Prepared by:

<<Name>>

IPC (Investment Corporation or

Securities Corporation)

<<Street Address>>

<<City, Prov, Postal Code>>

Phone: <<XXX.XXX.XXXX>>

Email: <<Email Address>>

Website: <<Website>>

Date: <<Month, Day, Year>>

Prepared exclusively for:

<<Client Name(s)>>

<<Street Address>>

<<City, Prov, Postal Code>>

<<CLIENT NAME>>

Agenda

1. Our Investment Philosophy

2. Our Portfolio Management Process

3. Why We Believe In Diversification

4. Portfolio Composition

5. Counsel Portfolio Services Inc.

6. Reporting and Communication

<<CLIENT NAME>>

Our Portfolio Management Philosophy

• Professional investment managers can add value by adjusting the allocation between equities, fixed income and cash based on research and our investment specialist’s understanding of the potential rewards or risks of each asset class.

• Market behaviour is predictable over the long term

• Adding value to your portfolio is a long-term proposition. As such, you must be patient

• You can optimize a portfolio to increase its potential return while reducing risk through regular rebalancing

<<CLIENT NAME>>

Our Portfolio Management Process

<<CLIENT NAME>>

Portfolio Management RecommendationsWe recommend the following:

1. Asset allocation: A balanced asset allocation strategy between fixed income, equities and cash

2. Re-balancing policy: Rebalancing your Portfolio each quarter based on asset allocation shifts of 5% between solutions

3. Long term thinking: Maintain a long term view of your goals, however, we will react to short term events that may affect your portfolio’s asset allocation policy

4. Geographic allocation: A globally diversified portfolio with a bias to the domestic market

5. Investment style: Maintain a ‘style neutral’ position (a diversified balance between Value and Growth)

6. Portfolio management: A blend of two approaches:• Strategically maintaining your asset mix over time through rebalancing• Tactical shifts between asset classes based our investment specialist’s

understanding of the potential rewards or risks of each asset class.

<<CLIENT NAME>>

Asset Allocation & Investment Specialist Selection

-5

5

15

25

35

45

55

65

75

Market Performance Asset Allocation Active Management

Asset Allocation & Investment Specialist Selection (active management) account for 40% of portfolio returns

Source: Xiong, James X., Roger G. Ibbotson, Thomas M. Idzorek, and Peng Chen, 2010. "The Equal Importance of Asset Allocation and Active Management," Financial Analysts Journal, March/April, 2011.

<<CLIENT NAME>>

Index Annual Performance: Canadian Bonds: DEX Universe Bond Total Return Index Global Equities: MSCI World Index ($Cdn) Canadian Large Cap: S&P/TSX Total Return Index Foreign Equities: MSCI EAFE Index ($Cdn) Canadian Small Cap: BMO Nesbitt Burns Cdn Small Cap Index U.S. Large Cap: S&P 500 Total Return Index ($Cdn) Emerging Markets: MSCI Emerging Markets Free Index ($Cdn) U.S. Small Cap: Russell 2000 Index ($Cdn) Source: Globe HySales December 2010. This chart has been re-produced with permission from Mackenzie Financial Corporation.

Diversifying allows you the potential to participate in winning categories each year.

Why We Believe in Diversification

<<CLIENT NAME>>

Diversification May Decrease Volatility

* Source: Morningstar Direct, Dec. 31, 2011

1991 1996 2001 2006 2011

12K

17K

24K

33K

40K

56K

67K

Investment Name Value

S&P/TSX Composite TR (Mar... 57.45K MSCI World GR USD (Market ... 34.16K Canadian Balanced Portfolio (... 55.73K

Average 5-Yr GIC (Cash) (Tot... 30.84K

Source: Morningstar Direct

<<CLIENT NAME>>

Objective-Based Portfolios

Income Portfolio Balanced Portfolio Growth Portfolio

Designed for our clients who have an investment time horizon of 5 years or more, but wish to derive regular income from their portfolio

