v3 report example mar 2011

ASSET ALLOCATION ANALYST

Report prepared forAlbert A. Client and Louise Client

Prepared byCharles Q. Broker

Phone: 123-456-7890E-mail: [email protected]: 2011/02/28

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Charles Q. Broker

INTRODUCTION

This report is based on the

notion that most of a portfolio’s

variability over the long term

can be attributed to asset

allocation, not to stock picking.

Based on your investor profile,

we identify the optimal asset

allocation that reflects your

needs in terms of risk and

return. So our aim here is to

provide you with a solid

foundation for your new

investment portfolio.

REPORT PREPARED FOR ALBERT A. CLIENT AND LOUISE CLIENT ON 2011/02/28 2

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TABLE OF CONTENTS

CURRENT SITUATION AND OBJECTIVESObjectives Summary and Current Portfolio 5

INVESTOR PROFILEYour profile: overall view 7Results of your investor profile questionnaire 8

PROPOSED ASSET MIXThe efficient frontier 9Current vs Proposed asset mix 10

PROPOSED ASSET MIX STATISTICSA graphical view of asset mix performance 11Calendar year overview 12Rolling period returns 13 .......

PROPOSED PORTFOLIO ANALYTICSYour new portfolio: Overall view 14Performance Analysis 15Key Portfolio Risk Statistics 16Performance compared to weighted marketindexes 17Positive-Negative Quarters 18Risk statistics - Alpha, Beta and R-squared 19Risk statistics - Tracking Error, Information &Treynor ratios 20Historical growth 21Return vs Risk with Portfolio Statistics 22Holdings: Calendar year returns 23Holdings: Return vs Risk Analysis 24Holdings: Best/Worst Qtrs & Capture ratios 25Correlation Matrix 26

ASSET FACT SHEETS 27

ROLES AND RESPONSIBILITIES


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TABLE OF CONTENTS

DISCLOSURE 3.0


ROLES AND RESPONSIBILITIES 32

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OBJECTIVES SUMMARY

This page presents a summary of your main financial objectives and how each objective relates to your global portfoliovalue. As each objective may have a different time horizon, we have outlined a timeline for when each objective requiresliquidity.

ASSESSING YOUR FINANCIAL OBJECTIVES

This is: your current situation


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KMasson

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Current Situation and Objectives

YOUR CURRENT PORTFOLIO: OVERALL VIEW

On this page you can see the overall allocation in your current portfolio and a detailed list of the investments.

This is: your current portfolio

as of 2010/12/31

Cash 29.80 %

U.S. Equities 27.81 %

International Equities 18.54 %

Canadian Bonds 15.56 %

International Bonds 4.97 %

Canadian Equities 3.31 %

Asset Class Breakdown

Canada 43.93 %

United States 30.76 %

International 25.30 %

Not Available 0.01 %

Region Breakdown

Other Equity 49.67 %

Other 29.80 %

Fixed Income 20.53 %

Style Breakdown

Other 50.33 %

Large Cap 49.67 %

Market Capitalization Breakdown

Current Investments

Asset Code Asset Name Minimum Investment Currency Category Investment (CAD) WeightingCIG925 CI Global Segregated Fund $500.00 CAD Foreign Equities $70,000.00 46.36%

FID535Fidelity Canadian MoneyMarket Fund Series A

$500.00 CAD Cash $45,000.00 29.80%

NWT802Northwest Specialty HighYield Bond Fund Series A

$500.00 CAD Foreign Fixed Income $25,000.00 16.56%

CIG2303CI Signature Canadian BondCorporate Class A C$

$500.00 CAD Fixed Income $6,000.00 3.97%

RIMResearch in MotionCommon shares

N/A CAD Canadian Equities $5,000.00 3.31%

$151,000.00 100.00%

Returns shown are represented in CAD terms

REPORT PREPARED FOR ALBERT A. CLIENT AND LOUISE CLIENT ON 2011/02/28 . 6

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Investor Profile

YOUR PROFILE: OVERALL VIEW

Your answers to specific financial and behavioural questions help guide you to your optimal asset mix and recommendedbenchmark portfolio.

INVESTOR PROFILE QUESTIONNAIRE

Your Profile: Balanced

Time Horizon

Time Horizon

Risk Tolerance

Risk Tolerance

Current Income

Current Income

Financial Stability

Financial Stability

Level of Discretion

Level of Discretion

Benchmark

Conservative

Conservative

Conservative

Conservative

Moderate

Balanced

Positive

Aggressive

The Investor Profile Questionnaire addresses the basic issues at the heart of any sound personal investment strategy: theprojected time horizon for the particular investment; the tolerance for short-term losses, or downside risk; and the nature ofthe returns required. The answers to these questions lead to a proposed strategic benchmark that fits an investor'sfinancial needs, providing a suitable balance between return and risk.


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Investor Profile

RESULTS OF YOUR INVESTOR PROFILE QUESTIONNAIRE

Your answers to specific financial and behavioural questions help guide you to your optimal asset mix and recommendedbenchmark portfolio.

INVESTOR PROFILE QUESTIONNAIRE - CONTINUED

Your Profile: Balanced

You are an investor that prefers balance through diversification of asset classes. You want a balance betweencapital preservation and capital growth. Your investor profile is located between that of an aggressive andconservative investor. Your time horizon is medium to long term.

TIME HORIZON

I may need the total amount invested and the investment revenue from this account within the next five years.

YOU ANSWERED NO

RISK TOLERANCE

If the return from this account was negative over a year, thus generating paper financial losses in the shortrun, I would continue to uphold my initial investment strategy.

YOU ANSWERED YES

CURRENT INCOME

I will cover my current expenses without using this account.

YOU ANSWERED NO

FINANCIAL STABILITY

My personal and financial situation allows me to incur the risk of short-term losses without compromising myfinancial stability.

YOU ANSWERED NO

LEVEL OF DISCRETION

In relative terms, the value of this account represents less than 25% of my net assets.

YOU ANSWERED YES

The Investor Profile Questionnaire addresses the basic issues at the heart of any sound personal investment strategy: theprojected time horizon for the particular investment; the tolerance for short-term losses, or downside risk; and the nature ofthe returns required. The answers to these questions lead to a proposed strategic benchmark that fits your financial needs,providing a suitable balance between return and risk.


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Proposed Asset Mix

THE EFFICIENT FRONTIER

Asset allocation is based on the notion that for each investor profile there is an optimal allocation of the invested capitalthat maximizes return expectations consistent with acceptable risk. This is called the efficient frontier.

