLARICA SF GROWTH - DSC TED WHITEHEAD – / 9208 / – $19.71 $2.8 6.7 2.9 18.2 68.6 0.1 5.6 N/A 7.5 (JAN.’01)CLARICA SF GROWTH - FE TED WHITEHEAD 9158 / – / – $19.55 $4.5 6.7 2.8 18.1 68.4 0.0 5.5 N/A 7.4 (JAN.’01)CLARICA SF PORTFOLIO SERIES BALANCED CI INVESTMENTS 9193 / 9243 / – $13.24 $98.4 1.1 1.8 3.6 20.6 -3.4 2.1 N/A 4.4 (SEPT.’03)CLARICA SF PORTFOLIO SERIES BALANCED GROWTH CI INVESTMENTS 9186 / 9236 / – $13.39 $44.4 1.4 2.3 4.2 23.1 -4.1 1.3 N/A 4.3 (APR.’03)CLARICA SF PORTFOLIO SERIES CONSERVATIVE CI INVESTMENTS 9184 / 9234 / – $14.05 $40.3 1.5 1.4 3.8 18.6 -1.5 2.4 N/A 5.0 (APR.’03)CLARICA SF PORTFOLIO SERIES CONSERVATIVE BALANCED CI INVESTMENTS 9187 / 9237 / – $13.76 $29.7 1.3 1.5 3.5 19.5 -2.4 2.0 N/A 4.7 (APR.’03)CLARICA SF PORTFOLIO SERIES GROWTH CI INVESTMENTS 9189 / 9239 / – $13.15 $21.6 1.3 2.5 4.2 23.7 -5.4 0.7 N/A 4.0 (APR.’03)CLARICA SF PORTFOLIO SERIES INCOME CI INVESTMENTS 9185 / 9235 / – $13.72 $29.6 1.1 0.6 3.5 16.9 0.8 3.0 N/A 4.6 (APR.’03)CLARICA SF PORTFOLIO SERIES MAXIMUM GROWTH CI INVESTMENTS 9190 / 9240 / – $13.15 $5.6 1.1 3.0 4.3 26.1 -7.2 0.2 N/A 4.0 (APR.’03)CLARICA SF PREMIER CI SIGNATURE CANADIAN BOND - DSC JAMES DUTKIEWICZ – / 9210 / – $15.02 $9.6 1.6 -0.4 1.5 5.6 3.2 3.3 4.0 4.0 (JAN.’00)CLARICA SF PREMIER CI SIGNATURE CANADIAN BOND - FE JAMES DUTKIEWICZ 9160 / – / – $14.87 $14.3 1.5 -0.4 1.4 5.4 3.1 3.2 3.9 3.9 (JAN.’00)CLARICA SF PREMIER CI VALUE TRUST CORPORATE CLASS - DSC BILL MILLER – / 9220 / – $5.00 $2.4 1.4 2.2 2.2 33.3 -19.5 -10.9 -9.2 -8.4 (JAN.’98)CLARICA SF PREMIER CI VALUE TRUST CORPORATE CLASS - FE BILL MILLER 9170 / – / – $4.98 $10.9 1.4 2.3 2.3 32.8 -19.6 -11.0 -9.3 -5.5 (JAN.’98)†*simple rates of returnDavid Picton and Daniel Bubisas at March 31, 2010F O R DEALE R U SE ONLY • VIS IT U S AT WWW.CI .COM F O R ALL THE LATEST FUND AND MANAGER INFO RMATIO N • M O NTHLY P E RFO RMANCE SCOR ECARD PAGE 93 96

SunWise ® I FundsBasic GuaranteeIssued by Sun Life Assurance Company of CanadaLEAD MANAGERCDN $FUND CODE: CIGISC / DSC / LSCSUNWISE CI AMERICAN VALUE W. PRIEST / D. PEARL 8792 / 8820 / – $7.99 $0.3 1.4 2.7 5.4 15.3 -7.6 -1.4 -4.5 -2.0 (JAN.’99)SUNWISE CI CANADIAN EQUITY DANIEL BUBIS 8796 / 8824 / – $20.35 $2.1 2.5 3.8 5.0 35.2 -1.7 4.5 4.1 6.5 (JAN.’99)SUNWISE CI CANADIAN INVESTMENT DANIEL BUBIS 8797/ 8825 / – $23.87 $4.9 2.5 3.8 4.9 35.2 -1.7 4.5 8.2 8.0 (JAN.’99)SUNWISE CI CANADIAN STOCK ERIC BUSHELL 8799 / 8827 / – $21.94 $0.5 1.4 3.9 4.9 33.5 -1.6 6.7 3.9 7.2 (JAN.’99)SUNWISE CI DIVIDEND ERIC BUSHELL 8809 / 8837 / – $16.48 $2.7 3.1 2.6 5.5 39.0 -0.7 3.6 6.1 4.5 (JAN.’99)SUNWISE CI HARBOUR GROWTH & INCOME G. COLEMAN / S. JENKINS 8803 / 8831 / – $15.46 $3.9 1.0 2.8 3.0 22.4 0.0 4.7 3.5 3.9 (JAN.’99)SUNWISE CI MONEY MARKET CI INVESTMENTS 8812 / 8840 / – $12.85 $0.9 -0.1 -0.1 -0.2 -0.3 1.5 1.9 2.0 2.2 (JAN.’99)SUNWISE CI SIGNATURE CANADIAN BOND JAMES DUTKIEWICZ 8810 / 8838 / – $15.44 $0.7 1.6 -0.3 1.7 5.6 3.2 3.3 4.4 3.9 (JAN.’99)SUNWISE CI SIGNATURE CANADIAN SELECT BOND JAMES DUTKIEWICZ 8807/ 8835 / – $14.30 $1.1 1.6 -0.3 1.7 5.6 3.2 3.3 4.0 3.2 (JAN.’99)SUNWISE CI SIGNATURE CANADIAN SPECIAL BOND JAMES DUTKIEWICZ 8811 / 8839 / – $15.32 $0.7 1.5 -0.4 1.7 5.6 3.2 3.3 4.3 3.8 (JAN.’99)SUNWISE CI SIGNATURE SELECT CANADIAN ERIC BUSHELL 8795 / 8823 / – $19.16 $0.4 1.5 4.0 4.9 33.6 -1.7 6.7 4.6 5.9 (JAN.’99)SUNWISE CI U.S. EQUITY W. PRIEST / D. PEARL 8791 / 8819 / – $6.64 $0.0 1.4 2.8 5.6 15.3 -7.6 -1.4 -4.5 -3.5 (JAN.’99)SUNWISE CI WORLD EQUITY JOHN HOCK 8786 / 8814 / – $8.01 $0.3 0.6 2.8 1.8 18.3 -10.2 -2.6 -3.5 -1.9 (JAN.’99)SUNWISE DYNAMIC POWER AMERICAN GROWTH NOAH BLACKSTEIN 8789 / 8817 / – $5.84 $0.6 3.0 4.3 15.4 25.1 -5.4 -0.7 -8.4 -4.6 (JAN.’99)SUNWISE FIDELITY CANADIAN ASSET ALLOCATION SWANSON / MIRON / DUPONT / NEWMAN 8802 / 8830 / – $19.60 $13.7 2.2 2.3 3.9 27.3 2.0 6.0 4.9 6.1 (JAN.’99)SUNWISE FIDELITY GROWTH AMERICA JOHN POWER 8790 / 8818 / – $5.71 $0.1 1.6 1.8 5.4 17.7 -14.7 -6.2 -7.4 -4.8 (JAN.’99)SUNWISE FIDELITY INTERNATIONAL PORTFOLIO MICHAEL STRONG ET. AL. 8785 / 8813 / – $7.54 $1.3 -1.6 2.6 1.6 24.6 -13.4 -3.6 -5.2 -2.5 (JAN.’99)SUNWISE FIDELITY TRUE NORTH ® MAXIME LEMIEUX 8794 / 8822 / – $24.50 $2.9 1.8 3.5 4.7 32.4 -2.2 5.6 5.5 8.2 (JAN.’99)SUNWISE MACKENZIE CUNDILL CANADIAN BALANCED D. SLATER / L. CHIN 8801 / 8829 / – $17.43 $0.9 5.8 5.1 9.0 36.6 0.1 3.4 2.6 5.0 (JAN.’99)SUNWISE MACKENZIE CUNDILL CANADIAN SECURITY D. SLATER / L. CHIN 8793 / 8821 / – $20.97 $0.7 8.5 7.5 12.4 51.8 -2.8 2.3 2.7 6.7 (JAN.’99)SUNWISE PORTFOLIO SERIES BALANCED CI INVESTMENTS 8804/ 8832 / – $15.45 $3.5 1.2 2.0 3.8 20.9 -3.1 2.4 2.7 3.9 (JAN.’99)SUNWISE PORTFOLIO SERIES BALANCED GROWTH CI INVESTMENTS 8806 / 8834 / – $15.90 $0.4 1.5 2.3 4.3 23.6 -3.7 2.6 2.0 4.2 (JAN.’99)SUNWISE PORTFOLIO SERIES CONSERVATIVE CI INVESTMENTS 8805 / 8833 / – $15.13 $1.2 1.5 1.3 3.8 18.8 -1.3 2.6 3.8 3.7 (JAN.’99)SUNWISE PORTFOLIO SERIES GROWTH CI INVESTMENTS 8787 / 8815 / – $12.29 $0.7 1.3 2.6 4.3 24.0 -5.1 1.0 -1.6 1.8 (JAN.’99)SUNWISE PORTFOLIO SERIES INCOME CI INVESTMENTS 8808 / 8836 / – $16.06 $1.2 1.3 0.6 3.7 17.4 1.3 3.5 4.8 4.3 (JAN.’99)SUNWISE PORTFOLIO SERIES MAXIMUM GROWTH CI INVESTMENTS 8798 / 8826 / – $14.70 $0.3 1.2 3.2 4.4 26.5 -6.8 1.6 0.6 3.5 (JAN.’99)SUNWISE TRIMARK SELECT CANADIAN GROWTH HEATHER HUNTER 8800 / 8828 / – $18.49 $0.9 3.0 3.7 5.2 32.8 -4.9 1.2 5.1 5.6 (JAN.’99)SUNWISE TRIMARK SELECT GROWTH D. LOVE / H. PEIRCE 8788 / 8816 / – $10.97 $0.6 -0.2 1.2 3.0 13.3 -16.1 -4.8 -0.4 0.8 (JAN.’99)SunWise ® I FundsFull GuaranteeIssued by Sun Life Assurance Company of CanadaSUNWISE CI AMERICAN VALUE W. PRIEST / D. PEARL 8708 / 8736 / – $7.82 $0.8 1.3 2.8 5.2 14.7 -8.2 -2.1 -5.2 -2.1 (JAN.’99)SUNWISE CI CANADIAN EQUITY DANIEL BUBIS 8712/ 8740 / – $19.33 $2.5 2.4 3.8 4.6 34.3 -2.4 3.7 3.3 6.0 (JAN.’99)SUNWISE CI CANADIAN INVESTMENT DANIEL BUBIS 8713 / 8741 / – $22.45 $7.2 2.3 3.7 4.6 34.3 -2.4 3.8 7.5 7.4 (JAN.’99)SUNWISE CI CANADIAN STOCK ERIC BUSHELL 8715 / 8743 / – $20.09 $1.1 1.3 3.9 4.6 32.5 -2.3 5.9 3.2 6.3 (JAN.’99)SUNWISE CI DIVIDEND ERIC BUSHELL 8725 / 8753 / – $15.98 $5.7 3.0 2.6 5.3 38.6 -1.0 3.3 5.9 4.2 (JAN.’99)SUNWISE CI HARBOUR GROWTH & INCOME G. COLEMAN / S. JENKINS 8719 / 8747 / – $14.60 $4.8 0.8 2.7 2.7 21.7 -0.5 4.2 3.0 3.4 (JAN.’99)SUNWISE CI MONEY MARKET CI INVESTMENTS 8728/ 8756 / – $12.68 $1.3 -0.1 0.0 -0.2 -0.4 1.4 1.8 1.9 2.1 (JAN.’99)SUNWISE CI SIGNATURE CANADIAN BOND JAMES DUTKIEWICZ 8726 / 8754 / – $14.97 $2.0 1.5 -0.3 1.6 5.3 2.9 3.0 4.1 3.6 (JAN.’99)SUNWISE CI SIGNATURE CANADIAN SELECT BOND JAMES DUTKIEWICZ 8723 / 8751 / – $14.41 $2.4 1.5 -0.4 1.6 5.3 2.9 3.0 3.7 3.3 (JAN.’99)SUNWISE CI SIGNATURE CANADIAN SPECIAL BOND JAMES DUTKIEWICZ 8727 / 8755 / – $15.02 $0.4 1.5 -0.4 1.6 5.3 3.0 3.0 4.0 3.6 (JAN.’99)SUNWISE CI SIGNATURE SELECT CANADIAN ERIC BUSHELL 8711 / 8739 / – $17.61 $1.1 1.3 3.9 4.6 32.7 -2.4 5.9 3.9 5.1 (JAN.’99)NAV(CDN)FUNDASSETS($MM)Y-T-D(%)1MTH(%)*6MTH(%)*1 YR(%)3 YR(%)5 YR(%)10 YR(%)SINCEINCEPTION(%)*simple rates of returnas at March 31, 2010F O R DEALE R U SE ONLY • VIS IT U S AT WWW.CI .COM F O R ALL THE LATEST FUND AND MANAGER INFO RMATIO N • M O NTHLY P E RFO RMANCE SCOR ECARD PAGE 94 97

SunWise ® I FundsFull Guarantee cont’dLEAD MANAGERCDN $FUND CODE: CIGISC / DSC / LSCIssued by Sun Life Assurance Company of CanadaSUNWISE CI U.S. EQUITY D. PEARL / W. PRIEST 8707/ 8735 / – $5.92 $0.0 1.2 2.6 5.2 14.5 -8.3 -2.1 -5.3 -4.5 (JAN.’99)SUNWISE CI WORLD EQUITY JOHN HOCK 8702 / 8730 / – $7.26 $0.4 0.4 2.7 1.4 17.3 -10.9 -3.4 -4.3 -2.8 (JAN.’99)SUNWISE DYNAMIC POWER AMERICAN GROWTH NOAH BLACKSTEIN 8705 / 8733 / – $5.32 $0.7 2.9 4.3 15.2 24.3 -6.0 -1.4 -9.0 -5.4 (JAN.’99)SUNWISE FIDELITY CANADIAN ASSET ALLOCATION SWANSON / MIRON / DUPONT / NEWMAN 8718 / 8746 / – $18.52 $14.6 2.0 2.3 3.5 26.6 1.5 5.5 4.5 5.6 (JAN.’99)SUNWISE FIDELITY GROWTH AMERICA JOHN POWER 8706 / 8734 / – $5.10 $0.2 1.4 1.8 5.2 16.7 -15.4 -6.9 -8.1 -5.8 (JAN.’99)SUNWISE FIDELITY INTERNATIONAL PORTFOLIO MICHAEL STRONG ET. AL. 8701/ 8729 / – $6.89 $1.5 -1.7 2.5 1.2 23.7 -14.1 -4.4 -5.9 -3.2 (JAN.’99)SUNWISE FIDELITY TRUE NORTH ® MAXIME LEMIEUX 8710 / 8738/ – $22.38 $5.2 1.6 3.4 4.3 31.4 -3.0 4.8 4.7 7.4 (JAN.’99)SUNWISE MACKENZIE CUNDILL CANADIAN BALANCED D. SLATER / L. CHIN 8717 / 8745 / – $16.63 $1.5 5.6 5.0 8.6 35.9 -0.4 3.0 2.2 4.6 (JAN.’99)SUNWISE MACKENZIE CUNDILL CANADIAN SECURITY D. SLATER / L. CHIN 8709 / 8737 / – $19.25 $1.4 8.3 7.5 12.0 50.7 -3.5 1.5 1.9 5.9 (JAN.’99)SUNWISE PORTFOLIO SERIES BALANCED CI INVESTMENTS 8720 / 8748 / – $14.64 $4.8 1.1 1.9 3.5 20.2 -3.6 1.9 2.2 3.4 (JAN.’99)SUNWISE PORTFOLIO SERIES BALANCED GROWTH CI INVESTMENTS 8722 / 8750 / – $15.17 $0.3 1.4 2.3 4.1 23.0 -4.2 2.1 1.5 3.7 (JAN.’99)SUNWISE PORTFOLIO SERIES CONSERVATIVE CI INVESTMENTS 8721 / 8749 / – $14.66 $1.4 1.4 1.3 3.5 18.1 -1.7 2.1 3.3 3.4 (JAN.’99)SUNWISE PORTFOLIO SERIES GROWTH CI INVESTMENTS 8703 / 8731 / – $10.74 $0.8 1.0 2.5 3.8 22.9 -6.0 0.1 -2.5 0.6 (JAN.’99)SUNWISE PORTFOLIO SERIES INCOME CI INVESTMENTS 8724 / 8752 / – $15.59 $2.1 1.2 0.6 3.6 17.0 1.0 3.2 4.5 4.0 (JAN.’99)SUNWISE PORTFOLIO SERIES MAXIMUM GROWTH CI INVESTMENTS 8714 / 8742 / – $13.36 $0.3 0.9 3.0 4.0 25.6 -7.5 0.8 -0.1 2.6 (JAN.’99)SUNWISE TRIMARK SELECT CANADIAN GROWTH HEATHER HUNTER 8716 / 8744 / – $17.17 $0.9 2.8 3.6 4.8 31.9 -5.6 0.4 4.3 4.9 (JAN.’99)SUNWISE TRIMARK SELECT GROWTH D. LOVE / H. PEIRCE 8704/ 8732 / – $9.99 $0.7 -0.3 1.2 2.6 12.5 -16.8 -5.6 -1.2 0.0 (JAN.’99)SunWise ® II FundsBasic GuaranteeIssued by Sun Life Assurance Company of CanadaSUNWISE AIC AMERICAN FOCUSED ARIEL INVESTMENTS 8112 / 8212 / – $6.38 $0.4 1.3 3.6 6.0 34.9 -18.0 -9.3 N/A -5.3 (DEC.’01)SUNWISE 2001 AIC AMERICAN FOCUSED ARIEL INVESTMENTS 8012 / 8912 / – $6.39 $0.1 1.3 3.7 6.1 35.1 -18.0 -9.3 N/A -5.2 (DEC.’01)SUNWISE AIC DIVERSIFIED CANADA JONATHAN WELLUM 8120 / 8220 / – $10.46 $0.3 4.1 3.7 3.6 31.2 -6.9 -0.3 N/A 0.5 (DEC.’01)SUNWISE 2001 AIC DIVERSIFIED CANADA JONATHAN WELLUM 8020 / 8920 / – $10.46 $0.0 4.1 3.7 3.7 31.2 -6.9 -0.3 N/A 0.5 (DEC.’01)SUNWISE BOND INDEX TD ASSET MGNT INC. 8152 / 8252 / – $14.12 $1.2 0.9 -0.8 0.2 3.2 3.6 3.6 N/A 4.2 (DEC.’01)SUNWISE 2001 BOND INDEX TD ASSET MGNT INC. 8186 / 8286 / – $14.13 $0.1 0.8 -0.8 0.2 3.3 3.6 3.6 N/A 4.2 (DEC.’01)SUNWISE CANADIAN EQUITY INDEX TD ASSET MGNT INC. 8127 / 8227/ – $15.93 $0.2 2.4 3.5 5.6 38.3 -2.6 4.7 N/A 5.7 (DEC.’01)SUNWISE 2001 CANADIAN EQUITY INDEX TD ASSET MGNT INC. 8169 / 8269 / – $15.93 $0.0 2.4 3.5 5.6 38.3 -2.6 4.7 N/A 5.7 (DEC.’01)SUNWISE CI AMERICAN GROWTH BILL MILLER 8114 / 8214 / – $15.93 $0.2 2.4 3.5 5.6 38.3 -2.6 4.7 N/A 5.7 (DEC.’01)SUNWISE 2001 CI AMERICAN GROWTH BILL MILLER 8014 / 8914 / – $4.88 $0.2 1.5 2.1 2.3 33.0 -19.5 -10.8 N/A -8.3 (DEC.’01)SUNWISE CI AMERICAN VALUE W. PRIEST / D. PEARL 8116 / 8216 / – $8.94 $0.8 1.5 2.9 5.5 15.4 -7.6 -1.4 N/A -1.3 (DEC.’01)SUNWISE 2001 CI AMERICAN VALUE W. PRIEST / D. PEARL 8016 / 8916 / – $8.94 $0.1 1.4 2.8 5.5 15.4 -7.6 -1.4 N/A -1.3 (DEC.’01)SUNWISE CI CANADIAN EQUITY DANIEL BUBIS 8125 / 8225 / – $15.52 $0.0 2.6 3.8 5.1 34.8 -1.7 4.6 N/A 5.4 (DEC.’01)SUNWISE 2001 CI CANADIAN EQUITY DANIEL BUBIS 8167 / 8267 / – $15.59 $0.4 2.6 3.9 5.1 35.4 -1.6 4.7 N/A 5.5 (DEC.’01)SUNWISE CI CANADIAN INVESTMENT FUND DANIEL BUBIS 8126 / 8226 / – $18.07 $19.5 2.5 3.8 4.9 35.2 -1.8 4.5 N/A 7.4 (DEC.’01)SUNWISE 2001 CI CANADIAN INVESTMENT FUND DANIEL BUBIS 8168 / 8268 / – $18.08 $4.3 2.6 3.8 4.9 35.2 -1.8 4.5 N/A 7.4 (DEC.’01)SUNWISE CI DIVIDEND ERIC BUSHELL 8150 / 8250 / – $15.62 $0.0 3.1 2.6 5.5 39.2 -0.6 3.7 N/A 5.5 (DEC.’01)SUNWISE 2001 CI DIVIDEND ERIC BUSHELL 8184 / 8284 / – $15.61 $0.4 3.2 2.6 5.5 39.1 -0.6 3.7 N/A 5.5 (DEC.’01)SUNWISE CI GLOBAL STERLING / GIGLIOTTI / BECKWITT 8102 / 8202 / – $8.31 $0.6 -1.0 1.8 1.1 21.3 -13.5 -4.0 N/A -2.2 (DEC.’01)SUNWISE 2001 CI GLOBAL STERLING / GIGLIOTTI / BECKWITT 8002 / 8902 / – $8.31 $0.1 -1.0 1.8 1.1 21.3 -13.5 -4.0 N/A -2.2 (DEC.’01)SUNWISE CI GLOBAL BOND R. GLUCK / D. RUNKLE 8160 / 8260 / – $10.30 $0.3 -2.9 -3.6 -5.1 -8.4 3.8 1.8 N/A 0.4 (JAN.’03)SUNWISE 2001 CI GLOBAL BOND R. GLUCK / D. RUNKLE 8194 / 8294/ – $10.30 $0.0 -2.9 -3.6 -5.1 -8.4 3.8 1.8 N/A 0.4 (JAN.’03)SUNWISE CI GLOBAL VALUE JOHN HOCK 8103 / 8203 / – $7.56 $0.8 0.8 2.9 1.9 18.3 -10.1 -2.6 N/A -3.3 (DEC.’01)*simple rates of returnas at March 31, 2010F O R DEALE R U SE ONLY • VIS IT U S AT WWW.CI .COM F O R ALL THE LATEST FUND AND MANAGER INFO RMATIO N • M O NTHLY P E RFO RMANCE SCOR ECARD PAGE 95 98NAV(CDN)FUNDASSETS($MM)Y-T-D(%)1MTH(%)*6MTH(%)*1 YR(%)3 YR(%)5 YR(%)10 YR(%)SINCEINCEPTION(%)

