Todd Schultz

AIC is a global value manager. In general, the firm invests primarily in the stocks of companies in the finance, commercial services and retail sectors. AIC maintains a low turnover rate. AIC Trust Funds are open-ended value-oriented investments that are managed by AIC's portfolio management team and their sub-advisors that include Third Avenue Management, Ariel Investments, Loomis, Sayles & Company and Brookfield Redding. These funds are available through eight fund groups including AIC Advantage Group, AIC Diversified Group, AIC Focused Group, AIC Specialty Group, AIC Balanced Group, AIC Income Group, AIC Managed Solutions and Copernican. AIC Corporate Fund Inc. allows investors to switch between funds outside their RRSP without realizing taxable capital gains. AIC Corporate Fund Inc. is structured as a corporation rather than a mutual fund trust. It consists of share classes with similar value investment objectives to AIC's most popular trust funds from each of their fund groups. Taxes are deferred leaving more money in a portfolio and increasing the portfolio's growth potential. AIC's Value Leaders Portfolios are single-solution portfolios managed by highly reputable value investing managers. Five portfolios are offered to meet specific needs for investment time horizon, level of risk and financial goals of growth or income. The portfolios cover the entire risk spectrum and consist of broader asset classes with limited exposure to sector-specific mandates. Portfolios are diversified to spread risk through exposure to specialty asset classes including global real estate and infrastructure. AIC also offers a variety of closed-end fund products that are managed with the same value investment approach as all of their funds. These funds offer a fixed number of shares for sale. After the IPO, shares are bought and sold in the secondary market and the market price of the shares is determined by supply and demand rather than net asset value. Copernican Capital offers retail investment products. They mainly manage TSX-listed closed-end products marketed by Canadian broker/dealers. Copernican also manages open-ended mutual funds for AIC. AIC offers a full-line of segregated funds through their partnership with Transamerica Life Canada. These funds use the firm's regular trust funds as their underlying investment. All are managed with AIC's value investment philosophy.

Capital Management Associates' (CMA) investment strategies seek to generate highly predictable annual income returns and to preserve capital. The firm uses high dividend common stocks, preferred stocks and corporate bonds issued by large companies having investment grade ratings and high quality rankings by S&P. CMA's Select High Income Corporate Bond portfolio seeks to provide high current income for savings, income or an alternative to growth stock investing. The portfolio holds only exchange-traded corporate bonds of major companies across many industries. The portfolio invests in the issues of companies that have been in business as a public company for at least 5 years. Securities are diversified across 20 different industries. CMA offers multiple options in which a client may choose a portfolio that holds the securities of 12 to 50 bond issuers. CMA actively manages the portfolio and has the discretion to make changes in holdings to maintain quality of issuers, high interest yields and to replace any called or matured securities. CMA's 9% Passive Fixed Income portfolio seeks to provide high current income for savings, income or an alternative to growth stock investing. The portfolio holds only the exchange-traded common stocks and income securities of major companies across many industries. No more than 15% of the portfolio's assets are held in common equities that pay high dividend yields greater than 5%. The remaining 85% of the portfolio's assets are invested in corporate debt securities. CMA actively manages the portfolio and has the discretion to make changes in holdings to maintain quality of issuers, high interest yields, and to replace any called or matured securities. CMA's Value 30 Growth Stock applies a value investment approach to a traditional managed investment account strategy that is customized for each client. The firm selects a continuous 30 stock portfolio for each account. Each stock has a 3% weighting. Stocks are purchased when share values are low, entry timing is opportune and when macroeconomic factors indicate the potential for an improvement in a company's future business outlook. Stocks are held for at least 6 months. Once a company achieves a maximum in turnaround performance that is evidenced by share appreciation, the stock is sold to make room for the addition of new value stocks to the portfolio. The holding period may take 1 to 2 years, or possibly longer. The CMA High Dividend Equities Portfolio is designed for investors and pension funds that seek high current dividend income over a long time period. The portfolio holds exchange-traded common and preferred stocks. Approximately up to 85% of the portfolio's total assets are invested in common equities that pay high dividend yields of 3% or more. The remaining 25% or less of the portfolio's assets are invested in preferred shares. The portfolio invests in the shares of large public companies that have been in business for many years. The portfolio is diversified across many industries. Portfolio holdings have high S&P quality rankings of A+ through B- for both common and preferred stocks. CMA offers 3 of these portfolios: the 6% yield, the 7% yield and the 8% yield. Portfolio yields vary as the result of the diversity of security selections, individual weightings of the holdings and the level of emphasis that is placed on share appreciation and dividend growth.

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