EMERGING MARKETS EQUITY POOL

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1 This annual management report of fund performance contains financial highlights but does not contain the complete annual financial statements of the investment pool. You can get a copy of the annual financial statements at your request, and at no cost, by calling , by writing to us at United Financial, 2 Queen Street East, Twentieth Floor, Toronto, ON, M5C 3G7 or by visiting our website at or SEDAR at Securityholders may also contact us using one of these methods to request a copy of the investment pool s proxy voting policies and procedures, proxy voting disclosure record, or quarterly portfolio disclosure. INVESTMENT OBJECTIVE AND STRATEGIES Emerging Markets Equity Pool seeks to obtain maximum long-term capital growth through direct and indirect investments in equity and equity-related securities of companies that the portfolio advisor believes have the potential for positive total return and that are located in or have significant economic exposure to emerging market countries. The portfolio advisor utilizes a bottom-up investment approach focusing on quality, financially productive companies that are undervalued relative to their global industry peers. When deciding to buy or sell an investment, the portfolio advisor considers whether it is a good value relative to its current price. As part of this evaluation, the portfolio advisor may use techniques such as fundamental analysis to assess growth and value potential. This Pool may also enter into securities lending transactions, repurchase transactions and reverse repurchase transactions, to the extent permitted by securities regulations, to earn additional income. The Pool may use derivatives, but only as permitted by securities regulations. In the event of adverse market, economic and/or political conditions, the portfolio advisor may invest in cash and cash equivalent securities. RISK The risks of investing in the Pool remain as discussed in the prospectus. This Pool is suitable for investors who can tolerate high risk, want an investment that is focused on generating capital growth and are planning to hold their investment for the medium and/or long term. from the world s largest economy, and hope of a near-term reacceleration of economic growth in China. The equity rally faded in March as investors were confronted with softer-than-expected data out of China, comments by the Chinese Premier setting a lower growth target of 7.5% for 2012, and a tapering off of upside U.S. data surprises. The first quarter was followed by a difficult second quarter. Global risk appetite returned late in the second quarter after the European Central Bank indicated that it might once again buy government bonds under certain conditions. The risk-positive news was followed by another round of quantitative easing by the U.S. Federal Reserve in the third quarter. After a lackluster start to the fourth quarter of 2012, equity markets enjoyed a strong finish to both the quarter and the year. Signs of economic activity gaining momentum in China, a fairly smooth leadership transition in China, reduced tail risks out of Europe, and expectations that the U.S. will avoid the so-called fiscal cliff all helped to reignite investors risk-taking appetite. Emerging market equities rallied aggressively during the quarter, taking the calendar-year return to almost 19% in U.S. dollar terms (S&P/IFCI EM Index). However, the strength of the Canadian dollar took some of the shine off the stellar emerging market returns. Nonetheless, the strong rally in emerging market equities in the fourth quarter also helped to push returns past developed markets for the full calendar year by around two percentage points. The Pool performed in line with the index. The decision to enter the year with the portfolio defensively positioned hurt relative performance early on. However, a combination of good stock selection, sector rotation, and asset allocation more than made up for the initial losses. RESULTS OF OPERATIONS The Pool s net asset value increased by $7.0 million to $86.7 million from December 31, 2011 to December 31, The Pool had net redemptions of $5.1 million for the period, while the portfolio s performance increased assets by $12.1 million. The Pool s one year return for Class A units, Class E units, Class F units, Class I units and Class W units was 13.6%, 14.4%, 14.9%, 17.1% and 16.9%, respectively, compared to the return of the benchmark of 15.8% for the same period. The benchmark is the S&P Emerging LargeMidCap Total Return Index. Signature Global Advisors, a division of CI Investments Inc. Emerging market equities started the year on a good note, with strong gains coming in the first two months of the year driven by a broad-based improvement in investor sentiment. Sentiment was driven by the tentative stabilization of the European financial and sovereign conditions, upside surprises in economic data The portfolio ended the year in line with the benchmark after a significant underperformance during the first two months. The highly defensive stance at the beginning of the year, including high cash balances in U.S. dollars and holding developed market companies with emerging market exposures, hurt the portfolio as equity investors were willing to take on more risk. Subsequent asset allocation decisions, however, added rather than subtracted to the relative performance of the portfolio. The portfolio ended the year 245 basis points above the relevant index. On a sectoral basis, stock selection in financials added significantly to the overall performance in 2012, especially the following banks: Turkiye Garanti Bankasi AS (Turkey), Kasikornbank PCL (Thailand), and Sberbank (Russia). Although all three banks were added because of compelling valuations, the rally in the former two coincided with a general rally in the local markets. Industrials also added to performance. China Railway Construction Corp. CIG