SunWise ® II FundsBasic Guarantee cont’dIssued by Sun Life Assurance Company of CanadaLEAD MANAGERCDN $FUND CODE: CIGISC / DSC / LSCSUNWISE 2001 CI GLOBAL VALUE JOHN HOCK 8003 / 8903 / – $7.56 $0.1 0.7 2.7 1.7 18.3 -10.1 -2.6 N/A -3.3 (DEC.’01)SUNWISE CI HARBOUR G. COLEMAN / S. JENKINS 8122 / 8222 / – $18.27 $15.8 0.9 3.8 3.3 28.4 -0.2 6.0 N/A 7.5 (DEC.’01)SUNWISE 2001 CI HARBOUR G. COLEMAN / S. JENKINS 8022 / 8922 / – $18.28 $3.1 0.9 3.8 3.3 28.5 -0.2 6.0 N/A 7.5 (DEC.’01)SUNWISE CI HARBOUR GROWTH & INCOME G. COLEMAN / S. JENKINS 8129 / 8229 / – $16.41 $22.7 0.9 2.8 3.0 22.5 0.0 4.7 N/A 6.1 (DEC.’01)SUNWISE 2001 CI HARBOUR GROWTH & INCOME G. COLEMAN / S. JENKINS 8171 / 8271 / – $16.41 $3.5 0.9 2.8 3.0 22.5 0.0 4.7 N/A 6.1 (DEC.’01)SUNWISE CI INTERNATIONAL STERLING / GIGLIOTTI / BECKWITT 8154 / 8254/ – $12.25 $0.6 -2.2 2.9 -0.1 21.9 -15.3 -4.1 N/A 2.9 (JAN.’03)SUNWISE 2001 CI INTERNATIONAL STERLING / GIGLIOTTI / BECKWITT 8188 / 8288 / – $12.25 $0.0 -2.2 2.9 -0.1 21.9 -15.3 -4.1 N/A 2.9 (JAN.’03)SUNWISE CI INTERNATIONAL BALANCED STERLING / GIGLIOTTI / BECKWITT 8155 / 8255 / – $11.61 $0.3 -1.4 0.0 -0.8 10.2 -6.1 -0.6 N/A 2.1 (JAN.’03)SUNWISE 2001 CI INTERNATIONAL BALANCED STERLING / GIGLIOTTI / BECKWITT 8189 / 8289 / – $11.61 $0.1 -1.4 0.0 -0.9 10.2 -6.1 -0.6 N/A 2.1 (JAN.’03)SUNWISE CI INTERNATIONAL BALANCED CORPORATE CLASS 1 STERLING / GIGLIOTTI / BECKWITT 8108/ 8208/ – $8.85 $0.1 -0.8 0.0 -0.4 12.6 -8.2 -1.3 N/A -1.5 (DEC.’01)SUNWISE 2001 CI INTERNATIONAL BALANCED CORPORATE CLASS 1 STERLING / GIGLIOTTI / BECKWITT 8008/ 8908/ – $8.85 $0.0 -0.8 0.0 -0.4 12.6 -8.2 -1.3 N/A -1.5 (DEC.’01)SUNWISE CI INTERNATIONAL VALUE JOHN HOCK 8107 / 8207 / – $9.65 $0.8 -0.5 2.4 0.2 17.8 -10.1 -1.5 N/A -0.4 (DEC.’01)SUNWISE 2001 CI INTERNATIONAL VALUE JOHN HOCK 8007 / 8907 / – $9.65 $0.0 -0.5 2.4 0.1 17.8 -10.1 -1.5 N/A -0.4 (DEC.’01)SUNWISE CI MONEY MARKET CI INVESTMENTS 8153 / 8253 / – $11.52 $4.8 -0.1 -0.1 -0.1 -0.3 1.5 1.9 N/A 1.7 (DEC.’01)SUNWISE 2001 CI MONEY MARKET CI INVESTMENTS 8187 / 8287 / – $11.53 $0.3 0.0 0.0 -0.1 -0.3 1.5 1.9 N/A 1.7 (DEC.’01)SUNWISE CI SYNERGY AMERICAN DAVID PICTON 8156 / 8256 / – $10.97 $0.1 1.2 2.5 3.4 11.6 -10.2 -2.9 N/A 1.3 (JAN.’03)SUNWISE 2001 CI SYNERGY AMERICAN DAVID PICTON 8190 / 8290 / – $11.18 $0.0 5.3 2.5 5.3 13.7 -9.6 -2.5 N/A 1.6 (JAN.’03)SUNWISE CI SIGNATURE CANADIAN BALANCED ERIC BUSHELL 8131 / 8231 / – $16.55 $5.0 1.6 2.6 4.2 25.1 1.3 6.5 N/A 6.2 (DEC.’01)SUNWISE 2001 CI SIGNATURE CANADIAN BALANCED ERIC BUSHELL 8173 / 8273 / – $16.56 $0.9 1.6 2.7 4.2 25.2 1.3 6.5 N/A 6.2 (DEC.’01)SUNWISE CI SIGNATURE CANADIAN BOND JAMES DUTKIEWICZ 8162 / 8262 / – $12.88 $2.7 1.6 -0.3 1.7 5.7 3.3 3.4 N/A 3.6 (JAN.’03)SUNWISE 2001 CI SIGNATURE CANADIAN BOND JAMES DUTKIEWICZ 8196 / 8296 / – $12.88 $0.5 1.6 -0.4 1.7 5.7 3.3 3.4 N/A 3.6 (JAN.’03)SUNWISE CI CANADIAN PREMIER BOND JAMES DUTKIEWICZ 8149 / 8249 / – $13.59 $0.0 1.6 -0.4 1.6 5.4 3.2 3.3 N/A 3.8 (DEC.’01)SUNWISE 2001 CI CANADIAN PREMIER BOND JAMES DUTKIEWICZ 8183 / 8283 / – $13.63 $0.5 1.6 -0.3 1.8 5.7 3.3 3.4 N/A 3.8 (DEC.’01)SUNWISE CI SIGNATURE DIVIDEND ERIC BUSHELL 8161 / 8261 / – $14.80 $7.0 3.1 2.4 5.6 39.0 -0.9 3.4 N/A 5.6 (JAN.’03)SUNWISE 2001 CI SIGNATURE DIVIDEND ERIC BUSHELL 8195 / 8295 / – $14.78 $0.5 3.0 2.4 5.4 38.8 -0.9 3.3 N/A 5.6 (JAN.’03)SUNWISE CI SIGNATURE HIGH INCOME ERIC BUSHELL 8148 / 8248 / – $20.33 $15.8 2.7 1.6 8.3 34.7 0.5 4.4 N/A 8.9 (DEC.’01)SUNWISE 2001 CI SIGNATURE HIGH INCOME ERIC BUSHELL 8182 / 8282 / – $20.33 $2.6 2.7 1.6 8.3 34.7 0.5 4.4 N/A 8.9 (DEC.’01)SUNWISE CI SIGNATURE INCOME & GROWTH E. BUSHELL / J. DUTKIEWICZ 8164 / 8264 / – $13.38 $4.8 1.7 2.7 5.1 31.6 0.5 5.6 N/A 6.0 (MAR.’05)SUNWISE 2001 CI SIGNATURE INCOME & GROWTH E. BUSHELL / J. DUTKIEWICZ 8198 / 8298 / – $13.39 $0.6 1.7 2.7 5.1 31.7 0.5 5.6 N/A 6.0 (MAR.’05)SUNWISE CI SIGNATURE SHORT-TERM BOND JAMES DUTKIEWICZ 8151/ 8251 / – $12.11 $0.0 -0.2 -0.8 -0.3 -0.1 2.3 2.1 N/A 2.3 (DEC.’01)SUNWISE 2001 CI SIGNATURE SHORT-TERM BOND JAMES DUTKIEWICZ 8185 / 8285 / – $12.11 $0.1 -0.2 -0.8 -0.2 -0.1 2.3 2.1 N/A 2.3 (DEC.’01)SUNWISE CI SIGNATURE SELECT CANADIAN ERIC BUSHELL 8124 / 8224/ – $18.61 $8.9 1.5 4.0 4.9 33.4 -1.7 6.6 N/A 7.7 (DEC.’01)SUNWISE 2001 CI SIGNATURE SELECT CANADIAN ERIC BUSHELL 8166 / 8266 / – $18.62 $1.3 1.5 4.0 5.0 33.5 -1.7 6.6 N/A 7.7 (DEC.’01)SUNWISE CI SIGNATURE SELECT CANADIAN BALANCED 2 ERIC BUSHELL 8132 / 8232 / – $16.28 $1.2 1.6 2.8 4.4 24.0 1.1 4.8 N/A 6.0 (DEC.’01)SUNWISE 2001 CI SIGNATURE SELECT CANADIAN BALANCED 2 ERIC BUSHELL 8174 / 8274 / – $16.29 $0.4 1.6 2.8 4.4 24.1 1.1 4.8 N/A 6.0 (DEC.’01)SUNWISE CI SYNERGY CANADIAN DAVID PICTON 8163 / 8263 / – $14.43 $1.1 3.3 4.0 7.9 34.9 -4.4 3.7 N/A 6.6 (JUNE’04)SUNWISE 2001 CI SYNERGY CANADIAN DAVID PICTON 8197 / 8297/ – $14.43 $0.0 3.3 4.0 7.9 34.9 -4.4 3.7 N/A 6.6 (JUNE’04)SUNWISE CI SYNERGY GLOBAL CORPORATE CLASS DAVID PICTON 8105 / 8205 / – $8.30 $0.5 -0.1 3.9 2.5 13.9 -11.2 -1.4 N/A -2.2 (DEC.’01)SUNWISE 2001 CI SYNERGY GLOBAL CORPORATE CLASS DAVID PICTON 8005 / 8905 / – $8.30 $0.5 -0.2 3.9 2.5 13.9 -11.2 -1.4 N/A -2.2 (DEC.’01)SUNWISE CI VALUE TRUST CORPORATE CLASS BILL MILLER 8115 / 8215 / – $5.23 $1.6 1.4 2.1 2.3 33.1 -19.5 -10.8 N/A -7.5 (DEC.’01)SUNWISE 2001 CI VALUE TRUST CORPORATE CLASS BILL MILLER 8015 / 8915 / – $5.23 $0.2 1.4 2.1 2.3 33.1 -19.5 -10.8 N/A -7.5 (DEC.’01)SUNWISE CI WORLD EQUITY JOHN HOCK 8104 / 8204/ – $8.44 $0.1SUNWISE 2001 CI WORLD EQUITY JOHN HOCK 8004 / 8904/ – $8.43 $0.1SUNWISE DYNAMIC POWER AMERICAN GROWTH NOAH BLACKSTEIN 8111 / 8211 / – $7.00 $0.4SUNWISE 2001 DYNAMIC POWER AMERICAN GROWTH NOAH BLACKSTEIN 8011 / 8911 / – $7.01 $0.1*simple rates of return 1formerly SunWise CI Global Balanced Corporate Class2formerly SunWise CI Signature Canadian Asset Allocationas at March 31, 2010F O R DEALE R U SE ONLY • VIS IT U S AT WWW.CI .COM F O R ALL THE LATEST FUND AND MANAGER INFO RMATIO N • M O NTHLY P E RFO RMANCE SCOR ECARD PAGE 96 99NAV(CDN)FUNDASSETS($MM)Y-T-D(%)1MTH(%)*6MTH(%)*1 YR(%)3 YR(%)5 YR(%)10 YR(%)SINCEINCEPTION(%)0.8 2.8 0.7 2.9 2.9 1.9 18.4 -10.1 -2.6 N/A -2.0 (DEC.’01)2.8 1.8 18.2 -10.2 -2.6 N/A -2.0 (DEC.’01)4.3 15.3 25.0 -5.3 0.9 N/A -4.2 (DEC.’01)4.3 15.3 25.2 -5.3 0.9 N/A -4.2 (DEC.’01)

SunWise ® II FundsBasic Guarantee cont’dLEAD MANAGERCDN $FUND CODE: CIGISC / DSC / LSCIssued by Sun Life Assurance Company of CanadaSUNWISE FIDELITY CANADIAN ASSET ALLOCATION SWANSON / MIRON / DUPONT / NEWMAN 8130 / 8230 / – $16.45 $18.6 2.2 2.4 3.9 27.3 2.1 6.1 N/A 6.2 (DEC.’01)SUNWISE 2001 FIDELITY CANADIAN ASSET ALLOCATION SWANSON / MIRON / DUPONT / NEWMAN 8172 / 8272 / – $16.44 $3.9 2.2 2.3 3.9 27.2 2.1 6.1 N/A 6.2 (DEC.’01)SUNWISE FIDELITY GLOBAL ASSET ALLOCATION MICHAEL STRONG ET. AL. 8109 / 8209 / – $10.11 $0.5 -1.6 1.6 0.2 15.5 -3.7 1.7 N/A 0.1 (DEC.’01)SUNWISE 2001 FIDELITY GLOBAL ASSET ALLOCATION MICHAEL STRONG ET. AL. 8009 / 8909 / – $10.11 $0.1 -1.7 1.5 0.1 15.5 -3.7 1.7 N/A 0.1 (DEC.’01)SUNWISE FIDELITY GROWTH AMERICA JOHN POWER 8113 / 8213 / – $5.93 $0.2 1.5 1.7 5.3 17.4 -14.8 -6.2 N/A -6.1 (DEC.’01)SUNWISE 2001 FIDELITY GROWTH AMERICA JOHN POWER 8013 / 8913 / – $5.93 $0.0 1.5 1.7 5.3 17.4 -14.8 -6.2 N/A -6.1 (DEC.’01)SUNWISE FIDELITY INTERNATIONAL PORTFOLIO MICHAEL STRONG ET. AL. 8101 / 8201 / – $7.83 $0.8 -1.4 2.8 1.8 24.9 -13.1 -3.3 N/A -2.9 (DEC.’01)SUNWISE 2001 FIDELITY INTERNATIONAL PORTFOLIO MICHAEL STRONG ET. AL. 8001 / 8901 / – $7.84 $0.4 -1.4 2.8 1.8 25.0 -13.1 -3.3 N/A -2.9 (DEC.’01)SUNWISE FIDELITY NORTHSTAR ® C. MO / J. TILLINGHAST 8165 / 8265 / – $9.79 $3.2 2.4 2.6 4.3 33.6 -6.7 -0.4 N/A -0.4 (MAR.’05)SUNWISE 2001 FIDELITY NORTHSTAR ® C. MO / J. TILLINGHAST 8199 / 8299 / – $9.79 $1.1 2.3 2.5 4.3 33.6 -6.7 -0.4 N/A -0.4 (MAR.’05)SUNWISE FIDELITY TRUE NORTH ® MAXIME LEMIEUX 8123 / 8223 / – $16.99 $8.8 1.7 3.5 4.6 32.0 -2.2 5.5 N/A 6.6 (DEC.’01)SUNWISE 2001 FIDELITY TRUE NORTH ® MAXIME LEMIEUX 8023 / 8923 / – $17.00 $1.3 1.7 3.5 4.6 32.1 -2.2 5.5 N/A 6.6 (DEC.’01)SUNWISE MACKENZIE CUNDILL CANADIAN BALANCED D. SLATER / L. CHIN 8128 / 8228 / – $13.60 $1.2 5.7 5.1 8.9 36.4 0.0 3.2 N/A 3.8 (DEC.’01)SUNWISE 2001 MACKENZIE CUNDILL CANADIAN BALANCED D. SLATER / L. CHIN 8170 / 8270 / – $13.60 $0.2 5.7 5.0 8.9 36.4 0.0 3.2 N/A 3.8 (DEC.’01)SUNWISE MACKENZIE CUNDILL CANADIAN SECURITY D. SLATER / L. CHIN 8119 / 8219 / – $13.65 $1.5 8.5 7.6 12.3 51.5 -2.9 2.1 N/A 3.8 (DEC.’01)SUNWISE 2001 MACKENZIE CUNDILL CANADIAN SECURITY D. SLATER / L. CHIN 8019 / 8919 / – $13.66 $0.3 8.4 7.6 12.3 51.6 -2.9 2.1 N/A 3.8 (DEC.’01)SUNWISE PORTFOLIO SERIES BALANCED CI INVESTMENTS 8134 / 8234/ – $13.50 $10.4 1.3 2.0 3.8 21.1 -2.9 2.6 N/A 3.7 (DEC.’01)SUNWISE 2001 PORTFOLIO SERIES BALANCED CI INVESTMENTS 8176 / 8276 / – $13.50 $1.2 1.3 1.9 3.8 21.1 -2.9 2.6 N/A 3.7 (DEC.’01)SUNWISE PORTFOLIO SERIES BALANCED GROWTH CI INVESTMENTS 8158 / 8258/ – $13.67 $6.3 1.4 2.3 4.4 23.5 -3.7 1.8 N/A 4.5 (JAN.’03)SUNWISE 2001 PORTFOLIO SERIES BALANCED GROWTH CI INVESTMENTS 8192 / 8292 / – $13.67 $0.3 1.5 2.3 4.4 23.5 -3.7 1.8 N/A 4.5 (JAN.’03)SUNWISE PORTFOLIO SERIES CONSERVATIVE CI INVESTMENTS 8135 / 8235 / – $13.95 $6.1 1.5 1.4 3.9 18.8 -1.1 2.8 N/A 4.1 (DEC.’01)SUNWISE 2001 PORTFOLIO SERIES CONSERVATIVE CI INVESTMENTS 8177 / 8277 / – $13.96 $0.9 1.5 1.4 3.9 18.9 -1.1 2.8 N/A 4.1 (DEC.’01)SUNWISE PORTFOLIO SERIES CONSERVATIVE BALANCED CI INVESTMENTS 8157 / 8257/ – $14.01 $2.5 1.4 1.6 3.8 20.1 -2.0 2.4 N/A 4.8 (JAN.’03)SUNWISE 2001 PORTFOLIO SERIES CONSERVATIVE BALANCED CI INVESTMENTS 8191 / 8291/ – $14.00 $0.1 1.4 1.5 3.7 20.0 -2.0 2.4 N/A 4.8 (JAN.’03)SUNWISE PORTFOLIO SERIES GROWTH CI INVESTMENTS 8139 / 8239 / – $11.05 $3.9 1.3 2.6 4.2 24.0 -5.1 1.0 N/A 1.2 (DEC.’01)SUNWISE 2001 PORTFOLIO SERIES GROWTH CI INVESTMENTS 8181 / 8281 / – $11.05 $0.4 1.3 2.6 4.2 24.0 -5.1 1.0 N/A 1.2 (DEC.’01)SUNWISE PORTFOLIO SERIES INCOME CI INVESTMENTS 8137 / 8237/ – $14.33 $4.1 1.2 0.6 3.7 17.2 1.2 3.3 N/A 4.4 (DEC.’01)SUNWISE 2001 PORTFOLIO SERIES INCOME CI INVESTMENTS 8179 / 8279 / – $14.33 $0.7 1.2 0.6 3.7 17.2 1.2 3.3 N/A 4.4 (DEC.’01)SUNWISE PORTFOLIO SERIES MAXIMUM GROWTH CI INVESTMENTS 8159 / 8259 / – $13.53 $0.7 1.2 3.0 4.4 26.3 -7.0 0.3 N/A 4.3 (JAN.’03)SUNWISE 2001 PORTFOLIO SERIES MAXIMUM GROWTH CI INVESTMENTS 8193 / 8293 / – $13.53 $0.0 1.1 3.0 4.3 26.3 -7.0 0.3 N/A 4.3 (JAN.’03)SUNWISE PORTFOLIO SERIES SUMMIT BALANCED GROWTH CI INVESTMENTS 8136 / 8236 / – $14.24 $0.4 1.5 2.4 4.4 23.8 -3.4 2.8 N/A 4.3 (DEC.’01)SUNWISE 2001 PORTFOLIO SERIES SUMMIT BALANCED GROWTH CI INVESTMENTS 8178 / 8278 / – $14.25 $0.1 1.6 2.4 4.4 23.9 -3.4 2.8 N/A 4.3 (DEC.’01)SUNWISE PORTFOLIO SERIES SUMMIT MAXIMUM GROWTH CI INVESTMENTS 8138 / 8238/ – $12.55 $0.1 1.1 3.1 4.3 26.5 -6.8 1.6 N/A 2.8 (DEC.’01)SUNWISE 2001 PORTFOLIO SERIES SUMMIT MAXIMUM GROWTH CI INVESTMENTS 8180 / 8280 / – $12.56 $0.0 1.1 3.1 4.4 26.6 -6.8 1.6 N/A 2.8 (DEC.’01)SUNWISE TRIMARK CANADIAN FIRST CLASS 1 SCOTT MARGACH 8121/ 8221/ – $13.87 $1.6 2.7 2.4 3.7 23.9 -10.1 -0.8 N/A 4.0 (DEC.’01)SUNWISE 2001 TRIMARK CANADIAN FIRST CLASS 1 SCOTT MARGACH 8021/ 8921/ – $13.87 $0.5 2.7 2.3 3.6 23.9 -10.1 -0.8 N/A 4.0 (DEC.’01)SUNWISE TRIMARK GLOBAL BALANCED J. HYRICH / R. CHONG ET. AL. 8110 / 8210 / – $12.75 $3.1 1.9 1.8 4.5 15.4 -8.0 -0.7 N/A 3.0 (DEC.’01)SUNWISE 2001 TRIMARK GLOBAL BALANCED J. HYRICH / R. CHONG ET. AL. 8010 / 8910 / – $12.75 $0.2 1.9 1.8 4.5 15.4 -8.0 -0.7 N/A 3.0 (DEC.’01)SUNWISE TRIMARK INCOME GROWTH REX CHONG ET. AL. 8133 / 8233 / – $13.46 $9.5 2.4 2.3 4.3 24.9 -4.2 0.4 N/A 3.6 (DEC.’01)SUNWISE 2001 TRIMARK INCOME GROWTH REX CHONG ET. AL. 8175 / 8275 / – $13.45 $1.8 2.4 2.3 4.3 24.8 -4.2 0.4 N/A 3.6 (DEC.’01)SUNWISE TRIMARK SELECT GROWTH D. LOVE / H. PEIRCE 8106 / 8206 / – $8.42 $4.2 -0.1 1.2 3.1 13.5 -16.0 -4.6 N/A -2.0 (DEC.’01)SUNWISE 2001 TRIMARK SELECT GROWTH D. LOVE / H. PEIRCE 8006 / 8906 / – $8.43 $1.2 0.0 1.3 3.2 13.6 -16.0 -4.6 N/A -2.0 (DEC.’01)SUNWISE TRIMARK U.S. COMPANIES JIM YOUNG 8117 / 8217 / – $6.72 $0.2 2.8 3.1 2.6 15.9 -7.6 -3.8 N/A -4.7 (DEC.’01)SUNWISE 2001TRIMARK U.S. COMPANIES JIM YOUNG 8017 / 8917 / – $6.72 $0.0 2.8 3.1 2.6 15.9 -7.6 -3.8 N/A -4.7 (DEC.’01)SUNWISE U.S. MARKET INDEX TD ASSET MGNT INC. 8118 / 8218 / – $6.32 $0.3 1.1 1.4 3.9 17.7 -10.2 -3.9 N/A -5.4 (DEC.’01)SUNWISE 2001 U.S. MARKET INDEX TD ASSET MGNT INC. 8018 / 8918 / – $6.33 $0.0 1.3 1.6 4.1 17.9 -10.2 -3.9 N/A -5.3 (DEC.’01)*simple rates of return1formerly SunWise AIM Canadian First ClassF O R DEALE R U SE ONLY • VIS IT U S AT WWW.CIINVESTME NTS.CA F O R ALL THE LATEST FUND AND MANAGER INFO RMATIO N • M O NTHLY P E RFO RMANCE SCOR ECARD PAGE 97 1 00NAV(CDN)FUNDASSETS($MM)Y-T-D(%)1MTH(%)*6MTH(%)*1 YR(%)3 YR(%)5 YR(%)10 YR(%)SINCEINCEPTION(%)as at March 31, 2010

