Compliments of: Frank Dakos IPC Investment Corporation 1100-100 Conestoga College Blvd. Kitchener, ON N2P 2N6 Phone: 5

1. Quarter Ending March 31, 2012 Compliments of: Frank Dakos IPC Investment Corporation 1100-100 Conestoga College Blvd. Kitchener, ON N2P 2N6 Phone: 519-578-2591 or 1-800-513-8374 Email: fdakos@ipckitchener.com Website: www.moneytipswithfrank.com Date: Prepared for: The Report Card provides a comprehensive review of past, current and potential factors that may impact your investments. Our goal is to continuously monitor your investments to help you meet your financial objectives.

2. About This Report While this is a quarterly communiqué, the comments in this Report Card refer to the last three and 12 months. Market discussions are related to the indices and do not analyze or reflect your personal investments. Counsel Portfolio Services examines the performance and risk management of each mandate within your Counsel investment solution. We review the performance, risk management and overall effectiveness of each sub-advisor and underlying fund manager. Counsel investment solutions adopt a long-term approach to investing. Each portfolio solution is properly diversified to reflect an appropriate: Asset mix Geographic allocation Investment style mix Please refer to the chart at the end of this presentation for further information on Counsel’s investment solutions. The benchmarks used for each Counsel investment solution can be found at the end of this presentation.

3. Agenda Market & Economic Overview What The Investment Specialists Say Review Of Counsel Investment Solutions Appendix: Counsel’s View Of The Investment Specialists

4. 1. Market & Economic Overview

5. Global Stock Markets: Index Movements • Developed and emerging markets saw a rapid recovery over the quarter, supported by: • positive U.S. economic data • resolution (if temporary) to Europe’s debt crisis • Canada lagged major North American & other developed markets – the lackluster performance of gold stocks hampered performance • Spain ranked among the weakest performing markets over the quarter, and amongst the worst in 2011 amid concerns that they may be the next euro-crisis casualty • China was impacted by concerns of a slowdown in its growth Performance is calculated using local currency. Data as at: March 31, 2012 Source: Morningstar Direct, Counsel Portfolio Services

6. Volatility Impacted Performance • Canadian equities experienced significant volatility over the quarter • This was due to concerns over slower growth in China and the slowdown in demand for commodities

7. Are Low Volumes A Concern? • The markets have moved up on low volume • When trading volumes are thin, the market can become susceptible to rapid declines S&P 500: Rallying on Lower Volume Source: Higher Price, Lower Volume, The Globe & Mail, March 6, 2012

8. Lower GDP Growth Globally Source: The Global Investment Outlook, Spring 2012

9. Global Economic Growth • IMF projection for world growth in 2012: 3.5%, down from 4% in 2011 and 5.3% in 2010 • While global growth is expected to be positive, it will remain sub-par as economies struggle to trim the deficits in their budgets – Montrusco Bolton Investments Inc. • We are of the view that we are in a period of persistently slow economic growth and low investment returns. – TD Asset Management Inc.

10. Europe Kicking the can down the street or… A snowball going down hill and getting bigger and more uncontrollable?

11. Europe • Continue to remain in focus. Uncertainty relating to Europe’s sovereign debt problems continues to be a concern • Europe is currently in a period of deleveraging: fiscal austerity and structural reforms will be painful “We remain cautious about the situation in Europe as we believe its sovereign debt issues and continued deleveraging could potentially weigh on markets and sentiment for several years… “…however, at the current moment, worries seem to have subsided, at least partially. We remain underweight in the eurozone due to its weak growth prospects, lackluster refinancing markets and weak market sentiment.” – Forum Securities Ltd.

