The Renaissance Advisor by renaissancemag

The Renaissance

Advisor

QUARTERLY FUND PROFILES / PRACTICE MANAGEMENT / OUTLOOK / OPINION

The Initial Impact Model 10 steps to open the door to more successful first meetings

INVEST WELL

Stepping Forward with Back-to-Market Strategies LIVE BETTER

Make your Office an Oasis of Calm and Comfort

Q1 â&#x20AC;&#x201C; MAR. 31, 2012

Uncertainty is the new certainty.

Know the score. Gain the advantage. Take advantage of the new certainty with the Renaissance Optimal Income Portfolio – an all-in-one income generation solution with proven 1st quartile performance in volatile markets. 1st Quartile Performance

1 yr.

2 yrs.

3 yrs.

Since Inception3

Renaissance Optimal Income Portfolio1 Quartile Ranking2

3.8% 2nd

6.9% 1st

9.8% 1st

3.4% n/a

Go to www.renaissanceinvestments.ca/oip 1 Performance as at March 31, 2012. 2Source: Morningstar, for the periods specified ending March 31, 2012 for Class A units of the Renaissance Optimal Income Portfolio. ©2011 Morningstar Research Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. Quartile rankings are determined by Morningstar Research Inc., an independent research firm. Quartile rankings are comparisons of the performance of a fund to other funds in a particular category and are subject to change monthly. The quartile ranking reflects performance of Class A. The quartiles divide the data into four equal segments expressed in terms of rank (1, 2, 3 or 4). The top 25% of the funds in a category are in the first quartile and the next 25% are in the second quartile. This Fund is categorized as a Canadian Fixed Income Balanced fund. For each period, the quartile performance and the number of funds in this category are as follows: 1 year, 2nd quartile, 198 funds; 2 years, 1st quartile, 186 funds; and 3 years, 1st quartile, 155 funds. For more details, see www.morningstar.ca. 3Inception date: November 13, 2007. Please read the Renaissance Investments family of funds Simplified Prospectus before investing. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated. Renaissance Investments is offered by CIBC Asset Management Inc. TM Renaissance Investments and “invest well. live better.” are registered trademarks of CIBC Asset Management Inc.

www.renaissanceinvestments.ca

PAGE

In this issue

13 148

RENAISSANCE INVESTMENTS

Tax and Estate Your Estate Matters!

Economic Outlook Central Banks Will Step Up When it Counts

Back of the Napkin Conduct Awesome Client Meetings

Invest Well Stepping Forward with Back-to-Market Strategies

Solution Highlight Inflation Can Rise at Any Time. Are You Prepared?

Thanks to Our Supporters Be Prepared to Listen

Axiom Portfolios Profiles Portfolio Essentials Performance Summary

14 32 34

Renaissance Investments Fund Profiles New Funds Money Market Funds Fixed Income Funds Balanced Funds Equity Income Funds Canadian Equity Funds U.S. Equity Funds Global Equity Funds Specialty Funds Fund Essentials Performance Summary

36 38 46 54 68 72 80 86 94 126 140 146

Live Better Office Design. Small Investment, Big Returns

148

Brain Calisthenics

151

Letter from the National Sales Manager

Good advice is always in season We are now in full spring mode in this great country of ours. I have a daughter in grade nine and a son in grade five who are very happy – as most of us are – for the warm outdoor weather. A few years ago, I asked my son whether we should move to a climate that was warm all year round (a question I am sure many have considered). I thought the overwhelming response would be, “absolutely – when can we leave and can my friends come with me?”, but I was surprised. He looked at me very seriously and said that he wouldn’t be happy moving. He likes living in Canada because he loves the four different seasons and the variety of activities they each bring. I asked about the cold and he said he didn’t mind – it was a short time and it would get warmer. I asked about the heat in the summer and he said again that he didn’t mind and it would get cooler. It made me laugh at the time, but as always, I thought about his answer in relation to the world of advice for our clients. In many respects, the world that we find ourselves in is very similar. If I asked most advisors during difficult markets if they would want to get out of the advice business, most would say no. Many would state that they like the diverse market conditions and helping their clients during different scenarios. Granted, difficult markets (like winter) seem like they last forever, but that is when we can help our clients the most. The ups and downs of the market make our role challenging, rewarding and interesting. We help people in favourable markets and more challenging times – knowing that this (like the seasons) will always evolve. As advisors we need to be thankful each day that we have the opportunity to advise people about and aid them with the one thing that makes us the most anxious – our savings. If we continue to do the right things for our clients to the best of our abilities and show them that we care, we will flourish in all seasons of the market. I trust and hope that all of you have made at least some vacation plans for the summer and will create time for family and friends. We will continue to earn your trust and your business and I welcome any comments or ideas that you may have that will allow us to assist you further.

Sincerely,

Dave Wahl National Sales Manager Renaissance Investments 416-943-6959

Your Estate Matters! Common traps and how to avoid them

TAX AND ESTATE

Although the term “estate” often evokes images of great wealth, any adult who owns investments, real estate, vehicles or personal effects has an estate. To ensure that your estate is passed to loved ones with minimal grief, you need an estate plan that arranges for efficient management and transfer of your assets.

One of the most common estate planning mistakes is not having a will, which is the most basic element of an estate plan. One of the most common estate planning mistakes is not having a will, which is the most basic element of an estate plan. A recent CIBC poll found that nearly half of respondents had not created a will, many thinking they were too young or didn’t have enough assets. An estate plan is always recommended if you have any assets at all and is essential if you plan to take care of dependants, such as kids or parents. If you die without a will, crucial aspects of your estate are administered under provincial law. For example, your spouse generally receives a preferential share of your estate and the remainder is divided among your spouse and children. Amounts inherited by minor children are managed by a trustee, but only until the child reaches the age of majority, at which time children receive their full inheritances, even if they cannot responsibly manage the funds. A surviving spouse may need to apply to the court to be named as the estate administrator, or the trustee, of minor children’s inheritances.

Fortunately, these pitfalls are easy to avoid with an estate plan. By carefully naming appropriate beneficiaries in your will and by naming beneficiaries directly on your registered plans and insurance policies, you can minimize taxes and probate fees. You can also direct assets into a trust, which could enhance protection and reduce taxes on subsequent income. Finally, you could consider insurance to supplement the estate you leave to provide for your family’s needs. Another common estate planning mistake is attempting “do-it-yourself” planning. Family, succession and income tax laws are very complex and vary provincially. For example, a new marriage can invalidate your will or certain bequests. Also, if you haven’t provided sufficiently in your will for a dependant (such as a spouse, child, or even a parent), that dependant may be able to challenge your will in court, which will be costly and delay estate administration. To make matters more complicated, laws can change and failing to understand and plan for the applicable laws in your province can have unintended consequences. You should always obtain legal, tax and financial advice when preparing your estate plan and documents. The cost of getting proper advice for your estate plan is almost always less than the cost of paying unnecessary taxes or fees if you make mistakes. Jamie Golombek is Managing Director, Tax and Estate Planning with CIBC Private Wealth Management. He works closely with advisors to help them provide integrated financial planning solutions for their high-net-worth clients. Jamie is frequently quoted in the media as an expert on taxation. Follow @JamieGolombek

Without a properly designed estate plan, you may not be able to minimize your final tax bill or probate fees, where applicable. Taxes could be as much as 50 percent for RRSPs or RRIFs that are not rolled over to eligible beneficiaries, while probate fees, levied on assets that pass under your will, could further reduce the amount of estate available to your beneficiaries.

www.advisor.ca/togo Podcast > Budget Tests Client Retirement Assumptions www.renaissanceinvestments.ca/en/jamie_golombek/

RENAISSANCE INVESTMENTS 3

Central Banks Will Step Up When it Counts ECB, Fed to remain in control and lift sentiment if market over-reacts

ECONOMIC OUTLOOK

In China, the key question is how rapidly the economy there is slowing. The nightmare scenario is a hard landing (anything below seven percent GDP growth) – but so far, looking at some secondary indicators, such as electricity use and manufacturing activity, it appears that the government there is able to manufacture a soft landing (Chart 1). The key risk here is the real estate market. At close to 13 percent of GDP, this sector is almost double the relative size of the U.S. real estate market at its peak. The government is well aware of the potential impact of a rapid softening in real estate activity, and based on recent actions, it appears that they are able to manage the speed at which this market is slowing.

4 RENAISSANCE INVESTMENTS

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But here we have to put things in perspective. The key question regarding Europe is the following: are we talking about a potential financial collapse (i.e. default)? Or is it a structural change towards a recessionary or semi-recessionary eurozone in the coming few years? Our view is that the latter is the case. Yes, the Spanish and Italian situations are not great, but the European Central Bank (ECB) has enough ammunition to keep things going by providing liquidity to the system. Clearly, the bank will not do it automatically and with no limits. And, in fact, the main reason behind the negative reaction by the market to the Spanish auction was the fact that the ECB did not do anything to alleviate the pain. But this does not mean the bank will let things collapse. When it counts, the ECB will do whatever it takes to prevent things from getting out of control. Accordingly, the real story in Europe is that the austerity measures in countries like Italy and Spain will keep the zone’s economy in a recessionary mode for a while, with occasional spikes in volatility due to developments in the financial market.

35 30 25

Jul. 07

Regarding Europe, April’s disappointing Spanish auction was an important factor behind nervousness in the market. The government was able to fund just over the minimum amount required and at a yield that was a full percentage point higher than it was a month before. Yields on Spanish bonds have resumed their upward trajectory, with investors being concerned about the ability of Spain to meet its aggressive fiscal targets, given an already fragile economy (50 percent youth unemployment rate, a recessionary economy, falling house prices and a banking sector that is sitting on a mountain of problematic assets).

1. China – On The Ground Indicators Still Suggest “Soft Landing”

Jan. 07

The market is currently driven by four main forces: Europe, China, oil prices, and investors’ view regarding the durability of the U.S. economic recovery.

Railway Freight Volumes

In the U.S., the Federal Reserve (Fed) made it very clear that it is not about to start another round of quantitative easing – a fact that disappointed the market. news is really good news since it means that the Fed is more 1yr “bad” OIS rate 1.5%But this confident that the current recovery in the U.S. economy is durable. An important factor here is debt. For the first time in five years, debt outstanding in the U.S. is 1.0% risingBoC (Chart 2). BanksRate are more willing to lend and we see increased demand for Overnight credit.Target This is a very important development, which, in our view, will lead to a 0.5%stronger-than-expected growth in consumer spending in the U.S. in the coming year. So why is the Fed not talking about raising rates any time soon? The main reason is the upcoming fiscal drag in 2013, as any positive activity generated by 0.0% the private sector have a significant coming from Sep. 10 Dec. 10 willMar. 11to offset Jun. 11 Sep. 11negative Dec. 11 Mar. 12 reduced government spending next year.

“When it counts, the ECB will do whatever it takes to prevent things from getting out of control.”

There is no doubt that action by central bankers (mainly the Fed and the ECB) played an important role behind the rally in the markets earlier in the year. The realization by investors that this kind of easy money will not be as easily available in the future is largely behind the subsequent softness in the market. While we view this adjustment as positive, we also believe that should the market over-react to negative news in the coming few months, central banks will step to the plate again and by doing so will lift sentiment and equity valuations.

2. U.S. – “Active” Change in Consumer Credit* $ Bn

300

Consumer credit excluding write-offs

250 200 150 100 50 0 -50

35 y/y % chg 30 00 01 02 03 25 * Ex Student Loans

300

20 15

3. Canada – Beginning to Price in Rate Hikes 1yr OIS rate

1.0% BoC Overnight Rate Target

“For the first time in five 200 years, debt outstanding in the 150 U.S. is rising. Banks are more 100 50willing to lend and we see 0 increased demand for credit.”

Consumer credit excluding write-offs

-50 00 01 02 03 * Ex Student Loans

Benjamin Tal is Deputy Chief Economist for CIBC. Described as one of Canada’s leading experts on the real estate market by the International Monetary Fund, he is responsible for analyzing economic developments and their implications for North American fixed income, equity, foreign exchange and commodities markets. www.advisor.ca/togo Podcast > Rate Hikes? Not so Fast

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In Canada, the Bank of Canada (BoC) appears to be a bit more optimistic about 10 the economy, pointing to reduced uncertainty regarding the prospect of the 5 global economy and the improving U.S. economy. The 80,000 new jobs created 0 in March clearly make things look better. But we have to realize that this number -5 overstates the real health of the Canadian labour scene, the same way the soft -10 activity seen in the previous six months overstated the weakness of the market. -15 The truth is in its usual place: somewhere in the middle. Over the past six months, the economy has generated a monthly average of roughly 8,000 new jobs – a reasonable pace, but hardly a booming economy. While the market is Electricity Use Railway Freight Volumes starting to price in an earlier date for the first move by the bank (Chart 3), it will need a few more months of solid data to be sure that this is indeed the case.