SunWise ® II FundsCombined GuaranteeIssued by Sun Life Assurance Company of CanadaLEAD MANAGERCDN $FUND CODE: CIGISC / DSC / LSCSUNWISE CI SIGNATURE HIGH INCOME ERIC BUSHELL 8348 / 8448 / – $20.05 $28.5 2.7 1.6 8.2 34.5 0.4 4.3 N/A 8.7 (DEC.’01)SUNWISE 2001 CI SIGNATURE HIGH INCOME ERIC BUSHELL 8382 / 8482 / – $20.06 $2.7 2.7 1.7 8.3 34.5 0.4 4.3 N/A 8.7 (DEC.’01)SUNWISE CI SIGNATURE INCOME & GROWTH E. BUSHELL / J. DUTKIEWICZ 8364 / 8464 / – $13.30 $5.0 1.7 2.7 5.1 31.4 0.4 5.5 N/A 5.9 (MAR.’05)SUNWISE 2001 CI SIGNATURE INCOME & GROWTH E. BUSHELL / J. DUTKIEWICZ 8398 / 8498 / – $13.31 $0.8 1.8 2.8 5.1 31.5 0.4 5.5 N/A 5.9 (MAR.’05)SUNWISE CI SIGNATURE SHORT-TERM BOND JAMES DUTKIEWICZ 8351/ 8451/ – $11.92 $0.0 -0.3 -0.8 -0.5 -0.5 2.0 1.9 N/A 2.1 (DEC.’01)SUNWISE 2001 CI SIGNATURE SHORT-TERM BOND JAMES DUTKIEWICZ 8385 / 8485 / – $11.94 $0.1 -0.3 -0.9 -0.4 -0.3 2.1 1.9 N/A 2.2 (DEC.’01)SUNWISE CI SIGNATURE SELECT CANADIAN ERIC BUSHELL 8324 / 8424 / – $18.08 $7.1 1.4 3.9 4.8 33.0 -1.9 6.3 N/A 7.4 (DEC.’01)SUNWISE 2001 CI SIGNATURE SELECT CANADIAN ERIC BUSHELL 8366 / 8466 / – $18.08 $0.7 1.4 3.9 4.8 33.0 -1.9 6.3 N/A 7.4 (DEC.’01)SUNWISE CI SIGNATURE SELECT CANADIAN BALANCED 1 ERIC BUSHELL 8332 / 8432 / – $16.02 $1.9 1.6 2.8 4.2 23.7 1.0 4.6 N/A 5.8 (DEC.’01)SUNWISE 2001 CI SIGNATURE SELECT CANADIAN BALANCED 1 ERIC BUSHELL 8374 / 8474 / – $16.02 $0.2 1.6 2.8 4.2 23.7 1.0 4.6 N/A 5.8 (DEC.’01)SUNWISE CI SYNERGY AMERICAN DAVID PICTON 8356 / 8456 / – $10.68 $0.1 1.1 2.5 3.2 11.1 -10.5 -3.3 N/A 0.9 (JAN.’03)SUNWISE 2001 CI SYNERGY AMERICAN DAVID PICTON 8390 / 8490 / – $10.68 $0.0 1.1 2.5 3.2 11.1 -10.5 -3.3 N/A 0.9 (JAN.’03)SUNWISE CI SYNERGY CANADIAN DAVID PICTON 8363 / 8463 / – $14.29 $0.9 3.2 3.9 7.8 34.4 -4.7 3.4 N/A 6.4 (JUNE’04)SUNWISE 2001 CI SYNERGY CANADIAN DAVID PICTON 8397 / 8497 / – $14.29 $0.0 3.2 3.9 7.8 34.4 -4.7 3.4 N/A 6.4 (JUNE’04)SUNWISE CI SYNERGY GLOBAL CORPORATE CLASS DAVID PICTON 8305 / 8405 / – $8.01 $0.5 -0.2 3.9 2.3 13.6 -11.5 -1.8 N/A -2.6 (DEC.’01)SUNWISE 2001 CI SYNERGY GLOBAL CORPORATE CLASS DAVID PICTON 8035 / 8935 / – $8.01 $0.4 -0.2 3.8 2.3 13.6 -11.5 -1.8 N/A -2.6 (DEC.’01)SUNWISE CI VALUE TRUST CORPORATE CLASS BILL MILLER 8315 / 8415 / – $5.11 $0.7 1.2 2.0 2.0 32.4 -19.8 -11.1 N/A -7.7 (DEC.’01)SUNWISE 2001 CI VALUE TRUST CORPORATE CLASS BILL MILLER 8045 / 8945 / – $5.12 $0.2 1.2 2.0 2.0 32.6 -19.8 -11.1 N/A -7.7 (DEC.’01)SUNWISE CI WORLD EQUITY JOHN HOCK 8304 / 8404 / – $8.17 $0.1 0.7 2.8 1.7 17.9 -10.5 -2.9 N/A -2.4 (DEC.’01)SUNWISE 2001 CI WORLD EQUITY JOHN HOCK 8034 / 8934 / – $8.18 $0.0 0.7 2.9 1.7 17.9 -10.5 -2.9 N/A -2.4 (DEC.’01)SUNWISE DYNAMIC POWER AMERICAN GROWTH NOAH BLACKSTEIN 8311 / 8411 / – $6.80 $0.4 3.0 4.5 15.3 24.8 -5.7 0.5 N/A -4.5 (DEC.’01)SUNWISE 2001 DYNAMIC POWER AMERICAN GROWTH NOAH BLACKSTEIN 8041 / 8941 / – $6.80 $0.1 2.9 4.3 15.1 24.8 -5.7 0.5 N/A -4.5 (DEC.’01)SUNWISE FIDELITY CANADIAN ASSET ALLOCATION SWANSON / MIRON / DUPONT / NEWMAN 8330 / 8430 / – $16.23 $12.5 2.1 2.3 3.8 27.1 2.0 6.0 N/A 6.0 (DEC.’01)SUNWISE 2001 FIDELITY CANADIAN ASSET ALLOCATION SWANSON / MIRON / DUPONT / NEWMAN 8372 / 8472 / – $16.22 $2.6 2.1 2.3 3.8 27.0 2.0 6.0 N/A 6.0 (DEC.’01)SUNWISE FIDELITY GLOBAL ASSET ALLOCATION MICHAEL STRONG ET. AL. 8309 / 8409 / – $9.96 $0.6 -1.7 1.4 0.0 15.1 -3.9 1.6 N/A 0.0 (DEC.’01)SUNWISE 2001 FIDELITY GLOBAL ASSET ALLOCATION MICHAEL STRONG ET. AL. 8039 / 8939 / – $9.96 $0.0 -1.8 1.4 -0.1 15.1 -3.9 1.6 N/A 0.0 (DEC.’01)SUNWISE FIDELITY GROWTH AMERICA JOHN POWER 8313 / 8413 / – $5.79 $0.2 1.6 1.8 5.3 17.0 -15.1 -6.6 N/A -6.4 (DEC.’01)SUNWISE 2001 FIDELITY GROWTH AMERICA JOHN POWER 8043 / 8943 / – $5.79 $0.0 1.6 1.8 5.3 17.0 -15.1 -6.6 N/A -6.4 (DEC.’01)SUNWISE FIDELITY INTERNATIONAL PORTFOLIO MICHAEL STRONG ET. AL. 8301 / 8401/ – $7.54 $0.6 -1.6 2.7 1.6 24.4 -13.5 -3.7 N/A -3.3 (DEC.’01)SUNWISE 2001 FIDELITY INTERNATIONAL PORTFOLIO MICHAEL STRONG ET. AL. 8031 / 8931/ – $7.56 $0.4 -1.4 2.7 1.6 24.8 -13.4 -3.6 N/A -3.3 (DEC.’01)SUNWISE FIDELITY NORTHSTAR ® C. MO / J. TILLINGHAST 8365 / 8465 / – $9.60 $2.4 2.2 2.5 4.0 33.0 -7.1 -0.8 N/A -0.8 (MAR.’05)SUNWISE 2001 FIDELITY NORTHSTAR ® C. MO / J. TILLINGHAST 8399 / 8499 / – $9.60 $0.2 2.2 2.6 4.0 33.0 -7.1 -0.8 N/A -0.8 (MAR.’05)SUNWISE FIDELITY TRUE NORTH ® MAXIME LEMIEUX 8323 / 8423 / – $16.49 $5.5 1.7 3.5 4.4 31.7 -2.5 5.2 N/A 6.2 (DEC.’01)SUNWISE 2001 FIDELITY TRUE NORTH ® MAXIME LEMIEUX 8053 / 8953 / – $16.50 $0.9 1.7 3.4 4.5 31.8 -2.5 5.2 N/A 6.2 (DEC.’01)SUNWISE MACKENZIE CUNDILL CANADIAN BALANCED D. SLATER / L. CHIN 8328 / 8428/ – $13.38 $1.8 5.7 5.1 8.8 36.1 -0.1 3.1 N/A 3.6 (DEC.’01)SUNWISE 2001 MACKENZIE CUNDILL CANADIAN BALANCED D. SLATER / L. CHIN 8370 / 8470 / – $13.38 $0.1 5.6 5.0 8.8 36.1 -0.1 3.1 N/A 3.6 (DEC.’01)SUNWISE MACKENZIE CUNDILL CANADIAN SECURITY D. SLATER / L. CHIN 8319 / 8419 / – $13.24 $1.1 8.3 7.5 12.1 51.1 -3.2 1.8 N/A 3.4 (DEC.’01)SUNWISE 2001 MACKENZIE CUNDILL CANADIAN SECURITY D. SLATER / L. CHIN 8049 / 8949 / – $13.24 $0.2 8.3 7.6 12.2 51.1 -3.2 1.8 N/A 3.4 (DEC.’01)SUNWISE PORTFOLIO SERIES BALANCED CI INVESTMENTS 8334 / 8434/ – $13.31 $18.8 1.2 1.9 3.7 20.9 -3.0 2.5 N/A 3.5 (DEC.’01)SUNWISE 2001 PORTFOLIO SERIES BALANCED CI INVESTMENTS 8376 / 8476 / – $13.32 $1.4 1.3 2.0 3.7 21.0 -3.0 2.5 N/A 3.5 (DEC.’01)SUNWISE PORTFOLIO SERIES BALANCED GROWTH CI INVESTMENTS 8358 / 8458 / – $13.56 $10.3 1.4 2.3 4.2 23.3 -3.8 1.6 N/A 4.3 (JAN.’03)SUNWISE 2001 PORTFOLIO SERIES BALANCED GROWTH CI INVESTMENTS 8392 / 8492 / – $13.57 $0.1 1.4 2.3 4.3 23.4 -3.8 1.6 N/A 4.3 (JAN.’03)SUNWISE PORTFOLIO SERIES CONSERVATIVE CI INVESTMENTS 8335 / 8435 / – $13.70 $16.0 1.5 1.4 3.8 18.7 -1.2 2.7 N/A 3.9 (DEC.’01)SUNWISE 2001 PORTFOLIO SERIES CONSERVATIVE CI INVESTMENTS 8377 / 8477 / – $13.70 $1.2 1.5 1.3 3.8 18.7 -1.2 2.7 N/A 3.9 (DEC.’01)SUNWISE PORTFOLIO SERIES CONSERVATIVE BALANCED CI INVESTMENTS 8357 / 8457 / – $14.01 $9.2 1.4 1.5 3.6 19.7 -2.1 2.3 N/A 4.8 (JAN.’03)SUNWISE 2001 PORTFOLIO SERIES CONSERVATIVE BALANCED CI INVESTMENTS 8391 / 8491 / – $14.02 $0.7 1.4 1.6 3.6 19.8 -2.1 2.3 N/A 4.8 (JAN.’03)NAV(CDN)FUNDASSETS($MM)Y-T-D(%)1MTH(%)*6MTH(%)*1 YR(%)3 YR(%)5 YR(%)10 YR(%)SINCEINCEPTION(%)*simple rates of return1formerly SunWise CI Signature Canadian Asset Allocation as at March 31, 2010F O R DEALE R U SE ONLY • VIS IT U S AT WWW.CIINVESTME NTS.CA F O R ALL THE LATEST FUND AND MANAGER INFO RMATIO N • M O NTHLY P E RFO RMANCE SCOR ECARD PAGE 98 1 0 1