2 performed well after China boosted its infrastructure spending. Even though the Brazilian market as a whole did not perform well in 2012, stock selection still provided solid returns, with Mills Estruturas e Serviços de Engenharia S.A. and CCR SA (both industrials) adding significantly to overall performance of the portfolio. The underweight in energy was also an important contributor to performance. In the materials sector, construction stocks Siam Cement Public Co. Ltd. and PT Semen Gresik (Persero) Tbk helped with the outperformance. Galaxy Entertainment Group Ltd. and Naspers (both consumer discretionary) also added meaningfully to the overall performance, although the same can t be said for the rest of this sector, which either added minimally or subtracted substantially from performance. Detractors from the portfolio s performance were HollySys Automation Technologies, Ltd. (China) and Bharti Airtel Ltd. (India). Gome Electrical Appliances Holding Ltd. would have been an even bigger drag on performance if it did not experience a December rally. The performance of the portfolio s country allocations were more mixed, with underweights in Brazil, Russia, and Malaysia benefiting the portfolio in Bearish political, macro, and/or sector views led to the underweighting positions of these countries. The overweight in Thailand also made a key positive contribution in 2012, while the overweight in China only started adding to performance late in the year. However, the portfolio s underweight in India and, to a lesser extent, South Africa subtracted from the overall performance. RECENT DEVELOPMENTS Signature Global Advisors, a division of CI Investments Inc. Going into 2013, the major growth risk for Asia in 2012 a potential hard landing of the Chinese economy had been replaced by increasing signs of an economy that is stabilizing around 7.5% to 8.2% growth. Economic growth in India seems to be stabilizing as well and expected interest rate cuts and further fiscal reforms in 2013 could result in a strong year for Indian equities. Key risks to a generally bullish outlook for emerging markets include wrong policy decisions, the inability to push through needed reforms, and internal political tension. Shifts in global risk sentiments will also continue to impact equity performance although the strong correlation between global events and individual emerging market countries are expected to abate somewhat in From a regional perspective, in Asia, Thailand and China remain our favourite destinations. We remain cautious on India given the still significant political uncertainties but acknowledge the recent improvements and the potential for a strong rally in Indian equities. We maintain our cautious view on Russia because of a lack of market-friendly reforms. Of the four major emerging markets, only China is currently an overweight. From a sector perspective, our favourite overweights entering 2013 are consumer discretionary and health care, while energy, telecommunication services, and utilities are considered underweights in the current environment. International Financial Reporting Standards As previously confirmed by the Canadian Accounting Standards Board ( AcSB ), most Canadian publicly accountable entities adopted International Financial Reporting Standards ( IFRS ), as published by the International Accounting Standards Board, on January 1, However, the AcSB has allowed most investment funds to defer adoption of IFRS until fiscal years beginning on or after January 1, Accordingly, the Pool will adopt IFRS for its fiscal period beginning January 1, 2014, and will issue its initial financial statements in accordance with IFRS, including comparative information, for the interim period ending June 30, RELATED PARTY TRANSACTIONS Manager, Trustee and Portfolio Advisor CI Investments Inc. is the Manager, Trustee and Portfolio Advisor of the Pool. CI Investments Inc. is a subsidiary of CI Financial Corp. The Manager, in consideration of management fees, provided management services required in the day-to-day operations of the Pool. The Manager bears all of the operating expenses of the Pool (other than taxes, borrowing costs and new governmental fees) in return for a fixed administration fee. Management fee and fixed administration fee rates as at December 31, 2012, for each of the classes are shown below: The Manager received $0.8 million in management fees and $0.2 million in fixed administration fees for the period. Management Fees Approximately 23% of total management fees were used to pay for sales and trailing commissions and other services required. The remaining 77% of management fees were used to pay for investment management and other general administration. Principal Distributor The Manager has the exclusive right to arrange for the distribution of units of the Pool. Pursuant to a series of agreements, the right to distribute such units has been granted, on a collective basis, to the following dealers, each of which is an affiliate of the Manager. Annual management fee rate (%) Annual fixed administration fee rate (%) Class A Class E Class F Class I Paid directly by investors Paid directly Class W by investors 0.22 Assante Capital Management Ltd. Assante Financial Management Ltd.