1.5%

$ Bn

250

www.renaissanceinvestments.ca/en/economy/ Dec. 10

Mar. 11

Jun. 11

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RENAISSANCE INVESTMENTS 5

Unlock opportunities and

OPEN MINDS in your introductory meetings

6 RENAISSANCE INVESTMENTS

back of the napkin There is perhaps no other function in the life of an advisor, worthy of more contemplation, preparation and practice, than the introductory meeting with a prospective client.

Relationships are made or broken during the first meeting. Despite this reality, a surprising number of professionals continue to “wing-it” through this critical client interaction. I call it the Initial Impact session – a scheduled first meeting with a potential client. It’s also the pivotal event that will mark a prospect’s indelible understanding of what you bring to the table. A proper introductory meeting consists of several distinct elements, most of which we take for granted, but each of which deserves nothing less than pure mastery. Think of it this way ...every time we flawlessly execute one of these key elements, we are awarded a figurative “unit of attraction” from the investor. In contrast, each time we falter on one of the elements, we are penalized with a “unit of detraction.” Naturally, our objective is to amass as many units of attraction as possible, throughout the meeting, which ultimately leads to a rewarding partnership. In order to gain mastery in any discipline, we first need to identify, isolate, and meticulously practice each of the core components that make up the whole. Let’s start at the beginning of a hypothetical first meeting, and discuss the art and science of each component in the sequence. THE10 10PHASE PHASE THE

INITIAL INITIAL IMPACT IMPACT MODEL MODEL

Open the door to more successful first meetings

PHASE 1 | Start Strong – The First Impression To what degree does our first impression dominate the perceptions and opinions of those we meet for the first time? We’ve all heard quotes like “you never get a second chance to make a good first impression.” It was once believed that it took several minutes to form a lasting set of opinions about another person. But the evidence now suggests that it only takes a fleeting 1/10 of one second to formulate that opinion. And here’s where it gets even more sensational... the findings go on to suggest that a first

impression (once it is formed) is virtually impossible to change! You might say, we live or die by our first impression! The good news is, we are fortunate enough to have ready access to a universal model of what a “good first impression” looks like. It has a definitive structure to it and can, therefore, be practiced and perfected. • Warm smile

• Firm handshake

• Confident body language

• Say the name of the client

• Appropriate attire

• Being on time

• Eye contact

• Show hospitality

Use the checklist above, to become mindfully aware of how you’re “showing up” to your Initial Impact sessions. Remember, the first momentary flash is crucial and will leave a near-permanent imprint in the mind of the investor. PHASE 2 | Set the Frame – The Written Agenda There are many advisors who don’t use written agendas in their client meetings, and many more who will never use one in a first meeting with a prospect. In both cases, I think it’s unfortunate because the agenda is easy to incorporate, but delivers significant and measurable benefits. When we start our meeting with a written agenda, we immediately begin to showcase our mindset around pre-planning, organizing and systems-thinking. The agenda provides a logical structure and flow to the session, and allows the advisor to respectfully bring the meeting back on track if need be. A basic agenda should consist of your company logo, date, meeting time, name of the investor(s) and a few simple bulleted topics. The choice of bullet items are perhaps less important than the inclusion of an agenda itself. PHASE 3 | Initiate Discovery – The Power of Questions Now that we’ve made a fantastic first impression and outlined the objectives of the meeting, we can move directly into getting to know the prospect, through the power of questions.

RENAISSANCE INVESTMENTS 7

All discovery models are not created equal. There are open-ended, closed-ended, and clarifying questions, but it will be an elegant combination of all three that will inspire the most resourceful sharing. Knowing where to begin means first realizing what information is truly important to gather about a prospect. Most will agree that it’s not the information required on our industry KYC documents! Below are just a few examples of tactical questions designed to open minds and stimulate meaningful discussion. • So, what brings you to my office…?

The Secret Fears of the Wealthy – In an earlier report, Grant identified the three primary fears of the affluent investor: 1. Fear of losing their wealth 2. Fear of losing their current income 3. Fear of the single devastating event To learn more about how you can uncover and address these fears, see Grant’s microsite: www.renaissanceinvestments.ca/en/practicemanagement/

• What’s most important to you about money? • Where do you see yourself (x) years from now?

PHASE 5 | Introduce Structure – Explain Your Process

• On a scale of 1-10, how financially secure do you feel?

Since we know that people buy for emotional reasons and justify with logic… we will now follow the emotional content with the “logical” mechanism that delivers emotional solutions. It’s time to articulate and explain our wealth management process. The most effective way to accomplish this is simply to craft a set of clear answers to the following four questions:

• Where do feel you could use some guidance? • What money issues keep you up at night? • How do you know you’re on track to retire in comfort? • Does your current financial plan make sense to you? • What do you feel is missing from your wealth-building strategy? • What’s your biggest financial concern of all?

• What does your process look like? • How does it work?

Employ active listening techniques as you begin to unravel the unique “story” represented by your guest. Take rigorous notes and maintain meaningful eye contact as your prospect shares their personal issues and concerns. This will convey a very real sense that everything they’re saying is important and worth recording. PHASE 4 | Address Emotional Needs – Make the Connection Up until now, you’ve done a great deal of listening and very little talking. Your strategic questions have provided you with important insights into the financial status, goals and objectives of your prospect. But now it’s your turn to speak. This is where you will have the opportunity to deliver a powerful message directly into the heart and mind of your guest. In contrast to a typical meeting sequence, we will not yet talk about ourselves, our credentials, years of experience, or even portfolio theory, but we will rather continue to focus solely on the investor and “what’s in it for them.” Openly demonstrate your deep understanding of your prospect’s emotional makeup by generically decoding the mind of the affluent investor. Uncover your prospect’s secret fears by walking them through “the primary fears of the wealthy”. You will find that as you speak in general terms, your guest will automatically begin to internalize and associate into those worrying emotions. This is a welcomed development in the discussion, as you will soon be offering the solutions to their exposed concerns. Move now to another generic discussion on the “financial priorities of the wealthy.” Once again, as you discuss the wants and desires of the affluent, in general terms, you will imbed those very same priorities into the neurology of your guest. Of course, as above, you will soon be expertly addressing those expectations, as well.

8 RENAISSANCE INVESTMENTS

• How many steps are in your process? • Why did you choose that approach? In order to maximize the impact of this portion of the meeting, there are two things that need to be done effectively. Firstly, always explain the “why” behind each step of your process. In other words, talk about the important reasons that a particular step has been included in your process. Secondly, always refer back to the fears, priorities and expectations of the wealthy, and explain how your process addresses each one directly. This is also a good time to include a passing mention of your qualifications and years of experience in applying your philosophy with your trusted clients. PHASE 6 | Simplify the Complex – Teach the Fundamentals The process-discussion above will often introduce opportunities to earn significant bonus “units of attraction.” Leonardo da Vinci said, “Simplicity is the ultimate sophistication.” Most investors are completely overwhelmed by the ever-expanding complexity of the capital markets and all things financial. We can easily complicate things even more, but we gain no advantage in doing so. Instead, take the time to simplify complex topics using sequential logic. Strip out investment jargon, capital market-speak, and worthless acronyms while delivering user-friendly information that clarifies. PHASE 7 | Slay the Dragons – Handle Objections During the course of our meetings, we may sometimes become aware, in subtle ways, of unspoken objections or issues residing in our prospect’s psychology. If you gain any sense of these lurking dragons, take the opportunity to slay them while they are still small and not yet breathing fire.

Unspoken objections (baby dragons) are given life and ferocity the moment they are spoken. Something happens through the creative power of the spoken word, when an investor formulates the words of an objection, speaks them out loud, and hears the sound of their own voice while doing so. It’s true that most spoken objections can be readily dismantled and addressed, but why even wait for them to gain strength? Slay them quickly and easily by carefully addressing known objections as you calmly incorporate them into your conversations. PHASE 8 | Open the Floor – Answer Questions Although you’ve likely been answering questions throughout your session, it’s now time to formally open the floor to address anything else your guest would like to know. Fortunately, most investors will often choose just two or three questions from a fairly predictable list. Below are some typical examples of questions that may arise in a first meeting with a prospect: • How would I pay for your services? • How much do you charge? • How many clients do you have? • Who is your typical client? • What are your qualifications? • How long have you been doing this? • What is your performance track record? • What kind of return can I expect? • Would you work with my accountant or lawyer?

• A complimentary (or paid) wealth management review • A follow-up meeting along with their accountant and/or attorney • The creation of a comprehensive financial plan • Booking a time to complete account opening and transfer documentation Assuming that the prospect is a good fit with your business model, and that you feel comfortable with the budding relationship, clearly state your call-to-action, while telegraphing your acceptance of them as a potential new client. PHASE 10 | Finish Strong – The Last Impression At this point we’ve come full circle and, just like the two ends of a fine, handcrafted bookshelf, our strong first impression needs to be replicated and reaffirmed by the last impression we deliver. During the Initial Impact session, both parties will gain tremendous insight into the goals, objectives and expectations of the other. But it will ultimately be the first and last impressions of you that will remain top of mind once your guest has left the building. Finish strong by re-delivering the same structural components you delivered at very start of the meeting: • Warm smile • Confident body language • Eye contact

• Firm handshake • Say the name of the client

• How often would we meet? Take the time to work through each one of these. Formulate and practice your responses until they flow naturally and can be delivered with a calm confidence.

As you do so, remember to express sincere gratitude to your guest for making the time to share their personal story with you.

PHASE 9 | Define the Future – Explain the Next Steps

Putting it all Together:

The first meeting is all about determining whether a prospect is a good fit with your practice or not. By this point of the session, you should both have a fairly solid understanding of each other, and will be able to start making some fundamental decisions.

As you consider and evaluate each phase of the Initial Impact Sequence, you will find yourself automatically challenging and refining your own approach. Each component of the model contains powerful fundamental principles that can be easily transferred into any client-facing communication. I encourage you to play with it, personalize it, and make it your own.

As you apply the 10 Phase Initial Impact sequence, you will find that many prospects will proactively ask you how they can become your next client. But if that doesn’t happen, it will be your responsibility to clearly define the next steps, and to explain how things will unfold from here. Investors are looking for guidance and direction, and your prospect will be evaluating your ability to lead – even during that first meeting. Based on the unique flow, content, and “feel” of your session, you can now make an educated judgment call as to the most appropriate next steps for you and your guest. Some examples are: • Suggest the submission of investment account statements for evaluation • A follow-up meeting to discuss other topics

Grant Shorten is Director of Strategic Insights at Renaissance Investments. He offers insights and approaches that will work with your clients and have an immediate impact on your practice. www.advisor.ca/togo Podcast > How to Impress Prospective Clients Video > Awesome First Meetings – The Initial Impact Model www.renaissanceinvestments.ca/en/practicemanagement/

RENAISSANCE INVESTMENTS 9

Stepping Forward A strategic approach to moving risk-averse clients back to market

INVEST WELL

In this magazine’s lead article, Grant Shorten points out that, “People buy for emotional reasons and justify with logic.” It’s easy then, to understand the “emotional logic” behind the decision many risk-averse clients have made to sit on the sidelines. Together, the market behaviour and macroeconomic conditions of recent years have elevated uncertainty in the minds of many.

RETURN/ YIELD

It’s clear that for many clients, cash and low-yielding fixed deposit investments aren’t going to cut it over the long term; but managing clients’ fears along with their portfolios can be a tricky proposition – one for which we’ve devised several strategic solutions.

Tax-Efficient 25/75 Balanced 50/50

A Step-by-Step Return to the Markets By slowly reintroducing clients to the markets, you can ensure they’ll benefit from market opportunities while still managing their concerns about risk. For this reason, we recommend an initial move from cash positions into the Renaissance Short-Term Income Fund. As clients become more comfortable with risk, aim to gradually add more exposure to corporate bonds, diversified equity and income to their portfolios. To help meet this goal, we offer turn-key next-step strategies to assist you below. In addition to the Renaissance Short-Term Income Fund, these portfolios feature the potential for tax-efficient income and higher yield of the Renaissance Corporate Bond Capital Yield Fund.

Five simple chats to get clients off the sidelines Ultimately, clients need to be comfortable with the investment decisions you make on behalf of their hard-earned wealth. But sometimes they can also benefit greatly from a little push and some timely advice. Our practice management expert, Grant Shorten, offers five simple starting points for your client conversations.