SunWise ® II FundsCombined GuaranteeIssued by Sun Life Assurance Company of Canada*simple rates of returnLEAD MANAGERCDN $FUND CODE: CIGISC / DSC / LSCSUNWISE AIC AMERICAN FOCUSED ARIEL INVESTMENTS 8312 / 8412 / – $6.19 $0.5 1.1 3.7 6.0 34.3 -18.3 -9.6 N/A -5.6 (DEC.’01)SUNWISE 2001 AIC AMERICAN FOCUSED ARIEL INVESTMENTS 8042 / 8942 / – $6.18 $0.1 1.1 3.5 5.8 34.1 -18.3 -9.6 N/A -5.6 (DEC.’01)SUNWISE AIC DIVERSIFIED CANADA JONATHAN WELLUM 8320 / 8420 / – $10.14 $0.2 4.0 3.7 3.5 30.8 -7.2 -0.6 N/A 0.2 (DEC.’01)SUNWISE 2001 AIC DIVERSIFIED CANADA JONATHAN WELLUM 8050 / 8950 / – $10.14 $0.0 4.0 3.7 3.5 30.8 -7.2 -0.6 N/A 0.2 (DEC.’01)SUNWISE BOND INDEX TD ASSET MGNT INC. 8352 / 8452 / – $14.05 $2.0 0.8 -0.8 0.1 3.1 3.5 3.5 N/A 4.2 (DEC.’01)SUNWISE 2001 BOND INDEX TD ASSET MGNT INC. 8386 / 8486 / – $14.05 $0.1 0.7 -0.9 0.1 3.1 3.5 3.5 N/A 4.2 (DEC.’01)SUNWISE CANADIAN EQUITY INDEX TD ASSET MGNT INC. 8327 / 8427/ – $15.43 $0.6 2.3 3.5 5.4 37.8 -2.9 4.4 N/A 5.3 (DEC.’01)SUNWISE 2001 CANADIAN EQUITY INDEX TD ASSET MGNT INC. 8369 / 8469 / – $15.43 $0.1 2.3 3.5 5.3 37.8 -2.9 4.4 N/A 5.3 (DEC.’01)SUNWISE CI AMERICAN GROWTH BILL MILLER 8314 / 8414 / – $4.73 $0.1 1.3 2.2 2.2 32.9 -19.8 -11.1 N/A -8.6 (DEC.’01)SUNWISE 2001 CI AMERICAN GROWTH BILL MILLER 8044 / 8944 / – $4.73 $0.2 1.5 2.2 2.2 32.9 -19.8 -11.1 N/A -8.6 (DEC.’01)SUNWISE CI AMERICAN VALUE W. PRIEST / D. PEARL 8316 / 8416 / – $8.64 $0.5 1.2 2.7 5.2 14.7 -8.0 -1.8 N/A -1.7 (DEC.’01)SUNWISE 2001 CI AMERICAN VALUE W. PRIEST / D. PEARL 8046 / 8946 / – $8.65 $0.2 1.3 2.7 5.2 14.9 -7.9 -1.8 N/A -1.7 (DEC.’01)SUNWISE CI CANADIAN EQUITY DANIEL BUBIS 8325 / 8425 / – $14.94 $0.0 2.5 3.8 4.9 34.4 -2.2 4.1 N/A 4.9 (DEC.’01)SUNWISE 2001 CI CANADIAN EQUITY DANIEL BUBIS 8367 / 8467 / – $15.00 $0.3 2.5 3.8 4.8 34.9 -2.0 4.2 N/A 5.0 (DEC.’01)SUNWISE CI CANADIAN INVESTMENT FUND DANIEL BUBIS 8326 / 8426 / – $17.56 $21.6 2.5 3.7 4.8 34.8 -2.1 4.1 N/A 7.0 (DEC.’01)SUNWISE 2001 CI CANADIAN INVESTMENT FUND DANIEL BUBIS 8368 / 8468 / – $17.57 $3.4 2.4 3.8 4.8 34.8 -2.1 4.1 N/A 7.0 (DEC.’01)SUNWISE CI DIVIDEND ERIC BUSHELL 8350 / 8450 / – $15.41 $0.0 3.1 2.5 5.4 39.0 -0.8 3.5 N/A 5.3 (DEC.’01)SUNWISE 2001 CI DIVIDEND ERIC BUSHELL 8384 / 8484 / – $15.40 $0.9 3.1 2.5 5.4 38.9 -0.8 3.5 N/A 5.3 (DEC.’01)SUNWISE CI GLOBAL STERLING / GIGLIOTTI / BECKWITT 8302 / 8402 / – $7.98 $0.5 -1.1 1.8 0.9 20.9 -13.8 -4.3 N/A -2.7 (DEC.’01)SUNWISE 2001 CI GLOBAL STERLING / GIGLIOTTI / BECKWITT 8032 / 8932 / – $7.99 $0.1 -1.0 1.8 0.9 21.1 -13.8 -4.3 N/A -2.7 (DEC.’01)SUNWISE CI GLOBAL BOND R. GLUCK / D. RUNKLE 8360 / 8460 / – $10.18 $0.3 -2.9 -3.5 -5.0 -8.4 3.7 1.8 N/A 0.2 (JAN.’03)SUNWISE 2001 CI GLOBAL BOND R. GLUCK / D. RUNKLE 8394 / 8494 / – $10.19 $0.0 -2.9 -3.5 -5.0 -8.3 3.8 1.8 N/A 0.3 (JAN.’03)SUNWISE CI GLOBAL VALUE JOHN HOCK 8303 / 8403 / – $7.35 $0.5 0.7 2.8 1.7 18.0 -10.5 -2.9 N/A -3.6 (DEC.’01)SUNWISE 2001 CI GLOBAL VALUE JOHN HOCK 8033 / 8933 / – $7.35 $0.1 0.5 2.8 1.7 18.0 -10.5 -2.9 N/A -3.6 (DEC.’01)SUNWISE CI HARBOUR G. COLEMAN / S. JENKINS 8322 / 8422 / – $17.73 $16.0 0.8 3.8 3.1 28.0 -0.5 5.7 N/A 7.1 (DEC.’01)SUNWISE 2001 CI HARBOUR G. COLEMAN / S. JENKINS 8052 / 8952 / – $17.73 $2.4 0.8 3.7 3.1 28.0 -0.5 5.7 N/A 7.1 (DEC.’01)SUNWISE CI HARBOUR GROWTH & INCOME G. COLEMAN / S. JENKINS 8329 / 8429 / – $16.13 $25.4 0.9 2.8 2.9 22.2 -0.1 4.6 N/A 5.9 (DEC.’01)SUNWISE 2001 CI HARBOUR GROWTH & INCOME G. COLEMAN / S. JENKINS 8371 / 8471 / – $16.14 $4.1 0.9 2.8 2.9 22.3 -0.1 4.6 N/A 5.9 (DEC.’01)SUNWISE CI INTERNATIONAL STERLING / GIGLIOTTI / BECKWITT 8354 / 8454 / – $11.82 $0.5 -2.2 3.0 -0.2 21.6 -15.6 -4.4 N/A 2.4 (JAN.’03)SUNWISE 2001 CI INTERNATIONAL STERLING / GIGLIOTTI / BECKWITT 8388 / 8488 / – $11.82 $0.0 -2.2 2.9 -0.2 21.6 -15.6 -4.4 N/A 2.4 (JAN.’03)SUNWISE CI INTERNATIONAL BALANCED STERLING / GIGLIOTTI / BECKWITT 8355 / 8455 / – $11.47 $0.2 -1.4 0.0 -0.9 10.0 -6.2 -0.8 N/A 1.9 (JAN.’03)SUNWISE 2001 CI INTERNATIONAL BALANCED STERLING / GIGLIOTTI / BECKWITT 8389 / 8489 / – $11.48 $0.1 -1.4 0.0 -0.9 10.1 -6.2 -0.7 N/A 1.9 (JAN.’03)SUNWISE CI INTERNATIONAL BALANCED CORPORATE CLASS 1 STERLING / GIGLIOTTI / BECKWITT 8308/ 8408 / – $8.71 $0.1 -0.9 -0.1 -0.6 12.4 -8.4 -1.4 N/A -1.6 (DEC.’01)SUNWISE 2001 CI INTERNATIONAL BALANCED CORPORATE CLASS 1 STERLING / GIGLIOTTI / BECKWITT 8038/ 8938 / – $8.71 $0.0 -0.8 0.0 -0.6 12.4 -8.4 -1.4 N/A -1.6 (DEC.’01)SUNWISE CI INTERNATIONAL VALUE JOHN HOCK 8307 / 8407/ – $9.28 $0.6 -0.5 2.4 0.0 17.5 -10.5 -1.9 N/A -0.9 (DEC.’01)SUNWISE 2001 CI INTERNATIONAL VALUE JOHN HOCK 8037 / 8937/ – $9.28 $0.0 -0.5 2.4 0.0 17.5 -10.5 -1.9 N/A -0.9 (DEC.’01)SUNWISE CI MONEY MARKET CI INVESTMENTS 8353 / 8453 / – $11.47 $4.4 -0.1 0.0 -0.2 -0.3 1.4 1.8 N/A 1.7 (DEC.’01)SUNWISE 2001 CI MONEY MARKET CI INVESTMENTS 8387 / 8487 / – $11.47 $0.2 -0.1 -0.1 -0.2 -0.3 1.4 1.8 N/A 1.7 (DEC.’01)SUNWISE CI SIGNATURE CANADIAN BALANCED ERIC BUSHELL 8331 / 8431/ – $16.30 $4.1 1.6 2.6 4.1 25.0 1.2 6.4 N/A 6.0 (DEC.’01)SUNWISE 2001 CI SIGNATURE CANADIAN BALANCED ERIC BUSHELL 8373 / 8473 / – $16.30 $1.5 1.6 2.6 4.0 25.0 1.2 6.4 N/A 6.0 (DEC.’01)SUNWISE CI SIGNATURE CANADIAN BOND JAMES DUTKIEWICZ 8362 / 8462 / – $12.82 $4.7 1.6 -0.3 1.7 5.6 3.2 3.3 N/A 3.5 (JAN.’03)SUNWISE 2001 CI SIGNATURE CANADIAN BOND JAMES DUTKIEWICZ 8396 / 8496 / – $12.83 $0.2 1.6 -0.3 1.7 5.7 3.3 3.3 N/A 3.5 (JAN.’03)SUNWISE CI SIGNATURE CANADIAN PREMIER BOND JAMES DUTKIEWICZ 8349 / 8449 / – $13.41 $0.0 1.5 -0.4 1.7 5.3 3.1 3.2 N/A 3.6 (DEC.’01)SUNWISE 2001 CI SIGNATURE CANADIAN PREMIER BOND JAMES DUTKIEWICZ 8383 / 8483 / – $13.43 $0.7 1.5 -0.4 1.6 5.5 3.1 3.2 N/A 3.6 (DEC.’01)SUNWISE CI SIGNATURE DIVIDEND ERIC BUSHELL 8361 / 8461/ – $14.75 $14.6SUNWISE 2001 CI SIGNATURE DIVIDEND ERIC BUSHELL 8395 / 8495 / – $14.74 $0.61formerly SunWise CI Global Balanced Corporate Classas at March 31, 2010F O R DEALE R U SE ONLY • VIS IT U S AT WWW.CI .COM F O R ALL THE LATEST FUND AND MANAGER INFO RMATIO N • M O NTHLY P E RFO RMANCE SCOR ECARD PAGE 99 1 02NAV(CDN)FUNDASSETS($MM)Y-T-D(%)1MTH(%)*6MTH(%)*1 YR(%)3 YR(%)5 YR(%)10 YR(%)SINCEINCEPTION(%)3.0 2.4 3.0 5.5 38.8 -1.0 3.3 N/A 5.6 (JAN.’03)2.4 5.4 38.7 -1.0 3.3 N/A 5.6 (JAN.’03)

SunWise ® II FundsCombined Guarantee cont’dLEAD MANAGERCDN $FUND CODE: CIGISC / DSC / LSCIssued by Sun Life Assurance Company of CanadaSUNWISE PORTFOLIO SERIES GROWTH CI INVESTMENTS 8339 / 8439 / – $10.68 $3.8 1.2 2.5 4.1 23.6 -5.4 0.6 N/A 0.8 (DEC.’01)SUNWISE 2001 PORTFOLIO SERIES GROWTH CI INVESTMENTS 8381 / 8481 / – $10.69 $0.2 1.2 2.6 4.1 23.7 -5.4 0.7 N/A 0.8 (DEC.’01)SUNWISE PORTFOLIO SERIES INCOME CI INVESTMENTS 8337 / 8437/ – $14.18 $9.9 1.2 0.6 3.7 17.2 1.1 3.3 N/A 4.3 (DEC.’01)SUNWISE 2001 PORTFOLIO SERIES INCOME CI INVESTMENTS 8379 / 8479 / – $14.18 $0.6 1.2 0.6 3.7 17.2 1.1 3.3 N/A 4.3 (DEC.’01)SUNWISE PORTFOLIO SERIES MAXIMUM GROWTH CI INVESTMENTS 8359 / 8459 / – $13.38 $1.4 1.1 3.0 4.1 25.9 -7.3 -0.1 N/A 4.1 (JAN.’03)SUNWISE 2001 PORTFOLIO SERIES MAXIMUM GROWTH CI INVESTMENTS 8393 / 8493 / – $13.38 $0.1 1.1 3.0 4.1 25.9 -7.3 -0.1 N/A 4.1 (JAN.’03)SUNWISE PORTFOLIO SERIES SUMMIT BALANCED GROWTH CI INVESTMENTS 8336 / 8436 / – $13.86 $0.3 1.4 2.4 4.2 23.4 -3.7 2.5 N/A 4.0 (DEC.’01)SUNWISE 2001 PORTFOLIO SERIES SUMMIT BALANCED GROWTH CI INVESTMENTS 8378 / 8478 / – $13.87 $0.0 1.4 2.3 4.1 23.5 -3.7 2.5 N/A 4.0 (DEC.’01)SUNWISE PORTFOLIO SERIES SUMMIT MAXIMUM GROWTH CI INVESTMENTS 8338 / 8438/ – $12.10 $0.1 1.1 3.1 4.2 26.0 -7.1 1.3 N/A 2.3 (DEC.’01)SUNWISE 2001 PORTFOLIO SERIES SUMMIT MAXIMUM GROWTH CI INVESTMENTS 8380 / 8480 / – $12.11 $0.0 1.0 3.1 4.2 26.1 -7.1 1.3 N/A 2.3 (DEC.’01)SUNWISE TRIMARK CANADIAN FIRST CLASS 1 SCOTT MARGACH 8321/ 8421/ – $13.44 $2.0 2.7 2.3 3.5 23.6 -10.3 -1.1 N/A 3.6 (DEC.’01)SUNWISE 2001 TRIMARK CANADIAN FIRST CLASS 1 SCOTT MARGACH 8051/ 8951/ – $13.43 $0.2 2.7 2.3 3.5 23.6 -10.4 -1.2 N/A 3.6 (DEC.’01)SUNWISE TRIMARK GLOBAL BALANCED J. HYRICH / R. CHONG ET. AL. 8310 / 8410 / – $12.65 $2.8 1.9 1.9 4.5 15.2 -8.0 -0.8 N/A 2.9 (DEC.’01)SUNWISE 2001 TRIMARK GLOBAL BALANCED J. HYRICH / R. CHONG ET. AL. 8040 / 8940 / – $12.65 $0.2 1.9 1.9 4.5 15.2 -8.0 -0.8 N/A 2.9 (DEC.’01)SUNWISE TRIMARK INCOME GROWTH REX CHONG ET. AL. 8333 / 8433 / – $13.24 $9.9 2.4 2.2 4.2 24.6 -4.4 0.3 N/A 3.4 (DEC.’01)SUNWISE 2001 TRIMARK INCOME GROWTH REX CHONG ET. AL. 8375 / 8475 / – $13.25 $1.9 2.4 2.2 4.2 24.6 -4.3 0.3 N/A 3.4 (DEC.’01)SUNWISE TRIMARK SELECT GROWTH D. LOVE / H. PEIRCE 8306 / 8406 / – $8.15 $3.4 -0.1 1.2 2.9 13.2 -16.3 -4.9 N/A -2.4 (DEC.’01)SUNWISE 2001 TRIMARK SELECT GROWTH D. LOVE / H. PEIRCE 8036 / 8936 / – $8.16 $1.0 -0.1 1.2 3.0 13.3 -16.2 -4.9 N/A -2.4 (DEC.’01)SUNWISE TRIMARK U.S. COMPANIES JIM YOUNG 8317 / 8417 / – $6.49 $0.2 2.7 3.0 2.4 15.5 -7.9 -4.1 N/A -5.1 (DEC.’01)SUNWISE 2001 TRIMARK U.S. COMPANIES JIM YOUNG 8047 / 8947 / – $6.49 $0.0 2.7 3.0 2.4 15.5 -7.9 -4.1 N/A -5.1 (DEC.’01)SUNWISE U.S. MARKET INDEX TD ASSET MGNT INC. 8318 / 8418 / – $6.08 $0.1 1.2 1.5 3.9 17.1 -10.5 -4.3 N/A -5.8 (DEC.’01)SUNWISE 2001 U.S. MARKET INDEX TD ASSET MGNT INC. 8048 / 8948 / – $6.08 $0.0 1.2 1.5 3.9 17.1 -10.5 -4.3 N/A -5.8 (DEC.’01)SunWise ® II FundsFull GuaranteeIssued by Sun Life Assurance Company of CanadaSUNWISE AIC AMERICAN FOCUSED ARIEL INVESTMENTS 8512 / 8612 / – $6.01 $3.1 1.0 3.4 5.6 33.9 -18.6 -10.0 N/A -5.9 (DEC.’01)SUNWISE 2001 AIC AMERICAN FOCUSED ARIEL INVESTMENTS 8072 / 8972 / – $6.01 $0.4 1.0 3.6 5.6 33.9 -18.6 -10.0 N/A -5.9 (DEC.’01)SUNWISE AIC DIVERSIFIED CANADA JONATHAN WELLUM 8520 / 8620 / – $9.87 $1.9 3.9 3.7 3.4 30.4 -7.5 -1.0 N/A -0.2 (DEC.’01)SUNWISE 2001 AIC DIVERSIFIED CANADA JONATHAN WELLUM 8080 / 8980 / – $9.87 $0.3 4.0 3.7 3.4 30.4 -7.5 -1.0 N/A -0.2 (DEC.’01)SUNWISE BOND INDEX TD ASSET MGNT INC. 8552 / 8652 / – $13.93 $7.0 0.7 -0.9 0.1 3.0 3.5 3.5 N/A 4.1 (DEC.’01)SUNWISE 2001 BOND INDEX TD ASSET MGNT INC. 8586 / 8686 / – $13.94 $0.7 0.8 -0.9 0.1 3.0 3.5 3.5 N/A 4.1 (DEC.’01)SUNWISE CANADIAN EQUITY INDEX TD ASSET MGNT INC. 8527 / 8627 / – $14.99 $2.6 2.3 3.5 5.3 37.4 -3.2 4.0 N/A 5.0 (DEC.’01)SUNWISE 2001 CANADIAN EQUITY INDEX TD ASSET MGNT INC. 8569 / 8669 / – $14.99 $0.2 2.3 3.5 5.3 37.4 -3.2 4.0 N/A 5.0 (DEC.’01)SUNWISE CI AMERICAN GROWTH BILL MILLER 8514 / 8614 / – $4.59 $0.7 1.3 2.0 2.0 32.3 -20.2 -11.5 N/A -8.9 (DEC.’01)SUNWISE 2001 CI AMERICAN GROWTH BILL MILLER 8074 / 8974 / – $4.60 $0.3 1.3 2.2 2.0 32.6 -20.1 -11.5 N/A -8.9 (DEC.’01)SUNWISE CI AMERICAN VALUE W. PRIEST / D. PEARL 8516 / 8616 / – $8.39 $3.7 1.2 2.7 5.1 14.5 -8.3 -2.1 N/A -2.1 (DEC.’01)SUNWISE 2001 CI AMERICAN VALUE W. PRIEST / D. PEARL 8076 / 8976 / – $8.39 $0.3 1.2 2.7 5.1 14.5 -8.3 -2.1 N/A -2.1 (DEC.’01)SUNWISE CI CANADIAN EQUITY DANIEL BUBIS 8525 / 8625 / – $14.52 $0.0 2.5 3.8 4.7 33.8 -2.5 3.7 N/A 4.6 (DEC.’01)SUNWISE 2001 CI CANADIAN EQUITY DANIEL BUBIS 8567 / 8667/ – $14.59 $0.7 2.4 3.7 4.7 34.5 -2.4 3.8 N/A 4.6 (DEC.’01)SUNWISE CI CANADIAN INVESTMENT DANIEL BUBIS 8526 / 8626 / – $17.15 $121.3 2.4 3.8 4.6 34.4 -2.4 3.8 N/A 6.7 (DEC.’01)SUNWISE 2001 CI CANADIAN INVESTMENT DANIEL BUBIS 8568 / 8668/ – $17.16 $11.2 2.4 3.7 4.6 34.5 -2.4 3.8 N/A 6.7 (DEC.’01)SUNWISE CI DIVIDEND ERIC BUSHELL 8550 / 8650 / – $14.11 $0.0 3.1 2.5 5.4 28.6 -3.4 1.8 N/A 4.2 (DEC.’01)SUNWISE 2001 CI DIVIDEND ERIC BUSHELL 8584 / 8684 / – $15.19 $2.8 3.0 2.5 5.3 38.5 -1.0 3.3 N/A 5.1 (DEC.’01)SUNWISE CI GLOBAL STERLING / GIGLIOTTI / BECKWITT 8502 / 8602 / – $7.78 $3.1 -1.0 1.8 0.9 20.6 -14.2 -4.7 N/A -3.0 DEC.’01)SUNWISE 2001 CI GLOBAL STERLING / GIGLIOTTI / BECKWITT 8062 / 8962 / – $7.78 $0.3 -1.0 1.7 0.8 20.6 -14.2 -4.7 N/A -3.0 DEC.’01)*simple rates of return1formerly SunWise AIM Canadian First Classas at March 31, 2010F O R DEALE R U SE ONLY • VIS IT U S AT WWW.CI .COM F O R ALL THE LATEST FUND AND MANAGER INFO RMATIO N • M O NTHLY P E RFO RMANCE SCOR ECARD PAGE 100 1 03NAV(CDN)FUNDASSETS($MM)Y-T-D(%)1MTH(%)*6MTH(%)*1 YR(%)3 YR(%)5 YR(%)10 YR(%)SINCEINCEPTION(%)