Designed for our clients who have a longer investment time horizon (more than 5 years) and wish to balance their exposure to risk between various asset classes

Designed for our clients who have a long investment time horizon (more than 10 years) and a greater tolerance for volatility

<<CLIENT NAME>>

Portfolio Composition & Time Horizon

Highest and lowest rates of return of various asset allocation models, over different time horizons

Source:  Counsel Portfolio Services Inc.  Portfolio Analytics Group. Dec. 31, 1984 - Dec. 31, 2011. Growth Portfolio: 80% S&P/TSX Composite, 20% DEX Universe Bond. Balanced Portfolio: 60% S&P/TSX Composite, 40% DEX Universe Bond. Income Portfolio: 40% S&P/TSX Composite, 60% DEX Universe Bond

Rate of Return %

<<CLIENT NAME>>

Our Portfolio Rebalancing Policy

<<CLIENT NAME>>

Market Timing

• Most of the market's gains occur in just a few strong, but unpredictable, trading days

• We believe that to maximize long-term performance, you have to be in the market during those days. We discourage market timing by sticking to an automated asset allocation strategy

10 Years ended Dec. 31, 2011 Annualized Return

Staying invested 7.03%

Missing the 10 best trading days 0.72%

Missing the 30 best trading days -6.17%

Missing the 50 best trading days -10.89%

Source: Counsel Portfolio Services, Morningstar Direct. (Based on the S&P/TSX Composite Total Return Index)

<<CLIENT NAME>>

Our Team

Our team includes a Portfolio Service, Counsel Portfolio Services, which assists us with the following:

•Portfolio composition based on objectives;

•Selection and oversight of our investment specialists;

•Independent accountability and review;

•Administration: Automated portfolio rebalancing One consolidated report Easy online portfolio access Consolidated tax reporting

<<CLIENT NAME>>

Counsel’s Portfolio Monitoring Services

<<CLIENT NAME>>

Investment Specialist SelectionMore than Past Performance

Source: Mercer Pooled Fund Survey (Canadian equities), Jan. 2011. 2 of 15 managers ceased operations.

<<CLIENT NAME>>

Investment Specialist Selection Process

<<CLIENT NAME>>

Counsel’s Investment Specialists

<<CLIENT NAME>>

Investment Specialist Replacement Process

• As part of their service offering, Counsel’s Portfolio Management Team regularly monitors the performance of each investment specialist.

• On behalf of all investors, they will replace an investment specialist if the stated objectives are not being met.

Some of the reasons why Counsel may replace an investment specialist

Philosophy & Process

Organization/People

Performance Regulatory

• Fundamental strategy shift

• Mandate drift• Inconsistent discipline • Portfolio construction• Research and

selection of securities• Sell discipline• Risk management

• Ownership change• Product capacity• Firm growth• Material personnel

concerns • Financial/Capital profile

• Unexpected performance results

• Risk exceeds portfolio guidelines

• Consistency of performance• Relative performance• Risk adjusted performance

• Compliance issues• Regulatory censure

<<CLIENT NAME>>

Portfolio Management Fees

• Management Fees include financial advice, portfolio management services, oversight, reporting, communication, administration of your account and access to our team

• In general, Management Fees are lower for larger accounts/investable assets

<<CLIENT NAME>>

Reporting & Communication

<<CLIENT NAME>>

^ Counsel Portfolio Services Inc. is an affiliated entity to <<IPC Securities Corporation>> or <<IPC Investment Corporation>>.

Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments.  Please read the prospectus before investing. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated.

Trademarks owned by Investment Planning Counsel Inc. and licensed to its subsidiary corporations. Investment Planning Counsel is a fully integrated Wealth Management Company. Mortgage Broker services provided by IPC Save Inc. (ON Lic.#10227). Mutual Funds available through IPC Investment Corporation and IPC Securities Corporation. Securities available through IPC Securities Corporation, a member of CIPF. Insurance products available through IPC Estate Services Inc.