Think Globally, Look Locally. Chuk Wong BBA, MSc.(Bus. Admin.), CGA, CFA Vice President & Portfolio Manager

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2 Think Globally, Look Locally Chuk Wong BBA, MSc.(Bus. Admin.), CGA, CFA Vice President & Portfolio Manager

3 A value veteran 19 years investment experience ~ Dynamic Funds since 1996 Lead manager ($1.5 billion AUM) ~ Dynamic Global Value Fund ~ Dynamic Global Value Class ~ Dynamic Far East Value Fund ~ Dynamic EAFE Value Class ~ Dynamic European Value Fund ~ Dynamic Emerging Markets Class Chuk Wong BBA, MSc., CGA, CFA Vice President and Portfolio Manager

4 The team Chuk Wong BB BBA. MSc., CGA, CFA Vice President and Portfolio Manager (19 years industry experience) (15 years industry experience) Ben Zhan MBA, CFA Portfolio Manager (10 years industry experience) Leanne Caravaggio MBA, CFA Investment Analyst Dynamic Value Team (8 years industry experience) Vim Thasan MBA, CFA Investment Analyst Dynamic Blue Chip Team (4 years industry experience) Cecilia Mo, MBA Vice President & Portfolio Manager Canadian Value Funds Adam Donsky, BA, CFA, Vice President & Portfolio Manager Blue Chip Funds

5 Agenda Re-thinking global investing Looking closer at local markets Investing GLOCALLY

6 Re-thinking global investing Canada has been the right place to invest in Global equity market correlations are rising Why invest outside Canada now?

7 TSX last peaked in June 2008

8 JCI is trading near an all-time high

9 Treasuries are the only diversifying asset class

10 Importance of country, sector, and industry in explaining stock returns (EAFE)

11 Looking closer at local markets Southern Europe is a basket case, but Emerging markets are growing fast, but

12 Opportunities in Europe Source: GaveKal

13 Vopak (the Netherlands) World s largest provider of conditioned storage facilities for bulk liquids

14 Vopak (Netherlands)

15 Developed Markets No clear relationship between GDP growth (USD) & market returns

16 Growth does matter in Emerging Markets

17 MSCI EM v/s MSCI DM v/s TSX (in USD) Approx Approx decline decline for for each each market market was was 55% 55% MSCI EM S&P/TSX Composite MSCI World Source: Bloomberg

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19 Investing GLOCALLY GLOCAL: Travelling the globe in search of high quality local companies that are leaders in their space

20 Local companies: Canada and UK

21 Local companies: Canada and Indonesia

22 Local companies: US and China

23 Dynamic Global Value Fund How we add value Go anywhere Benchmark & market cap neutral Developed & emerging markets Prefer locally-listed shares Size provides flexibility ($700 million) Risk management Strategic use of cash Selective currency hedging

24 Areas of particular interest Global / regional / national leaders with improving fundamentals and strong balance sheet Vopak (the Netherlands) Signet (US) Emerging Market consumption MGM China Samsonite (US) Industrial automation Spectris (UK) IMI (UK)

25 World s best consumption story China US

26 MGM China Initial Purchase (Nov.)

27 Industrial automation makes good sense

28 Industrial automation companies are outperforming

29 Spectris (UK) Initial Purchase

30 Dynamic Global Value Fund Country allocation April 30, % 16% 12% 5% 5%

31 Dynamic Global Value Fund Sector allocation April 30, 2012 Industrials 25% Financials 23% Discretionary 18% Information Technology 11% Materials 6%

32 Dynamic Global Value Fund Top ten holdings April 30, 2012 Country AAC Acoustic Technologies China 3.0% Bank Rakyat Indonesia 2.9% Hyundai Mobis South Korea 2.9% Koninklijke Vopak Netherlands 2.8% Signet Jewelers US 2.7% Nu Skin US 2.7% Türkiye Garanti Bankasi Turkey 2.6% Nabtesco Japan 2.6% Bank Central Asia Indonesia 2.5% IMI UK 2.2% Top 10 Total 26.8%

33 Top ten holdings as at April 30, 2012 Dynamic Global Value Mac Cundill Value C Trimark Fund Mac Ivy Foreign Equity Templeton Growth AAC Acoustic Dell Nestle Admiral Kingfisher Bank Rakyat Microsoft Becton Dickinson Danone Comcast Hyundai Mobis Bank of American BAT Pearson Microsoft Vopak Citigroup Google PepsiCo Accenture Signet Sega Sammy Adidas Colgate-Palmolive Samsung Nu Skin Chesapeake Energy Walt Disney Unilever CVS Caremark Türkiye G. Bankasi AIG ARYZTA Becton Dickinson Vodafone Nabtesco Honda Novartis Henry Shein Cisco Bank Central Asia Exor Experian Omnicon Group Sanofi IMI TNT Express Koninklijke Sonova Oracle Source: Company websites

34 Not your average global equity fund Region Dynamic Global Value Avg. Global Equity - MF Source: Morningstar Research Inc.

35 Summary It s time to add global equities to your portfolio A GLOCAL approach to stock selection We re different - DGVF is a unique portfolio

36 Important Information Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. The indicated rates of return are the historical annual compounded total returns including changes in units value and reinvestment of all distributions and do not take into account sales, redemption, distribution or optional charges or income taxes payable by any securityholder that would have reduced returns. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated. Views expressed regarding a particular company, security, industry or market sector are the views of that individual only, and do not necessarily represent the views of GCIC Ltd. These views should not be considered as an indication of trading intent of the mutual fund, nor are they a recommendation to buy or sell, nor should they be relied upon as investment advice. This document is for advisor use only and is not to be distributed or reproduced without the consent of GCIC Ltd. Dynamic Funds is a division of GCIC Ltd.

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