SunWise ® II FundsFull Guarantee cont’dLEAD MANAGERCDN $FUND CODE: CIGISC / DSC / LSCIssued by Sun Life Assurance Company of CanadaSUNWISE CI GLOBAL BOND R. GLUCK / D. RUNKLE 8560 / 8660 / – $10.08 $3.0 -2.9 -3.4 -5.1 -8.4 3.7 1.7 N/A 0.1 (JAN.’03)SUNWISE 2001 CI GLOBAL BOND R. GLUCK / D. RUNKLE 8594 / 8694 / – $10.08 $0.1 -2.9 -3.5 -5.1 -8.4 3.7 1.7 N/A 0.1 (JAN.’03)SUNWISE CI GLOBAL VALUE JOHN HOCK 8503 / 8603 / – $7.11 $2.9 0.6 2.7 1.6 17.5 -10.8 -3.3 N/A -4.0 (DEC.’01)SUNWISE 2001 CI GLOBAL VALUE JOHN HOCK 8063 / 8963 / – $7.11 $0.1 0.6 2.7 1.4 17.5 -10.8 -3.3 N/A -4.0 (DEC.’01)SUNWISE CI HARBOUR G. COLEMAN / S. JENKINS 8522 / 8622 / – $17.21 $90.5 0.7 3.7 3.0 27.7 -0.9 5.3 N/A 6.7 (DEC.’01)SUNWISE 2001 CI HARBOUR G. COLEMAN / S. JENKINS 8082 / 8982 / – $17.22 $8.4 0.8 3.8 3.1 27.7 -0.8 5.3 N/A 6.7 (DEC.’01)SUNWISE CI HARBOUR GROWTH & INCOME G. COLEMAN / S. JENKINS 8529 / 8629 / – $15.72 $111.1 0.8 2.7 2.7 21.8 -0.5 4.2 N/A 5.6 (DEC.’01)SUNWISE 2001 CI HARBOUR GROWTH & INCOME G. COLEMAN / S. JENKINS 8571 / 8671 / – $15.74 $11.2 0.8 2.7 2.7 21.9 -0.5 4.3 N/A 5.6 (DEC.’01)SUNWISE CI INTERNATIONAL STERLING / GIGLIOTTI / BECKWITT 8554 / 8654 / – $10.66 $4.1 -2.4 2.8 -0.4 21.0 -15.9 -4.8 N/A 0.9 (JAN.’03)SUNWISE 2001 CI INTERNATIONAL STERLING / GIGLIOTTI / BECKWITT 8588 / 8688 / – $10.67 $0.1 -2.3 2.9 -0.3 21.1 -15.9 -4.8 N/A 0.9 (JAN.’03)SUNWISE CI INTERNATIONAL BALANCED STERLING / GIGLIOTTI / BECKWITT 8555 / 8655 / – $11.17 $1.1 -1.6 -0.1 -1.2 9.5 -6.6 -1.1 N/A 1.6 (JAN.’03)SUNWISE 2001 CI INTERNATIONAL BALANCED STERLING / GIGLIOTTI / BECKWITT 8589 / 8689 / – $11.18 $0.1 -1.5 0.0 -1.1 9.6 -6.5 -1.1 N/A 1.6 (JAN.’03)SUNWISE CI INTERNATIONAL BALANCED CORPORATE CLASS 1 STERLING / GIGLIOTTI / BECKWITT 8508/ 8608 / – $8.52 $1.5 -0.9 -0.1 -0.7 12.1 -8.7 -1.8 N/A -1.9 (DEC.’01)SUNWISE 2001 CI INTERNATIONAL BALANCED CORPORATE CLASS 1 STERLING / GIGLIOTTI / BECKWITT 8068/ 8968 / – $8.52 $0.3 -0.8 0.0 -0.7 12.1 -8.7 -1.8 N/A -1.9 (DEC.’01)SUNWISE CI INTERNATIONAL VALUE JOHN HOCK 8507 / 8607/ – $8.97 $2.2 -0.7 2.4 -0.1 16.9 -10.8 -2.3 N/A -1.3 (DEC.’01)SUNWISE 2001 CI INTERNATIONAL VALUE JOHN HOCK 8067 / 8967/ – $8.97 $0.1 -0.7 2.4 -0.2 16.9 -10.8 -2.3 N/A -1.3 (DEC.’01)SUNWISE CI MONEY MARKET CI INVESTMENTS 8553 / 8653 / – $11.44 $48.3 -0.1 0.0 -0.2 -0.4 1.4 1.8 N/A 1.6 (DEC.’01)SUNWISE 2001 CI MONEY MARKET CI INVESTMENTS 8587 / 8687 / – $11.44 $1.5 -0.1 0.0 -0.2 -0.4 1.4 1.8 N/A 1.6 (DEC.’01)SUNWISE CI SIGNATURE CANADIAN BALANCED ERIC BUSHELL 8531 / 8631/ – $15.89 $16.4 1.5 2.6 3.9 24.5 0.8 6.0 N/A 5.7 (DEC.’01)SUNWISE 2001 CI SIGNATURE CANADIAN BALANCED ERIC BUSHELL 8573 / 8673 / – $15.90 $2.8 1.5 2.6 3.9 24.6 0.8 6.0 N/A 5.7 (DEC.’01)SUNWISE CI SIGNATURE CANADIAN BOND JAMES DUTKIEWICZ 8562 / 8662 / – $12.76 $22.4 1.5 -0.4 1.7 5.5 3.2 3.3 N/A 3.5 (JAN.’03)SUNWISE 2001 CI SIGNATURE CANADIAN BOND JAMES DUTKIEWICZ 8596 / 8696 / – $12.76 $1.1 1.5 -0.4 1.6 5.5 3.2 3.3 N/A 3.5 (JAN.’03)SUNWISE CI SIGNATURE CANADIAN PREMIER BOND JAMES DUTKIEWICZ 8549 / 8649 / – $13.23 $0.0 1.5 -0.4 1.5 5.2 2.9 3.0 N/A 3.4 (DEC.’01)SUNWISE 2001 CI SIGNATURE CANADIAN PREMIER BOND JAMES DUTKIEWICZ 8583 / 8683 / – $13.25 $1.9 1.5 -0.4 1.5 5.3 3.0 3.0 N/A 3.4 (DEC.’01)SUNWISE CI SIGNATURE DIVIDEND ERIC BUSHELL 8561 / 8661/ – $14.72 $66.0 3.0 2.4 5.5 38.7 -1.0 3.2 N/A 5.5 (JAN.’03)SUNWISE 2001 CI SIGNATURE DIVIDEND ERIC BUSHELL 8595 / 8695 / – $14.71 $2.3 3.0 2.4 5.4 38.6 -1.0 3.2 N/A 5.5 (JAN.’03)SUNWISE CI SIGNATURE HIGH INCOME ERIC BUSHELL 8548 / 8648 / – $19.73 $143.0 2.7 1.6 8.2 34.3 0.2 4.1 N/A 8.5 (DEC.’01)SUNWISE 2001 CI SIGNATURE HIGH INCOME ERIC BUSHELL 8582 / 8682 / – $19.73 $11.0 2.7 1.6 8.1 34.3 0.2 4.1 N/A 8.5 (DEC.’01)SUNWISE CI SIGNATURE INCOME & GROWTH E. BUSHELL / J. DUTKIEWICZ 8564 / 8664 / – $13.06 $34.0 1.6 2.7 4.9 30.9 0.0 5.1 N/A 5.5 (MAR.’05)SUNWISE 2001 CI SIGNATURE INCOME & GROWTH E. BUSHELL / J. DUTKIEWICZ 8598/ 8698 / – $13.07 $1.4 1.6 2.7 4.9 31.0 0.0 5.1 N/A 5.5 (MAR.’05)SUNWISE CI SIGNATURE SHORT-TERM BOND JAMES DUTKIEWICZ 8551/ 8651/ – $11.78 $0.0 -0.3 -0.8 -0.5 -0.5 1.9 1.8 N/A 2.0 (DEC.’01)SUNWISE 2001 CI SIGNATURE SHORT-TERM BOND JAMES DUTKIEWICZ 8585 / 8685 / – $11.79 $0.5 -0.3 -0.8 -0.5 -0.4 1.9 1.8 N/A 2.0 (DEC.’01)SUNWISE CI SIGNATURE SELECT CANADIAN ERIC BUSHELL 8524 / 8624 / – $17.54 $44.2 1.4 3.9 4.7 32.7 -2.3 5.9 N/A 7.0 (DEC.’01)SUNWISE 2001 CI SIGNATURE SELECT CANADIAN ERIC BUSHELL 8566 / 8666 / – $17.54 $2.2 1.3 3.9 4.7 32.7 -2.3 5.9 N/A 7.0 (DEC.’01)SUNWISE CI SIGNATURE SELECT CANADIAN BALANCED 2 ERIC BUSHELL 8532 / 8632 / – $15.58 $9.2 1.5 2.8 4.1 23.4 0.6 4.3 N/A 5.5 (DEC.’01)SUNWISE 2001 CI SIGNATURE SELECT CANADIAN BALANCED 12 ERIC BUSHELL 8574 / 8674 / – $15.58 $0.7 1.5 2.8 4.1 23.4 0.6 4.3 N/A 5.5 (DEC.’01)SUNWISE CI SYNERGY AMERICAN DAVID PICTON 8556 / 8656 / – $10.19 $1.4 1.0 2.4 2.9 10.6 -10.8 -3.7 N/A 0.3 (JAN.’03)SUNWISE 2001 CI SYNERGY AMERICAN DAVID PICTON 8590 / 8690 / – $10.20 $0.0 1.0 2.4 3.0 10.7 -10.8 -3.6 N/A 0.3 (JAN.’03)SUNWISE CI SYNERGY CANADIAN DAVID PICTON 8563 / 8663 / – $13.33 $3.7 3.1 3.8 7.6 34.1 -5.0 3.0 N/A 5.1 (JUNE’04)SUNWISE 2001 CI SYNERGY CANADIAN DAVID PICTON 8597 / 8697 / – $13.33 $0.2 3.1 3.9 7.7 34.1 -5.0 3.0 N/A 5.1 (JUNE’04)SUNWISE CI SYNERGY GLOBAL CORPORATE CLASS DAVID PICTON 8505 / 8605 / – $7.79 $3.3 -0.3 3.9 2.2 13.2 -11.9 -2.1 N/A -3.0 (DEC.’01)SUNWISE 2001 CI SYNERGY GLOBAL CORPORATE CLASS DAVID PICTON 8065 / 8965 / – $7.79 $0.5 -0.4 3.7 2.1 13.2 -11.9 -2.1 N/A -3.0 (DEC.’01)SUNWISE CI VALUE TRUST CORPORATE CLASS BILL MILLER 8515 / 8615 / – $4.91 $4.1 1.2 2.1 1.9 32.0 -20.1 -11.5 N/A -8.2 (DEC.’01)SUNWISE 2001 CI VALUE TRUST CORPORATE CLASS BILL MILLER 8075 / 8975 / – $4.91 $0.2 1.2 2.1 1.9 32.0 -20.1 -11.5 N/A -8.2 (DEC.’01)SUNWISE CI WORLD EQUITY JOHN HOCK 8504 / 8604 / – $7.94 $0.5 0.6 2.8 1.5 17.6 -10.8 -3.3 N/A -2.7 (DEC.’01)SUNWISE 2001 CI WORLD EQUITY JOHN HOCK 8064 / 8964 / – $7.93 $0.0 0.5 2.7 1.5 17.5 -10.8 -3.3 N/A -2.7 (DEC.’01)SUNWISE DYNAMIC POWER AMERICAN GROWTH NOAH BLACKSTEIN 8511 / 8611 / – $6.61 $2.9 2.8 4.4 15.0 24.2 -6.0 0.1 N/A -4.8 (DEC.’01)SUNWISE 2001 DYNAMIC POWER AMERICAN GROWTH NOAH BLACKSTEIN 8071 / 8971 / – $6.61 $0.5 2.8 4.4 15.0 24.2 -6.0 0.1 N/A -4.8 (DEC.’01)*simple rates of return1formerly SunWise CI Global Balanced Corporate Class 2formerly SunWise CI Signature Canadian Asset Allocationas at March 31, 2010F O R DEALE R U SE ONLY • VIS IT U S AT WWW.CI .COM F O R ALL THE LATEST FUND AND MANAGER INFO RMATIO N • M O NTHLY P E RFO RMANCE SCOR ECARD PAGE 101 1 0 4NAV(CDN)FUNDASSETS($MM)Y-T-D(%)1MTH(%)*6MTH(%)*1 YR(%)3 YR(%)5 YR(%)10 YR(%)SINCEINCEPTION(%)

SunWise ® II FundsFull Guarantee cont’dIssued by Sun Life Assurance Company of CanadaLEAD MANAGERCDN $FUND CODE: CIGISC / DSC / LSCNAV(CDN)FUNDASSETS($MM)Y-T-D(%)1MTH(%)*6MTH(%)*1 YR(%)3 YR(%)5 YR(%)10 YR(%)SINCEINCEPTION(%)SUNWISE FIDELITY CANADIAN ASSET ALLOCATION SWANSON / MIRON / DUPONT / NEWMAN 8530 / 8630 / – $15.80 $53.2 2.1 2.3 3.7 26.7 1.6 5.6 N/A 5.6 (DEC.’01)SUNWISE 2001 FIDELITY CANADIAN ASSET ALLOCATION SWANSON / MIRON / DUPONT / NEWMAN 8572 / 8672 / – $15.81 $7.2 2.0 2.3 3.6 26.8 1.6 5.6 N/A 5.7 (DEC.’01)SUNWISE FIDELITY GLOBAL ASSET ALLOCATION MICHAEL STRONG ET. AL. 8509 / 8609 / – $9.68 $2.1 -1.7 1.5 -0.1 14.8 -4.2 1.3 N/A -0.4 (DEC.’01)SUNWISE 2001 FIDELITY GLOBAL ASSET ALLOCATION MICHAEL STRONG ET. AL. 8069 / 8969 / – $9.68 $0.2 -1.8 1.4 -0.2 14.8 -4.2 1.3 N/A -0.4 (DEC.’01)SUNWISE FIDELITY GROWTH AMERICA JOHN POWER 8513 / 8613 / – $5.58 $0.7 1.5 1.6 5.1 16.5 -15.5 -7.0 N/A -6.8 (DEC.’01)SUNWISE 2001 FIDELITY GROWTH AMERICA JOHN POWER 8073 / 8973 / – $5.59 $0.1 1.5 1.8 5.1 16.7 -15.4 -6.9 N/A -6.7 (DEC.’01)SUNWISE FIDELITY INTERNATIONAL PORTFOLIO MICHAEL STRONG ET. AL. 8501 / 8601/ – $7.37 $4.8 -1.6 2.6 1.4 24.1 -13.8 -4.1 N/A -3.6 (DEC.’01)SUNWISE 2001 FIDELITY INTERNATIONAL PORTFOLIO MICHAEL STRONG ET. AL. 8061 / 8961/ – $7.38 $0.5 -1.6 2.6 1.5 24.2 -13.8 -4.0 N/A -3.6 (DEC.’01)SUNWISE FIDELITY NORTHSTAR ® C. MO / J. TILLINGHAST 8565 / 8665 / – $9.51 $10.6 2.3 2.5 3.9 32.6 -7.4 -1.2 N/A -1.0 (MAR.’05)SUNWISE 2001 FIDELITY NORTHSTAR ® C. MO / J. TILLINGHAST 8599 / 8699 / – $9.51 $0.9 2.3 2.5 3.9 32.6 -7.4 -1.2 N/A -1.0 (MAR.’05)SUNWISE FIDELITY TRUE NORTH ® MAXIME LEMIEUX 8523 / 8623 / – $15.88 $36.2 1.6 3.5 4.3 31.3 -2.9 4.8 N/A 5.7 (DEC.’01)SUNWISE 2001 FIDELITY TRUE NORTH ® MAXIME LEMIEUX 8083 / 8983 / – $15.89 $2.3 1.6 3.5 4.3 31.4 -2.9 4.8 N/A 5.7 (DEC.’01)SUNWISE MACKENZIE CUNDILL CANADIAN BALANCED D. SLATER / L. CHIN 8528 / 8628 / – $13.04 $6.6 5.6 5.1 8.7 35.7 -0.5 2.7 N/A 3.2 (DEC.’01)SUNWISE 2001 MACKENZIE CUNDILL CANADIAN BALANCED D. SLATER / L. CHIN 8570 / 8670 / – $13.05 $0.6 5.6 5.1 8.7 35.8 -0.5 2.7 N/A 3.2 (DEC.’01)SUNWISE MACKENZIE CUNDILL CANADIAN SECURITY D. SLATER / L. CHIN 8519 / 8619 / – $12.89 $8.9 8.3 7.5 12.1 50.8 -3.6 1.4 N/A 3.1 (DEC.’01)SUNWISE 2001 MACKENZIE CUNDILL CANADIAN SECURITY D. SLATER / L. CHIN 8079 / 8979 / – $12.88 $0.4 8.2 7.4 12.0 50.6 -3.6 1.4 N/A 3.1 (DEC.’01)SUNWISE PORTFOLIO SERIES BALANCED CI INVESTMENTS 8534 / 8634 / – $12.91 $72.2 1.2 1.9 3.5 20.4 -3.4 2.1 N/A 3.1 (DEC.’01)SUNWISE 2001 PORTFOLIO SERIES BALANCED CI INVESTMENTS 8576 / 8676 / – $12.91 $3.6 1.1 1.9 3.5 20.4 -3.4 2.1 N/A 3.1 (DEC.’01)SUNWISE PORTFOLIO SERIES BALANCED GROWTH CI INVESTMENTS 8558 / 8658 / – $13.31 $42.2 1.4 2.3 4.1 22.9 -4.1 1.2 N/A 4.1 (JAN.’03)SUNWISE 2001 PORTFOLIO SERIES BALANCED GROWTH CI INVESTMENTS 8592 / 8692 / – $13.31 $2.9 1.4 2.3 4.1 22.9 -4.1 1.2 N/A 4.1 (JAN.’03)SUNWISE PORTFOLIO SERIES CONSERVATIVE CI INVESTMENTS 8535 / 8635 / – $13.37 $56.3 1.4 1.4 3.6 18.3 -1.6 2.3 N/A 3.5 (DEC.’01)SUNWISE 2001 PORTFOLIO SERIES CONSERVATIVE CI INVESTMENTS 8577 / 8677 / – $13.37 $2.7 1.4 1.3 3.6 18.3 -1.6 2.3 N/A 3.5 (DEC.’01)SUNWISE PORTFOLIO SERIES CONSERVATIVE BALANCED CI INVESTMENTS 8557 / 8657 / – $13.49 $31.3 1.4 1.6 3.5 19.4 -2.5 1.9 N/A 4.3 (JAN.’03)SUNWISE 2001 PORTFOLIO SERIES CONSERVATIVE BALANCED CI INVESTMENTS 8591 / 8691 / – $13.49 $1.4 1.3 1.5 3.5 19.4 -2.5 1.9 N/A 4.3 (JAN.’03)SUNWISE PORTFOLIO SERIES GROWTH CI INVESTMENTS 8539 / 8639 / – $10.42 $17.2 1.1 2.5 3.9 23.2 -5.8 0.3 N/A 0.5 (DEC.’01)SUNWISE 2001 PORTFOLIO SERIES GROWTH CI INVESTMENTS 8581 / 8681 / – $10.43 $0.9 1.2 2.6 3.9 23.3 -5.7 0.3 N/A 0.5 (DEC.’01)SUNWISE PORTFOLIO SERIES INCOME CI INVESTMENTS 8537 / 8637 / – $14.09 $30.5 1.2 0.6 3.7 17.1 1.1 3.2 N/A 4.2 (DEC.’01)SUNWISE 2001 PORTFOLIO SERIES INCOME CI INVESTMENTS 8579 / 8679 / – $14.10 $2.4 1.2 0.6 3.7 17.2 1.1 3.2 N/A 4.2 (DEC.’01)SUNWISE PORTFOLIO SERIES MAXIMUM GROWTH CI INVESTMENTS 8559 / 8659 / – $13.02 $9.8 1.0 3.0 4.0 25.4 -7.7 -0.4 N/A 3.7 (JAN.’03)SUNWISE 2001 PORTFOLIO SERIES MAXIMUM GROWTH CI INVESTMENTS 8593 / 8693 / – $13.03 $1.0 1.0 3.0 4.1 25.5 -7.7 -0.4 N/A 3.8 (JAN.’03)SUNWISE PORTFOLIO SERIES SUMMIT BALANCED GROWTH CI INVESTMENTS 8536 / 8636 / – $13.61 $1.9 1.4 2.3 4.1 23.2 -3.9 2.3 N/A 3.8 (DEC.’01)SUNWISE 2001 PORTFOLIO SERIES SUMMIT BALANCED GROWTH CI INVESTMENTS 8578 / 8678 / – $13.62 $0.3 1.4 2.3 4.1 23.3 -3.9 2.3 N/A 3.8 (DEC.’01)SUNWISE PORTFOLIO SERIES SUMMIT MAXIMUM GROWTH CI INVESTMENTS 8538 / 8638 / – $11.80 $0.6 1.0 3.1 4.1 25.8 -7.4 1.0 N/A 2.0 (DEC.’01)SUNWISE 2001 PORTFOLIO SERIES SUMMIT MAXIMUM GROWTH CI INVESTMENTS 8580 / 8680 / – $11.80 $0.1 1.0 3.1 4.1 25.8 -7.4 1.0 N/A 2.0 (DEC.’01)SUNWISE TRIMARK CANADIAN FIRST CLASS 1 SCOTT MARGACH 8521/ 8621 / – $13.09 $9.4 2.6 2.3 3.3 23.3 -10.7 -1.5 N/A 3.3 (DEC.’01)SUNWISE 2001 TRIMARK CANADIAN FIRST CLASS 1 SCOTT MARGACH 8081 / 8981 / – $13.09 $0.9 2.6 2.2 3.3 23.3 -10.7 -1.5 N/A 3.3 (DEC.’01)SUNWISE TRIMARK GLOBAL BALANCED J. HYRICH / R. CHONG ET. AL. 8510 / 8610 / – $12.34 $12.9 1.8 1.8 4.3 14.8 -8.4 -1.2 N/A 2.6 (DEC.’01)SUNWISE 2001 TRIMARK GLOBAL BALANCED J. HYRICH / R. CHONG ET. AL. 8070 / 8970 / – $12.35 $0.8 1.8 1.9 4.3 14.9 -8.4 -1.2 N/A 2.6 (DEC.’01)SUNWISE TRIMARK INCOME GROWTH REX CHONG ET. AL. 8533 / 8633 / – $12.90 $33.6 2.3 2.3 4.1 24.2 -4.7 0.0 N/A 3.1 (DEC.’01)SUNWISE 2001 TRIMARK INCOME GROWTH REX CHONG ET. AL. 8575 / 8675 / – $12.90 $5.2 2.4 2.3 4.1 24.2 -4.7 0.0 N/A 3.1 (DEC.’01)SUNWISE TRIMARK SELECT GROWTH D. LOVE / H. PEIRCE 8506 / 8606 / – $7.94 $19.6 -0.3 1.1 2.8 12.8 -16.6 -5.3 N/A -2.7 (DEC.’01)SUNWISE 2001 TRIMARK SELECT GROWTH D. LOVE / H. PEIRCE 8066 / 8966 / – $7.94 $2.2 -0.3 1.3 2.8 12.8 -16.6 -5.3 N/A -2.7 (DEC.’01)SUNWISE TRIMARK U.S. COMPANIES JIM YOUNG 8517 / 8617 / – $6.30 $0.8 2.6 2.9 2.1 15.0 -8.3 -4.5 N/A -5.4 (DEC.’01)SUNWISE 2001 TRIMARK U.S. COMPANIES JIM YOUNG 8077 / 8977 / – $6.30 $0.1 2.6 2.9 2.1 15.0 -8.3 -4.5 N/A -5.4 (DEC.’01)SUNWISE U.S. MARKET INDEX TD ASSET MGNT INC. 8518 / 8618 / – $5.92 $0.5 1.0 1.4 3.7 16.8 -11.0 -4.7 N/A -6.1 (DEC.’01)SUNWISE 2001 U.S. MARKET INDEX TD ASSET MGNT INC. 8078 / 8978 / – $5.92 $0.0 1.0 1.4 3.5 16.8 -11.0 -4.7 N/A -6.1 (DEC.’01)*simple rates of return 1 formerly SunWise AIM Canadian First Classas at March 31, 2010F O R DEALE R U SE ONLY • VIS IT U S AT WWW.CIINVESTME NTS.CA F O R ALL THE LATEST FUND AND MANAGER INFO RMATIO N • M O NTHLY P E RFO RMANCE SCOR ECARD PAGE 102 1 05