10 RENAISSANCE INVESTMENTS

Renaissance Corporate Bond Capital Yield Fund Renaissance Short-Term Income Fund

Low Risk 75/25

RISK Vital Stats (Weighted Avg.) – As at March 31, 2012 Low Risk Yield To Maturity: 2 Yr. Return: 2 Yr. Std. Deviation: Premium Class MER:

2.65% 3.37% 1.76% 0.83%

Balanced Yield To Maturity: 2 Yr. Return: 2 Yr. Std. Deviation: Premium Class MER:

3.18% 4.09% 1.92% 0.86%

Tax-Efficient Yield To Maturity: 2 Yr. Return: 2 Yr. Std. Deviation: Premium Class MER:

3.70% 4.80% 2.07% 0.88%

1. THE REALITY CHECK

2. THE FEAR FACTOR

“…based on your current asset allocation, and expected rates of return, you simply will not have enough money to reach your retirement goals. We need to make some changes and get some of your cash back to work for you…”

“…human nature is the greatest enemy to successful investing, and it tempts us to make decisions that will often cost us in terms of missed opportunities. Your substantial cash position needs to be addressed…”

Strategies for Moving Onward For clients moving up the risk spectrum, we’ve prepared additional strategies that offer more diversified income and equity exposure by utilizing the Renaissance Optimal Income Portfolio in place of Renaissance Corporate Bond Capital Yield Fund. The Strength of our Solutions Underpinning the success of these back-to-market strategies are the strength of Renaissance funds they employ and the expertise of the Global Fixed Income Team at CIBC Global Asset Management Inc. (CGAM).

coverage has increased, and the spreads for corporate bonds are well above the long-term average. Another key part of the story says John, “is that the availability of credit is getting better, the banks are a lot healthier... they are starting to come back into the loan market in Canada.”

“With small-term extensions in the fund, we can capture yield increments of 25% or more of the yields available on cash-type investments.” Jeffrey Waldman, co-manager, Renaissance Short-Term Income Fund

Renaissance Short-Term Income Fund The fund is an attractive, low-risk way to re-enter the markets. It offers better return potential than fixed deposits or cash, while seeking to protect capital and maintaining liquidity. This is achieved by investing primarily in shorter-term bonds of Canadian governments and corporations. The fund is a logical choice for investors looking to move away from cash, says CGAM’s Jeffrey Waldman, First Vice-President and co-manager of the fund. “With small-term extensions in the fund we can capture yield increments of 25% or more of the yields available on cash-type investments.”

Video > A low-risk alternative with enhanced returns

The Support you Need The Renaissance Sales Team has the tools and resources to support you in bringing clients back to market. They can work with you to provide information, scenarios, client speaking points, marketing support and more. Contact your Renaissance sales professional to discuss further.

Renaissance Corporate Bond Capital Yield Fund The fund offers exposure to a diversified pool of higher-quality corporate and high-yield bonds of Canadian companies with the potential for superior yield and compelling after-tax returns relative to most fixed income alternatives, while managing risk. Focus is on delivering reliable income and significantly enhancing after-tax returns by distributing income in the form of capital gains. The fact that corporate bond demand and returns are expected to stay strong is a benefit to the fund. A key factor is the demise of income trusts, believes CGAM’s Patrick O’Toole, Vice-President and co-manager of the fund. “With the income trust market going away, there are those investors looking for alternatives to those higher yields that they used to enjoy in the past,” says Patrick. And the outlook for Canadian corporate bonds is particularly strong, according to CGAM’s John Braive, Vice-Chairman. Important factors are positive: cash holdings are high, debt-to-equity ratios are at a 30-year low, EBITDA interest

ADVISOR ToGo Access to the experts when you need them

Access the Experts When You Need Them

Listen to short podcasts from the experts quoted in this article.

www.advisor.ca/togo

Patrick O’Toole – CIBC Global Asset Management Podcast > Long-Term Interest Rates Will Remain Stable John Braive – CIBC Global Asset Management Podcast > Bonds Still Vital to Portfolio Powered by Renaissance Investments.

3. OLD BUT TRUE

4. YOU HAVE TO BE IN IT, TO WIN IT

5. LET’S TAKE IT SLOW

“…the old adage, “it’s time in the market, not timing the market” is absolutely true. Profitable market timing has been shown to be virtually impossible. Sitting in cash is tantamount to making a timing decision. Let’s get those cash holdings back to work…”

“…the capital markets move in the path of least resistance and have no regard for whether we’re participating or not. Asset classes and their sub-sets are providing us with returns, consistently – but to benefit, we have to be there!”

“…I’m strongly suggesting that we begin to move some of your sideline cash back into the markets. We will employ multiple layers of diversification in order to mitigate risk and to ensure your complete comfort throughout the process…”

RENAISSANCE INVESTMENTS 11

Inflation Can Rise at Any Time. Are You Prepared? Introducing Renaissance Optimal Inflation Opportunities Portfolio

SOLUTION HIGHLIGHT

Canada CPI Index 1950-2011 14

ON EP RE PA RE D?

10 8

2 0 -2 -4 ’50

’56

’62

’68

Inflation Rates

Above 2.5%

50% of the time

Above 4%

33% of the time

Above 5%

20% of the time

12 RENAISSANCE INVESTMENTS

’74

’80

’86

’92

’98

’04

Average Inflation Rate (3.8%)

’11

Source: IMF

Bank of Canada’s active inflation control has added some stability – but will this continue?

The tactically managed Renaissance Optimal Inflation Opportunities Portfolio is designed to respond to changing inflationary environments the world over. The portfolio offers a combination of inflation-hedging assets and global opportunity-seeking investments – an all-in-one inflation solution for all portfolios: Video > An Optimal Inflation Strategy

BoC Active Inflation Control

AN Y

6 4

While even moderate inflation eats into investment returns, a steep rise in the rate of inflation can severely impact investors’ purchasing power and damage retirement plans. It’s serious food for thought when you consider that since 1950 Canada’s inflation rate has been:

“Twin Peaks” • Oil shock of 1973 • 1975 stagflation • Policies of full employment • Government wage and price controls did curb inflation temporarily

Post-War Government spending and wage increases

WA S

History shows us that the rate of inflation varies greatly and can rise or fall quickly, without warning.

SEE PAGE 40

Traditional Portfolio Profile

Debt/ Equity Holdings

Previous Inflation Mitigation Potential

Impact of Adding Renaissance Optimal Inflation Opportunities Portfolio

Conservative

Primarily Fixed Income

Minimal

High

Moderate

Balanced

Low

High

Aggressive

Primarily Equity

Moderate

Be Prepared to Listen THANKS TO OUR SUPPORTERS

Without the support of advisors like you, Renaissance Investments would not enjoy the privilege of helping so many Canadians invest well and live better. Here are two of the outstanding professionals we are so very proud to work with. What we love about the business: What we love about this business is the clients and the dynamism of the markets. We truly are grateful to have great clients who respect and appreciate what we do. This profession is demanding and stressful – but it’s never boring! We are constantly researching and striving to do better. How we prepare and lead client meetings to ensure they are productive: While we have a standard approach to client meetings, we typically start the reviews by asking the client how they feel about their accounts, their goals and the current market environment. This helps us to uncover any torpedo issues that, if left unanswered, might detract from the success of the meeting. Carefully listening to their responses allows us to craft our presentation in a more nuanced way to meet their needs. Our assistants devote a significant portion of their week to the preparation of thorough, quarterly review packages for all our client reviews. This professionallooking package receives rave reviews from clients because it provides a wealth of information, including: consolidated performance and asset allocation report, as well as breaking down the performance on a per account basis. In addition, we provide mutual fund performance summaries for all holdings. By providing such a detailed report, we are able to address any potential issues the client may raise at the time of our review. This helps to avoid the need for a follow-up call and increases our meeting efficiency. What we do to leave a good first impression with prospective clients: We focus our initial meeting on the client – not on our services, philosophy or returns. We also spend a lot of time in the early meetings listening to the client and asking questions. Our initial meetings often last a long time – many

times approaching two hours. Only when we are convinced that the client has been heard do we begin to talk about us. Prospective clients really seem to appreciate the time we spend with them. Best tip for gaining new clients: We ask our existing clients for referrals. Our best prospects interact with our best clients everyday. By encouraging our clients to refer people just like themselves, we are able to help more people reach their goals. What we offer to the local marketplace and to our clients: One of the things that distinguishes us from some of our peers is the fact that we are licensed as Portfolio Managers. This allows us to manage accounts on a discretionary basis. To assist in our research work, we’ve actually written our own software to help us evaluate stocks and ETFs. We currently manage six different model portfolios. We also favour tactical asset allocation strategies over traditional strategic asset allocation. Favourite hobbies: We both enjoy woodworking. But much of our time is spent either coaching or cheering our children in sports.

Gordon Mestern & Glen Evans Firm: CIBC Wood Gundy Ottawa Office Years in Business: Gordon 30; Glen 15 Team Members: 4

RENAISSANCE INVESTMENTS 13

Axiom Portfolios Axiom Portfolios provide the benefits and peace of mind of sophisticated portfolio management, while simplifying the administration, management and reporting of a portfolio.

With eight portfolios to choose from, investing in Axiom Portfolios provides: • Access to the accumulated knowledge and expertise of independent investment managers from across Canada and around the world • Risk management, through rigorous due diligence and built-in rebalancing • Multiple levels of diversification • T-Class options available on all Axiom Portfolios, offering tax-efficient cash flow

Axiom Portfolios offer even more value at higher balances through the following three classes: Class A

$25,000 minimum investment ($5,000 minimum investment for TFSA only)

Select Class

$250,000 minimum investment

Elite Class

$500,000 minimum investment

14 RENAISSANCE INVESTMENTS

Axiom Portfolio Managers – Axiom Portfolios have access to the accumulated knowledge and expertise of independent investment managers from across Canada and around the world.

Multiple Levels of Diversification Axiom Portfolios have been designed to manage risk and solidify the potential for returns by ensuring portfolios are broadly diversified across multiple levels. Each portfolio is diversified across asset classes, investment styles, geographic regions and market capitalizations. There are eight portfolios available designed to meet the needs of various types of investors.

RENAISSANCE INVESTMENTS 15

AXIOM PORTFOLIOS

Report created on 04-16-2012

Axiom Balanced Income Portfolio (Class A) Benchmark A Blended Benchmark

Fund Category Canadian Fixed Income Balanced

Morningstar Rating QQ

Investment Objective

Performance as of 03-31-2012

The Portfolio will seek to create a diversified portfolio of investments across several asset classes. Investing primarily in mutual funds, the goal is to achieve a mix of high current income and some long-term capital growth by investing primarily in a diversified blend of income and bond mutual funds, along with equity mutual funds.

Growth of $25,000 38 Fund

33 30 28 25 23

Volatility Analysis

Medium

Low

High

Volatility (low-high): The lower the volatility ranking, the lower the risk of the fund. Funds with a volatility ranking of high are the most risky. Best 1 Year Return

Worst 1 Year Return

17.5% 02-28-2009 to 02-28-2010

-12.4% 02-28-2008 to 02-28-2009

Portfolio Details Class

Load Structure

Currency

Fund Code

A A A F Elite Elite Elite Sel Sel Sel

Back End Charge Front End Charge Low Load Charge No Sales or Redem Back End Charge Front End Charge Low Load Charge Back End Charge Front End Charge Low Load Charge

CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD

ATL976 ATL975 ATL977 ATL981 ATL952 ATL950 ATL951 ATL928 ATL926 ATL927

Inception Date Rebalancing Frequency Rebalancing Threshold MER Distribution Frequency Minimum Investment Telephone Web Site

March 15, 2005 Dynamically +/- 2.5% 2.09% Annually $25,000

888 888 FUND www.renaissanceinvestments.ca/axiom

Performance Quartile (within category over calendar year)

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

YTD

—

11.1

47.5

85.1

84.3

116.5

154.4

171.8

175.4

Fund Category Benchmark A

— 0.3 -0.8

— 9.0 11.4

Trailing Returns %

1 Mth

3 Mth

6 Mth

1Yr

2Yr

3Yr

5Yr

Since Inception

0.0 0.1 0.0

2.6 2.1 2.6

4.7 4.4 5.8

1.7 3.6 4.9

4.4 4.9 6.9

7.8 8.7 9.8

2.2 2.9 4.1

3.3 — —

Total Assets ($mil) Calendar Year Returns %

Fund Category Benchmark A

— 6.9 8.8

— 6.9 10.4

5.8 6.1 9.8

1.4 0.3 3.3

-9.8 -9.0 -8.6

11.5 14.0 12.8

7.8 6.7 9.2

0.0 2.9 3.6

2.6 2.1 2.6

Portfolio Analysis as of 03-31-2012 Target Composition

% Assets

Canadian Equity 8.8 U.S. Equity 10.0 International Equity 6.0 Emerging Markets 3.0 Equity Canadian Monthly 12.2 Income Canadian Fixed 60.0 Income Top 5 Global Equity Sectors

Financials Energy Materials Consumer Discretionary Industrial

% Equity

22.3 17.5 11.7 9.5 9.3

Market Cap

Large Medium Small

76.7 18.6 4.7

Credit Quality

High Medium Low NR/NA

Top Holdings

75.6 16.4 1.4 6.5 % Assets

Frontiers Canadian Fixed Income Frontiers Canadian Monthly Income Frontiers U.S. Equity Frontiers Canadian Equity Frontiers International Equity

60.1 12.2 10.1 8.7 6.0

Frontiers Emerging Markets Equity

3.0

Total Number of Portfolio Holdings Total Number of Underlying Holdings Total Number of Stock Holdings Total Number of Bond Holdings

8 1,388 1,047 317

Investment Style

©2012. Morningstar Research Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. Axiom Portfolios are offered by CIBC Asset Management Inc.™Axiom and Axiom Portfolios are registered trademarks of CIBC Asset Management Inc.