3 Broker Commissions During the period, the Pool paid $1,881 in brokerage commissions to The Bank of Nova Scotia or its subsidiaries. The Bank of Nova Scotia has a significant interest in CI Financial Corp., the parent company of CI Investments Inc. Independent Review Committee The Pool received standing instructions from the Board of Governors ( BoG ) in its capacity as the Independent Review Committee ( IRC ) with respect to the following Related Party Transactions: a) trades in securities of CI Financial Corp. and The Bank of Nova Scotia; b) purchases or sales of securities of an issuer from or to another investment fund managed by the Manager (referred to as Inter-Fund Trades ); and c) mergers of funds with another fund that is subject to National Instrument ( Fund Mergers ). The applicable standing instructions require that Related Party Transactions be conducted in accordance with the Manager s policies and procedures. The Manager is required to advise the BoG of any material breach of a condition of the standing instructions. The standing instructions require, among other things, that the investment decision in respect to Related Party Transactions (a) are made by the Manager free from any influence by any entities related to the Manager and without taking into account any consideration to any affiliate of the Manager; (b) represent the business judgment of the Manager uninfluenced by considerations other than the best interests of the Pool; and (c) are made in compliance with the Manager s policies and procedures. Transactions made by the Manager under the standing instructions are subsequently reviewed by the BoG on a quarterly basis to monitor compliance. The Pool relied on the BoG s standing instructions regarding Related Party Transactions during this reporting period.

4 FINANCIAL HIGHLIGHTS The following tables show selected key financial information about the Pool and are intended to help you understand the Pool s financial performance for the past five years, as applicable. The Ratios & Supplemental Data shown below are based on Net Asset Values. The Pool s Net Assets per Unit ($) (1) (2) * Class A (Commencement of operations December 28, 2006) Net assets, beginning of year (1, 7) Increase (decrease) in operations: Total revenue Total expenses Realized gains (losses) for the year Unrealized gains (losses) for the year Total increase (decrease) from operations (2) Year Ended Year Ended Year Ended Year Ended Year Ended December 31, 2012 December 31, 2011 December 31, 2010 December 31, 2009 December 31, 2008 $ $ $ $ $ (0.28) (0.29) (0.28) (0.22) (0.27) (0.13) (3.12) (0.69) 1.36 (2.35) (4.92) 1.14 (1.80) (5.34) Distributions: From income (excluding dividends) From dividends From capital gains Return of capital Total annual distributions (2, 3) Net assets at end of year shown (2, 7) Ratios & Supplemental Data Total net asset value ($000 s) (7) Number of units outstanding (000 s) Portfolio turnover rate (%) (5) Trading expense ratio (%) (6) Net asset value per unit ($) (7) 9,388 10,999 17,063 20,012 18, ,240 1,595 2,088 2, Management Expense Ratio Management expense ratio before taxes (%) (4) Goods and services tax (GST)/Harmonized sales tax (HST) (%) (4) Management expense ratio after taxes (%) (4) GST/Effective HST Rate, for the prior calendar year or period (%) (4) *Footnotes for the tables are found at the end of the Financial Highlights section.