EFFICIENT FRONTIER

4

5

6

7

8

9

10

11

Exp

ect

ed

Re

turn

(%

)

4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23

Expected Risk - Standard Deviation (%)

Conservative

Moderate

Balanced

Positive

Aggressive Canadian Equities

U.S. Equities

International Equities

Canadian Bonds

International Bonds

Cash

Alternatives

This is yourproposed asset

mix

This is where youcurrently stand

A benchmark asset mix reflects long-term strategic objectives, regardless of the short-term market outlook. Portfolios thatare not found on the efficient frontier may be re-allocated to achieve a higher expected return for a given level of risk.


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Proposed Asset Mix

CURRENT VS PROPOSED ASSET MIX

REALIGNING YOUR PORTFOLIO

This is: your proposed asset allocation

Canadian Equities 1.70% 20.00%

U.S. Equities. 29.80%. 15.00%

International Equities 19.90 % 15.00%

BondsInternational Bonds 5.00% 20.00%

Canadian Bonds 13.90% 30.00%

CashCash 29.80% 0.00%

AlternativesAlternatives

This section translates your objectives into specific allocations of stocks, bonds and cash, in Canadian and global markets.The last column on the right denotes the deviation from your current portfolio asset mix.


16.10%

29.80%

15.00%

-4.90%

-14.80%

18.30%

Classes Current Asset Allocation Proposed Asset Allocation

Equities

Deviation

This page compares your current asset mix with that of your proposed mix and highlights the changes required to makeyour portfolio allocation more consistent with your investor profile.

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Proposed Asset Mix Statistics

A GRAPHICAL VIEW OF ASSET MIX PERFORMANCE

Here we are comparing the historical performance of portfolios with the same asset mix as your current and proposedportfolios. As you can see, based on historical data, the changes we are proposing could have a significant impact on yourperformance outlook.

HISTORICAL PERFORMANCE - ASSET MIX

This is: a historical simulation

2002/11/01 to 2010/12/31

1

2

$140,000

$160,000

$180,000

$200,000

$220,000

$240,000

4Q

02

1Q

03

2Q

03

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03

4Q

03

1Q

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04

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Assumptions

Initial investment NaN

Monthly cashflow

Actual results

Estimated end dateportfolio value

Annual compoundreturn

Current asset mix $196,550.87 2.75%

Proposed asset mix $238,183.13 4.56%

This page is designed to graphically present a variety of simulations which may include the historical performance of thecurrent and proposed asset mixes and related combinations of market indexes. A broad market index is used to representeach asset class.


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CALENDAR YEAR OVERVIEW

This chart shows how the asset mix of your current and proposed portfolios would have performed during the last 20calendar years, giving an indication of the volatility of the portfolios.

HISTORICAL CALENDAR RETURN

This is: your proposed asset mix

Dot COM bubble World Recession

-23 %

-9 %

5 %

19 %

33 %

46 %

1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010

-23 %

-9 %

5 %

19 %

33 %

46 %

Proposed Asset Mix Current Asset Mix

75.00% ofcalendar

years werepositive

25.00% ofcalendar

years werenegative

80% ofcalendar

years werepositive

20% ofcalendar

years werenegative


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ROLLING PERIOD RETURNS

This chart displays the best and worst 1-year, 3-year and 5-year rolling period returns based on the asset mix of yourcurrent and proposed portfolios. This can give an indication of the behaviour of the returns through time.

MAGNITUDE OF POSITIVE AND NEGATIVE RETURNS

This is: your proposed asset mix

38.05

27.72 24.32

42.60

27.80 24.98

106.88

58.87

44.48

0 %

22 %

44 %

66 %

88 %

110 %

-20.55

-6.51-1.09

-20.56

-3.89

0.93

-38.30

-19.46

-6.56

-109%

-87 %

-65 %

-43 %

-21 %

1 %

1-Year Returns(Rolling period)



Current Proposed Index

This simulated historical return chart is used to provide a measure of the magnitude of risk and return based on rollingyearly returns of the proposed portfolio asset mix. Particularly useful are the “worst” and “best” performances the upperand lower chart respectively which were the lowest and highest values attained by the portfolio. A broad market index mayalso be displayed for comparison purposes.


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Proposed Portfolio Analytics

YOUR NEW PORTFOLIO: OVERALL VIEW

On this page you can see which assets we selected to build your new portfolio and how they combine to offer you a moreefficient asset allocation.

A PORTFOLIO BUILT USING A MORE EFFICIENT ASSET ALLOCATION

This is: your proposed portfolio

as of 2010/12/31

Canadian Bonds 35.33 %

Canadian Equities 20.07 %

International Equities 18.44 %

U.S. Equities 14.06 %

International Bonds 12.10 %

Asset Class Breakdown

Canada 43.54 %

International 36.14 %

United States 20.32 %

Not Available 0.00 %

Region Breakdown

Fixed Income 50.33 %

Other Equity 49.67 %

Style Breakdown

Other 50.33 %

Large Cap 49.67 %

Market Capitalization Breakdownp

Proposed Investments

Asset Code Asset Name Minimum Investment Currency Category Investment (CAD) WeightingAIS502 Altamira Long Term Bond Fund $1,000.00 CAD Fixed Income $45,000.00 29.80%

RYRoyal Bank of Canadacommon shares

N/A Canadian Equities $30,000.00 19.87%

CIG14005 CI Global Bond Fund Class A C$ $500.00 CAD Foreign Fixed Income $30,000.00 19.87%

AGF201 AGF American Growth Class C$ $500.00 CAD U.S Equities $22,500.00 14.90%

CIG874CI International Fund Class AC$

$500.00 Foreign Equities $22,500.00 14.90%

CIG2303CI Signature Canadian BondCorporate Class A C$

$500.00 CAD Fixed Income $1,000.00 0.66%

$151,000.00 100.00%

Once the asset mix is agreed upon, a new custom portfolio is built using individually selected securities. These assets aredisplayed in the lower 'Selection of funds' section and are in order of their portfolio weighting . In the analysis section onthe upper part of the page, pie charts display the various statistical components of this new portfolio as a whole. Theseinclude a breakdown by asset class, by geographic region, by style (management style), and by market capitalizationwhich is a measure of the value of a public company or the underlying public companies of a fund.


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PERFORMANCE ANALYSIS

This page presents both calendar year and trailing year returns for the current / proposed portfolio and a blendedbenchmark, giving additional insight into the volatility of the portfolio in relation to the blended benchmark.