AXIOM PORTFOLIOS

Report created on 04-16-2012

Axiom Balanced Income Portfolio (Class A) Report created on 04-16-2012

Investment Management Overview Axiom Balanced Income Portfolio (Class A) Investment Management Brief

Investment Management Approach

Inc. is one of Canada's leading CIBC Asset Management Investment Management Overview mutual fund providers and the country's largest Investment Management Brief management purchaser of third-party investment AssetCIBC Management Inc. is one Inc. of Canada's leading CIBC expertise. Asset Management is a whollymutual fund providers and the largest of CIBC, one country's of North America's owned subsidiary purchaser of third-party investment management leading financial institutions. expertise. BiosAsset Management Inc. is a whollyManagerCIBC subsidiary CIBC, one of North America's owned Management Teamof| 03-15-2005 leading financial institutions. McLean Budden Ltd. Manager Bios

Investment Management Approach

Management Team | 06-01-2008 Management Teamand | 03-15-2005 Aletheia Research Management, Inc. McLean Budden Ltd. Management Team | 03-15-2005 Management TeamManagement | 06-01-2008 Inc Acuity Investment Aletheia Research and Management, Inc. Management Team | 03-15-2005 Management Team Addenda Capital Inc.| 03-15-2005

Acuity Investment Management Inc Management Team | 07-01-2009 Management West Team Capital | 03-15-2005 Management LLC Metropolitan Addenda Capital Inc. Management Team | 03-15-2005 Management | 07-01-2009 Walter Scott &Team Partners Limited Metropolitan West Capital Management LLC Management Team | 07-01-2009 Management Team | 03-15-2005 Fiduciary Management, Inc. of Milwaukee Walter Scott & Partners Limited Management Team | 03-15-2005 Management TeamManagement | 07-01-2009 Inc CIBC Global Asset Fiduciary Management, Inc. of Milwaukee Management Team | 03-15-2005 Management Team | 03-15-2005 Manulife Asset Management Limited CIBC Global Asset Management Inc Management Team | 03-15-2005 Management Team |Management 03-15-2005 LLC INTECH Investment Manulife Asset Management Limited Management Team | 02-01-2006 Management TeamCounsel | 03-15-2005 Canso Investment Ltd. INTECH Investment Management LLC Management Team | 06-01-2006 Management Team |Management 02-01-2006 Pictet International Canso Investment Counsel Ltd. Management Team | 05-01-2011 Management | 06-01-2006 del Rey GlobalTeam Investors, LLC Pictet International Management Management Team | 05-01-2011 del Rey Global Investors, LLC

Investment Management Approach About the Portfolio A balanced approach for comfort throughout market Management Approach Investment cycles. This portfolio is designed for the conservative About thelooking Portfolio investor for a balance of income and long-term A balanced approach comfort throughout capital growth, with afor focus on income. Use market this cycles. is designed for the conservative portfolioThis as aportfolio single balanced income investment investor looking for afrom balance of income andportfolio long-term solution and benefit its sophisticated capital growth, with a focus on investment income. Useprinciples. this management built upon proven portfolio as a single balanced income investment solution andonbenefit from its sophisticated portfolio Key Points the Process management builtIncome upon proven investment principles. Axiom Balanced Portfolio follows the discipline of strategic asset allocation to ensure the right Key Points onofthe Process is working for investors. combination investments Axiom Balanced Income Portfolio follows the discipline of strategic asset allocation to ensure the right Independent Investment Management combination of investments is working for investors. Axiom provides investors with the confidence of knowing that independent investment managers from around the Independent Investment Management world are working for them. Each portfolio manager of Axiom providesinvestments investors with the confidence of their knowing the underlying is selected based on that independent managers fromofaround ability to meet theinvestment high standards expected their the world are working for them. Each portfolio manager of organization, investment process, investment philosophy, the investments is selected based on their and underlying performance. ability to meet the high standards expected of their organization, Diversificationinvestment process, investment philosophy, and This performance. Axiom portfolio has been designed to minimize risks and solidify returns. We do this by ensuring the portfolio Diversification is broadly diversified at multiple levels, avoiding too This Axiom portfolio has been designed to minimize risks and solidify returns. We do this by ensuring the portfolio Manager Commentary is broadly diversified at multiple levels, avoiding too

heavy a reliance on any one individual security, fund, sector, geographical region, or management style.

Your portfolio’s broad diversification contributed to strong gains. Since the European Central Bank injected Manager Commentary liquidity into the system via its Long-term Refinancing Your portfolio’s broad diversification contributed Operation, markets saw an increase in investmenttorisk strong gains. Since the European Central Bankand injected appetite. Better economic data from the U.S., liquidity intoofthe system via its Long-termpolicy Refinancing assurances continued accommodative from the Operation, markets an increase investment Federal Reserve wassaw strongly positiveinfor equity risk appetite.–Better economic bond data markets. from the U.S., and markets but challenged The portfolio’s assurances continued accommodative from the exposure to of Canadian, U.S., international policy and emerging Federal Reserve stronglypositively positive for markets equitieswas contributed to equity performance, markets – the but effect challenged bond markets. portfolio’s offsetting of weak fixed incomeThe markets. exposure to Canadian, U.S., international and emerging markets equities contributed positively to performance, offsetting the effect of weak fixed income markets.

As at March 31, 2012 MER is annualized as at August 31, 2011. Please refer to the Annual/Interim Management Reports of Fund As at March 31, Performance for 2012 further details. MER is annualized as at August 31, 2011. Please refer to the Annual/Interim Management Fund / 19% Benchmark Blend: 62% DEX BondReports UniverseofIndex Performance for further details. S&P/TSX Composite Index / 10% S&P 500 Index / 6% MSCI EAFE Index / 3% MSCI Emerging Markets Index Benchmark Blend: 62% DEX Bond Universe Index / 19% S&P/TSX Composite / 10% S&P 500 Index / 6% T-Class units are alsoIndex available MSCI / 3% for MSCI Emerging $5,000EAFE TFSAIndex minimum Classes A & FMarkets Index

heavy reliance on any one individual security, fund, Built-ina Rebalancing sector, geographical region, or management style.basis to This Axiom portfolio is rebalanced on an ongoing prevent over exposure to any one asset class. When the Built-in Rebalancing asset allocation weightings shift more than 2.50% from This Axiom portfolio is rebalanced on an ongoing basis to the strategic asset allocation, the portfolio is prevent over exposure to any one asset class. When the automatically rebalanced. asset allocation weightings shift more than 2.50% from the strategic asset allocation, the portfolio is Monitoring automatically Axiom relies onrebalanced. a team of investment professionals, CIBC’s Consulting Group, who select and monitor Monitoring portfolio managers of underlying investments. Axiom relies on a team of investment professionals, CIBC’s Consulting who select and monitor A Summary of the Group, Portfolio portfolio managers of underlying Axiom Balanced Income Portfolio investments. is ideal for a conservative investor looking for a balance of income A Summary of capital the Portfolio and long-term growth, with a focus on income. Axiom Balanced Income Portfoliobalance is ideal of for60% a income Diversified with an approximate conservative investor for a balance of growth, income the assets for stability andlooking 40% equity assets for and long-term capital growth, with a focus on income. portfolio is positioned to deliver lower volatility and Diversifiedforwith an approximate balance 60% income potential growth. This combination canofprovide assets for stability and 40% equity assets for growth, protection from volatile markets while delivering the the portfolio isforpositioned deliver lower volatility and potential long-termtogrowth. potential for growth. This combination can provide protection from volatile markets while delivering the potential for long-term growth.

T-Class units are also available $5,000 TFSA minimum for Classes A & F

RENAISSANCE INVESTMENTS 17

AXIOM PORTFOLIOS

Report created on 04-16-2012

Axiom Diversified Monthly Income Portfolio (Class A) Benchmark A Blended Benchmark

Fund Category Canadian Neutral Balanced

Morningstar Rating QQQ

Investment Objective

Performance as of 03-31-2012

Growth of $25,000 38 Fund

33 30 28 25 23

Volatility Analysis

Medium

Low

High

Volatility (low-high): The lower the volatility ranking, the lower the risk of the fund. Funds with a volatility ranking of high are the most risky. Best 1 Year Return

Worst 1 Year Return

24.4% 02-28-2009 to 02-28-2010

-18.5% 02-28-2008 to 02-28-2009

Portfolio Details Class

Load Structure

Currency

Fund Code

A A A F Elite Elite Elite Sel Sel Sel

Back End Charge Front End Charge Low Load Charge No Sales or Redem Back End Charge Front End Charge Low Load Charge Back End Charge Front End Charge Low Load Charge

CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD

ATL985 ATL983 ATL984 ATL788 ATL955 ATL953 ATL954 ATL931 ATL929 ATL930

Inception Date Rebalancing Frequency Rebalancing Threshold MER Distribution Frequency Minimum Investment Telephone Web Site

March 15, 2005 Dynamically +/- 2.5% 2.22% Monthly $25,000

888 888 FUND www.renaissanceinvestments.ca/axiom

Performance Quartile (within category over calendar year)

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

YTD

—

33.1

101.0

146.2

147.8

187.5

273.5

295.0

303.3

Fund Category Benchmark A

— -5.8 -3.3

— 12.7 16.0

— 9.0 10.5

Trailing Returns %

1 Mth

3 Mth

6 Mth

1Yr

2Yr

3Yr

5Yr

Since Inception

-0.2 0.0 -0.7

2.9 3.2 2.5

6.3 6.5 5.8

-1.3 -0.2 0.3

4.4 4.7 6.3

10.2 9.7 11.6

2.4 2.0 4.0

3.8 — —

Total Assets ($mil) Calendar Year Returns %

Fund Category Benchmark A

— 12.9 14.6

5.0 9.4 11.0

3.8 2.3 6.0

-16.4 -15.9 -15.3

17.6 15.8 19.4

11.1 9.4 12.2

-1.9 -0.7 0.5

2.9 3.2 2.5

Portfolio Analysis as of 03-31-2012 Target Composition

% Assets

Canadian Equity U.S. Equity Canadian Monthly Income Canadian Fixed Income

Top 5 Global Equity Sectors

Financials Energy Materials Consumer Discretionary Industrial

18.4 5.0 36.6

Market Cap

Large Medium Small

76.7 18.8 4.5

Credit Quality

High Medium Low NR/NA

71.5 19.6 1.4 7.5

40.0 Top Holdings

% Equity

29.6 21.7 13.0 8.3 7.9

% Assets

Frontiers Canadian Fixed Income Frontiers Canadian Monthly Income Frontiers Canadian Equity Frontiers U.S. Equity

40.4 36.7 18.3 5.0

Total Number of Portfolio Holdings Total Number of Underlying Holdings Total Number of Stock Holdings Total Number of Bond Holdings

6 1,020 680 317

Investment Style

AXIOM PORTFOLIOS

Report created on 04-16-2012

Axiom Diversified Monthly Income Portfolio (Class A) Investment Management Overview Investment Management Brief

Investment Management Approach

CIBC Asset Management Inc. is one of Canada's leading mutual fund providers and the country's largest purchaser of third-party investment management expertise. CIBC Asset Management Inc. is a whollyowned subsidiary of CIBC, one of North America's leading financial institutions.

Manager Bios Management Team | 03-15-2005 McLean Budden Ltd.

Investment Management Approach

Management Team | 06-01-2008 Aletheia Research and Management, Inc. Management Team | 03-15-2005 Acuity Investment Management Inc Management Team | 03-15-2005 Addenda Capital Inc. Management Team | 07-01-2009

About the Portfolio A steady source of tax-efficient income. This portfolio is designed for the income investor who needs to generate income today and grow their investments over the long term. Use this portfolio as a single income investment solution and benefit from its sophisticated portfolio management built upon proven investment principles.