SunWise ® Elite FundsBasic GuaranteeLEAD MANAGERCDN $FUND CODE † : CIGISC / DSC / LSCIssued by Sun Life Assurance Company of CanadaSUNWISE ELITECI AMERICAN VALUE W. PRIEST / D. PEARL 7361 / 7841 / – $9.33 $8.6 1.3 2.8 5.4 15.0 -7.6 N/A N/A -1.6 (OCT.’05)SUNWISE ELITE CI CAMBRIDGE CANADIAN ASSET ALLOCATION CORPORATE ALAN RADLO 7507/ 7557/ – $10.28 $16.8 3.7 3.3 7.3 30.5 N/A N/A N/A 1.4 (MAR.’08)SUNWISE ELITE CI CAMBRIDGE BALANCED BUNDLE MULTIPLE MANAGERS 2 7522 / 7572/ – $10.51 $0.4 5.1 2.7 N/A N/A N/A N/A N/A 5.1 (JAN.’10)SUNWISE ELITE CI CAMBRIDGE CANADIAN EQUITY CORPORATE ALAN RADLO 7508/ 7558 / – $9.59 $9.4 4.1 3.8 7.3 32.8 N/A N/A N/A -2.1 (MAR.’08)SUNWISE ELITE CI CAMBRIDGE CORE BUNDLE MULTIPLE MANAGERS 2 7521/ 7571 / – $10.26 $0.3 2.6 3.1 N/A N/A N/A N/A N/A 2.6 (JAN.’10)SUNWISE ELITE CI CAMBRIDGE GLOBAL EQUITY CORPORATE ALAN RADLO 7509 / 7559 / – $10.19 $11.6 2.9 5.9 5.5 26.9 N/A N/A N/A 0.9 (MAR.’08)SUNWISE ELITECI CANADIAN INVESTMENT DANIEL BUBIS 7366 / 7846 / – $11.48 $42.3 2.5 3.8 4.8 35.1 -1.8 N/A N/A 3.2 (OCT.’05)SUNWISE ELITECI GLOBAL STERLING / GIGLIOTTI / BECKWITT 7350 / 7830 / – $7.83 $3.0 -1.0 1.7 0.9 21.0 -13.6 N/A N/A -5.4 (OCT.’05)SUNWISE ELITECI GLOBAL BOND R. GLUCK / D. RUNKLE 7386 / 7866 / – $11.67 $1.2 -2.8 -3.5 -5.0 -8.3 3.9 N/A N/A 3.6 (OCT.’05)SUNWISE ELITECI GLOBAL HIGH DIVIDEND ADVANTAGE PRIEST / SAPPENFIELD / WELHOELTER 7395 / 7875 / – $7.28 $5.2 -1.9 1.8 2.8 15.2 -10.0 N/A N/A -10.2 (APR.’07)SUNWISE ELITECI GLOBAL VALUE JOHN HOCK 7351 / 7831 / – $8.72 $0.6 0.7 2.7 1.8 18.2 -10.2 N/A N/A -3.1 (OCT.’05)SUNWISE ELITECI HARBOUR G. COLEMAN / S. JENKINS 7367 / 7847 / – $12.18 $103.2 0.8 3.7 3.2 28.2 -0.2 N/A N/A 4.6 (OCT.’05)SUNWISE ELITECI HARBOUR BALANCED BUNDLE MULTIPLE MANAGERS 3 7513 / 7563 / – $10.05 $5.7 0.5 3.1 N/A N/A N/A N/A N/A 0.5 (JAN.’10)SUNWISE ELITECI HARBOUR CORE BUNDLE MULTIPLE MANAGERS 3 7512 / 7562 / – $10.04 $4.2 0.4 3.4 N/A N/A N/A N/A N/A 0.4 (JAN.’10)SUNWISE ELITECI HARBOUR FOREIGN EQUITY CORPORATE S. JENKINS / G. COLEMAN 7393 / 7873 / – $7.81 $15.5 4.6 6.7 9.1 51.9 -7.9 N/A N/A -8.0 (APR.’07)SUNWISE ELITECI HARBOUR FOREIGN GROWTH & INCOME CORP. S. JENKINS / G. COLEMAN 7394 / 7874 / – $8.82 $11.8 3.6 5.0 7.4 36.7 -4.1 N/A N/A -4.2 (APR.’07)SUNWISE ELITECI HARBOUR GROWTH & INCOME G. COLEMAN / S. JENKINS 7373 / 7853 / – $11.74 $165.0 0.9 2.8 3.0 22.4 0.0 N/A N/A 3.7 (OCT.’05)SUNWISE ELITECI INTERNATIONAL BALANCED STERLING / GIGLIOTTI / BECKWITT 7357/ 7837 / – $9.54 $1.9 -1.4 -0.1 -0.9 10.0 -6.1 N/A N/A -1.1 (OCT.’05)SUNWISE ELITECI INTERNATIONAL VALUE JOHN HOCK 7352 / 7832 / – $9.30 $2.9 -0.5 2.4 0.1 17.6 -10.1 N/A N/A -1.6 (OCT.’05)SUNWISE ELITECI MONEY MARKET CI INVESTMENTS 7390 / 7870 / – $10.77 $53.0 -0.1 -0.1 -0.2 -0.5 1.2 N/A N/A 1.7 (OCT.’05)SUNWISE ELITECI SIGNATURE CANADIAN BALANCED 1 ERIC BUSHELL 7372 / 7852 / – $11.93 $10.7 1.7 2.8 4.4 23.9 1.1 N/A N/A 4.1 (OCT.’05)SUNWISE ELITECI SIGNATURE CANADIAN BOND JAMES DUTKIEWICZ 7385 / 7865 / – $11.48 $18.8 1.6 -0.3 1.7 5.6 3.2 N/A N/A 3.2 (OCT.’05)SUNWISE ELITECI SIGNATURE CORE BUNDLE MULTIPLE MANAGERS 4 7514 / 7564 / – $10.07 $4.9 0.7 3.2 N/A N/A N/A N/A N/A 0.7 (JAN.’10)SUNWISE ELITECI SIGNATURE CORPORATE BOND CORPORATE FUND DUTKIEWICZ / MARSHALL / SHAW 7511 / 7561/ – $10.12 $0.6 1.2 0.9 N/A N/A N/A N/A N/A 1.2 (JAN.’10)SUNWISE ELITECI SIGNATURE DIVIDEND ERIC BUSHELL 7388 / 7868 / – $11.28 $29.1 3.1 2.5 5.5 38.9 -0.8 N/A N/A 2.8 (OCT.’05)SUNWISE ELITE CI SIGNATURE GLOBAL INCOME & GROWTH ERIC BUSHELL 7501/ 7551 / – $10.11 $3.6 1.5 3.4 5.5 32.3 N/A N/A N/A 0.6 (MAR.’08)SUNWISE ELITECI SIGNATURE HIGH INCOME ERIC BUSHELL 7389 / 7869 / – $11.81 $69.9 2.8 1.7 8.3 34.7 0.5 N/A N/A 3.8 (OCT.’05)SUNWISE ELITECI SIGNATURE INCOME & GROWTH E. BUSHELL / J. DUTKIEWICZ 7376 / 7856 / – $12.28 $64.8 1.8 2.8 5.2 31.6 0.4 N/A N/A 4.8 (OCT.’05)SUNWISE ELITECI SIGNATURE SELECT CANADIAN ERIC BUSHELL 7368 / 7848 / – $12.45 $56.4 1.5 3.9 4.9 33.2 -1.8 N/A N/A 5.1 (OCT.’05)SUNWISE ELITECI SYNERGY AMERICAN DAVID PICTON 7362 / 7842 / – $8.34 $0.9 1.2 2.5 3.3 11.5 -10.1 N/A N/A -4.0 (OCT.’05)SUNWISE ELITECI SYNERGY CANADIAN DAVID PICTON 7369 / 7849 / – $11.28 $10.9 3.1 3.9 7.7 34.6 -4.5 N/A N/A 2.8 (OCT.’05)SUNWISE ELITECI SYNERGY GLOBAL CORPORATE DAVID PICTON 7353 / 7833 / – $8.56 $3.3 -0.2 3.9 2.4 13.8 -11.2 N/A N/A -3.5 (OCT.’05)SUNWISE ELITECI VALUE TRUST CORPORATE BILL MILLER 7363 / 7843 / – $5.43 $3.5 1.5 2.3 2.3 33.4 -19.5 N/A N/A -12.9 (OCT.’05)SUNWISE ELITE DYNAMIC CORE BUNDLE MULTIPLE MANAGERS 5 7524 / 7574 / – $10.01 $1.4 0.1 1.6 N/A N/A N/A N/A N/A 0.1 (JAN.’10)SUNWISE ELITEDYNAMIC GLOBAL VALUE CHUK WONG 7391 / 7871 / – $8.31 $12.6 2.6 5.7 7.4 49.5 -6.0 N/A N/A -6.1 (APR.’07)SUNWISE ELITEDYNAMIC POWER AMERICAN GROWTH NOAH BLACKSTEIN 7360 / 7840 / – $8.31 $5.1 3.0 4.4 15.4 25.2 -5.0 N/A N/A -4.1 (OCT.’05)SUNWISE ELITE FIDELITY CANADIAN ASSET ALLOCATION SWANSON / MIRON / DUPONT / NEWMAN 7374 / 7854 / – $12.48 $74.1 2.2 2.4 3.9 27.1 1.9 N/A N/A 5.1 (OCT.’05)SUNWISE ELITE FIDELITY DISCIPLINED CORE BUNDLE MULTIPLE MANAGERS 6 7523 / 7573 / – $10.05 $0.4 0.5 1.6 N/A N/A N/A N/A N/A 0.5 (JAN.’10)SUNWISE ELITE FIDELITY GLOBAL ASSET ALLOCATION MICHAEL STRONG ET. AL. 7358 / 7838 / – $10.49 $2.8 -1.7 1.5 0.0 15.3 -3.7 N/A N/A 1.1 (OCT.’05)SUNWISE ELITE FIDELITY GROWTH AMERICA JOHN POWER 7364 / 7844 / – $6.82 $1.0 1.6 1.8 5.4 17.6 -14.8 N/A N/A -8.3 (OCT.’05)SUNWISE ELITE FIDELITY NORTHSTAR ® C. MO / J. TILLINGHAST 7354 / 7834 / – $9.37 $12.9 2.3 2.5 4.1 33.1 -6.8 N/A N/A -1.5 (OCT.’05)SUNWISE ELITE FIDELITY TRUE NORTH ® MAXIME LEMIEUX 7370 / 7850 / – $11.82 $24.6 1.7 3.5 4.5 32.1 -2.3 N/A N/A 3.9 (OCT.’05)SWE FRANKLIN TEMPLETON QUOTENTIAL DIVERSIFIED INCOME FRANKLIN TEMPLETON INVESTMENTS 9449 / 9949 / – $11.84 $1.3NAV(CDN)FUNDASSETS($MM)Y-T-D(%)1MTH(%)*6MTH(%)*1 YR(%)3 YR(%)5 YR(%)10 YR(%)SINCEINCEPTION(%)2.2 0.6 4.2 18.5 N/A N/A N/A 12.4 (OCT.’08)1formerly SunWise Elite CI Signature Canadian Asset Allocation 2A. Radlo, J. Dutkiewicz, G. Marshall, J. Shaw 3G. Coleman, J. Dutkiewicz, G. Marshall, J. Shaw 4E. Bushell, J. Dutkiewicz, G. Marshall, J. Shaw*simple rates of return5D. Taylor, D. Fingold, M. McHugh 6A. Marchese, M. Strong, B. Miron†For the SunWise Elite Plus (the Guaranteed Minimum Withdrawal Benefit) fund code, add a "P" to the end of the SunWise Elite fund code.as at March 31, 2010F O R DEALE R U SE ONLY • VIS IT U S AT WWW.CI .COM F O R ALL THE LATEST FUND AND MANAGER INFO RMATIO N • M O NTHLY P E RFO RMANCE SCOR ECARD PAGE 103 1 06

SunWise ® Elite FundsBasic Guarantee cont’dIssued by Sun Life Assurance Company of CanadaLEAD MANAGERCDN $FUND CODE † : CIGISC / DSC / LSCSWE FRANKLIN TEMPLETON QUOTENTIAL BALANCED INCOME FRANKLIN TEMPLETON INVESTMENTS 9450 / 9950 / – $12.68 $1.5 1.7 1.1 3.8 22.9 N/A N/A N/A 17.9 (OCT.’08)SWE FRANKLIN TEMPLETON QUOTENTIAL BALANCED GROWTH FRANKLIN TEMPLETON INVESTMENTS 9451/ 9951 / – $12.45 $4.7NAV(CDN)FUNDASSETS($MM)Y-T-D(%)1MTH(%)*6MTH(%)*1 YR(%)3 YR(%)5 YR(%)10 YR(%)SINCEINCEPTION(%)2.0 2.0 5.0 29.0 N/A N/A N/A 16.4 (OCT.’08)SWE FRANKLIN TEMPLETON QUOTENTIAL GLOBAL BALANCED FRANKLIN TEMPLETON INVESTMENTS 9452 / 9952 / – $12.38 $0.4 1.9 2.1 4.7 26.5 N/A N/A N/A 15.9 (OCT.’08)SWE FRANKLIN TEMPLETON QUOTENTIAL GROWTH FRANKLIN TEMPLETON INVESTMENTS9453 / 9953 / – $13.08 $1.1 1.9 2.7 5.1 32.9 N/A N/A N/A 20.4 (OCT.’08)SWE FRANKLIN TEMPLETON QUOTENTIAL CANADIAN GROWTH FRANKLIN TEMPLETON INVESTMENTS 9454 / 9954 / – $15.29 $0.1 4.6 3.7 9.7 47.9 N/A N/A N/A 34.2 (OCT.’08)SWE FRANKLIN TEMPLETON QUOTENTIAL GLOBAL GROWTH FRANKLIN TEMPLETON INVESTMENTS 9455 / 9955 / – $11.80 $0.5 0.9 3.0 3.0 29.2 N/A N/A N/A 12.1 (OCT.’08)SWE FRANKLIN TEMPLETON QUOTENTIAL MAXIMUM GROWTH FRANKLIN TEMPLETON INVESTMENTS 9456 / 9956 / – $12.83 $0.3 2.6 3.3 6.5 38.3 N/A N/A N/A 18.8 (OCT.’08)SUNWISE ELITE MACKENZIE CUNDILL CANADIAN BALANCED D. SLATER / L. CHIN 7375 / 7855 / – $11.20 $6.7 5.8 5.2 8.9 36.4 0.0 N/A N/A 2.6 (OCT.’05)SUNWISE ELITE MACKENZIE CUNDILL CANADIAN SECURITY D. SLATER / L. CHIN 7371 / 7851 / – $10.57 $3.5 8.4 7.5 12.2 51.2 -3.1 N/A N/A 1.3 (OCT.’05)SUNWISE ELITE MACKENZIE CUNDILL VALUE A. MASSIE / J. THOMPSON 7392 / 7872 / – $8.15 $22.9 2.6 5.4 6.1 31.9 -6.6 N/A N/A -6.7 (APR.’07)SUNWISE ELITE MANULIFE GLOBAL MONTHLY INCOME ALAN WICKS / DANNY TOMKA 7503 / 7553 / – $9.35 $0.5 0.5 1.3 1.5 12.4 N/A N/A N/A -3.5 (MAR.’08)SUNWISE ELITE MANULIFE GLOBAL OPPORTUNITIES TIMOTHY MALLOY 7504/ 7554 / – $9.98 $0.5 4.6 1.0 5.9 56.9 N/A N/A N/A -0.1 (MAR.’08)SUNWISE ELITE NORTHWEST GROWTH AND INCOME RICHARD FOGLER 7502 / 7552 / – $9.03 $0.2 1.9 3.3 3.0 27.9 N/A N/A N/A -5.2 MAR.’08)SUNWISE ELITE PORTFOLIO SERIES BALANCED CI INVESTMENTS 7378 / 7858 / – $10.82 $79.8 1.2 1.9 3.7 20.9 -3.0 N/A N/A 1.8 (OCT.’05)SUNWISE ELITE PORTFOLIO SERIES BALANCED GROWTH CI INVESTMENTS 7381 / 7861 / – $10.54 $46.4 1.4 2.3 4.3 23.6 -3.6 N/A N/A 1.2 (OCT.’05)SUNWISE ELITE PORTFOLIO SERIES CONSERVATIVE CI INVESTMENTS 7379 / 7859 / – $11.14 $19.0 1.5 1.4 3.8 18.8 -1.1 N/A N/A 2.5 (OCT.’05)SUNWISE ELITE PORTFOLIO SERIES CONSERVATIVE BALANCED CI INVESTMENTS 7382 / 7862 / – $10.92 $31.8 1.4 1.6 3.7 20.0 -2.0 N/A N/A 2.0 (OCT.’05)SUNWISE ELITE PORTFOLIO SERIES GROWTH CI INVESTMENTS 7383 / 7863 / – $10.18 $28.7 1.4 2.6 4.3 24.1 -4.9 N/A N/A 0.4 (OCT.’05)SUNWISE ELITE PORTFOLIO SERIES INCOME CI INVESTMENTS 7380 / 7860 / – $11.54 $19.9 1.2 0.6 3.7 17.2 1.2 N/A N/A 3.3 (OCT.’05)SUNWISE ELITE PORTFOLIO SERIES MAXIMUM GROWTH CI INVESTMENTS 7384 / 7864 / – $9.84 $12.0 1.1 3.1 4.3 26.3 -6.8 N/A N/A -0.4 (OCT.’05)SUNWISE ELITE RBC CANADIAN DIVIDEND S. KEDWELL / D. RAYMOND 7398 / 7878 / – $9.35 $21.9 4.1 4.6 5.9 35.7 -2.2 N/A N/A -2.2 (APR.’07)SUNWISE ELITE RBC O’SHAUGHNESSY INTERNATIONAL EQUITY JIM O’SHAUGHNESSY 7397 / 7877 / – $5.49 $1.9 -3.0 3.0 -7.9 18.1 -18.1 N/A N/A -18.3 (APR.’07)SUNWISE ELITE TD CANADIAN BOND S. RAI / G. WILSON 7396 / 7876 / – $11.22 $29.8 1.2 -0.6 1.3 8.3 3.9 N/A N/A 4.0 (APR.’07)SUNWISE ELITE TRIMARK CANADIAN FIRST CLASS 1 SCOTT MARGACH 7365 / 7845 / – $9.03 $3.2 2.7 2.3 3.6 23.5 -10.1 N/A N/A -2.3 (OCT.’05)SUNWISE ELITE TRIMARK GLOBAL BALANCED J. HYRICH / R. CHONG ET. AL. 7359 / 7839 / – $9.76 $9.0 1.9 1.9 4.5 15.2 -7.9 N/A N/A -0.5 (OCT.’05)SUNWISE ELITE TRIMARK INCOME GROWTH REX CHONG ET. AL. 7377 / 7857 / – $10.25 $9.5 2.4 2.3 4.3 24.5 -4.3 N/A N/A 0.6 (OCT.’05)SUNWISE ELITE TRIMARK SELECT GROWTH D. LOVE / H. PEIRCE 7355 / 7835 / – $7.82 $5.8 -0.1 1.2 3.0 13.3 -15.9 N/A N/A -5.4 (OCT.’05)SunWise ® Elite FundsCombined GuaranteeIssued by Sun Life Assurance Company of CanadaSUNWISE ELITECI AMERICAN VALUE W. PRIEST / D. PEARL 7261 / 7061 / – $9.03 $11.6 1.2 2.7 5.1 14.6 -8.1 N/A N/A -2.3 (OCT.’05)SUNWISE ELITE CI CAMBRIDGE CANADIAN ASSET ALLOCATION CORPORATE ALAN RADLO 7607/ 7657/ – $10.27 $49.9 3.6 3.4 7.2 30.2 N/A N/A N/A 1.3 (MAR.’08)SUNWISE ELITE CI CAMBRIDGE BALANCED BUNDLE MULTIPLE MANAGERS 2 7622 / 7672/ – $10.25 $3.4 2.5 2.6 N/A N/A N/A N/A N/A 2.5 (JAN.’10)SUNWISE ELITE CI CAMBRIDGE CANADIAN EQUITY CORPORATE ALAN RADLO 7608/ 7658 / – $9.44 $21.4 4.1 3.7 7.0 32.2 N/A N/A N/A -2.9 (MAR.’08)SUNWISE ELITE CI CAMBRIDGE CORE BUNDLE MULTIPLE MANAGERS 2 7621/ 7671 / – $10.23 $3.0 2.3 2.9 N/A N/A N/A N/A N/A 2.3 (JAN.’10)SUNWISE ELITE CI CAMBRIDGE GLOBAL EQUITY CORPORATE ALAN RADLO 7609 / 7659 / – $9.81 $30.5 2.7 5.8 5.1 26.3 N/A N/A N/A -1.0 (MAR.’08)SUNWISE ELITECI CANADIAN INVESTMENT DANIEL BUBIS 7266 / 7066 / – $11.48 $125.4 2.4 3.7 4.6 34.4 -2.2 N/A N/A 3.2 (OCT.’05)SUNWISE ELITECI GLOBAL STERLING / GIGLIOTTI / BECKWITT 7250 / 7050 / – $7.62 $3.9 -1.2 1.7 0.7 20.4 -14.0 N/A N/A -6.0 (OCT.’05)SUNWISE ELITECI GLOBAL BOND R. GLUCK / D. RUNKLE 7286 / 7086 / – $11.64 $6.5 -2.9 -3.5 -5.1 -8.4 3.7 N/A N/A 3.5 (OCT.’05)SUNWISE ELITECI GLOBAL HIGH DIVIDEND ADVANTAGE PRIEST / SAPPENFIELD / WELHOELTER 7295 / 7095 / – $7.19 $11.7 -2.0 1.7 2.6 14.7 -10.4 N/A N/A -10.6 (APR.’07)SUNWISE ELITECI GLOBAL VALUE JOHN HOCK 7251 / 7051 / – $8.42 $2.6SUNWISE ELITECI HARBOUR G. COLEMAN / S. JENKINS 7267 / 7067 / – $12.05 $309.4*simple rates of return1formerly SunWise Elite CI Signature Canadian Asset Allocation 2A. Radlo, J. Dutkiewicz, G. Marshall, J. Shaw†For the SunWise Elite Plus (the Guaranteed Minimum Withdrawal Benefit) fund code, add a "P" to the end of the SunWise Elite fund code.0.6 2.8 0.7 1.4 17.6 -10.6 N/A N/A -3.8 (OCT.’05)3.7 2.9 27.5 -0.7 N/A N/A 4.3 (OCT.’05)as at March 31, 2010F O R DEALE R U SE ONLY • VIS IT U S AT WWW.CI .COM F O R ALL THE LATEST FUND AND MANAGER INFO RMATIO N • M O NTHLY P E RFO RMANCE SCOR ECARD PAGE 104 1 0 7