CALENDAR - TRAILING YEAR COMPARISON


Calendar Year Returns 2002/11/01 to 2010/12/31

-30.00 %

-20.00 %

-10.00 %

0.00 %

10.00 %

20.00 %

Re

turn

2010 2009 2008 2007 2006

Years

Timeframe Current Portfolio Proposed Portfolio Blended Benchmark

2010

2009

2008

2007

2006

5.02 %

13.84 %

-22.26 %

-5.23 %

9.94 %

8.36 %

8.25 %

-12.18 %

-1.04 %

9.70 %

9.02 %

9.26 %

-8.62 %

-0.05 %

12.35 %

Trailing Year Returns 2002/11/01 to 2010/12/31

-4.00 %

-2.00 %

0.00 %

2.00 %

4.00 %

6.00 %

8.00 %

10.00 %

Re

turn

MRQ 1 3 5 7

Years


MRQ

1 yr

3 yr

5 yr

7 yr

10 yr

3.06 %

5.02 %

-2.41 %

-0.64 %

1.01 %

N/A

1.77 %

8.36 %

0.99 %

2.26 %

3.78 %

N/A

1.74 %

9.02 %

2.87 %

4.10 %

5.35 %

N/A

Previous 5 year returnsProposed Blended Benchmark

Year 1st Qtr. 2nd Qtr. 3rd Qtr. 4th Qtr. YTD 1st Qtr. 2nd Qtr. 3rd Qtr. 4th Qtr. YTD

2010 0.47 % 0.21 % 3.72 % 1.77 % 8.36 % 0.23 % 0.25 % 2.70 % 1.74 % 9.02 %

2009 N/A 3.90 % 2.51 % -0.27 % 8.25 % N/A 4.32 % 1.97 % -0.77 % 9.26 %

2008 N/A N/A N/A N/A -12.18 % N/A N/A N/A N/A -8.62 %

2007 N/A N/A N/A N/A -1.04 % N/A N/A N/A N/A -0.05 %

This page presents statistics on the returns of the current / proposed portfolio assets, compared to those of a blendedbenchmark, which is comprised of indexes representing each specific asset in the same proportion as the proposedportfolio.

The calendar year total returns are the annual returns for January to December periods. The Trailing returns arecalculations over a specified time period, typically longer than 1 year, that are annualized from the current date. Both setsof returns are displayed next to blended benchmark portfolio statistics, indicating the level of performance of theinvestment in relation to similar investments. While trailing time period returns are important to know, due to the averagingor annualizing, these returns can disguise just how volatile an asset class or mutual fund investment can be, despite whatare seemingly attractive and consistent investment returns. An investor should also be aware of the investment's rollingtime period returns. Overall, this provides the investor with some idea of the how well the investment is performing incomparison to similar investment opportunities.


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KEY PORTFOLIO RISK STATISTICS

This chart displays the rolling period returns, standard deviations and Sharpe ratios for the current / proposed portfoliocompared to a blended benchmark. These measures can give you an indication of the behaviour of the return of theportfolio, and how likely it is to experience movements through time, relative to the markets.

RISK-RETURN COMPARISON


Returns 2002/11/01 to 2010/12/31

-4.00 %

-2.00 %

0.00 %

2.00 %

4.00 %

6.00 %

8.00 %

10.00 %

Re

turn

1 3 5 7

Years


1 yr

3 yr

5 yr

7 yr

10 yr

5.02 %

-2.41 %

-0.64 %

1.01 %

N/A

8.36 %

0.99 %

2.26 %

3.78 %

N/A

9.02 %

2.87 %

4.10 %

5.35 %

N/A

Standard Deviation 2002/11/01 to 2010/12/31

0.00 %

2.00 %

4.00 %

6.00 %

8.00 %

10.00 %

12.00 %

Sta

nd

ard

De

via

tio

n

1 3 5 7

Years


1 yr

3 yr

5 yr

7 yr

10 yr

7.77 %

10.54 %

8.68 %

7.79 %

N/A

5.51 %

9.02 %

7.63 %

7.01 %

N/A

4.96 %

8.80 %

7.38 %

6.74 %

N/A

Sharpe Ratio 2002/11/01 to 2010/12/31

-0.50

0.00

0.50

1.00

1.50

2.00

Sh

arp

e

1 3 5 7

Years


1 yr

3 yr

5 yr

7 yr

10 yr

0.57

-0.33

-0.33

-0.17

N/A

1.41

-0.01

0.00

0.21

N/A

1.70

0.21

0.25

0.45

N/A

This page presents the returns, the standard deviation and the Sharpe ratio of the portfolio(s) compared to the blendedbenchmark, which is comprised of indexes representing each sprecific asset in the same proportion as the proposedportfolio, over various time periods.

Standard deviation is a statistical measurement of historical volatility; the greater the number, the more volatile the asset.

Sharpe ratio characterizes how well the return of the portfolio compensates the investor for each unit of absolute risk theyassume, as measured by the standard deviation of the portfolio. The greater a portfolio's Sharpe ratio, the better its risk-adjusted performance has been.


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PERFORMANCE COMPARED TO WEIGHTED MARKET INDEXES

This chart gives an indication of the portfolio's overall performance behaviour in up and down markets compared to that ofblended benchmark of broad market indexes.

OVER/UNDER BENCHMARK COMPARISON


Up-Market Capture Ratio 2002/11/01 to 2010/12/31

0.00

0.20

0.40

0.60

0.80

1.00

1.20

Ra

tio

1 3 5 7

Years

Time frame Current Portfolio Proposed Portfolio1 yr

3 yr

5 yr

7 yr

10 yr

119.51

109.72

98.98

97.08

N/A

98.28

85.07

85.85

86.64

N/A

Down-Market Capture Ratio 2002/11/01 to 2010/12/31

0.00

0.20

0.40

0.60

0.80

1.00

1.20

1.40

Ra

tio

1 3 5 7

Years


3 yr

5 yr

7 yr

10 yr

118.82

120.86

119.81

115.37

N/A

97.94

102.41

104.21

105.93

N/A

Returns Above Blended Benchmark 2002/11/01 to 2010/12/31

-2.50 %

-2.00 %

-1.50 %

-1.00 %

-0.50 %

0.00 %

0.50 %

Re

turn

1 3 5 7

Years


3 yr

5 yr

7 yr

10 yr

0.17 %

-1.92 %

-2.42 %

-1.79 %

N/A

-0.66 %

-1.87 %

-1.83 %

-1.57 %

N/A

The up-market capture ratio is used to evaluate how well a portfolio performed relative to an index during periods whenthat index has risen. The ratio is calculated by dividing the portfolio's returns by the returns of the index during the up-market, and multiplying that factor by 100. Any result above 100 means the portfolio has outperformed the index during theup-market by that amount.

In down markets, a down-market capture ratio of less than 100 indicates that the porfolio declined only that percent asmuch as the index. The returns above blended benchmark statistics displays how much the portfolio has outperformed orunderperformed the performance of the blended benchmark, which is comprised of indices representing each specificasset class in the same proportion as the proposed portfolio.