5 FINANCIAL HIGHLIGHTS (cont d) The Pool s Net Assets per Unit ($) (1) (2) * Class E (Commencement of operations September 10, 2008) Net assets, beginning of year (1, 7) Increase (decrease) in operations: Total revenue Total expenses Realized gains (losses) for the year Unrealized gains (losses) for the year Total increase (decrease) from operations (2) Period from Year Ended Year Ended Year Ended Year Ended Inception to December 31, 2012 December 31, 2011 December 31, 2010 December 31, 2009 December 31, 2008 $ $ $ $ $ (0.24) (0.25) (0.24) (0.20) (0.05) (0.09) (2.21) (1.39) 1.50 (2.37) (1.79) (0.01) Distributions: From income (excluding dividends) From dividends From capital gains Return of capital Total annual distributions (2, 3) Net assets at end of year shown (2, 7) Ratios & Supplemental Data Total net asset value ($000 s) (7) Number of units outstanding (000 s) Portfolio turnover rate (%) (5) Trading expense ratio (%) (6) Net asset value per unit ($) (7) 34,486 24,727 18,242 8,709 1,995 3,088 2,534 1, Management Expense Ratio Management expense ratio before taxes (%) (4) Goods and services tax (GST)/Harmonized sales tax (HST) (%) (4) Management expense ratio after taxes (%) (4) GST/Effective HST Rate, for the prior calendar year or period (%) (4) *Footnotes for the tables are found at the end of the Financial Highlights section.

6 FINANCIAL HIGHLIGHTS (cont d) The Pool s Net Assets per Unit ($) (1) (2) * Class F (Commencement of operations October 5, 2007) Net assets, beginning of year (1, 7) Increase (decrease) in operations: Total revenue Total expenses Realized gains (losses) for the year Unrealized gains (losses) for the year Total increase (decrease) from operations (2) Year Ended Year Ended Year Ended Year Ended Year Ended December 31, 2012 December 31, 2011 December 31, 2010 December 31, 2009 December 31, 2008 $ $ $ $ $ (0.16) (0.17) (0.16) (0.13) (0.12) (0.14) (2.04) (2.68) 0.97 (2.26) (0.70) 4.99 (3.66) 0.86 (1.64) (0.26) 2.99 (6.22) Distributions: From income (excluding dividends) From dividends From capital gains Return of capital Total annual distributions (2, 3) Net assets at end of year shown (2, 7) Ratios & Supplemental Data Total net asset value ($000 s) (7) Number of units outstanding (000 s) Portfolio turnover rate (%) (5) Trading expense ratio (%) (6) Net asset value per unit ($) (7) , Management Expense Ratio Management expense ratio before taxes (%) (4) Goods and services tax (GST)/Harmonized sales tax (HST) (%) (4) Management expense ratio after taxes (%) (4) GST/Effective HST Rate, for the prior calendar year or period (%) (4) *Footnotes for the tables are found at the end of the Financial Highlights section.

7 FINANCIAL HIGHLIGHTS (cont d) The Pool s Net Assets per Unit ($) (1) (2) * Class I (Commencement of operations September 18, 2008) Net assets, beginning of year (1, 7) Increase (decrease) in operations: Total revenue Total expenses Realized gains (losses) for the year Unrealized gains (losses) for the year Total increase (decrease) from operations (2) Period from Year Ended Year Ended Year Ended Year Ended Inception to December 31, 2012 December 31, 2011 December 31, 2010 December 31, 2009 December 31, 2008 $ $ $ $ $ (0.14) (2.35) (1.51) 1.85 (2.93) (1.90) (0.29) Distributions: From income (excluding dividends) From dividends From capital gains Return of capital Total annual distributions (2, 3) Net assets at end of year shown (2, 7) Ratios & Supplemental Data Total net asset value ($000 s) (7) Number of units outstanding (000 s) Portfolio turnover rate (%) (5) Trading expense ratio (%) (6) Net asset value per unit ($) (7) 11,338 9,904 7,743 4, Management Expense Ratio Management expense ratio before taxes (%) (4) Goods and services tax (GST)/Harmonized sales tax (HST) (%) (4) Management expense ratio after taxes (%) (4) GST/Effective HST Rate, for the prior calendar year or period (%) (4) *Footnotes for the tables are found at the end of the Financial Highlights section.