Metropolitan West Capital Management LLC Management Team | 07-01-2009 Fiduciary Management, Inc. of Milwaukee Management Team | 03-15-2005 CIBC Global Asset Management Inc Management Team | 03-15-2005 Manulife Asset Management Limited Management Team | 03-15-2005 INTECH Investment Management LLC Management Team | 02-01-2006 Canso Investment Counsel Ltd.

Key Points on the Process Axiom Diversified Monthly Income Portfolio follows the discipline of strategic asset allocation to ensure the right combination of investments is working for investors. Independent Investment Management Axiom provides investors with the confidence of knowing that independent investment managers from around the world are working for them. Each portfolio manager of the underlying investments is selected based on their ability to meet the high standards expected of their organization, investment process, investment philosophy, and performance. Diversification This Axiom portfolio has been designed to minimize risks and solidify returns. We do this by ensuring the portfolio is broadly diversified at multiple levels, avoiding too

heavy a reliance on any one individual security, fund, sector, geographical region, or management style. Built-in Rebalancing This Axiom portfolio is rebalanced on an ongoing basis to prevent over exposure to any one asset class. When the asset allocation weightings shift more than 2.50% from the strategic asset allocation, the portfolio is automatically rebalanced. Monitoring Axiom relies on a team of investment professionals, CIBC’s Consulting Group, who select and monitor portfolio managers of underlying investments. A Summary of the Portfolio Axiom Diversified Monthly Income Portfolio is ideal for an investor seeking a reliable, tax-efficient source of income. The portfolio uses a diversified mix of income sources, including equities, fixed income and income trusts, providing an advantage over traditional dividend investments. The diversified income generation sources can provide protection from changing market conditions while delivering a reliable stream of income.

Manager Commentary Your portfolio’s diversification contributed to strong gains. Since the European Central Bank injected liquidity into the system via its Long-term Refinancing Operation, markets saw an increase in investment risk appetite. Better economic data from the U.S., and assurances of continued accommodative policy from the U.S. Federal Reserve was strongly positive for equity markets – but challenged bond markets. The portfolio’s large exposure to Canadian equity and small exposure to U.S. equity contributed positively to performance, offsetting the effect of weak fixed income markets.

As at March 31, 2012 MER is annualized as at August 31, 2011. Please refer to the Annual/Interim Management Reports of Fund Performance for further details. Benchmark Blend: 47% DEX Bond Universe Index / 48% S&P/TSX Composite Index / 5% S&P 500 Index T-Class units are also available $5,000 TFSA minimum for Classes A & F

RENAISSANCE INVESTMENTS 19

AXIOM PORTFOLIOS

Report created on 04-16-2012

Axiom Balanced Growth Portfolio (Class A) Benchmark A Blended Benchmark

Fund Category Canadian Equity Balanced

Morningstar Rating QQQ

Investment Objective

Performance as of 03-31-2012

The Portfolio will seek to create a diversified portfolio of investments across several asset classes. Investing primarily in mutual funds, the goal is to achieve a balance of income and long-term capital growth by investing in a diversified mix of equity, income and bond mutual funds.

Growth of $25,000 35 Fund

30 28 25 23 20

Volatility Analysis

Medium

Low

High

Volatility (low-high): The lower the volatility ranking, the lower the risk of the fund. Funds with a volatility ranking of high are the most risky. Best 1 Year Return

Worst 1 Year Return

25.6% 02-28-2009 to 02-28-2010

-22.7% 02-28-2008 to 02-28-2009

Portfolio Details Class

Load Structure

Currency

Fund Code

A A A F Elite Elite Elite Sel Sel Sel

Back End Charge Front End Charge Low Load Charge No Sales or Redem Back End Charge Front End Charge Low Load Charge Back End Charge Front End Charge Low Load Charge

CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD

ATL988 ATL986 ATL987 ATL789 ATL958 ATL956 ATL957 ATL934 ATL932 ATL933

Inception Date Rebalancing Frequency Rebalancing Threshold MER Distribution Frequency Minimum Investment Telephone Web Site

March 15, 2005 Dynamically +/- 2.5% 2.38% Annually $25,000

888 888 FUND www.renaissanceinvestments.ca/axiom

Investment Style

Performance Quartile (within category over calendar year)

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

YTD

—

56.7

221.0

408.3

359.3

462.7

520.7

467.7

464.8

Fund Category Benchmark A

— -4.3 -5.8

— 13.3 14.9

— 10.1 10.1

Trailing Returns %

1 Mth

3 Mth

6 Mth

1Yr

2Yr

3Yr

5Yr

Since Inception

-0.6 0.2 -0.1

4.2 4.2 4.0

6.5 7.4 7.4

-4.0 -1.6 0.6

3.0 4.1 6.2

9.0 12.3 11.5

0.3 1.4 2.8

2.8 — —

Total Assets ($mil) Calendar Year Returns %

Fund Category Benchmark A

— 12.3 13.3

10.1 10.4 13.7

1.4 0.3 3.8

-20.0 -22.3 -17.1

17.4 25.2 18.4

10.1 9.1 11.0

-6.1 -2.4 -0.9

4.2 4.2 4.0

Portfolio Analysis as of 03-31-2012 Target Composition

% Assets

Canadian Equity 32.0 U.S. Equity 12.0 International Equity 8.0 Emerging Markets 5.0 Equity Canadian Monthly 8.0 Income Canadian Fixed 30.0 Income Global Bond 5.0 Top 5 Global Equity Sectors

Financials Energy Materials Industrial Consumer Discretionary

Market Cap

Large Medium Small

77.9 16.7 5.4

Credit Quality

High Medium Low NR/NA

Top Holdings

67.6 20.2 1.4 10.7 % Assets

Frontiers Canadian Equity Frontiers Canadian Fixed Income Frontiers U.S. Equity Frontiers International Equity Frontiers Canadian Monthly Income

31.9 30.3 12.1 8.1 8.0

Frontiers Global Bond Frontiers Emerging Markets Equity

5.0 5.0

% Equity

24.0 20.1 14.6 9.0 8.6

Total Number of Portfolio Holdings Total Number of Underlying Holdings Total Number of Stock Holdings Total Number of Bond Holdings

9 1,427 1,047 356

AXIOM PORTFOLIOS

Report created on 04-16-2012

Axiom Balanced Growth Portfolio (Class A) Investment Management Overview Investment Management Brief

Investment Management Approach

Manager Bios Management Team | 03-15-2005 McLean Budden Ltd.

Investment Management Approach

About the Portfolio Growth balanced with income. This portfolio is designed for the investor looking for a balance of income and longterm capital growth, with a focus on stability. Use this portfolio as a single balanced growth investment solution and benefit from its sophisticated portfolio management built upon proven investment principles.

Brandywine Global Investment Mgmt, LLC. Management Team | 07-01-2009 Metropolitan West Capital Management LLC Management Team | 03-15-2005 Walter Scott & Partners Limited Management Team | 07-01-2009 Fiduciary Management, Inc. of Milwaukee Management Team | 03-15-2005 CIBC Global Asset Management Inc Management Team | 03-15-2005 Manulife Asset Management Limited Management Team | 03-15-2005 INTECH Investment Management LLC Management Team | 02-01-2006 Canso Investment Counsel Ltd. Management Team | 06-01-2006 Pictet International Management

Key Points on the Process Axiom Balanced Growth Portfolio follows the discipline of strategic asset allocation to ensure the right combination of investments is working for investors. Independent Investment Management Axiom provides investors with the confidence of knowing that independent investment managers from around the world are working for them. Each portfolio manager of the underlying investments is selected based on their ability to meet the high standards expected of their organization, investment process, investment philosophy, and performance. Diversification This Axiom portfolio has been designed to minimize risks and solidify returns. We do this by ensuring the portfolio is broadly diversified at multiple levels, avoiding too

heavy a reliance on any one individual security, fund, sector, geographical region, or management style. Built-in Rebalancing This Axiom portfolio is rebalanced on an ongoing basis to prevent over exposure to any one asset class. When the asset allocation weightings shift more than 2.50% from the strategic asset allocation, the portfolio is automatically rebalanced. Monitoring Axiom relies on a team of investment professionals, CIBC’s Consulting Group, who select and monitor portfolio managers of underlying investments. A Summary of the Portfolio Axiom Balanced Growth Portfolio is ideal for a conservative investor seeking a balance of income and long-term capital growth. An approximate 55% weighting in equities provides for long-term capital appreciation, balanced by a 45% fixed income component. The balanced combination of equities and income sources can provide protection from volatile markets while delivering the potential for long-term growth.

Management Team | 05-01-2011 del Rey Global Investors, LLC

Manager Commentary Your portfolio’s broad diversification contributed to exceptional gains. Since the European Central Bank injected liquidity into the system via its Long-term Refinancing Operation, markets saw an increase in investment risk appetite. Better economic data from the U.S., and assurances of continued accommodative policy from the U.S. Federal Reserve was strongly positive for equity markets – but challenged bond markets. The portfolio’s exposure to Canadian, U.S., international and emerging markets equities contributed positively to performance, offsetting the effect of weak fixed income markets. As at March 31, 2012

MER is annualized as at August 31, 2011. Please refer to the Annual/Interim Management Reports of Fund Performance for further details. Benchmark Blend: 32% DEX Bond Universe Index / 38% S&P/TSX Composite Index / 12% S&P 500 Index / 8% MSCI EAFE Index / 5% MSCI Emerging Markets Index / 5% Citigroup World Government Index T-Class units are also available $5,000 TFSA minimum for Classes A & F

RENAISSANCE INVESTMENTS 21

AXIOM PORTFOLIOS

Report created on 04-16-2012

Axiom Long-Term Growth Portfolio (Class A) Benchmark A Blended Benchmark

Fund Category Canadian Equity Balanced

Morningstar Rating QQ

Investment Objective

Performance as of 03-31-2012

The Portfolio will seek to create a diversified portfolio of investments across several asset classes. Investing primarily in mutual funds, the goal is to achieve longterm capital growth by investing primarily in equity mutual funds for higher growth potential, with some exposure to fixed income securities for diversification.

Growth of $25,000 35 Fund

30 28 25 23 20

Volatility Analysis

Medium

Low

High

Volatility (low-high): The lower the volatility ranking, the lower the risk of the fund. Funds with a volatility ranking of high are the most risky. Best 1 Year Return

Worst 1 Year Return

30.9% 02-28-2009 to 02-28-2010

-28.1% 02-28-2008 to 02-28-2009

Portfolio Details Class

Load Structure

Currency

Fund Code

A A A F Elite Elite Elite Sel Sel Sel

Back End Charge Front End Charge Low Load Charge No Sales or Redem Back End Charge Front End Charge Low Load Charge Back End Charge Front End Charge Low Load Charge

CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD

ATL994 ATL992 ATL993 ATL791 ATL961 ATL959 ATL960 ATL937 ATL935 ATL936

Inception Date Rebalancing Frequency Rebalancing Threshold MER Distribution Frequency Minimum Investment Telephone Web Site

March 15, 2005 Dynamically +/- 2.5% 2.64% Annually $25,000

888 888 FUND www.renaissanceinvestments.ca/axiom

Investment Style

Performance Quartile (within category over calendar year)

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

YTD

—

29.4

123.6

218.3

192.7

235.2

256.7

209.2

204.8

Fund Category Benchmark A

— -4.3 -8.3

— 13.3 18.1

— 10.1 11.4

Trailing Returns %

1 Mth

3 Mth

6 Mth

1Yr

2Yr

3Yr

5Yr

Since Inception

-0.9 0.2 -0.4

5.0 4.2 4.7

7.7 7.4 8.2

-7.0 -1.6 -2.5

2.2 4.1 5.6

9.9 12.3 12.8

-0.5 1.4 2.2

2.8 — —

Total Assets ($mil) Calendar Year Returns %

Fund Category Benchmark A

— 12.3 16.3

11.5 10.4 15.9

2.3 0.3 5.3

-25.5 -22.3 -22.8

21.8 25.2 23.4

11.6 9.1 12.5

-9.2 -2.4 -3.8

5.0 4.2 4.7

Portfolio Analysis as of 03-31-2012 Target Composition

% Assets

Canadian Equity U.S. Equity International Equity Emerging Markets Equity Canadian Monthly Income Canadian Fixed Income Global Bond Top 5 Global Equity Sectors

Financials Energy Materials Industrial Consumer Discretionary

40.0 10.0 8.0 7.0 15.0 15.0 5.0

Market Cap

Large Medium Small

78.5 16.3 5.2

Credit Quality

High Medium Low NR/NA

Top Holdings

59.5 24.4 1.4 14.8 % Assets

Frontiers Canadian Equity Frontiers Canadian Fixed Income Frontiers Canadian Monthly Income Frontiers U.S. Equity Frontiers International Equity

40.2 15.2 15.1 10.1 8.1

Frontiers Emerging Markets Equity Frontiers Global Bond

7.0 5.1

% Equity

25.7 21.1 14.9 8.6 8.3

Total Number of Portfolio Holdings Total Number of Underlying Holdings Total Number of Stock Holdings Total Number of Bond Holdings

9 1,427 1,047 356

Notes T-Class units are also available $5,000 TFSA minimum for Classes A & F ©2012. Morningstar Research Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. Axiom Portfolios are offered by CIBC Asset Management Inc.™Axiom and Axiom Portfolios are registered trademarks of CIBC Asset Management Inc.