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POSITIVE-NEGATIVE QUARTERS

Here you can see the positive and negative performance trends of the proposed portfolio compared to the sameinvestment in relative market indices over specific time periods.

QUARTERLY RETURNS COMPARISON


Positive Quarters 2002/11/01 to 2010/12/31

0

11

21

32

42

53

Qu

art

ers

1 3 5 7

Years


1 yr

3 yr

5 yr

7 yr

10 yr

6

21

33

47

N/A

8

19

32

47

N/A

9

23

37

53

N/A

Negative Quarters 2002/11/01 to 2010/12/31

0

7

15

22

30

37

Qu

art

ers

1 3 5 7

Years


1 yr

3 yr

5 yr

7 yr

10 yr

6

15

27

37

N/A

4

17

28

37

N/A

3

13

23

31

N/A

Returns 2002/11/01 to 2010/12/31

-4.00 %

-2.00 %

0.00 %

2.00 %

4.00 %

6.00 %

8.00 %

10.00 %

Re

turn

1 3 5 7

Years


1 yr

3 yr

5 yr

7 yr

10 yr

5.02 %

-2.41 %

-0.64 %

1.01 %

N/A

8.36 %

0.99 %

2.26 %

3.78 %

N/A

9.02 %

2.87 %

4.10 %

5.35 %

N/A

This chart displays positive and negative return trends for the proposed portfolio compared to those of the equivalentmarket indices, using a blended benchmark which is comprised of indexes representing each specific asset class in thesame proportion as the proposed portfolio periods. The last graph displays the returns of the proposed portfolio comparedto the blended benchmark.


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RISK STATISTICS - ALPHA, BETA AND R-SQUARED

These risk statistic summary pages help to evaluate the overall performance and risk level of the proposed portfolio incontext with the markets.

ADDITIONAL RISK - RETURN STATISTICS


Alpha 2002/11/01 to 2010/12/31

-2.50 %

-2.00 %

-1.50 %

-1.00 %

-0.50 %

Alp

ha

1 3 5 7

Years


3 yr

5 yr

7 yr

10 yr

-0.90 %

-1.66 %

-2.35 %

-1.85 %

N/A

-0.79 %

-1.84 %

-1.82 %

-1.57 %

N/A

Beta 2002/11/01 to 2010/12/31

0.00

0.20

0.40

0.60

0.80

1.00

1.20

1.40

Be

ta

1 3 5 7

Years


3 yr

5 yr

7 yr

10 yr

1.25

1.17

1.14

1.12

N/A

1.02

0.98

0.99

1.00

N/A

R-Squared 2002/11/01 to 2010/12/31

0.00 %

20.00 %

40.00 %

60.00 %

80.00 %

100.00 %

R-S

qu

are

d

1 3 5 7

Years


3 yr

5 yr

7 yr

10 yr

94.17 %

85.27 %

85.18 %

84.69 %

N/A

83.69 %

91.97 %

92.03 %

92.50 %

N/A

The Alpha is the rate of return on a portfolio that is in excess of that of the risk-matched blended benchmark portfolio. Itrepresents the added value of the portfolio. A positive Alpha of 1.0 means the portfolio has outperformed the benchmark by1%.

The Beta is a measure of the volatility of a portfolio in comparison to the market as a whole. It indicates the portfolio'ssensititviy to swings in the market. A beta of 1 indicates the portfolio's price will move with the market; less than 1 indicatesless volatility and greater than 1 indicates more volatilty, relative to the market.

The R-Squared indicates the percentage of a portfolio's movements that can be explained by movements in a benchmarkmarket index. A high R-squared (between 85 and 100) indicates the fund's performance patterns have been in line with theindex.


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RISK STATISTICS - TRACKING ERROR, INFORMATION & TREYNOR RATIOS

These risk statistic summary pages help to evaluate the overall performance and risk level of the proposed portfolio incontext with the markets.

ADDITIONAL RISK - RETURN STATISTICS


Tracking Error 2002/11/01 to 2010/12/31

0.00

0.01

0.02

0.03

0.04

0.05

Tra

ckin

g E

rro

r

1 3 5 7

Years


3 yr

5 yr

7 yr

10 yr

2.41

4.28

3.48

3.15

N/A

2.23

2.56

2.15

1.92

N/A

Information Ratio 2002/11/01 to 2010/12/31

-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

Info

rma

tio

n R

atio

1 3 5 7

Years


3 yr

5 yr

7 yr

10 yr

0.07

-0.45

-0.69

-0.57

N/A

-0.30

-0.73

-0.85

-0.82

N/A

Treynor Ratio 2002/11/01 to 2010/12/31

-0.04

-0.02

0.00

0.02

0.04

0.06

0.08

Tre

yno

r R

atio

1 3 5 7

Years


3 yr

5 yr

7 yr

10 yr

0.04

-0.03

-0.03

-0.01

N/A

0.08

0.00

0.00

0.01

N/A

The Tracking Error represents a fund manager's added value variability. It reports the difference between the returnreceived and that of the benchmark being compared to. It is reported as a standard deviation percentage difference.

The Information Ratio is the ratio of the portfolio returns above the returns of the blended benchmark to the volatility ofthose returns. It's designed to measure the ability to generate excess returns relative to a benchmark on a risk-adjustedbasis. The higher the IR the more consistent the manager is.

The Treynor ratio characterizes how well the return of the portfolio compensates the investor for each percentage ofrelative risk they assume, as measured by the beta of the portfolio.


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HISTORICAL PERFORMANCE

This page allows you to track the historical growth of the proposed portfolio relative to its blended benchmark. You can alsocompare the periodic values of the proposed portfolio to those of its blended benchmark.

HISTORICAL PORTFOLIO PERFORMANCE


11/01/2002 to 10/30/2010

1

2

3

$8,000

$10,000

$12,000

$14,000

$16,000

$18,000

4Q

02

1Q

03

2Q

03

3Q

03

4Q

03

1Q

04

2Q

04

3Q

04

4Q

04

1Q

05

2Q

05

3Q

05

4Q

05

1Q

06

2Q

06

3Q

06

4Q

06

1Q

07

2Q

07

3Q

07

4Q

07

1Q

08

2Q

08

3Q

08

4Q

08

1Q

09

2Q

09

3Q

09

4Q

09

1Q

10

2Q

10

3Q

10

Initial Portfolio Value Estimated End Date Portfolio Value

1. Current $10,000 $12,107

2. Proposed $10,000 $14,224

3. Blended Benchmark $10,000 $16,164

Returns shown are represented in CAD terms

These statistics display the simulated performance of an investment in both the proposed portfolio and its relative blendedbenchmark, which is comprised of market indexes representing each specific asset in the same proportion as the proposedportfolio. They are designed to provide insight into the periodic return behaviour and the resulting end value of theproposed portfolio assets relative to the blended benchmark indexes, over a specified period.