8 FINANCIAL HIGHLIGHTS (cont d) The Pool s Net Assets per Unit ($) (1) (2) Class W (Commencement of operations October 28, 2005) Net assets, beginning of year (1, 7) Increase (decrease) in operations: Total revenue Total expenses Realized gains (losses) for the year Unrealized gains (losses) for the year Total increase (decrease) from operations (2) Year Ended Year Ended Year Ended Year Ended Year Ended December 31, 2012 December 31, 2011 December 31, 2010 December 31, 2009 December 31, 2008 $ $ $ $ $ (0.04) (0.04) (0.04) (0.03) (0.04) (0.20) (5.26) (1.16) 2.29 (3.78) (7.21) 2.37 (2.47) (7.60) Distributions: From income (excluding dividends) From dividends From capital gains Return of capital Total annual distributions (2, 3) Net assets at end of year shown (2, 7) Ratios & Supplemental Data Total net asset value ($000 s) (7) Number of units outstanding (000 s) Portfolio turnover rate (%) (5) Trading expense ratio (%) (6) Net asset value per unit ($) (7) 31,434 34,035 45,306 57, ,159 1,831 2,317 2,629 3,851 13, Management Expense Ratio Management expense ratio before taxes (%) (4) Goods and services tax (GST)/Harmonized sales tax (HST) (%) (4) Management expense ratio after taxes (%) (4) GST/Effective HST Rate, for the prior calendar year or period (%) (4) (1) This information is derived from the Pool s audited annual financial statements. The net assets per unit presented in the financial statements differs from the net asset value calculated for Pool pricing purposes. An explanation of these differences can be found in the notes to the financial statements or in footnote (7) below. (2) Net assets per unit and distributions per unit are based on the actual number of units outstanding for the relevant class at the relevant time. The increase (decrease) in net assets from operations per unit is based on the weighted average number of units outstanding for the relevant class over the fiscal year. (3) Distributions are automatically reinvested in additional units of the Pool. (4) Management expense ratio is calculated based on expenses charged to the Pool (excluding commissions and other portfolio transaction costs) and is expressed as an annualized percentage of daily average net asset value for the period. As of July 1, 2010, Ontario combined the federal goods and services tax ( GST - 5%) with the provincial retail sales tax ( PST - 8%). The combination resulted in a Harmonized sales tax ( HST ) rate of 13%. The Effective HST tax rate is calculated using the attribution percentage for each province based on unitholder residency and can be different from 13%. For any particular year, the rate shown will be prorated based on the different rates in effect during that year. For the year ended December 31, 2010, the rate applied is 5% for the period January 1, 2010 to June 30, 2010 and the Pool s Effective HST rate for the period from July 1, 2010 to December 31, The rate shown for the year ended December 31, 2010 is the time weighted average of these rates. Beginning January 1, 2011, the HST rate is based on the residency of the unitholder. (5) The Pool s portfolio turnover rate indicates how actively the Pool s portfolio advisor manages its portfolio investments. A portfolio turnover rate of 100% is equivalent to the Pool buying and selling all of the securities in its portfolio once in the course of the fiscal year. The higher a Pool s portfolio turnover rate in a year, the greater the trading costs payable by the Pool in the year, and the greater the chance of an investor receiving taxable capital gains in the year. There is not necessarily a relationship between a higher turnover rate and the performance of a Pool. Portfolio turnover rate is calculated by dividing the lesser of the cost of purchases and the proceeds of sales of portfolio securities for the year, and excluding cash and short-term investments maturing in less than one year, and before assets acquired from a merger, if applicable, by the average of the monthly fair value of investments during the year. (6) The trading expense ratio represents total commissions and other portfolio transaction costs disclosed in the statements of operations expressed as an annualized percentage of daily average net asset value of the Pool during the year. (7) Section 14.2 of National Instrument requires the net assets of an investment fund to be calculated using the fair value of the fund s assets and liabilities. Canadian GAAP requires a different valuation method for calculating net assets for financial reporting purposes. For the purpose of processing unitholder transactions, net assets are calculated based on the closing market price (referred to as Net Asset Value ), while for financial statement purposes net assets are calculated based on bid/ask price (referred to as Net Assets ).