AXIOM PORTFOLIOS

Report created on 04-16-2012

Axiom Long-Term Growth Portfolio (Class A) Investment Management Overview Investment Management Brief

Investment Management Approach

Manager Bios Management Team | 03-15-2005 McLean Budden Ltd. Management Team | 06-01-2008

Investment Management Approach

Aletheia Research and Management, Inc. Management Team | 03-15-2005 Acuity Investment Management Inc Management Team | 03-15-2005 Addenda Capital Inc. Management Team | 11-01-2006 Brandywine Global Investment Mgmt, LLC. Management Team | 07-01-2009 Metropolitan West Capital Management LLC

About the Portfolio Diversified growth with a degree of stability for longterm gains. This Portfolio is designed for investors who can tolerate low-to-moderate investment risk and who are seeking the potential for long-term capital appreciation. Use this portfolio as a single growthoriented investment solution and benefit from its sophisticated portfolio management built upon proven investment principles.

Management Team | 03-15-2005 Walter Scott & Partners Limited Management Team | 07-01-2009 Fiduciary Management, Inc. of Milwaukee

Key Points on the Process Axiom Long-Term Growth Portfolio follows the discipline of strategic asset allocation to ensure the right combination of investments is working for investors.

Management Team | 03-15-2005 CIBC Global Asset Management Inc Management Team | 03-15-2005 Manulife Asset Management Limited Management Team | 03-15-2005 INTECH Investment Management LLC Management Team | 02-01-2006 Canso Investment Counsel Ltd. Management Team | 03-15-2005 Pictet International Management Management Team | 05-01-2011 del Rey Global Investors, LLC

Independent Investment Management Axiom provides investors with the confidence of knowing that independent investment managers from around the world are working for them. Each portfolio manager of the underlying investments is selected based on their ability to meet the high standards expected of their organization, investment process, investment philosophy, and performance. Diversification This Axiom portfolio has been designed to minimize risks and solidify returns. We do this by ensuring the portfolio is broadly diversified at multiple levels, avoiding too

Monitoring Axiom relies on a team of investment professionals, CIBC’s Consulting Group, who select and monitor portfolio managers of underlying investments. A Summary of the Portfolio Axiom Long-Term Growth Portfolio is ideal for a higherrisk investor seeking long-term capital gains. The portfolio is strategically positioned to be effective over the long-term and provides long-term growth potential with stability, using an approximate 80% weighting in equities and a 20% weighting in income sources. The combination favouring equities yet including a measure of income provides the potential for long-term growth while offering a degree of protection from volatile markets.

Manager Commentary Your portfolio’s diversification contributed to strong gains. Since the European Central Bank injected liquidity into the system via its Long-term Refinancing Operation, markets saw an increase in investment risk appetite. Better economic data from the U.S., and assurances of continued accommodative policy from the U.S. Federal Reserve was strongly positive for equity markets – but challenged bond markets. The portfolio’s exposure to Canadian, U.S., international and emerging markets equities contributed positively to performance, offsetting the effect of weak fixed income markets.

As at March 31, 2012 MER is annualized as at August 31, 2011. Please refer to the Annual/Interim Management Reports of Fund Performance for further details. Benchmark Blend: 18% DEX Bond Universe Index / 52% S&P/TSX Composite Index / 10% S&P 500 Index / 8% MSCI EAFE Index / 7% MSCI Emerging Markets Index / 5% Citigroup World Government Index

RENAISSANCE INVESTMENTS 23

AXIOM PORTFOLIOS

Report created on 04-16-2012

Axiom Canadian Growth Portfolio (Class A) Benchmark A Blended Benchmark

Fund Category Canadian Equity Balanced

Morningstar Rating QQ

Investment Objective

Performance as of 03-31-2012

The Portfolio will seek to create a focused portfolio of investments across its Canadian asset classes. Investing primarily in mutual funds, the goal is to pursue long-term capital growth by investing primarily in Canadian equity mutual funds for higher growth potential, with some exposure to Canadian fixed income securities for diversification.

Growth of $25,000 35

Volatility Analysis

Low

Fund

33 30 28 25 23 20

Performance Quartile (within category over calendar year) Medium

Worst 1 Year Return

32.6% 02-28-2009 to 02-28-2010

-28.2% 02-28-2008 to 02-28-2009

Portfolio Details Class

Load Structure

Currency

Fund Code

A A A F Elite Elite Elite Sel Sel Sel

Back End Charge Front End Charge Low Load Charge No Sales or Redem Back End Charge Front End Charge Low Load Charge Back End Charge Front End Charge Low Load Charge

CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD

ATL991 ATL989 ATL990 ATL790 ATL964 ATL962 ATL963 ATL940 ATL938 ATL939

Inception Date Rebalancing Frequency Rebalancing Threshold MER Distribution Frequency Minimum Investment Telephone Web Site

March 15, 2005 Dynamically +/- 2.5% 2.58% Annually $25,000

2003

2004

2005

2006

2007

2008

2009

2010

2011

YTD

—

9.9

23.7

39.1

42.8

59.7

69.2

56.6

54.9

Fund Category Benchmark A

— -4.3 -7.3

— 13.3 21.5

— 10.1 12.7

— 12.3 19.6

Trailing Returns %

1 Mth

3 Mth

6 Mth

1Yr

2Yr

3Yr

5Yr

Since Inception

-1.4 0.2 -1.3

4.1 4.2 3.2

7.5 7.4 6.6

-9.0 -1.6 -5.0

1.8 4.1 5.2

10.6 12.3 13.6

0.5 1.4 3.1

3.4 — —

Total Assets ($mil)

Best 1 Year Return

2002

High

Volatility (low-high): The lower the volatility ranking, the lower the risk of the fund. Funds with a volatility ranking of high are the most risky.

Calendar Year Returns %

Fund Category Benchmark A

9.4 10.4 13.9

5.6 0.3 8.4

-26.2 -22.3 -24.3

25.3 25.2 27.3

13.7 9.1 15.0

-9.6 -2.4 -4.2

4.1 4.2 3.2

Portfolio Analysis as of 03-31-2012 Target Composition

% Assets

Canadian Equity Canadian Monthly Income Canadian Fixed Income

56.0 24.0

Market Cap

Large Medium Small

20.0

78.6 15.8 5.6

Credit Quality

High Medium Low NR/NA

Top Holdings

Top 5 Global Equity Sectors

Financials Energy Materials Industrial Consumer Discretionary

% Equity

30.8 24.9 17.2 7.9 7.2

66.8 19.7 1.3 12.2 % Assets

Frontiers Canadian Equity Frontiers Canadian Monthly Income Frontiers Canadian Fixed Income

56.2 24.2 20.3

Total Number of Portfolio Holdings Total Number of Underlying Holdings Total Number of Stock Holdings Total Number of Bond Holdings

5 535 197 317

888 888 FUND www.renaissanceinvestments.ca/axiom

Investment Style

AXIOM PORTFOLIOS

Report created on 04-16-2012

Axiom Canadian Growth Portfolio (Class A) Investment Management Overview Investment Management Brief

Investment Management Approach

Manager Bios Management Team | 03-15-2005 McLean Budden Ltd. Management Team | 03-15-2005

Investment Management Approach

Acuity Investment Management Inc Management Team | 03-15-2005 Addenda Capital Inc. Management Team | 03-15-2005 CIBC Global Asset Management Inc Management Team | 03-15-2005 Manulife Asset Management Limited Management Team | 02-01-2006

About the Portfolio Canadian-focused, yet well diversified for growth. This portfolio is suitable for investors who can tolerate lowto-moderate investment risk and who are seeking longterm capital appreciation. Use this portfolio as a single Canadian-focused, growth-oriented investment solution and benefit from its sophisticated portfolio management built upon proven investment principles.

Canso Investment Counsel Ltd.

Key Points on the Process Axiom Canadian Growth Portfolio follows the discipline of strategic asset allocation to ensure the right combination of investments is working for investors. Independent Investment Management Axiom provides investors with the confidence of knowing that independent investment managers from around the world are working for them. Each portfolio manager of the underlying investments is selected based on their ability to meet the high standards expected of their organization, investment process, investment philosophy, and performance. Diversification This Axiom portfolio has been designed to minimize risks and solidify returns. We do this by ensuring the portfolio is broadly diversified at multiple levels, avoiding a heavy

reliance on any one individual security, fund, sector, geographical region, or management style. Built-in Rebalancing This Axiom portfolio is rebalanced on an ongoing basis to prevent over exposure to any one asset class. When the asset allocation weightings shift more than 2.50% from the strategic asset allocation, the portfolio is automatically rebalanced. Monitoring Axiom relies on a team of investment professionals, CIBC’s Consulting Group, who select and monitor portfolio managers of underlying investments. A Summary of the Portfolio Axiom Canadian Growth Portfolio is ideal for the investor seeking a diversified Canadian portfolio, with long-term capital growth. The portfolio is a fully diversified Canadian solution and is ideal as a core component for long-term growth potential. The combination favouring Canadian equities, at approximately 77%, and including a measure of income, at approximately 23%, provides the potential for long-term growth while offering a degree of protection from volatile markets.

Manager Commentary Your portfolio’s diversification contributed to strong gains. Since the European Central Bank injected liquidity into the system via its Long-term Refinancing Operation, markets saw an increase in investment risk appetite. Better economic data from the U.S., and assurances of continued accommodative policy from the U.S. Federal Reserve was strongly positive for equity markets – but challenged bond markets. The portfolio’s large exposure to Canadian equity contributed positively to performance, offsetting the effect of its smaller allocation to weak fixed income markets.

As at March 31, 2012 MER is annualized as at August 31, 2011. Please refer to the Annual/Interim Management Reports of Fund Performance for further details. Benchmark Blend: 25% DEX Bond Universe Index / 75% S&P/TSX Composite Index T-Class units are also available $5,000 TFSA minimum for Classes A & F

RENAISSANCE INVESTMENTS 25

AXIOM PORTFOLIOS

Report created on 04-16-2012

Axiom Global Growth Portfolio (Class A) Benchmark A Blended Benchmark

Fund Category Global Equity Balanced

Morningstar Rating QQ

Investment Objective

Performance as of 03-31-2012

The portfolio will seek to create a diversified portfolio of investments across several asset classes, and will emphasize global investment exposure. Investing primarily in mutual funds, the goal is to provide exposure to countries in North America, Europe, the Far East and Asia, and emerging market countries for higher growth potential, with some exposure to global fixed income securities for diversification.

Growth of $25,000 33

Medium

High

Volatility (low-high): The lower the volatility ranking, the lower the risk of the fund. Funds with a volatility ranking of high are the most risky. Best 1 Year Return

Worst 1 Year Return

26.3% 02-28-2009 to 02-28-2010

-27.2% 11-30-2007 to 11-30-2008

Portfolio Details Class

Load Structure

Currency

Fund Code

A A A F Elite Elite Elite Sel Sel Sel

Back End Charge Front End Charge Low Load Charge No Sales or Redem Back End Charge Front End Charge Low Load Charge Back End Charge Front End Charge Low Load Charge

CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD

ATL997 ATL995 ATL996 ATL792 ATL967 ATL965 ATL966 ATL943 ATL941 ATL942

Inception Date Rebalancing Frequency Rebalancing Threshold MER Distribution Frequency Minimum Investment Telephone Web Site

30 28 25 23 20 18

Performance Quartile (within category over calendar year)

Volatility Analysis

Low

Fund

March 15, 2005 Dynamically +/- 2.5% 2.80% No Set Frequency $25,000

888 888 FUND www.renaissanceinvestments.ca/axiom

Total Assets ($mil)

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

YTD

—

8.3

62.5

128.8

90.9

95.3

87.2

68.0

67.0

— -12.3 -10.8

— 12.3 12.2

Calendar Year Returns %

Fund Category Benchmark A Trailing Returns %

Fund Category Benchmark A

— 7.2 8.8

— 8.4 10.2

12.5 12.9 17.4

-3.9 -2.8 -0.8

-23.6 -23.4 -19.7

14.2 17.6 15.3

8.6 8.6 8.7

-7.4 -5.6 -2.0

6.0 5.9 6.7

1 Mth

3 Mth

6 Mth

1Yr

2Yr

3Yr

5Yr

Since Inception

0.2 0.3 1.1

6.0 5.9 6.7

8.2 9.2 10.7

-3.1 -2.3 2.2

3.0 3.5 6.4

8.8 10.0 11.5

-2.4 -1.3 0.6

0.7 — —

Portfolio Analysis as of 03-31-2012 Target Composition

% Assets

Canadian Equity U.S. Equity International Equity Emerging Markets Equity Canadian Monthly Income Canadian Fixed Income Global Bond Top 5 Global Equity Sectors

Financials Energy Information Technology Materials Consumer Discretionary

16.0 29.0 21.0 10.0 4.0 10.0 10.0

Market Cap

Large Medium Small

76.9 18.1 5.0

Credit Quality

High Medium Low NR/NA

Top Holdings

50.7 29.3 1.5 18.5 % Assets

Frontiers U.S. Equity Frontiers International Equity Frontiers Canadian Equity Frontiers Global Bond Frontiers Canadian Fixed Income

29.3 21.2 16.0 10.1 10.1

Frontiers Emerging Markets Equity Frontiers Canadian Monthly Income

10.0 4.0

Total Number of Portfolio Holdings Total Number of Underlying Holdings Total Number of Stock Holdings Total Number of Bond Holdings

9 1,427 1,047 356

% Equity

17.7 15.1 12.7 11.3 10.2

Investment Style

AXIOM PORTFOLIOS

Report created on 04-16-2012

Axiom Global Growth Portfolio (Class A) Investment Management Overview Investment Management Brief

Investment Management Approach

Manager Bios Management Team | 03-15-2005 McLean Budden Ltd.