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RISK VS RETURN

HISTORICAL PORTFOLIO PERFORMANCE

This is:

Statistical Overview 2002/11/01 to 2010/12/31

Proposed Blended BenchmarkTotal Cumulative Return (7yr) 29.64 % 44.00 %

Sharpe (7yr) 0.21 0.45

Std Dev (7yr) 7.01 % 6.74 %

Alpha (7yr) -1.57 % 0.00 %

Beta (7yr) 1.00 1.00

Up Market Capture (7yr) 86.64 100.00

Down Market Capture (7yr) 105.93 100.00

Return (1yr) 8.36 % 9.02 %

Return (3yr) 0.99 % 2.87 %

Return (5yr) 2.26 % 4.10 %


your proposed portfolio

2002/11/01 to 2010/12/31

6

7

8

9

1

2

3

4

5

10

1

3

5

7

9

His

tori

cal N

om

ina

l Re

turn

(%

)

0 2 4 6 8 10 12 14 16

Risk - Standard Deviation (%)

Name Risk(%) Return(%) Name Risk(%) Return(%)

Current Portfolio 7.91 2.51Proposed Portfolio 7.03 4.33

Blended Benchmark 6.76 5.89

1 AGF American GrowthClass 14.12 0.2

2 Royal Bank of Canadashares 12.01 9.67

3 Altamira Long Term 6.54 5.44

4 CI International FundClass 15.26 1.91

5 CI Global Bond FundClass 9.66 0.56

6 CI Global Segregated 13.65 0.55

7 Northwest SpecialtyHigh 8.66 7.98

8 Equitable Life AssetAllocation 7.22 4.08

9 Fidelity CanadianMoney Market 0.35 1.86

10 CI Signature CanadianBond 3.27 3.81

This page provides a statistical overview of your current portfolio, proposed portfolio and the blended benchmark from a risk vs return perspective.

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HOLDINGS: CALENDAR YEAR RETURNS

The calendar year return statistics on this page depict the recent calendar year returns of the assets in your proposedportfolio.

CALENDAR YEAR RETURNS


as of 2010/12/31Selection of assets

Asset Name MRQ YTD 2010 2009 2008 2007 2006Canadian Equities

Royal Bank of CanadaCommon shares 4.55% 10.50% 10.50% 20.11% -27.62% 2.43% 17.92%

S&P/TSX Composite Index TR 4.09% 17.61% 17.61% 35.05% -33.00% 9.83% 17.26%

Fixed Income

Altamira Long Term Bond Fund 0.01% 10.30% 10.30% 4.87% 0.57% 1.63% 2.32%

Merrill Lynch 10+ Year Canada BroadMarket TR

0.15% 12.46% 12.46% 4.45% 3.33% 3.63% 4.17%

CI Signature Canadian Bond CorporateClass A C$

-0.07% 5.78% 5.78% 3.76% 4.42% 1.96% 2.53%

0.12% 6.91% 6.91% 5.08% 6.23% 3.62% 4.07%

Foreign Equities

CI International Fund Class A C$ 6.11% 4.15% 4.15% 14.39% -38.57% -8.32% 19.85%

MS EAFE Free Index (C$) 4.99% 2.54% 2.54% 14.53% -30.48% -4.56% 27.12%

U.S Equities

AGF American Growth Class C$ 1.05% 14.18% 14.18% 16.04% -34.87% 2.38% 11.29%

S&P 500 Total Return Index C$ 3.61% 9.04% 9.04% 9.34% -23.08% -9.80% 16.03%

These statistics display the positive or negative returns realized by the assets of the proposed portfolio at the end of aspecified calendar year. They are designed to provide insight into the proposed portfolio's performance relative to itsbenchmark index over each specified period. These statistics are displayed on both a portfolio and individual asset level.


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HOLDINGS: RISK VS RETURN ANALYSIS

This table displays the historical return, standard deviation and Sharpe ratios for assets in the proprosed portfolio.

ROLLING PERIOD RISK - RETURN


as of 2010/12/31Selection of assets

MRQ 1 Year 3 Year 5 Year 7 YearAsset Name Return Return Return Sharpe Std Dev Return Sharpe Std Dev Return Sharpe Std DevCanadian Equities

IA

4.55% 10.50% -1.33% -0.16 14.71% 3.02% 0.06 12.93% 8.48% 0.50 12.32%

S&P/TSX Composite Index TR 4.09% 17.61% 2.09% 0.05 20.23% 6.51% 0.25 16.87% 9.99% 0.50 15.26%

Fixed Income

Altamira Long Term Bond Fund 0.01% 10.30% 5.17% 0.56 7.37% 3.88% 0.24 6.68% 5.40% 0.50 6.18%


0.15% 12.46% 6.67% 0.72 7.81% 5.55% 0.47 7.03% 7.35% 0.77 6.49%


-0.07% 5.78% 4.65% 1.02 3.54% 3.68% 0.44 3.26% 3.88% 0.50 3.10%

0.12% 6.91% 6.07% 1.23 4.07% 5.18% 0.78 3.74% 5.72% 0.96 3.54%

Foreign Equities

CI International Fund Class A C$ 6.11% 4.15% -9.89% -0.57 19.11% -4.27% -0.40 16.18% -0.80% -0.21 14.66%

MS EAFE Free Index (C$) 4.99% 2.54% -6.54% -0.41 18.30% -0.19% -0.16 15.46% 2.91% 0.04 13.90%

U.S Equities

AGF American Growth Class C$ 1.05% 14.18% -4.79% -0.32 18.05% -0.34% -0.17 15.25% -0.01% -0.17 14.04%

S&P 500 Total Return Index C$ 3.61% 9.04% -2.85% -0.25 15.28% -0.82% -0.24 13.02% 0.02% -0.19 12.03%

Foreign Fixed Income

CI Global Bond Fund Class A C$ -0.99% 0.77% 7.46% 0.51 12.49% 3.86% 0.15 10.97% 1.22% -0.11 10.13%

Citigroup World Government Bond IndexCAD

-1.98% -1.15% 5.93% 0.34 14.37% 3.66% 0.11 12.79% 1.42% -0.08 11.57%

Proposed Portfolio 1.77% 8.36% 0.99% -0.01 9.02% 2.26% 0.00 7.63% 3.78% 0.21 7.01%Blended Benchmark 1.74% 9.02% 2.87% 0.21 8.80% 4.10% 0.25 7.38% 5.35% 0.45 6.74%