SunWise ® Elite FundsCombined Guarantee cont’dIssued by Sun Life Assurance Company of CanadaLEAD MANAGERCDN $FUND CODE † : CIGISC / DSC / LSCSUNWISE ELITECI HARBOUR BALANCED BUNDLE MULTIPLE MANAGERS 2 7613 / 7663 / – $10.05 $23.9SUNWISE ELITECI HARBOUR CORE BUNDLE MULTIPLE MANAGERS 2 7612 / 7662 / – $10.05 $15.4as at March 31, 2010F O R DEALE R U SE ONLY • VIS IT U S AT WWW.CI .COM F O R ALL THE LATEST FUND AND MANAGER INFO RMATIO N • M O NTHLY P E RFO RMANCE SCOR ECARD PAGE 105 1 0 8NAV(CDN)FUNDASSETS($MM)Y-T-D(%)1MTH(%)*6MTH(%)*1 YR(%)3 YR(%)5 YR(%)10 YR(%)SINCEINCEPTION(%)0.5 3.1 0.5 N/A N/A N/A N/A N/A 0.5 (JAN.’10)3.4 N/A N/A N/A N/A N/A 0.5 (JAN.’10)SUNWISE ELITECI HARBOUR FOREIGN EQUITY CORPORATE S. JENKINS / G. COLEMAN 7293 / 7093 / – $7.77 $28.2 4.4 6.7 8.7 51.2 -8.1 N/A N/A -8.2 (APR.’07)SUNWISE ELITECI HARBOUR FOREIGN GROWTH & INCOME CORP. S. JENKINS / G. COLEMAN 7294 / 7094 / – $8.81 $27.9 3.5 4.9 7.2 36.4 -4.1 N/A N/A -4.2 (APR.’07)SUNWISE ELITECI HARBOUR GROWTH & INCOME G. COLEMAN / S. JENKINS 7273 / 7073 / – $11.62 $483.0 0.9 2.7 2.8 22.1 -0.3 N/A N/A 3.5 (OCT.’05)SUNWISE ELITECI INTERNATIONAL BALANCED STERLING / GIGLIOTTI / BECKWITT 7257/ 7057 / – $9.55 $2.7 -1.4 -0.1 -1.0 9.8 -6.3 N/A N/A -1.0 (OCT.’05)SUNWISE ELITECI INTERNATIONAL VALUE JOHN HOCK 7252 / 7052 / – $9.10 $7.0 -0.7 2.5 -0.1 17.1 -10.6 N/A N/A -2.1 (OCT.’05)SUNWISE ELITECI MONEY MARKET CI INVESTMENTS 7290 / 7090 / – $10.77 $147.0 -0.1 -0.1 -0.2 -0.5 1.2 N/A N/A 1.7 (OCT.’05)SUNWISE ELITECI SIGNATURE CANADIAN BALANCED 1 ERIC BUSHELL 7272 / 7072 / – $11.84 $30.2 1.5 2.8 4.2 23.6 0.9 N/A N/A 3.9 (OCT.’05)SUNWISE ELITECI SIGNATURE CANADIAN BOND JAMES DUTKIEWICZ 7285 / 7085 / – $11.46 $56.6 1.6 -0.3 1.7 5.5 3.2 N/A N/A 3.1 (OCT.’05)SUNWISE ELITECI SIGNATURE CORE BUNDLE MULTIPLE MANAGERS 3 7614 / 7664 / – $10.06 $14.5 0.6 3.1 N/A N/A N/A N/A N/A 0.6 (JAN.’10)SUNWISE ELITECI SIGNATURE CORPORATE BOND CORPORATE FUND DUTKIEWICZ / MARSHALL / SHAW 7611 / 7661/ – $10.12 $2.8 1.2 0.9 N/A N/A N/A N/A N/A 1.2 (JAN.’10)SUNWISE ELITECI SIGNATURE DIVIDEND ERIC BUSHELL 7288 / 7088 / – $11.27 $84.9 3.1 2.5 5.4 38.8 -0.8 N/A N/A 2.7 (OCT.’05)SUNWISE ELITE CI SIGNATURE GLOBAL INCOME & GROWTH ERIC BUSHELL 7601/ 7651 / – $10.23 $6.3 1.6 3.4 5.5 32.2 N/A N/A N/A 1.1 (MAR.’08)SUNWISE ELITECI SIGNATURE HIGH INCOME ERIC BUSHELL 7289 / 7089 / – $11.86 $204.4 2.6 1.6 8.1 34.3 0.3 N/A N/A 3.9 (OCT.’05)SUNWISE ELITECI SIGNATURE INCOME & GROWTH E. BUSHELL / J. DUTKIEWICZ 7276 / 7076 / – $12.27 $170.1 1.7 2.8 5.1 31.4 0.2 N/A N/A 4.7 (OCT.’05)SUNWISE ELITECI SIGNATURE SELECT CANADIAN ERIC BUSHELL 7268 / 7068 / – $12.46 $145.3 1.4 3.9 4.6 32.7 -2.2 N/A N/A 5.1 (OCT.’05)SUNWISE ELITECI SYNERGY AMERICAN DAVID PICTON 7262 / 7062 / – $8.17 $3.3 1.1 2.5 3.0 10.9 -10.6 N/A N/A -4.5 (OCT.’05)SUNWISE ELITECI SYNERGY CANADIAN DAVID PICTON 7269 / 7069 / – $10.96 $16.8 3.1 3.9 7.6 34.1 -4.9 N/A N/A 2.1 (OCT.’05)SUNWISE ELITECI SYNERGY GLOBAL CORPORATE DAVID PICTON 7253 / 7053 / – $8.48 $6.6 -0.4 3.8 2.2 13.2 -11.7 N/A N/A -3.7 (OCT.’05)SUNWISE ELITECI VALUE TRUST CORPORATE BILL MILLER 7263 / 7063 / – $5.34 $2.8 1.3 2.1 2.1 32.5 -19.9 N/A N/A -13.2 (OCT.’05)SUNWISE ELITE DYNAMIC CORE BUNDLE MULTIPLE MANAGERS 4 7624 / 7674 / – $10.01 $6.0 0.1 1.6 N/A N/A N/A N/A N/A 0.1 (JAN.’10)SUNWISE ELITEDYNAMIC GLOBAL VALUE CHUK WONG 7291 / 7091 / – $8.20 $23.5 2.4 5.7 7.0 48.8 -6.4 N/A N/A -6.5 (APR.’07)SUNWISE ELITEDYNAMIC POWER AMERICAN GROWTH NOAH BLACKSTEIN 7260 / 7060 / – $8.14 $14.2 2.8 4.2 15.0 24.5 -5.4 N/A N/A -4.6 (OCT.’05)SUNWISE ELITE FIDELITY CANADIAN ASSET ALLOCATION SWANSON / MIRON / DUPONT / NEWMAN 7274 / 7074 / – $12.38 $230.7 2.1 2.2 3.7 26.7 1.7 N/A N/A 5.0 (OCT.’05)SUNWISE ELITE FIDELITY DISCIPLINED CORE BUNDLE MULTIPLE MANAGERS 5 7623 / 7673 / – $10.01 $4.3 0.1 1.6 N/A N/A N/A N/A N/A 0.1 (JAN.’10)SUNWISE ELITE FIDELITY GLOBAL ASSET ALLOCATION MICHAEL STRONG ET. AL. 7258 / 7058 / – $10.41 $9.5 -1.8 1.4 -0.2 14.9 -4.0 N/A N/A 0.9 (OCT.’05)SUNWISE ELITE FIDELITY GROWTH AMERICA JOHN POWER 7264 / 7064 / – $6.63 $1.5 1.5 1.8 5.2 16.9 -15.1 N/A N/A -8.9 (OCT.’05)SUNWISE ELITE FIDELITY NORTHSTAR ® C. MO / J. TILLINGHAST 7254 / 7054 / – $9.17 $34.0 2.2 2.5 3.9 32.5 -7.3 N/A N/A -1.9 (OCT.’05)SUNWISE ELITE FIDELITY TRUE NORTH ® MAXIME LEMIEUX 7270 / 7070 / – $11.57 $100.0 1.6 3.4 4.2 31.5 -2.8 N/A N/A 3.4 (OCT.’05)SWE FRANKLIN TEMPLETON QUOTENTIAL DIVERSIFIED INCOME FRANKLIN TEMPLETON INVESTMENTS 9429 / 9929 / – $11.62 $4.9 2.2 0.6 4.1 18.5 N/A N/A N/A 11.0 (OCT.’08)SWE FRANKLIN TEMPLETON QUOTENTIAL BALANCED INCOME FRANKLIN TEMPLETON INVESTMENTS 9430 / 9930 / – $12.30 $5.7 1.7 1.2 3.7 22.8 N/A N/A N/A 15.4 (OCT.’08)SWE FRANKLIN TEMPLETON QUOTENTIAL BALANCED GROWTH FRANKLIN TEMPLETON INVESTMENTS 9431/ 9931 / – $12.38 $15.8 1.9 2.0 4.7 28.6 N/A N/A N/A 15.9 (OCT.’08)SWE FRANKLIN TEMPLETON QUOTENTIAL GLOBAL BALANCED FRANKLIN TEMPLETON INVESTMENTS 9432 / 9932 / – $12.70 $2.5 1.8 2.1 4.5 26.1 N/A N/A N/A 18.0 (OCT.’08)SWE FRANKLIN TEMPLETON QUOTENTIAL GROWTH FRANKLIN TEMPLETON INVESTMENTS 9433 / 9933 / – $12.33 $6.1 1.8 2.7 5.0 32.6 N/A N/A N/A 15.6 (OCT.’08)SWE FRANKLIN TEMPLETON QUOTENTIAL CANADIAN GROWTH FRANKLIN TEMPLETON INVESTMENTS 9434 / 9934 / – $15.11 $1.0 4.3 3.6 9.3 47.1 N/A N/A N/A 33.1 (OCT.’08)SWE FRANKLIN TEMPLETON QUOTENTIAL GLOBAL GROWTH FRANKLIN TEMPLETON INVESTMENTS 9435 / 9935 / – $11.98 $0.7 0.8 2.9 2.7 28.8 N/A N/A N/A 13.3 (OCT.’08)SWE FRANKLIN TEMPLETON QUOTENTIAL MAXIMUM GROWTH FRANKLIN TEMPLETON INVESTMENTS 9436 / 9936 / – $14.97 $0.7 2.5 3.2 6.2 37.8 N/A N/A N/A 32.2 (OCT.’08)SUNWISE ELITE MACKENZIE CUNDILL CANADIAN BALANCED D. SLATER / L. CHIN 7275 / 7075 / – $11.25 $16.8 5.6 5.0 8.7 35.9 -0.3 N/A N/A 2.7 (OCT.’05)SUNWISE ELITE MACKENZIE CUNDILL CANADIAN SECURITY D. SLATER / L. CHIN 7271 / 7071 / – $10.40 $8.1 8.2 7.4 11.8 50.5 -3.4 N/A N/A 0.9 (OCT.’05)SUNWISE ELITE MACKENZIE CUNDILL VALUE A. MASSIE / J. THOMPSON 7292 / 7092 / – $8.03 $39.3SUNWISE ELITE MANULIFE GLOBAL MONTHLY INCOME ALAN WICKS / DANNY TOMKA 7603 / 7653 / – $9.52 $3.02.6 5.5 0.5 5.8 31.2 -7.1 N/A N/A -7.1 (APR.’07)1.3 1.4 12.3 N/A N/A N/A -2.4 (MAR.’08)1formerly SunWise AIM Canadian First Class 2G. Coleman, J. Dutkiewicz, G. Marshall, J. Shaw 3E. Bushell, J. Dutkiewicz, G. Marshall, J. Shaw4D. Taylor, D. Fingold, M. McHugh 5A. Marchese, M. Strong, B. Miron*simple rates of return†For the SunWise Elite Plus (the Guaranteed Minimum Withdrawal Benefit) fund code, add a "P" to the end of the SunWise Elite fund code.

SunWise ® Elite FundsCombined Guarantee cont’dIssued by Sun Life Assurance Company of CanadaLEAD MANAGERCDN $FUND CODE † : CIGISC / DSC / LSCNAV(CDN)FUNDASSETS($MM)Y-T-D(%)1MTH(%)*6MTH(%)*1 YR(%)3 YR(%)5 YR(%)10 YR(%)SINCEINCEPTION(%)SUNWISE ELITE MANULIFE GLOBAL OPPORTUNITIES TIMOTHY MALLOY 7604/ 7654 / – $10.05 $1.9 4.5 1.0 5.7 56.1 N/A N/A N/A 0.3 (MAR.’08)SUNWISE ELITE NORTHWEST GROWTH AND INCOME RICHARD FOGLER 7602 / 7652 / – $9.46 $4.4 1.8 3.3 2.8 27.7 N/A N/A N/A -2.7 (MAR.’08)SUNWISE ELITE PORTFOLIO SERIES BALANCED CI INVESTMENTS 7278 / 7078 / – $10.87 $231.6 1.2 1.9 3.6 20.6 -3.1 N/A N/A 1.9 (OCT.’05)SUNWISE ELITE PORTFOLIO SERIES BALANCED GROWTH CI INVESTMENTS 7281 / 7081 / – $10.42 $158.4 1.5 2.4 4.2 23.3 -3.8 N/A N/A 0.9 (OCT.’05)SUNWISE ELITE PORTFOLIO SERIES CONSERVATIVE CI INVESTMENTS 7279 / 7079 / – $11.21 $83.9 1.4 1.4 3.8 18.6 -1.2 N/A N/A 2.6 (OCT.’05)SUNWISE ELITE PORTFOLIO SERIES CONSERVATIVE BALANCED CI INVESTMENTS 7282 / 7082 / – $10.86 $83.8 1.2 1.5 3.5 19.7 -2.1 N/A N/A 1.9 (OCT.’05)SUNWISE ELITE PORTFOLIO SERIES GROWTH CI INVESTMENTS 7283 / 7083 / – $9.99 $65.8 1.2 2.5 4.1 23.6 -5.2 N/A N/A 0.0 (OCT.’05)SUNWISE ELITE PORTFOLIO SERIES INCOME CI INVESTMENTS 7280 / 7080 / – $11.45 $70.3 1.2 0.6 3.7 17.1 1.1 N/A N/A 3.1 (OCT.’05)SUNWISE ELITE PORTFOLIO SERIES MAXIMUM GROWTH CI INVESTMENTS 7284 / 7084 / – $9.65 $15.8 1.0 3.1 4.1 25.8 -7.1 N/A N/A -0.8 (OCT.’05)SUNWISE ELITE RBC CANADIAN DIVIDEND S. KEDWELL / D. RAYMOND 7298 / 7098 / – $9.25 $66.4 4.0 4.5 5.7 35.2 -2.6 N/A N/A -2.6 (APR.’07)SUNWISE ELITE RBC O’SHAUGHNESSY INTERNATIONAL EQUITY JIM O’SHAUGHNESSY 7297 / 7097 / – $5.42 $5.2 -3.2 2.8 -8.3 17.3 -18.5 N/A N/A -18.7 (APR.’07)SUNWISE ELITE TD CANADIAN BOND S. RAI / G. WILSON 7296 / 7096 / – $11.19 $110.0 1.2 -0.6 1.3 8.2 3.8 N/A N/A 3.9 (APR.’07)SUNWISE ELITE TRIMARK CANADIAN FIRST CLASS 1 SCOTT MARGACH 7265 / 7065 / – $8.90 $7.5 2.7 2.3 3.2 23.1 -10.4 N/A N/A -2.6 (OCT.’05)SUNWISE ELITE TRIMARK GLOBAL BALANCED J. HYRICH / R. CHONG ET. AL. 7259 / 7059 / – $9.70 $18.2 1.9 1.9 4.4 15.1 -8.1 N/A N/A -0.7 (OCT.’05)SUNWISE ELITE TRIMARK INCOME GROWTH REX CHONG ET. AL. 7277 / 7077 / – $10.17 $18.9 2.3 2.2 4.1 24.2 -4.4 N/A N/A 0.4 (OCT.’05)SUNWISE ELITE TRIMARK SELECT GROWTH D. LOVE / H. PEIRCE 7255 / 7055 / – $7.64 $11.0 -0.3 1.1 2.7 12.7 -16.3 N/A N/A -5.9 (OCT.’05)SunWise ® Elite FundsFull GuaranteeIssued by Sun Life Assurance Company of CanadaSUNWISE ELITECI AMERICAN VALUE W. PRIEST / D. PEARL 7161 / 7011 / – $8.77 $5.7 1.2 2.7 4.9 14.0 -8.6 N/A N/A -2.9 (OCT.’05)SUNWISE ELITE CI CAMBRIDGE CANADIAN ASSET ALLOCATION CORPORATE ALAN RADLO 7707/ 7757/ – $10.17 $22.3 3.6 3.4 6.9 29.7 N/A N/A N/A 0.8 (MAR.’08)SUNWISE ELITE CI CAMBRIDGE CANADIAN EQUITY CORPORATE ALAN RADLO 7708/ 7758 / – $9.42 $11.1 4.0 3.7 6.8 31.7 N/A N/A N/A -2.9 (MAR.’08)SUNWISE ELITE CI CAMBRIDGE GLOBAL EQUITY CORPORATE ALAN RADLO 7709 / 7759 / – $9.70 $12.1 2.6 5.8 4.9 25.5 N/A N/A N/A -1.5 (MAR.’08)SUNWISE ELITECI CANADIAN INVESTMENT DANIEL BUBIS 7166 / 7016 / – $11.03 $109.6 2.2 3.7 4.4 33.9 -2.7 N/A N/A 2.2 (OCT.’05)SUNWISE ELITECI GLOBAL STERLING / GIGLIOTTI / BECKWITT 7150 / 7000 / – $7.54 $4.1 -1.2 1.8 0.5 19.9 -14.4 N/A N/A -6.2 (OCT.’05)SUNWISE ELITECI GLOBAL BOND R. GLUCK / D. RUNKLE 7186 / 7036 / – $11.60 $7.4 -2.9 -3.5 -5.2 -8.5 3.6 N/A N/A 3.4 (OCT.’05)SUNWISE ELITECI GLOBAL HIGH DIVIDEND ADVANTAGE PRIEST / SAPPENFIELD / WELHOELTER 7195 / 7045 / – $7.07 $7.4 -2.2 1.7 2.2 14.0 -10.9 N/A N/A -11.1 (APR.’07)SUNWISE ELITECI GLOBAL VALUE JOHN HOCK 7151 / 7001 / – $8.36 $3.3 0.5 2.7 1.2 17.1 -11.1 N/A N/A -4.0 (OCT.’05)SUNWISE ELITECI HARBOUR G. COLEMAN / S. JENKINS 7167 / 7017 / – $11.79 $227.3 0.6 3.7 2.7 27.0 -1.2 N/A N/A 3.8 (OCT.’05)SUNWISE ELITECI HARBOUR FOREIGN EQUITY CORPORATE S. JENKINS / G. COLEMAN 7193 / 7043 / – $7.65 $13.7 4.2 6.7 8.5 50.6 -8.5 N/A N/A -8.7 (APR.’07)SUNWISE ELITECI HARBOUR FOREIGN GROWTH & INCOME CORP. S. JENKINS / G. COLEMAN 7194 / 7044 / – $8.67 $12.1 3.6 5.0 7.0 35.9 -4.6 N/A N/A -4.7 (APR.’07)SUNWISE ELITECI HARBOUR GROWTH & INCOME G. COLEMAN / S. JENKINS 7173 / 7023 / – $11.42 $291.6 0.8 2.8 2.7 21.6 -0.7 N/A N/A 3.1 (OCT.’05)SUNWISE ELITECI INTERNATIONAL BALANCED STERLING / GIGLIOTTI / BECKWITT 7157/ 7007 / – $9.41 $3.3 -1.6 -0.1 -1.3 9.3 -6.7 N/A N/A -1.4 (OCT.’05)SUNWISE ELITECI INTERNATIONAL VALUE JOHN HOCK 7152 / 7002 / – $8.87 $8.0 -0.9 2.3 -0.4 16.4 -11.1 N/A N/A -2.7 (OCT.’05)SUNWISE ELITECI MONEY MARKET CI INVESTMENTS 7190 / 7040 / – $10.72 $111.2 -0.1 0.0 -0.2 -0.6 1.1 N/A N/A 1.6 (OCT.’05)SUNWISE ELITE CI SIGNATURE CANADIAN BALANCED 1 ERIC BUSHELL 7172 / 7022 / – $11.61 $14.5 1.5 2.7 3.9 23.1 0.5 N/A N/A 3.4 (OCT.’05)SUNWISE ELITECI SIGNATURE CANADIAN BOND JAMES DUTKIEWICZ 7185 / 7035 / – $11.41 $45.0 1.5 -0.3 1.6 5.5 3.1 N/A N/A 3.0 (OCT.’05)SUNWISE ELITECI SIGNATURE DIVIDEND ERIC BUSHELL 7188 / 7038 / – $11.15 $78.2 3.0 2.6 5.3 38.5 -1.1 N/A N/A 2.5 (OCT.’05)SUNWISE ELITE CI SIGNATURE GLOBAL INCOME & GROWTH ERIC BUSHELL 7701/ 7751 / – $10.10 $2.3 1.4 3.3 5.1 31.5 N/A N/A N/A 0.5 (MAR.’08)SUNWISE ELITECI SIGNATURE HIGH INCOME ERIC BUSHELL 7189 / 7039 / – $11.63 $131.4 2.6 1.6 8.0 33.8 -0.1 N/A N/A 3.5 (OCT.’05)1*simple rates of returnformerly SunWise Elite CI Signature Canadian Asset Allocation†For the SunWise Elite Plus (the Guaranteed Minimum Withdrawal Benefit) fund code, add a "P" to the end of the SunWise Elite fund code.as at March 31, 2010F O R DEALE R U SE ONLY • VIS IT U S AT WWW.CI .COM F O R ALL THE LATEST FUND AND MANAGER INFO RMATIO N • M O NTHLY P E RFO RMANCE SCOR ECARD PAGE 106 1 09