Investment Management Approach

About the Portfolio Global diversification, positioned for growth. This portfolio is designed for the investor seeking long-term growth and global diversification. Use this portfolio as a single globally diversified, growth-oriented investment solution and benefit from its sophisticated portfolio management built upon proven investment principles.

Built-in Rebalancing This Axiom portfolio is rebalanced on an ongoing basis to prevent over exposure to any one asset class. When the asset allocation weightings shift more than 2.50% from the strategic asset allocation, the portfolio is automatically rebalanced.

Key Points on the Process Axiom Global Growth Portfolio follows the discipline of strategic asset allocation to ensure the right combination of investments is working for investors. Independent Investment Management Axiom provides investors with the confidence of knowing that independent investment managers from around the world are working for them. Each portfolio manager of the underlying investments is selected based on their ability to meet the high standards expected of their organization, investment process, investment philosophy, and performance. Diversification This Axiom portfolio has been designed to minimize risks and solidify returns. We do this by ensuring the portfolio is broadly diversified at multiple levels, avoiding too heavy a reliance on any one individual security, fund, sector, geographical region, or management style.

Monitoring Axiom relies on a team of investment professionals, CIBC’s Consulting Group, who select and monitor portfolio managers of underlying investments. A Summary of the Portfolio Axiom Global Growth Portfolio is ideal for the investor seeking a globally diversified portfolio, with long-term capital growth. The portfolio is a globally diversified solution, investing in global, international and emerging market opportunities, making it ideal as a core component for long-term growth potential. The combination favouring equities, at approximately 80%, yet including a measure of income, at approximately 20%, has the ability to invest in different economic environments in a single global solution and provides the potential for long-term growth while offering a degree of protection from volatile markets.

Manager Commentary Your portfolio’s global diversification contributed to exceptional gains. Since the European Central Bank injected liquidity into the system via its Long-term Refinancing Operation, markets saw an increase in investment risk appetite. Better economic data from the U.S., and assurances of continued accommodative policy from the U.S. Federal Reserve was strongly positive for equity markets – but challenged bond markets. The portfolio’s regionally diversified (Canadian, U.S., international and emerging markets) equities performed very well, offsetting the effect of weak fixed income markets. As at March 31, 2012

MER is annualized as at August 31, 2011. Please refer to the Annual/Interim Management Reports of Fund Performance for further details. Benchmark Blend: 11% DEX Bond Universe Index / 19% S&P/TSX Composite Index / 29% S&P 500 Index / 21% MSCI EAFE Index / 10% MSCI Emerging Markets Index / 10% Citigroup World Government Index T-Class units are also available $5,000 TFSA minimum for Classes A & F

RENAISSANCE INVESTMENTS 27

AXIOM PORTFOLIOS

Report created on 04-16-2012

Axiom Foreign Growth Portfolio (Class A) Benchmark A Blended Benchmark

Fund Category Global Equity Balanced

Morningstar Rating Q

Investment Objective

Performance as of 03-31-2012

The Portfolio will seek to create a diversified portfolio of investments across several asset classes. It will emphasize foreign investment exposure (which excludes Canada). Investing primarily in mutual funds, the goal is to achieve long-term capital growth by investing primarily in U.S. and international equity mutual funds that provide exposure to a number of industrialized countries outside of Canada. The overall fund objective can be considered aggressive.

Growth of $25,000 33

Volatility Analysis

Fund

30 28 25 23 20 18

Performance Quartile (within category over calendar year)

Total Assets ($mil) Low

Medium

High

Volatility (low-high): The lower the volatility ranking, the lower the risk of the fund. Funds with a volatility ranking of high are the most risky. Worst 1 Year Return

24.5% 02-28-2009 to 02-28-2010

-29.1% 11-30-2007 to 11-30-2008

Portfolio Details Load Structure

Currency

Fund Code

A A A F Elite Elite Elite Sel Sel Sel

Back End Charge Front End Charge Low Load Charge No Sales or Redem Back End Charge Front End Charge Low Load Charge Back End Charge Front End Charge Low Load Charge

CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD

ATL778 ATL998 ATL999 ATL794 ATL970 ATL968 ATL969 ATL946 ATL944 ATL945

Telephone Web Site

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

YTD

—

2.1

13.7

21.0

12.6

11.9

9.3

6.0

5.8

Fund Category Benchmark A

— -12.3 -13.9

— 12.3 8.6

Fund Category Benchmark A

— 7.2 7.1

— 8.4 6.2

13.8 12.9 19.2

-8.4 -2.8 -5.4

-23.9 -23.4 -19.2

9.8 17.6 10.1

6.9 8.6 6.2

-6.4 -5.6 -1.6

7.1 5.9 8.3

1 Mth

3 Mth

6 Mth

1Yr

2Yr

3Yr

5Yr

Since Inception

1.0 0.3 2.3

7.1 5.9 8.3

9.1 9.2 12.9

-0.5 -2.3 4.7

3.8 3.5 6.7

8.4 10.0 10.7

-4.0 -1.3 -1.2

-0.7 — —

Portfolio Analysis as of 03-31-2012

Class

Inception Date Rebalancing Frequency Rebalancing Threshold MER Distribution Frequency Minimum Investment

Calendar Year Returns %

Trailing Returns % Best 1 Year Return

March 15, 2005 Dynamically +/- 2.5% 2.75% No Set Frequency $25,000

Target Composition

% Assets

U.S. Equity International Equity Emerging Markets Equity Global Bond

43.0 33.0 10.0

Market Cap

Large Medium Small

75.7 19.4 4.9

Credit Quality

High Medium Low NR/NA

14.0 Top Holdings

Top 5 Global Equity Sectors

Information Technology Financials Consumer Discretionary Energy Industrial

29.6 42.6 1.7 26.1

% Equity

16.2 12.9 11.4 11.4 11.1

% Assets

Frontiers U.S. Equity Frontiers International Equity Frontiers Global Bond Frontiers Emerging Markets Equity

44.1 33.8 14.5 10.3

Total Number of Portfolio Holdings Total Number of Underlying Holdings Total Number of Stock Holdings Total Number of Bond Holdings

6 908 864 39

888 888 FUND www.renaissanceinvestments.ca/axiom

Investment Style

AXIOM PORTFOLIOS

Report created on 04-16-2012

Axiom Foreign Growth Portfolio (Class A) Investment Management Overview Investment Management Brief

Investment Management Approach

Manager Bios Management Team | 06-01-2008 Aletheia Research and Management, Inc. Management Team | 11-17-2006

Investment Management Approach

About the Portfolio Foreign diversification, positioned for growth. This portfolio is designed for the aggressive investor seeking maximum long-term capital growth by investing in U.S. and international equities. Use this portfolio as a single internationally diversified, growth-oriented investment solution and benefit from its sophisticated portfolio management built upon proven investment principles.

INTECH Investment Management LLC Management Team | 06-01-2006 Pictet International Management Management Team | 05-01-2011 del Rey Global Investors, LLC

Key Points on the Process Foreign Growth Portfolio follows the discipline of strategic asset allocation to ensure the right combination of investments is working for investors. Independent Investment Management Axiom provides investors with the confidence of knowing that independent investment managers from around the world are working for them. Each portfolio manager of the underlying investments is selected based on their ability to meet the high standards expected of their organization, investment process, investment philosophy, and performance. Diversification This Axiom portfolio has been designed to minimize risks and solidify returns. We do this by ensuring the portfolio

is broadly diversified at multiple levels, avoiding too heavy a reliance on any one individual security, fund, sector, geographical region, or management style. Built-in Rebalancing This Axiom portfolio is rebalanced on an ongoing basis to prevent over exposure to any one asset class. When the asset allocation weightings shift more than 2.50% from the strategic asset allocation, the portfolio is automatically rebalanced. Monitoring Axiom relies on a team of investment professionals, CIBC’s Consulting Group, who select and monitor portfolio managers of underlying investments. A Summary of the Portfolio Axiom Foreign Growth Portfolio is ideal for investors seeking a diversified foreign portfolio, with strong growth potential and is a complement to a core Canadian strategy. The combination favouring foreign equities, at approximately 86%, yet including a measure of income, at approximately 14%, provides the potential for longterm growth while offering a degree of protection from volatile markets.

Manager Commentary Your portfolio’s broad diversification contributed to exceptional gains. Since the European Central Bank injected liquidity into the system via its Long-term Refinancing Operation, markets saw an increase in investment risk appetite. Better economic data from the U.S., and assurances of continued accommodative policy from the U.S. Federal Reserve was strongly positive for equity markets – but challenged bond markets. The portfolio’s exposure to U.S., international and emerging markets equities contributed positively to performance, offsetting the effect of weak international fixed income markets.

As at March 31, 2012 MER is annualized as at August 31, 2011. Please refer to the Annual/Interim Management Reports of Fund Performance for further details. Benchmark Blend: 43% S&P 500 Index / 33% MSCI EAFE Index / 10% MSCI Emerging Markets Index / 14% Citigroup World Government Bond Index T-Class units are also available $5,000 TFSA minimum for Classes A & F

RENAISSANCE INVESTMENTS 29

AXIOM PORTFOLIOS

Report created on 04-16-2012

Axiom All Equity Portfolio (Class A) Benchmark A Blended Benchmark

Fund Category Global Equity

Morningstar Rating QQQ

Investment Objective

Performance as of 03-31-2012

The Portfolio will seek to create a diversified portfolio focused on equity investments. Investing primarily in mutual funds, the goal is to achieve long-term capital growth by investing in a diversified mix of equity mutual funds for higher growth potential. The mutual funds may include some sector equity exposure, and the overall fund objective can be considered aggressive.