Royal Bank of Canadacommon shares 4.55% 10.50% -1.33% -0.16 14.71% 3.02% 0.06 12.93% 8.48% 0.50 12.32%

S&P/TSX Composite Index TR 4.09% 17.61% 2.09% 0.05 20.23% 6.51% 0.25 16.87% 9.99% 0.50 15.26%

Altamira Long Term Bond Fund 0.01% 10.30% 5.17% 0.56 7.37% 3.88% 0.24 6.68% 5.40% 0.50 6.18%


0.15% 12.46% 6.67% 0.72 7.81% 5.55% 0.47 7.03% 7.35% 0.77 6.49%


-0.07% 5.78% 4.65% 1.02 3.54% 3.68% 0.44 3.26% 3.88% 0.50 3.10%

0.12% 6.91% 6.07% 1.23 4.07% 5.18% 0.78 3.74% 5.72% 0.96 3.54%

CI International Fund Class A C$ 6.11% 4.15% -9.89% -0.57 19.11% -4.27% -0.40 16.18% -0.80% -0.21 14.66%

MS EAFE Free Index (C$) 4.99% 2.54% -6.54% -0.41 18.30% -0.19% -0.16 15.46% 2.91% 0.04 13.90%

AGF American Growth Class C$ 1.05% 14.18% -4.79% -0.32 18.05% -0.34% -0.17 15.25% -0.01% -0.17 14.04%

S&P 500 Total Return Index C$ 3.61% 9.04% -2.85% -0.25 15.28% -0.82% -0.24 13.02% 0.02% -0.19 12.03%

CI Global Bond Fund Class A C$ -0.99% 0.77% 7.46% 0.51 12.49% 3.86% 0.15 10.97% 1.22% -0.11 10.13%

Citigroup World Government Bond IndexCAD

-1.98% -1.15% 5.93% 0.34 14.37% 3.66% 0.11 12.79% 1.42% -0.08 11.57%

This historical return table is used to provide a measure of the magnitude of risk and return of the assets in the proposedportfolio. The rolling yearly returns are useful for examining the behavior of returns over various periods, the standarddeviation measures historical volatility and the Sharpe ratio is used to characterize how well the return of the portfoliocompensates the investor for each unit of absolute risk they assume, as measured by the standard deviation of the asset .The greater an asset's Sharpe ratio, the better its risk-adjusted performance has been.


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HOLDINGS: BEST/WORST QTRS & CAPTURE RATIOS


Best/ Worst Performance as of 2010/12/31

BEST QUARTER WORST QUARTER WORST 4 QUARTERS CYCLE ANALYSISMKT. CAP RATIOS

INVESTMENT NAME ROR QTR ROR QTR ROR QTRS UP DOWN

Canadian EquitiesRoyal Bank of Canada common shares 6.58 Jan 2006 -11.49 Sep 2008 -30.53 Mar 2008- Feb 2009 61.52 88.20

S&P/TSX Composite Index TR 11.46 May 2009 -16.67 Oct 2008 -38.20 Mar 2008- Feb 2009 N/A N/A

Fixed IncomeAltamira Long Term Bond Fund 5.55 May 2003 -4.82 Oct 2008 -5.52 Nov 2007- Oct 2008 83.22 106.30

Merrill Lynch 10+ Year Canada Broad Market TR 5.72 Dec 2008 -6.44 Oct 2008 -2.94 Nov 2007- Oct 2008 N/A N/A

CI Signature Canadian Bond Corporate Class A C$ 2.55 May 2003 -1.68 Jan 2009 -1.32 Jul 2005- Jun 2006 70.22 96.88

3.32 May 2003 -2.38 Oct 2008 -0.36 Jul 2005- Jun 2006 N/A N/A

Foreign EquitiesCI International Fund Class A C$ 9.20 Apr 2003 -17.62 Sep 2008 -42.09 Dec 2007- Nov 2008 86.47 102.64

MS EAFE Free Index (C$) 7.60 Dec 2003 -14.37 Sep 2008 -35.26 Mar 2008- Feb 2009 N/A N/A

U.S EquitiesAGF American Growth Class C$ 8.71 Mar 2009 -13.74 Sep 2008 -35.04 Dec 2007- Nov 2008 99.85 102.11

S&P 500 Total Return Index C$ 7.71 Mar 2009 -8.85 Sep 2008 -26.76 Mar 2008- Feb 2009 N/A N/A

Foreign Fixed IncomeCI Global Bond Fund Class A C$ 10.00 Oct 2008 -4.71 Apr 2009 -14.07 May 2005- Apr 2006 71.32 88.62

Citigroup World Government Bond Index CAD 11.59 Oct 2008 -5.65 Jul 2009 -14.68 May 2005- Apr 2006 N/A N/A

Proposed 3.92 Nov 2006 -8.76 Sep 2008 -15.65 Dec 2007- Nov 2008 86.96 106.51Blended Benchmark 4.45 Mar 2009 -7.06 Sep 2008 -13.78 Mar 2008- Feb 2009 N/A N/A

This chart displays the historical best and worst quarterly rate of return figures for the assets in the proprosed portfolio.This gives an alternate view of the behaviour of the returns of these assets compared to their benchmarks. You can alsoassess an investment manager's overall performance in up and down markets with the help of the market capture ratios.

For a comprehensive performance analysis the system displays statistics on both the portfolio and holding level.


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CORRELATION MATRIX

Correction is a statistical measure of how assets move in relation to each other. A diversified portfolio of assets with low correlations can smooth out portfolio returns and can protect a portfolio from large losses.


2002/11/01 to 2010/12/31

1 2 3 4 5 6

1 AGF American Growth Class C$ 1.00 0.02 -0.10 0.72 -0.07 0.63

2 Altamira Long Term Bond Fund 1.00 0.36 0.22 0.94 0.23

3 CI Global Bond Fund Class A C$ 1.00 -0.03 0.48 -0.22

4 CI International Fund Class AC$

1.00 0.14 0.81

5 CI Signature Canadian BondCorporate Class A C$

1.00 0.11

6 Royal Bank of CanadaCommon shares

1.00

This page displays the correlation of the assets in your proposed portfolio This statistical measure shows how any twosecurities move in relation to each other, represented by values between -1 (opposite behaviour) and 1 (same behaviour).


