Prepared by: <<Name>> IPC (Investment Corporation or Securities Corporation) <<Street Address>>

1. Prepared by: <<Name>> IPC (Investment Corporation or Securities Corporation) <<Street Address>> <<City, Prov, Postal Code>> Phone: <<XXX.XXX.XXXX>> Email:<<Email Address>> Website:<<Website>> Prepared exclusively for: <<Client Name(s)>> <<Street Address>> <<City, Prov, Postal Code>> Date: <<Month, Day, Year>>

2. Agenda • Our Investment Philosophy • Our Portfolio Management Process • Why We Believe In Diversification • Portfolio Composition • Counsel Portfolio Services Inc. • Reporting and Communication

3. Our Portfolio Management Philosophy • Professional investment managers can add value by adjusting the allocation between equities, fixed income and cash based on research and our investment specialist’s understanding of the potential rewards or risks of each asset class. • Market behaviour is predictable over the long term • Adding value to your portfolio is a long-term proposition. As such, you must be patient • You can optimize a portfolio to increase its potential return while reducing risk through regular rebalancing

4. Our Portfolio Management Process

5. Portfolio Management Recommendations We recommend the following: Asset allocation: A balanced asset allocation strategy between fixed income, equities and cash Re-balancing policy: Rebalancing your Portfolio each quarterbased on asset allocation shifts of 5% between solutions Long term thinking: Maintain a long term view of your goals, however, we will react to short term events that may affect your portfolio’s asset allocation policy Geographic allocation: A globallydiversified portfolio with a bias to the domestic market Investment style: Maintain a ‘style neutral’ position (a diversified balance between Value and Growth) Portfolio management: A blend of two approaches: Strategically maintaining your asset mix over time through rebalancing Tactical shifts between asset classes based our investment specialist’s understanding of the potential rewards or risks of each asset class.

6. Asset Allocation & Investment Specialist Selection Asset Allocation & Investment Specialist Selection (active management) account for 40% of portfolio returns Source: Xiong, James X., Roger G. Ibbotson, Thomas M. Idzorek, and Peng Chen, 2010. "The Equal Importance of Asset Allocation and Active Management," Financial Analysts Journal, March/April, 2011.

7. Why We Believe in Diversification Diversifying allows you the potential to participate in winning categories each year. Index Annual Performance: Canadian Bonds: DEX Universe Bond Total Return Index Global Equities: MSCI World Index ($Cdn) Canadian Large Cap: S&P/TSX Total Return Index Foreign Equities: MSCI EAFE Index ($Cdn) Canadian Small Cap: BMO Nesbitt Burns Cdn Small Cap Index U.S. Large Cap: S&P 500 Total Return Index ($Cdn) Emerging Markets: MSCI Emerging Markets Free Index ($Cdn) U.S. Small Cap: Russell 2000 Index ($Cdn) Source: Globe HySales December 2010. This chart has been re-produced with permission from Mackenzie Financial Corporation.

8. Diversification May Decrease Volatility * Source: Morningstar Direct, Dec. 31, 2011

9. Objective-Based Portfolios Balanced Portfolio Income Portfolio Growth Portfolio Designed for our clients who have an investment time horizon of 5 years or more, but wish to derive regular income from their portfolio Designed for our clients who have a longer investment time horizon (more than 5 years) and wish to balance their exposure to risk between various asset classes Designed for our clients who have a long investment time horizon (more than 10 years) and a greater tolerance for volatility

10. Portfolio Composition & Time Horizon Rate of Return % Highest and lowest rates of return of various asset allocation models, over different time horizons Source:  Counsel Portfolio Services Inc.  Portfolio Analytics Group. Dec. 31, 1984 - Dec. 31, 2011. Growth Portfolio: 80% S&P/TSX Composite, 20% DEX Universe Bond. Balanced Portfolio: 60% S&P/TSX Composite, 40% DEX Universe Bond. Income Portfolio: 40% S&P/TSX Composite, 60% DEX Universe Bond

11. Our Portfolio Rebalancing Policy

12. Market Timing • Most of the market's gains occur in just a few strong, but unpredictable, trading days • We believe that to maximize long-term performance, you have to be in the market during those days. We discourage market timing by sticking to an automated asset allocation strategy Source: Counsel Portfolio Services, Morningstar Direct. (Based on the S&P/TSX Composite Total Return Index)

13. Our Team Our team includes a Portfolio Service, Counsel Portfolio Services, which assists us with the following: • Portfolio composition based on objectives; • Selection and oversight of our investment specialists; • Independent accountability and review; • Administration: • Automated portfolio rebalancing • One consolidated report • Easy online portfolio access • Consolidated tax reporting

14. Counsel’s Portfolio Monitoring Services

15. Investment Specialist Selection More than Past Performance Source: Mercer Pooled Fund Survey (Canadian equities), Jan. 2011. 2 of 15 managers ceased operations.

16. Investment Specialist Selection Process

17. Counsel’s Investment Specialists

18. Investment Specialist Replacement Process • As part of their service offering, Counsel’s Portfolio Management Team regularly monitors the performance of each investment specialist. • On behalf of all investors, they will replace an investment specialist if the stated objectives are not being met. Some of the reasons why Counsel may replace an investment specialist

19. Portfolio Management Fees • Management Fees include financial advice, portfolio management services, oversight, reporting, communication, administration of your account and access to our team • In general, Management Fees are lower for larger accounts/investable assets

20. Reporting & Communication

21. ^ Counsel Portfolio Services Inc. is an affiliated entity to <<IPC Securities Corporation>> or <<IPC Investment Corporation>>. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments.  Please read the prospectus before investing. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated. Trademarks owned by Investment Planning Counsel Inc. and licensed to its subsidiary corporations. Investment Planning Counsel is a fully integrated Wealth Management Company. Mortgage Broker services provided by IPC Save Inc. (ON Lic.#10227). Mutual Funds available through IPC Investment Corporation and IPC Securities Corporation. Securities available through IPC Securities Corporation, a member of CIPF. Insurance products available through IPC Estate Services Inc.