SunWise ® Elite FundsFull Guarantee cont’dCDN $FUND CODE † : CIGISC / DSC / LSCLEAD MANAGERIssued by Sun Life Assurance Company of CanadaSUNWISE ELITECI SIGNATURE INCOME & GROWTH E. BUSHELL / J. DUTKIEWICZ 7176 / 7026 / – $11.95 $98.1 1.5 2.7 4.7 30.7 -0.2 N/A N/A 4.1 (OCT.’05)SUNWISE ELITECI SIGNATURE SELECT CANADIAN ERIC BUSHELL 7168 / 7018 / – $11.97 $89.3 1.3 3.9 4.4 32.1 -2.7 N/A N/A 4.2 (OCT.’05)SUNWISE ELITECI SYNERGY AMERICAN DAVID PICTON 7162 / 7012 / – $8.05 $1.7 0.9 2.4 2.7 10.3 -11.1 N/A N/A -4.8 (OCT.’05)SUNWISE ELITECI SYNERGY CANADIAN DAVID PICTON 7169 / 7019 / – $10.81 $11.2 3.0 3.8 7.3 33.5 -5.4 N/A N/A 1.8 (OCT.’05)SUNWISE ELITECI SYNERGY GLOBAL CORPORATE DAVID PICTON 7153 / 7003 / – $8.31 $5.9 -0.5 3.7 1.8 12.6 -12.2 N/A N/A -4.1 (OCT.’05)SUNWISE ELITECI VALUE TRUST CORPORATE BILL MILLER 7163 / 7013 / – $5.24 $2.7 1.2 1.9 1.7 32.0 -20.3 N/A N/A -13.6 (OCT.’05)SUNWISE ELITEDYNAMIC GLOBAL VALUE CHUK WONG 7191 / 7041 / – $8.06 $9.7 2.3 5.6 6.8 47.9 -6.9 N/A N/A -7.0 (APR.’07)SUNWISE ELITEDYNAMIC POWER AMERICAN GROWTH NOAH BLACKSTEIN 7160 / 7010 / – $7.95 $8.6 2.8 4.3 14.9 24.0 -6.0 N/A N/A -5.1 (OCT.’05)SUNWISE ELITE FIDELITY CANADIAN ASSET ALLOCATION SWANSON / MIRON / DUPONT / NEWMAN 7174 / 7024 / – $12.13 $125.1 2.0 2.3 3.5 26.2 1.3 N/A N/A 4.5 (OCT.’05)SUNWISE ELITE FIDELITY GLOBAL ASSET ALLOCATION MICHAEL STRONG ET. AL. 7158 / 7008 / – $10.22 $5.1 -1.9 1.4 -0.4 14.4 -4.4 N/A N/A 0.5 (OCT.’05)SUNWISE ELITE FIDELITY GROWTH AMERICA JOHN POWER 7164 / 7014 / – $6.54 $2.1 1.4 1.7 4.8 16.2 -15.7 N/A N/A -9.2 (OCT.’05)SUNWISE ELITE FIDELITY NORTHSTAR ® C. MO / J. TILLINGHAST 7154 / 7004 / – $8.97 $30.0 2.0 2.5 3.6 31.9 -7.7 N/A N/A -2.4 (OCT.’05)SUNWISE ELITE FIDELITY TRUE NORTH ® MAXIME LEMIEUX 7170 / 7020 / – $11.32 $74.9 1.5 3.5 4.0 31.0 -3.2 N/A N/A 2.8 (OCT.’05)SWE FRANKLIN TEMPLETON QUOTENTIAL DIVERSIFIED INCOME FRANKLIN TEMPLETON INVESTMENTS 9409 / 9909 / – $11.90 $4.0 2.1 0.6 4.1 18.4 N/A N/A N/A 12.8 (OCT.’08)SWE FRANKLIN TEMPLETON QUOTENTIAL BALANCED INCOME FRANKLIN TEMPLETON INVESTMENTS 9410 / 9910 / – $12.66 $2.4 1.5 1.1 3.5 22.2 N/A N/A N/A 17.7 (OCT.’08)SWE FRANKLIN TEMPLETON QUOTENTIAL BALANCED GROWTH FRANKLIN TEMPLETON INVESTMENTS 9411 / 9911 / – $13.03 $2.6 1.8 2.0 4.6 28.1 N/A N/A N/A 20.1 (OCT.’08)SWE FRANKLIN TEMPLETON QUOTENTIAL GLOBAL BALANCED FRANKLIN TEMPLETON INVESTMENTS 9412 / 9912 / – $12.58 $0.2 1.7 2.0 4.3 25.7 N/A N/A N/A 17.2 (OCT.’08)SWE FRANKLIN TEMPLETON QUOTENTIAL GROWTH FRANKLIN TEMPLETON INVESTMENTS 9413 / 9913 / – $13.42 $1.4 1.7 2.7 4.8 32.0 N/A N/A N/A 22.6 (OCT.’08)SWE FRANKLIN TEMPLETON QUOTENTIAL CANADIAN GROWTH FRANKLIN TEMPLETON INVESTMENTS 9414 / 9914 / – $14.81 $1.5 4.4 3.6 9.3 46.8 N/A N/A N/A 31.3 (OCT.’08)SWE FRANKLIN TEMPLETON QUOTENTIAL GLOBAL GROWTH FRANKLIN TEMPLETON INVESTMENTS 9415 / 9915 / – $11.67 $0.3 0.8 2.9 2.5 28.2 N/A N/A N/A 11.3 (OCT.’08)SWE FRANKLIN TEMPLETON QUOTENTIAL MAXIMUM GROWTH FRANKLIN TEMPLETON INVESTMENTS 9416 / 9916 / – $11.91 $0.4 2.2 3.1 6.0 37.1 N/A N/A N/A 12.9 (OCT.’08)SUNWISE ELITE MACKENZIE CUNDILL CANADIAN BALANCED D. SLATER / L. CHIN 7175 / 7025 / – $11.04 $21.9 5.5 5.0 8.6 35.5 -0.7 N/A N/A 2.3 (OCT.’05)SUNWISE ELITE MACKENZIE CUNDILL CANADIAN SECURITY D. SLATER / L. CHIN 7171 / 7021 / – $10.83 $12.1 8.2 7.4 11.6 50.0 -3.9 N/A N/A 1.8 (OCT.’05)SUNWISE ELITE MACKENZIE CUNDILL VALUE A. MASSIE / J. THOMPSON 7192 / 7042 / – $7.91 $27.6 2.3 5.3 5.5 30.5 -7.5 N/A N/A -7.6 (APR.’07)SUNWISE ELITE MANULIFE GLOBAL MONTHLY INCOME ALAN WICKS / DANNY TOMKA 7703 / 7753 / – $9.46 $0.7 0.4 1.2 1.2 11.7 N/A N/A N/A -2.8 (MAR.’08)SUNWISE ELITE MANULIFE GLOBAL OPPORTUNITIES TIMOTHY MALLOY 7704/ 7754 / – $9.65 $3.0 4.2 0.9 5.5 55.4 N/A N/A N/A -1.8 (MAR.’08)SUNWISE ELITE NORTHWEST GROWTH AND INCOME RICHARD FOGLER 7702 / 7752 / – $9.15 $1.2 1.8 3.3 2.6 27.1 N/A N/A N/A -4.4 (MAR.’08)SUNWISE ELITE PORTFOLIO SERIES BALANCED CI INVESTMENTS 7178 / 7028 / – $10.74 $172.2 1.1 1.9 3.4 20.1 -3.5 N/A N/A 1.6 (OCT.’05)SUNWISE ELITE PORTFOLIO SERIES BALANCED GROWTH CI INVESTMENTS 7181 / 7031 / – $10.24 $75.2 1.3 2.2 3.9 22.8 -4.2 N/A N/A 0.5 (OCT.’05)SUNWISE ELITE PORTFOLIO SERIES CONSERVATIVE CI INVESTMENTS 7179 / 7029 / – $10.86 $77.5 1.3 1.3 3.5 18.2 -1.7 N/A N/A 1.9 (OCT.’05)SUNWISE ELITE PORTFOLIO SERIES CONSERVATIVE BALANCED CI INVESTMENTS 7182 / 7032 / – $10.61 $54.8 1.2 1.5 3.3 19.2 -2.5 N/A N/A 1.3 (OCT.’05)SUNWISE ELITE PORTFOLIO SERIES GROWTH CI INVESTMENTS 7183 / 7033 / – $9.86 $31.9 1.1 2.5 3.9 23.1 -5.7 N/A N/A -0.3 (OCT.’05)SUNWISE ELITE PORTFOLIO SERIES INCOME CI INVESTMENTS 7180 / 7030 / – $11.43 $43.9 1.2 0.6 3.6 17.0 1.0 N/A N/A 3.1 (OCT.’05)SUNWISE ELITE PORTFOLIO SERIES MAXIMUM GROWTH CI INVESTMENTS 7184 / 7034 / – $9.49 $13.7 0.9 2.9 3.8 25.2 -7.6 N/A N/A -1.2 (OCT.’05)SUNWISE ELITE RBC CANADIAN DIVIDEND S. KEDWELL / D. RAYMOND 7198 / 7048 / – $9.15 $40.7 4.0 4.6 5.5 34.8 -2.9 N/A N/A -3.0 (APR.’07)SUNWISE ELITE RBC O’SHAUGHNESSY INTERNATIONAL EQUITY JIM O’SHAUGHNESSY 7197 / 7047 / – $5.35 $3.9 -3.4 2.7 -8.5 16.8 -18.8 N/A N/A -19.1 (APR.’07)SUNWISE ELITE TD CANADIAN BOND S. RAI / G. WILSON 7196 / 7046 / – $11.16 $37.6 1.2 -0.6 1.3 8.1 3.7 N/A N/A 3.8 (APR.’07)SUNWISE ELITE TRIMARK CANADIAN FIRST CLASS 1 SCOTT MARGACH 7165 / 7015 / – $8.84 $12.4 2.6 2.3 3.0 22.4 -10.8 N/A N/A -2.8 (OCT.’05)SUNWISE ELITE TRIMARK GLOBAL BALANCED J. HYRICH / R. CHONG ET. AL. 7159 / 7009 / – $9.53 $17.8 1.8 1.9 4.3 14.7 -8.4 N/A N/A -1.1 (OCT.’05)SUNWISE ELITE TRIMARK INCOME GROWTH REX CHONG ET. AL. 7177 / 7027 / – $10.00 $21.5 2.1 2.1 3.8 23.6 -4.8 N/A N/A 0.0 (OCT.’05)SUNWISE ELITE TRIMARK SELECT GROWTH D. LOVE / H. PEIRCE 7155 / 7005 / – $7.47 $13.3 -0.4 1.1 2.5 12.2 -16.8 N/A N/A -6.4 (OCT.’05)NAV(CDN)FUNDASSETS($MM)Y-T-D(%)1MTH(%)*6MTH(%)*1 YR(%)3 YR(%)5 YR(%)10 YR(%)SINCEINCEPTION(%)*simple rates of return1formerly SunWise AIM Canadian First Class†For the SunWise Elite Plus (the Guaranteed Minimum Withdrawal Benefit) fund code, add a "P" to the end of the SunWise Elite fund code.as at March 31, 2010F O R DEALE R U SE ONLY • VIS IT U S AT WWW.CI .COM F O R ALL THE LATEST FUND AND MANAGER INFO RMATIO N • M O NTHLY P E RFO RMANCE SCOR ECARD PAGE 107 110

CI Sales TeamNeal KerrSenior Vice-PresidentDerek J. GreenPresident and CEO, CI Investmentsdgreen@ci.comPatrick LefrançoisSenior Vice-PresidentRoy RatnavelSenior Vice-PresidentOntario TEL: 416-364-1145 TOLL-FREE: 1-800-268-9374Neal Kerr . .................Senior Vice-President ....... nkerr@ci.comKevin Bonello . .............Vice-President ............. kbonello@ci.comRon Bowes . ...............Vice-President ............. rbowes@ci.comErick Boucher . ............Vice-President ............. eboucher@ci.comJeff Hobson . ...............Vice-President ............. jhobson@ci.comCraig Koenig . ..............Vice-President ............. ckoenig@ci.comPierre Lalonde . ............Vice-President ............. plalonde@ci.comAndrew McBain ...........Vice-President ............. amcbain@ci.comPeter Perri . ................Vice-President ............. pperri@ci.comMatthew Rose . ............Vice-President ............. mrose@ci.comAhmad Salehzadeh . ........Vice-President ............. asaleh@ci.comJennifer Sinopoli . ..........Vice-President ............. jsinopoli@ci.comAlex Steele . ...............Vice-President ............. asteele@ci.comDavid Vigilanti . ............Vice-President ............. dvigilanti@ci.comMike Warus . ..............Vice-President ............. mwarus@ci.comSharad Appadoo . ..........Inside Sales ............... sappadoo@ci.comAlexandra Katz . ............Inside Sales ............... akatz@ci.comRyan Keefe . ...............Inside Sales ............... rkeefe@ci.comNathan Rothwell . ..........Inside Sales ............... nrothwell@ci.comZoe Rutledge . .............Inside Sales ............... zrutledge@ci.comKarl Siksna . ...............Inside Sales ............... ksiksna@ci.comJosh Varghese . ............Inside Sales ............... jvarghese2@ci.comSarah Varley . ..............Inside Sales ............... svarley@ci.comGiovanna Cerilli . ...........Sales Assistant ............ gcerilli@ci.comTeresa Hasiuk . ............Sales Assistant ............ thasiuk@ci.comMichelle Kang . ............Sales Assistant ............ mkang@ci.comDebra MacPhail . ...........Sales Assistant ............ dmacphail@ci.comMagda Mirecki . ...........Sales Assistant ............ mmirecki@ci.comMarion Tymburski . .........Sales Assistant ............ mtymburski@ci.comAlison Wong . ..............Sales Assistant ............ awong@ci.comHalifax TOLL-FREE: 1-800-268-9374Neal Kerr . .................Senior Vice-President ....... nkerr@ci.comAndrew Lacas . ............Vice-President ............. alacas@ci.comCasey Walsh . ..............Vice-President ............. cwalsh@ci.comSarah Varley . ..............Inside Sales ............... svarley@ci.comHeather Kennedy . ..........Sales Assistant ............ hkennedy@ci.comCI Institutional Asset ManagementTEL: 416-364-1145 TOLL-FREE: 1-800-268-9374Chris Boyle . ...............Senior Vice-President ....... cboyle@ci.comEd Lee ....................Vice-President ............. elee@ci.comDustin Hunt . ...............Vice-President ............. dhunt@ci.comMurray Jewell . ............Vice-President ............. mjewell@ci.comSean Stansfield . ...........Vice-President ............. sstansfield@ci.comErik Brandt . ...............Inside Sales ............... ebrandt@ci.comNaveed Mohammed . .......Inside Sales ............... nmohammed@ci.comNicolette Cutz . .............Sales Assistant ............ ncutz@ci.comLeah Graham . .............Sales Assistant ............ lgraham@ci.comHead Office2 Queen Street East, 20th Floor, Toronto, Ontario M5C 3G7Vancouver TEL: 604-681-3346 TOLL-FREE: 1-800-665-6994Roy Ratnavel . ..............Senior Vice-President ....... rratnavel@ci.comSean Hirtle . ...............Vice-President ............. shirtle@ci.comVincent Nijjar . .............Vice-President ............ vnijjar@ci.comNeil Rawal . ...............Vice-President ............. nrawal@ci.comTim Shrigley . ..............Vice-President ............. tshrigley@ci.comVictor Young . ..............Vice-President ............. vyoung@ci.comElijah Clare . ...............Inside Sales ............... eclare@ci.comEric Mooney . ..............Inside Sales ............... emooney@ci.comRosalind Salter . ...........Inside Sales ............... rsalter@ci.comPindy Sumal . ..............Sales Assistant ............ psumal@ci.comRicki Thal . ................Sales Assistant ............ rthal@ci.comLaura Anderson . ...........Sales Assistant ............ landerson@ci.comCalgary TEL: 403-205-4396 TOLL-FREE: 1-800-776-9027Roy Ratnavel . ..............Senior Vice-President ....... rratnavel@ci.comJodie deMunnik ............Vice-President ............. jdemunnik@ci.comTravis Jensen ..............Vice-President ............. tjensen@ci.comBill Johnstone .............Vice-President ............. bjohnstone@ci.comStephen Mantrop ...........Vice-President ............. smantrop@ci.comJames Sturdy ..............Vice-President ............. jsturdy@ci.comBryce Walker .............Vice-President ............. bwalker@ci.comScott Brown ...............Inside Sales ............... sbrown@ci.comDean Chong ...............Inside Sales ............... dechong@ci.comMichael Messecar .........Inside Sales ............... mmessecar@ci.comKaja Brathwaite . ...........Sales Assistant ............ kbrathwaite@ci.comKim Lockwood . ............Sales Assistant ............ klockwood@ci.comChelsea Low . ..............Sales Assistant ............ clow@ci.comMontreal TEL: 514-875-0090 TOLL-FREE: 1-800-268-1602Patrick Lefrançois . .........Senior Vice-President ....... plefrancois@ci.comJacen Campbell . ...........Vice-President ............. jcampbell@ci.comJeremy Gould . .............Vice-President ............. jgould@ci.comOlivier Liard . ..............Vice-President ............. oliard@ci.comJacques Prévost . ..........Vice-President ............. jprevost@ci.comKostas Brikas . .............Inside Sales ............... kbrikas@ci.comLouis-Philippe Proulx . ......Inside Sales ............... lproulx@ci.comDiane Tremblay . ...........Inside Sales ............... dtremblay@ci.comNancy Brodeur . ............Sales Assistant ............ nbrodeur@ci.comSamira Haikel . ............Sales Assistant ............ shaikel@ci.comCarine Coursol . ............Sales Assistant ............ ccoursol@ci.comSkylon TEL: 416-364-1145 TOLL-FREE: 1-800-268-9374Josh Varghese ..............Inside Sales ................jvarghese@ci.comJane Conti ..................Sales Assistant ..............jconti@ci.comClient Services: E-1-800-563-5181 F-1-800-668-3528www.ci.comPAGE 108 • SPRING 2010 PERSPECTIVE AS AT MARCH 31, 2010

All commentaries are published by CI Investments Inc., themanager of all the funds described herein. They are provided asa general source of information and should not be consideredpersonal investment advice or an offer or solicitation to buy orsell securities. Every effort has been made to ensure that thematerial contained in the commentaries is accurate at the timeof publication. However, CI Investments Inc. cannot guaranteetheir accuracy or completeness and accepts no responsibilityfor any loss arising from any use of or reliance on the informationcontained herein.Commissions, trailing commissions, management fees andexpenses all may be associated with mutual fund investments.Please read the prospectus before investing. Unless otherwiseindicated and except for returns for periods less than oneyear, the indicated rates of return are the historical annualcompounded total returns including changes in security value.All performance data assume reinvestment of all distributionsor dividends and do not take into account sales, redemption,distribution or optional charges or income taxes payable byany securityholder that would have reduced returns. Mutualfunds are not guaranteed, their values change frequently andpast performance may not be repeated. Mutual fund securitiesare not covered by the Canada Deposit Insurance Corporationor by any other government deposit insurer and there can beno assurances that the CI Money Market Funds will maintain itsnet asset value per security at a constant amount or that the fullamount of your investment in these funds will be returned to you.The offering of units of the CI Global Opportunities Fund andTrident Global Opportunities Fund are made pursuant to theirrespective Offering Memorandum only to those investors injurisdictions of Canada who meet certain eligibility or minimumpurchase requirements.Transamerica Life Canada is the sole issuer of the individualvariable annuity contracts providing for investment in CIGuaranteed Investment Funds and Legacy Funds. A descriptionof the key features of the applicable individual variableannuity contract is contained in the CI Guaranteed InvestmentFunds or Legacy Funds Information Folder.Unity Life of Canada has entered into an agreement withCI Investments Inc. pursuant to which CI is responsible forcertain marketing and administrative services in relation tothe CI Segregated Funds. Unity Life of Canada established theindividual variable annuity contract providing for investment inthe CI Segregated Funds. A description of the key features ofthe individual variable annuity contract is contained in theCI Segregated Funds Information Folder.Sun Life Assurance Company of Canada, a member of the Sun LifeFinancial group of companies, is the sole issuer of the individualvariable annuity contracts providing for investment in SunWise,SunWise Elite and Clarica segregated funds. A description of thekey features of the applicable individual variable annuity contract iscontained in the SunWise or Clarica Information Folder.SUBJECT TO ANY APPLICABLE DEATH AND MATURITYGUARANTEES, ANY PART OF THE PREMIUM OR OTHER AMOUNTTHAT IS ALLOCATED TO A SEGREGATED FUND IS INVESTED ATTHE RISK OF THE CONTRACTHOLDER AND MAY INCREASE ORDECREASE IN VALUE ACCORDING TO FLUCTUATIONS IN THEMARKET VALUE OF THE ASSETS OF THE RELEVANT SEGREGATEDFUND.®CI Investments, the CI Investments design, Perspective,Synergy Mutual Funds, Harbour Advisors, Harbour Funds, GlobalManagers, American Managers, Insight and Insight Program,Legacy Funds and CI Guaranteed Investment Funds areregistered trademarks of CI Investments Inc.Portfolio Select Series, Portfolio Series, Signature Funds andSignature Global Advisors are trademarks of CI InvestmentsInc.®TRANSAMERICA is a registered trademark of TransamericaCorporation. Transamerica Life Canada is licensed to usesuch marks. Transamerica Life Canada is registered to carryon business under the name “Transamerica Life Canada”.®SunWise and Clarica are registered trademarks of Sun LifeAssurance Company of Canada.®True North and Fidelity NorthStar are registered trademarks ofFMR Corp.Franklin Templeton Investments, Franklin Templeton InvestmentsQuotential Program and/or Franklin Templeton Investments anddesign are registered trademarks of Franklin Templeton Investmentcorp.*TRIMARK and all associated trademarks are trademarks ofInvesco Trimark Ltd. ®Fidelity Investments and the Fidelity designare registered trademarks of FMR Corp.Nothing herein should be read to constitute an offer or solicitationby Trident Investment Management, LLC or its principal to provideinvestment advisory services to any person or entity.

2009Analysts’ ChoiceInvestment Fund Companyof the YearEstablished leadershipAt CI, we’re proud to be an industry leader in all aspects of whatcustomers expect from a fund company.We’re also honoured that this leadership has received prominentrecognition within the industry. CI was named Analysts’ ChoiceInvestment Fund Company of the Year at the 2009 CanadianInvestment Awards. The selection was made by a panel ofindependent analysts based on excellence in nine key criteria.And while we’re pleased to receive awards, it’s really all aboutyou. We remain committed to providing a comprehensiveselection of high-quality investment products and services.To find out more about what we offer, please visit www.ci.com.This is the third time in four years that CI has received thisimportant award.FOR ADVISOR USE ONLYMONPER-04/10