9 PAST PERFORMANCE This section describes how the Pool has performed in the past. Remember, past returns do not indicate how the Pool will perform in the future. The information shown assumes that distributions made by the Pool in the years shown were reinvested in additional units of the relevant classes of the Pool. In addition, the information does not take into account sales, redemption, distribution or other optional charges that would have reduced returns or performance. Year-by-Year Returns The following charts show the Pool s annual performance for each of the years shown and illustrate how the Pool s performance has changed from year to year. In percentage terms, the charts show how much an investment made on the first day of each financial year would have grown or decreased by the last day of each financial year, except where noted. Annual Compound Returns The following table shows the Pool s annual compound returns for each period indicated, compared to the S&P Emerging LargeMidCap Total Return Index. The S&P Emerging LargeMidCap Total Return Index is a float adjusted market capitalization weighted index which tracks the performance of large to medium size companies in emerging markets. The Index is a subset of S&P Emerging Broad Market Index which captures all companies domiciled in the emerging markets within the S&P Global Broad Market Index. The market capitalization is accumulated to 70% for LargeCap and 15% for MidCap, which represents 85% of the emerging markets total available capital. A discussion of the performance of the Pool as compared to the benchmark is found in the Results of Operations section of this report Class A One Three Five Ten Since Year Years Years Years Inception Emerging Markets Equity Pool (%) N/A 0.1 S&P Emerging LargeMidCap Total Return Index (%) N/A* N/A 2.9 Class E Dec. 2006* Dec Dec Dec Dec Dec *For the period from December 28, 2006 to December 31, **For the period from September 10, 2008 to December 31, Dec Dec. 2008** Dec Dec Dec Dec Class A Class E Emerging Markets Equity Pool (%) N/A* N/A 2.6 S&P Emerging LargeMidCap Total Return Index (%) N/A* N/A 8.7 Class F Emerging Markets Equity Pool (%) N/A S&P Emerging LargeMidCap Total Return Index (%) N/A* N/A -0.6 Class I Emerging Markets Equity Pool (%) N/A* N/A 8.3 S&P Emerging LargeMidCap Total Return Index (%) N/A* N/A 8.7 Class W Dec. 2007* Dec Dec Dec Dec Dec Dec. 2008** Dec Dec Dec Dec Emerging Markets Equity Pool (%) N/A 7.8 S&P Emerging LargeMidCap *For the period from October 5, 2007 to December 31, **For the period from September 18, 2008 to December 31, Class F Class I Total Return Index (%) N/A* N/A 8.6 *Index returns available only since December 31, Dec. 2005* Dec Dec Dec Dec Dec Dec Dec *For the period from October 28, 2005 to December 31, Class W