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Asset category: U.S Equities

Benchmark: S&P 500 Total Return Index C$ Minimum investment $500.00

RETURN ANALYSIS

Annualized Performance/ Calendar Year(%)

Annualized Performance % Calendar year performance %

MRQ YTD 1 yr 3 yr 5 yr 7 yr 2010 2009 2008 2007 2006

AGF American Growth ClassC$

1.05 14.18 14.18 -4.79 -0.34 -0.01 14.18 16.04 -34.87 2.38 11.29

S&P 500 Total Return Index C$ 3.61 9.04 9.04 -2.85 -0.82 0.02 9.04 9.34 -23.08 -9.80 16.03

* N/A N/A N/A N/A

* N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A




(*) U.S Equities

Standard Deviation 1973/02/01 to 2010/12/31

0.00 %

5.00 %

10.00 %

15.00 %

20.00 %

Sta

nd

ard

De

via

tio

n

1 3 5 7 10

Years

Standard Deviation

Timeframe

Asset Bmark

1 yr

3 yr

5 yr

7 yr

10 yr

14.01 %

18.05 %

15.25 %

14.04 %

16.56 %

10.86 %

15.28 %

13.02 %

12.03 %

13.31 %

Best/ Worst Performance as of 2010/12/31

Time period return Worst(%) Best(%)

3 month(s)

Asset -28.70(Sep/08 Nov/08) 28.42(Sep/80 Nov/80)

BlendedBenchmark

-30.19(Sep/87 Nov/87) 23.64(Aug/82 Oct/82)

1 year(s)

Asset -43.24(Oct/73 Sep/74) 63.96(Aug/82 Jul/83)

BlendedBenchmark

-30.08(Apr/02 Mar/03) 56.52(Aug/82 Jul/83)

3 year(s)

Asset -59.41(Apr/00 Mar/03) 165.25(Feb/96 Jan/99)

BlendedBenchmark

-39.62(Apr/00 Mar/03) 142.66(May/95 Apr/98)

Asset fact sheet

AGF American Growth Class C$ (CAD) ASSET CODE(S): AGF201, AGF931, AGF275

Past Performance does not guarantee future results and current performance may be lower or higher than past performance data.


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PERFORMANCE STATISTICS

Statistical Overview 1973/02/01 to 2010/12/31

Time frame Sharpe Sortino Beta Tracking Error Information Treynor R-Squared

1 yr 0.97 3.98 1.15 6.59 0.78 0.12 79.15 %

3 yr -0.32 -0.40 1.03 8.95 -0.22 -0.06 75.46 %

5 yr -0.17 -0.03 1.01 7.82 0.06 -0.03 73.68 %

7 yr -0.17 0.00 1.01 7.05 0.00 -0.02 74.81 %

10 yr -0.48 -0.46 1.13 7.25 -0.38 -0.07 81.84 %

Positive/ Negative 1973/02/01 to 2010/12/31

0

13

26

38

51

64

Qu

art

ers

1 3 5 7 10

Years

Positive Periods

Timeframe

Asset Bmark

1 yr

3 yr

5 yr

7 yr

10 yr

8

21

34

47

64

8

18

31

43

60

0

12

24

36

48

60

Qu

art

ers

1 3 5 7 10

Years

Negative Periods

Timeframe

Asset Bmark

1 yr

3 yr

5 yr

7 yr

10 yr

4

15

26

37

56

4

18

29

41

60

Up/Down Market Capture 1973/02/01 to 2010/12/31

0.00

0.20

0.40

0.60

0.80

1.00

1.20

1.40

1.60

Ra

tio

1 3 5 7 10

Years

Up Market Capture

Timeframe

Asset

1 yr

3 yr

5 yr

7 yr

10 yr

148.49

110.34

106.49

98.00

110.22

0.00

0.20

0.40

0.60

0.80

1.00

1.20

1.40

Ra

tio

1 3 5 7 10

Years

Down Market Capture

Timeframe

Asset

1 yr

3 yr

5 yr

7 yr

10 yr

121.91

109.61

100.02

100.70

103.34

Alpha 1973/02/01 to 2010/12/31

-4.00 %

-2.00 %

0.00 %

2.00 %

4.00 %

Alp

ha

1 3 5 7 10

Years

Alpha

Timeframe

Asset

1 yr

3 yr

5 yr

7 yr

10 yr

3.90 %

-1.85 %

0.50 %

-0.01 %

-2.11 %

Scatter Diagram 1973/02/01 to 2010/12/31

1

1

3

5

7

9

11

His

tori

cal N

om

ina

l Re

turn

(%

)

0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18

Risk - Standard Deviation (%)

PortfolioRisk -

StandardDeviation(%)

HistoricalNominal Return

AGF American Growth Class C$ 17.74 8.00

S&P 500 Total Return Index C$ 15.42 10.69

Asset fact sheet

AGF American Growth Class C$ (CAD) ASSET CODE(S): AGF201, AGF931, AGF275

Past Performance does not guarantee future results and current performance may be lower or higher than past performance data.


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As of October 31, 2010Asset fact sheet

Royal Bank of Canada common shares RY:TSX


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Past performance does not guarantee future results and current performance may be lower or higher than past performancedata. The investment return and principal value will fluctuate and securities, when sold, may be worthh less or more than originalcost.

Blended Return and Risk Information

Blended returns are computed by taking each product’s quarterly return, weighting that return according to the selected asset allocationand calculating a weighted return. These figures are compounded quarterly. That calculation assumes that assets in a blended accountwere rebalanced quarterly to restore the selected target asset allocation among the different products. In actual practice, you may notnecessarily rebalance at all, or with the same frequency or to the same extent. Rebalancing may require the sale and purchase ofsecurities, which may result in a taxable event or losses to a client. Rebalancing also may involve a period during which client assets arenot actually invested; thus, a client whose account is rebalanced may not receive the same returns that are included in a strategy’scomposite for a given quarter, since a composite typically shows only the returns of accounts that were managed for the entire quarter.

DISCLOSURE


Exchange rates are provided by Morningstar and are based on the nightly 4:00 pm GMT closing spot rate as published on the LondonStock Exchange. Actual returns may fluctuate based on conversion rates used in the calculation. RBC Dominion Securities Inc. neitherguarantees nor makes any other representation that the information is accurate, correct, complete, timely or consistent.

Index Comparisons

The performance of an individual strategy, fund, and/or investment manager model may be compared to the returns of one or moremarket indexes. Such comparisons are subject to the following potential limitations: (1) the specification of an index here for a givenasset class does not mean and should not be read as implying that the index is necessarily an appropriate benchmark for, or comparableto, each investment style or strategy specified. Instead, the inclusion of an index is intended only to provide a uniform reference point forthe performance of one or more strategies in an asset class; (2) The composition and performance of an index that is specified may differsignificantly and in multiple respects from the composition and performance of any individual strategy to which it is compared; (3) Anyindex shown was selected by and is the responsibility of the investment advisor and/or (CLIENT FIRM).