12. Spain Faces An Uphill Battle Spanish deficit is growing Spanish tax revenue is falling Source: Capital Economics

13. China: Slowing? • China’s growth has decelerated from 10.4% in 2010 to 8.1% Y-o-Y (April 13) • Current growth rate back to where it was in 1998 • China not immune from slowdown in Europe’s slowdown; 19% of Chinese exports go to Europe “China’s growth may be slowing as a result of reduced exports to Europe however, inflation seems under control and we believe Chinese authorities will now pursue more stimulative policies favorable to risky assets.” – PanAgora Asset Management Inc.

14. China: Growth Down To Historical Levels

15. Bearish Sentiment Is At A Low “Bearish sentiment is hovering near lows that commonly come just prior to corrections” – RBC Global Asset Management Source: The Global Investment Outlook, Spring 2012

16. Good News: Valuations On The Side Of Equities S&P 500 valuations are here • Once pessimism gives way to optimism, there is potential for expansion in PE multiples • Provided, there is resolution to Europe’s fiscal crisis and the growth in corporate earnings continue Source: The Global Investment Outlook, Spring 2012

17. Dividends Payments Are Rising Source: U.S. Department of Commerce: Bureau of Economic Analysis, March 29, 2012

18. Risk On or Risk Off • Risk is not a switch that is either ON or OFF • Thereis always risk • We have to analyze the reality of the risks and the probability of events that can enhance or reduce the risk • Risk management is key!

19. Risks Not Being Addressed • Europe: • A potential snowball • U.S. debt: • Will it hit its limit again? • How will it be resolved? • China: • Slowdown Risks Being Addressed • Corporate cash is being deployed: • Apple declared dividends • Companies increasing dividend payments • M&A activity

20. Canadian Currency Performance CAD vs. U.S. Dollar CAD vs. Euro • Canadian employment rate is increasing at a slower rate than the U.S, hence the drop in the Canadian dollar relative to the U.S. dollar • The global slowdown reflects slower demand for commodities, has impacted the Canadian dollar • Canada has been dogged by high household debt levels, inflated home prices and a current account deficit • Canadian dollar improving against the euro Source: Bank of Canada

21. Canada: Equities Versus Fixed Income Central bankers appear committed to suppressing longer-term interest rates given concerns about Europe and China - still positive for fixed income Markets were boosted by two factors: diminishing risk of contagion from Europe and the low risk of a U.S. recession over the near term Hence, the rise in equities over the last 6 months The market’s gain since early October has been mainly a story of improved consumer sentiment. Sentiment can change rapidly as investors can be fickle Long-term: Equities vs. Bonds Short-term: Equities vs. Bonds Source: Globe and Mail

22. S&P TSX 60 Total Return S&P TSX Completion Total Return S&P TSX Small Cap Total Return MSCI Canada Growth Index MSCI Canada Value Index. Canadian Market Overview Investment Style Performance Market Cap Performance • An improving U.S. economy and a weaker U.S. dollar impacted the performance of gold stocks and the Materials sector • Energy was impacted by concerns over China’s slowdown and the low prices for natural gas • For the quarter Consumer Discretionary, Health Care and Financials did well • Defensive sectors, such as Consumer Staples and Utilities were indicative of investors concerns • Concerns over global slowdown and its impact to Canadian commodities remain Source: Morningstar Direct Source: Morningstar Direct

23. S&P 500 Total Return S&P Mid Cap 400 Total Return S&P Small Cap 600 Total Return Russell 1000 Value Index Russell 1000 Growth Index U.S. Market Overview Investment Style Performance Market Cap Performance • Rising corporate profits based on cost cutting and better use of technology supported performance • Consumer related issues are improving on the back of the economic recovery • Energy was weak due to concerns over China’s slowdown • The U.S. may have recovered too far and too quickly on lower volume Source: Morningstar Direct Source: Morningstar Direct Returns measured in U.S. dollar terms