10 SUMMARY OF INVESTMENT PORTFOLIO as at December 31, 2012 Portfolio Breakdown Percentage of Category Net Asset Value (%) Portfolio Breakdown (cont d) Percentage of Category Net Asset Value (%) Top 25 Holdings Percentage of Security Name Net Asset Value (%) Country allocation South Korea 12.0 Brazil 11.4 Hong Kong 8.4 China 7.0 U.S.A. 6.4 Thailand 6.2 Taiwan 5.6 Cash & Equivalents 5.0 Cayman Islands 3.9 Mexico 3.9 Indonesia 3.4 Bermuda 2.9 U.K. 2.7 Russia 2.4 Chile 2.0 Singapore 1.7 Turkey 1.6 Jersey Island 1.6 Netherlands 1.6 South Africa 1.5 India 1.3 Switzerland 1.3 Japan 1.2 Netherlands Antilles 0.8 Poland 0.8 Hungary 0.7 Denmark 0.5 Canada 0.5 Colombia 0.4 Israel 0.4 Cyprus 0.7 Czech Republic 0.3 Peru 0.3 Austria 0.2 Foreign Currency Forward Contracts (0.1) Other Net Assets (Liabilities) (0.5) Sector allocation Financials 26.3 Information Technology 12.1 Consumer Discretionary 9.7 Consumer Staples 8.9 Industrials 8.9 Energy 8.9 Materials 8.8 Cash & Equivalents 5.0 Telecommunication Services 4.2 Health Care 3.8 Exchange-Traded Funds 2.3 Utilities 1.7 Foreign Currency Forward Contracts (0.1) Other Net Assets (Liabilities) (0.5) Samsung Electronics Co., Ltd. 5.7 Cash & Equivalents 5.0 Taiwan Semiconductor Manufacturing Co., Ltd., ADR 2.7 Sberbank of Russia 2.4 Fleury S.A. 2.2 Noble Energy Inc. 2.1 Bangkok Bank PCL 1.8 Atrium European Real Estate Ltd. 1.6 Semen Gresik Persero Tbk PT 1.6 Siam Cement PCL 1.6 Royal Dutch Shell PLC, Class A 1.6 Cia De Bebidas Das Americas 1.5 China Shenhua Energy Co., Ltd., Class H 1.5 LG Electronics Inc. 1.5 Syngenta AG 1.3 PT Bank Mandiri 1.3 Credicorp Ltd. 1.3 Galaxy Entertainment Group Ltd. 1.3 Want Want China Holdings Ltd. 1.3 Global Logistic Properties Ltd. 1.3 SPDR Gold Trust 1.3 Cia Brasileira de Distribuicao Grupo Pao de Acucar., Preferred 1.2 Kasikornbank PCL, Foreign Registered Shares 1.2 Taiwan Mobile Co., Ltd. 1.2 PetroChina Co., Ltd., ADR 1.1 Total Net Asset Value (in $000 s) $86,688 The summary of investment portfolio may change due to ongoing portfolio transactions of the Pool and updates are available on a quarterly basis. A NOTE ON FORWARD-LOOKING STATEMENTS This report may contain forward-looking statements about the Pool, its future performance, strategies or prospects, and possible future Pool action. The words may, could, should, would, suspect, outlook, believe, plan, anticipate, estimate, expect, intend, forecast, objective, and similar expressions are intended to identify forward-looking statements. Forward-looking statements are not guarantees of future performance. Forward-looking statements involve inherent risks and uncertainties, both about the Pool and general economic factors, so it is possible that predictions, forecasts, projections and other forward-looking statements will not be achieved. We caution you not to place undue reliance on these statements as a number of important factors could cause actual events or results to differ materially from those expressed or implied in any forward-looking statement made by the Pool. These factors include, but are not limited to, general economic, political and market factors in Canada, the United States and internationally, interest and foreign exchanges rates, global equity and capital markets, business competition, technological changes, changes in laws and regulations, judicial or regulatory judgments, legal proceedings and catastrophic events. The above list of important factors that may affect future results is not exhaustive. Before making any investment decisions, we encourage you to consider these and other factors carefully. All opinions contained in forward-looking statements are subject to change without notice and are provided in good faith but without legal responsibility.