ADDITIONAL DISCLOSURES

The investment returns of any individual strategy and index are shown for comparative purposes. When comparing the investmentreturns of the strategy to those of the index, you should take into account that the investment manager does not necessarily hold thesame securities as the index and that the index may not accurately reflect the asset allocation and portfolio characteristics of accountsmanaged by the investment manager. Investors cannot invest directly in an index.

The information provided has been obtained from data and sources believed to be reliable but are not guaranteed by (CLIENT FIRM). Opinions expressed are subject to change without notice. (CLIENT FIRM), its affiliates and its officers, directors and employees mayfrom time to time acquire, hold or sell securities or mutual funds that may be referenced herein.

This information is not intended as nor does it constitute tax or legal advice. You should consult your own lawyer, accountant or otherprofessional advisor when planning to implement a strategy.

All charts presented are hypothetical illustrations provided for informational purposes only and are not indicative of present or futureresults. Past performance is not indicative of future results and individual investor results will vary. Please consult your InvestmentAdvisor for additional information.

This document is intended for use in one-on-one presentations only.

Exchange Rates

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DISCLOSURE


DESCRIPTION OF MODERN PORTFOLIO THEORY STATISTICS

Alpha measures the difference between an investment’s actual returns and its expected performance, given its level of risk.

Alpha = Return - (Beta x Index Return)

Beta measures the performance of a manager in relationship to the market. A manager who performs directly in line with the market willtypically have a beta equal to 1.0. A manager whose returns are more volatile than the market will have a beta greater than 1.0 and amanager whose returns are less volatile than the market will typically have a beta less than 1.0.

Correlation measures how any two investments within the proposed portfolio move in relation to each other. Correlation coefficients fallbetween -1.00 and 1.00. A correlation coefficient of 1.00 between two investments means the investment returns have moved in perfecttandem with each other. A correlation coefficient of -1.00 means the investment returns have moved in perfect negative tandem witheach other.

Information Ratio is a measure of value added by the manager. It is the ratio of (annualized) excess return above the benchmark to(annualized) tracking error. A ratio of 0.5 is good, 0.75 is very good, and a ratio of 1.0 is exceptional.

Information Ratio = Excess Return / Tracking Error

R-Squared measures how well a portfolio is diversified against the market index. The more diversified a portfolio is, the less risk relatedto an individual security (unsystematic risk) it has. R-squared values can range from 0 to 1.00, with the market index at 1.00. For aportfolio with an R-squared of .90, 90% of the portfolio risk can be attributed to “being in the market” (systematic risk). The remaining10% is associated with company/issue specific (unsystematic) risk. Higher R-Squared values indicate more reliable alpha and betastatistics and are useful in assessing a manager’s investment style.

Sharpe Ratio measures the investment’s returns per unit of risk. The higher the Sharpe ratio is the better the historical risk-adjustedperformance.

Sharpe Ratio = (Return - Risk-free Rate) / Standard Deviation

Sortino Ratio measures the risk-adjusted return of a manager or portfolio.

Standard Deviation is a statistical measure of the historical volatility of a manager or portfolio, usually compounded using 36 monthlyreturns. The larger the standard deviation is, the greater the range of possible returns and, therefore, the more risky the portfolio orindex.

Tracking Error measures how closely a manager's returns track the returns of a benchmark. The tracking error is the annualized standarddeviation of the differences between the manager's and the benchmark's quarterly returns. If a manager tracks a benchmark closely, thetracking error will be low. If a manager tracks a benchmark perfectly the tracking error will be 0.

Treynor Ratio - measures excess return per unit of risk. The Treynor Ratio relates the difference between the portfolio return and therisk-free rate to the portfolio beta for a given time period. Good performance is measured by high ratio; i.e., a Treynor Ratio of 1 is betterthan a ratio of 0.5.

Treynor Ratio = (Return – Risk free rate) / Beta

Up-Market Capture Ratio shows what portion of market performance was captured by the portfolio in up markets. The ratio is calculatedby dividing the portfolio's returns by the returns of the blended benchmark during the periods when the blended benchmark return ispositive and multiplying the result by 100.

Down-Market Capture Ratio shows what portion of market performance was captured by the portfolio in down markets. The ratio iscalculated by dividing the portfolio's returns by the returns of the blended benchmark during the periods when the blended benchmarkreturn is negative and multiplying the result by 100.

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ROLES AND RESPONSIBILITIES

ROLE AND RESPONSIBILITIES OF THE INVESTORAs the investor, I will:• Agree to the investment strategy specified in writing herein.• Will inform my account representative of any material changes in my financial, professional, health or other

situation that may impinge on the present and future characteristics of the portfolio.• Agree to meet with my account representative on matters directly pertaining to the portfolio.• Respond to my account representative's requests for information• Periodically meet with my account representative to discuss rebalancing of the portfolio.

ROLE AND RESPONSIBILITIES OF THE ACCOUNT REPRESENTATIVEAs your account representative, I will:• Respond to your requests for information.• Accept investment decisions made by you, the investor, after account representative-investor discussion

of the matter.• To the best of my knowledge and experience, uphold the investment strategy specified herein.• Regulary report to you on the value of the securities we have transacted for our account.• Meet with you periodically to review your asset mix and assess the need for rebalancing your portfolio.

DISCLAIMER• Any reference in this Statement to "Equities" is typically a reference to the asset class of "Equities" and

any reference to "Bonds" is typically a reference to the asset class of "Bonds".• in case of any conflict between the content of this Statement and the content of your Account Opening

Form signed with your Dealer, including without limiting the generality of the foregoing, informationregarding your investment objectives and risk tolerance, the content of your Account Opening Form shallbe determinative.

• Past performance is not indicative of future performance. The value of investments will fluctuate and is notguaranteed. Always read the Simplified Prospectus before investing.

To be signed by the client(s)

I, Albert A. Client, have read and understand the information presented above. I agree to the portfolio strategy describedherein and agree to the statements contained herein and to any actions consequential to them.

Signed this ___________ day of ________________________, 20___.

___________________________________

Albert A. ClientI, Louise Client, have read and understand the information presented above. I agree to the portfolio strategy describedherein and agree to the statements contained herein and to any actions consequential to them.


___________________________________

Louise Client

To be signed by the advisor

I, Charles Q. Broker, have read and understand the information presented above. I agree to the portfolio strategydescribed herein and agree to the statements contained herein and to any actions consequential to them.


___________________________________

Charles Q. Broker


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v3 report example mar 2011

Economy & Finance