24. International Market Overview The ECBs three year loan and Long-Term Refinancing Operation (LTRO) appears to have removed the tail risk of large looming debt redemptions Germany has maintained its safe haven status Japan enjoyed a strong recovery following the downturn after the tsunami Fiscal austerity in Europe remains a large concern for future economic growth Europe is a large consumer of Chinese, emerging market and U.S. products. A slowdown in Europe will impact all of these regions. The world is not decoupled from Europe MSCI EAFE Value MSCI EAFE Growth Investment Style Performance Source: Morningstar Direct Returns measures in Canadian dollar terms

25. 2. What The Investment Specialists Say…

26. Growth vs. Recession • “We can say with reasonable confidence that one-fifth of the global economy (the eurozone) will be in a recession. Fiscal austerity is beginning to bite, government spending will stifle growth, slicing a percentage off U.S. economic growth” – RBC Global Asset Management

27. Corporations • “Earnings performance has been driven by cost cuts that will be increasingly difficult to replicate. While not impossible, this would require another surge in productivity, growth, or a much stronger economy” - RBC Global Asset Management

28. Sentiment & Expected Return • “We would classify current sentiment as more optimistic than at the end of the previous quarter. However, our expected returns have fallen to high single digits, a more normalized range.” – Forum Securities Ltd. • “Despite a more encouraging economic framework in general, equity investor psychology remains fragile and heavily dependent on news flow out of Europe. The European Union’s ongoing sovereign debt problems remain the chief concern with respect to the durability of the global economic recovery and pose the most significant source of systemic risk facing the global economy.” – Marsico Capital Management, LLC

29. Outlook • ‘We feel that stocks are vulnerable to a retracement or a period of consolidation over the coming months.” - RBC Global Asset Management • “Given that earnings are approaching peak levels, the valuation of the broader market may appear artificially low. If corporate profitability reverts to more normalized levels, then further market volatility may be inevitable.” – Sionna Investment Managers Inc.

30. 3. Review Of Counsel Investment Solutions

31. Counsel Balanced Portfolio * Target asset allocation weights adjusted following annual review of Counsel portfolios and with the renewal of the simplified prospectus. This Portfolio is managed using a multi-manager process. The current sub-advisor or underlying mutual fund managerfor each mandate is listed beside the mandate for which it provides portfolio management / sub-advisory services. This Portfolio invests in underlying mutual funds (which may be managed by Counsel) currently sub-advised by the sub-advisors listed beside each investment mandate. For information on the underlying funds, please refer to the prospectus, which is available on our website at www.counselservices.com or on the SEDAR website at www.sedar.com.

32. Counsel Balanced Portfolio Effective Top 10 Sector Allocation Effective Asset Class Mix Effective Geographic Mix

33. Counsel Balanced Portfolio Positive and negative attribution for Q1 2012 Positive and negative attribution for the 12 months ended March 31, 2012 + Positive attribution to overall Portfolio, reflecting that the mandate outperformed its relative benchmark on a gross returns basis. - Negative attribution to overall Portfolio, reflecting that the mandate underperformed its relative benchmark on a gross returns basis.

34. Counsel Short Term Bond Effective Investment Mix Effective Bond Maturity

35. Counsel Short Term Bond

36. Counsel Fixed Income Effective Investment Mix Effective Bond Maturity

37. Fixed Income

38. Counsel Canadian Value

39. Effective Asset Class Mix Counsel Canadian Value Effective Top 10 Sector Allocation

40. Counsel Canadian Growth

41. Counsel Canadian Growth Effective Asset Class Mix Effective Top 10 Sector Allocation

42. Canadian Growth Equities

43. Canadian Quantitative Growth Equities

44. Counsel U.S. Value

45. Counsel U.S. Value Effective Asset Class Mix Effective Top 10 Sector Allocation

46. Counsel U.S. Growth

47. Counsel U.S. Growth Effective Asset Class Mix Effective Top 10 Sector Allocation

48. Counsel International Value

49. Counsel International Value Effective Asset Class Mix Effective Top 10 Sector Allocation

50. Counsel International Growth