Growth of $25,000 45

Volatility Analysis

Low

Fund

40 35 30 25 20 15

Performance Quartile (within category over calendar year) Medium

High

Total Assets ($mil) Volatility (low-high): The lower the volatility ranking, the lower the risk of the fund. Funds with a volatility ranking of high are the most risky. Best 1 Year Return

Worst 1 Year Return

32.8% 02-28-2009 to 02-28-2010

-34.8% 11-30-2007 to 11-30-2008

Portfolio Details Class

Load Structure

Currency

Fund Code

A A A F Elite Elite Elite Sel Sel Sel

Back End Charge Front End Charge Low Load Charge No Sales or Redem Back End Charge Front End Charge Low Load Charge Back End Charge Front End Charge Low Load Charge

CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD

ATL784 ATL782 ATL783 ATL796 ATL979 ATL971 ATL978 ATL949 ATL947 ATL948

Inception Date Rebalancing Frequency Rebalancing Threshold MER Distribution Frequency Minimum Investment Telephone Web Site

March 15, 2005 Dynamically +/- 2.5% 2.75% No Set Frequency $25,000

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

YTD

—

4.0

25.9

43.4

30.1

34.5

31.0

23.1

— -17.4 -16.4

— 10.6 15.4

Calendar Year Returns %

Fund Category Benchmark A Trailing Returns %

Fund Category Benchmark A

— 6.4 9.9

— 5.8 13.7

16.2 18.0 21.4

-3.8 -6.6 -0.3

-31.5 -29.3 -29.0

18.6 14.3 21.5

9.5 6.5 9.9

-11.1 -7.6 -5.3

7.7 10.3 9.2

1 Mth

3 Mth

6 Mth

1Yr

2Yr

3Yr

5Yr

Since Inception

0.3 1.8 1.4

7.7 10.3 9.2

10.8 14.3 14.5

-5.7 -0.3 0.5

2.2 3.9 6.3

9.8 10.4 13.9

-4.1 -4.3 -0.7

0.2 — —

Portfolio Analysis as of 03-31-2012 Target Composition

% Assets

Canadian Equity U.S. Equity International Equity Emerging Markets Equity Canadian Monthly Income Top 5 Global Equity Sectors

Financials Energy Information Technology Materials Consumer Discretionary

16.0 38.0 24.0 18.0 4.0

% Equity

17.4 14.8 13.5 11.0 10.1

Market Cap

Large Medium Small

77.0 18.2 4.8

Top Holdings

% Assets

Frontiers U.S. Equity Frontiers International Equity Frontiers Emerging Markets Equity Frontiers Canadian Equity Frontiers Canadian Monthly Income

38.9 24.4 18.1 16.2 4.1

Total Number of Portfolio Holdings Total Number of Underlying Holdings Total Number of Stock Holdings Total Number of Bond Holdings

7 1,222 1,047 162

888 888 FUND www.renaissanceinvestments.ca/axiom

Investment Style

AXIOM PORTFOLIOS

Report created on 04-16-2012

Axiom All Equity Portfolio (Class A) Investment Management Overview Investment Management Brief

Investment Management Approach

Manager Bios Management Team | 03-15-2005 McLean Budden Ltd.

Investment Management Approach

Management Team | 06-01-2008 Aletheia Research and Management, Inc. Management Team | 03-15-2005 Acuity Investment Management Inc Management Team | 07-01-2009 Metropolitan West Capital Management LLC Management Team | 03-15-2005 Walter Scott & Partners Limited

About the Portfolio Diversified equity, positioned for maximum growth. This portfolio is designed for the aggressive investor who is looking to maximize long-term growth by focusing on equity investments. Use this portfolio as a single diversified, growth-oriented investment solution and benefit from its sophisticated portfolio management built upon proven investment principles.

Management Team | 07-01-2009 Fiduciary Management, Inc. of Milwaukee Management Team | 03-15-2005 CIBC Global Asset Management Inc Management Team | 03-15-2005 Manulife Asset Management Limited Management Team | 03-15-2005 INTECH Investment Management LLC Management Team | 06-01-2006 Pictet International Management Management Team | 05-01-2011 del Rey Global Investors, LLC

Key Points on the Process Axiom All Equity Portfolio follows the discipline of strategic asset allocation to ensure the right combination of investments is working for investors. Independent Investment Management Axiom provides investors with the confidence of knowing that independent investment managers from around the world are working for them. Each portfolio manager of the underlying investments is selected based on their ability to meet the high standards expected of their organization, investment process, investment philosophy, and performance. Diversification This Axiom portfolio has been designed to minimize risks and solidify returns. We do this by ensuring the portfolio

is broadly diversified at multiple levels, avoiding too heavy a reliance on any one individual security, fund, sector, geographical region, or management style. Built-in Rebalancing This Axiom portfolio is rebalanced on an ongoing basis to prevent over exposure to any one asset class. When the asset allocation weightings shift more than 2.50% from the strategic asset allocation, the portfolio is automatically rebalanced. Monitoring Axiom relies on a team of investment professionals, CIBC’s Consulting Group, who select and monitor portfolio managers of underlying investments. A Summary of the Portfolio Axiom All Equity Portfolio is ideal for the aggressive investor seeking a diversified equity portfolio, with maximum growth potential and is a complement to a fixed income strategy. The portfolio is a fully diversified all equity solution for long-term maximum growth potential. The portfolio is fully diversified to capture equity opportunities worldwide, and provides the potential for maximum capital appreciation.

Manager Commentary Your portfolio’s regional diversification contributed to exceptional gains. Since the European Central Bank injected liquidity into the system via its Long-term Refinancing Operation, markets saw an increase in investment risk appetite. Better economic data from the U.S., and assurances of continued accommodative policy from the U.S. Federal Reserve was strongly positive for equity markets – but challenged bond markets. The portfolio’s regionally diversified (Canadian, U.S., international and emerging markets) equities performed very well, offsetting the effect of weak fixed income

markets. As at March 31, 2012 Custom Benchmark: 20% S&P/TSX Composite Index / 38% S&P 500 Index / 24% MSCI EAFE Index / 18% MSCI Emerging Markets Index T-Class units are also available $5,000 TFSA minimum for Classes A & F

RENAISSANCE INVESTMENTS 31

Axiom Portfolios

Portfolio Essentials Axiom Balanced Income Portfolio

Axiom Diversified Monthly Income Portfolio

Axiom Balanced Growth Portfolio

Axiom Long-Term Growth Portfolio

Axiom Canadian Growth Portfolio

Axiom Global Growth Portfolio

Axiom Foreign Growth Portfolio

Axiom All Equity Portfolio

Front-End Load

ATL975

ATL983

ATL986

ATL992

ATL989

ATL995

ATL998

ATL782

Back-End Load

ATL976

ATL985

ATL988

ATL994

ATL991

ATL997

ATL778

ATL784

Low Load

ATL977

ATL984

ATL987

ATL993

ATL990

ATL996

ATL999

ATL783

Front-End Load

ATL926

ATL929

ATL932

ATL935

ATL938

ATL941

ATL944

ATL947

Back-End Load

ATL928

ATL931

ATL934

ATL937

ATL940

ATL943

ATL946

ATL949

Low Load

ATL927

ATL930

ATL933

ATL936

ATL939

ATL942

ATL945

ATL948

Front-End Load

ATL950

ATL953

ATL956

ATL959

ATL962

ATL965

ATL968

ATL971

Back-End Load

ATL952

ATL955

ATL958

ATL961

ATL964

ATL967

ATL970

ATL979

Low Load

ATL951

ATL954

ATL957

ATL960

ATL963

ATL966

ATL969

ATL978

ATL981

ATL788

ATL789

ATL791

ATL790

ATL792

ATL794

ATL796

Front-End Load

ATL2601

n/a

ATL2628

ATL2655

ATL2682

ATL2736

ATL2709

ATL2763

ATL FUND CODES CLASS A

SELECT CLASS

ELITE CLASS

CLASS F CLASS T4

CLASS T6

CLASS T8

SELECT-T4 CLASS

SELECT-T6 CLASS

SELECT-T8 CLASS

ELITE-T4 CLASS

ELITE-T6 CLASS

ELITE-T8 CLASS

Back-End Load

ATL2603

n/a

ATL2630

ATL2657

ATL2684

ATL2738

ATL2711

ATL2765

Low Load

ATL2602

n/a

ATL2629

ATL2656

ATL2683

ATL2737

ATL2710

ATL2764

Front-End Load

ATL2604

ATL072

ATL2631

ATL2658

ATL2685

ATL2739

ATL2712

ATL2766

Back-End Load

ATL2606

ATL074

ATL2633

ATL2660

ATL2687

ATL2741

ATL2714

ATL2768

Low Load

ATL2605

ATL073

ATL2632

ATL2659

ATL2686

ATL2740

ATL2713

ATL2767

Front-End Load

ATL2607

ATL081

ATL2634

ATL2661

ATL2688

ATL2742

ATL2715

ATL2769

Back-End Load

ATL2609

ATL083

ATL2636

ATL2663

ATL2690

ATL2744

ATL2717

ATL2771

Low Load

ATL2608

ATL082

ATL2635

ATL2662

ATL2689

ATL2743

ATL2716

ATL2770

Front-End Load

ATL2610

n/a

ATL2637

ATL2664

ATL2691

ATL2745

ATL2718

ATL2772

Back-End Load

ATL2612

n/a

ATL2639

ATL2666

ATL2693

ATL2747

ATL2720

ATL2774

Low Load

ATL2611

n/a

ATL2638

ATL2665

ATL2692

ATL2746

ATL2719

ATL2773

Front-End Load

ATL2616

ATL075

ATL2643

ATL2670

ATL2697

ATL2751

ATL2724

ATL2778

Back-End Load

ATL2618

ATL077

ATL2645

ATL2672

ATL2699

ATL2753

ATL2726

ATL2780

Low Load

ATL2617

ATL076

ATL2644

ATL2671

ATL2698

ATL2752

ATL2725

ATL2779

Front-End Load

ATL2622

ATL084

ATL2649

ATL2676

ATL2703

ATL2757

ATL2730

ATL2784

Back-End Load

ATL2624

ATL086

ATL2651

ATL2678

ATL2705

ATL2759

ATL2732

ATL2786

Low Load

ATL2623

ATL085

ATL2650

ATL2677

ATL2704

ATL2758

ATL2731

ATL2785

Front-End Load

ATL2613

n/a

ATL2640

ATL2667

ATL2694

ATL2748

ATL2721

ATL2775

Back-End Load

ATL2615

n/a

ATL2642

ATL2669

ATL2696

ATL2750

ATL2723

ATL2777

Low Load

ATL2614

n/a

ATL2641

ATL2668

ATL2695

ATL2749

ATL2722

ATL2776

Front-End Load

ATL2619

ATL078

ATL2646

ATL2673

ATL2700

ATL2754

ATL2727

ATL2781

Back-End Load

ATL2621

ATL080

ATL2648

ATL2675

ATL2702

ATL2756

ATL2729

ATL2783

Low Load

ATL2620

ATL079

ATL2647

ATL2674

ATL2701

ATL2755

ATL2728

ATL2782

Front-End Load

ATL2625

ATL087

ATL2652

ATL2679

ATL2706

ATL2760

ATL2733

ATL2787

Back-End Load

ATL2627

ATL089

ATL2654

ATL2681

ATL2708

ATL2762

ATL2735

ATL2789

Low Load

ATL2626

ATL088

ATL2653

ATL2680

ATL2707

ATL2761

ATL2734

ATL2788

32 RENAISSANCE INVESTMENTS

Axiom Portfolios

Portfolio Essentials

MERs (%) CLASS A SELECT CLASS ELITE CLASS CLASS F CLASS T4 CLASS T6 CLASS T8 SELECT-T4 CLASS SELECT-T6 CLASS SELECT-T8 CLASS ELITE-T4 CLASS ELITE-T6 CLASS ELITE-T8 CLASS COMMISSIONS (%) CLASS A, T4, T6, T8

SELECT, SELECT-T4, SELECT-T6, SELECT-T8 CLASS ELITE, ELITE-T4, ELITE-T6, ELITE-T8 CLASS TRAILERS3 (%) CLASS A, T4, T6, T8 & SELECT, SELECT-T4, SELECT-T6, SELECT-T8 CLASS

ELITE, ELITE-T4, ELITE-T6, ELITE-T8 CLASS

Axiom Balanced Income Portfolio

Axiom Diversified Monthly Income Portfolio

Axiom Balanced Growth Portfolio

Axiom Long-Term Growth Portfolio

Axiom Canadian Growth Portfolio

Axiom Global Growth Portfolio

Axiom Foreign Growth Portfolio

Axiom All Equity Portfolio

2.09 1.89 1.41 1.21 2.00 1.97 1.93 1.92 1.94 n/a n/a 1.46 n/a

2.22 1.99 1.46 0.99 n/a 2.10 2.11 n/a 2.04 2.03 n/a 1.49 1.46

2.38 2.16 1.54 1.02 2.31 2.27 2.28 2.21 2.191 2.21 n/a 1.57 n/a

2.64 2.36 1.67 1.23 2.43 2.551 2.63 n/a n/a n/a n/a 1.67 1.641

2.58 2.18 1.57 1.14 2.53 2.50 2.41 n/a n/a 2.28 n/a n/a n/a

2.80 2.35 1.65 1.36 2.801 2.82 2.811 n/a n/a n/a n/a n/a n/a

2.75 2.25 1.68 1.33 n/a n/a n/a n/a n/a n/a n/a n/a n/a

2.75 2.35 1.68 1.41 2.82 n/a 2.64 2.331 n/a n/a n/a n/a n/a

Front-End Load Back-End Load Low Load Front-End Load Back-End Load Low Load Front-End Load Back-End Load Low Load

0-5 5.00 3.00 0-5 4.00 2.00 0-5 3.00 1.00

Front-End Load Back-End Load 1-6 years2 Back-End Load 7+ years2 Low Load 1-3 years Low Load Thereafter Front-End Load Back-End Load 1-6 years2 Back-End Load 7+ years2 Low Load 1-3 years Low Load Thereafter

1.00 0.50 1.00 0.50 1.00 0.70 0.40 0.70 0.40 0.70

1.10 0.50 1.10 0.50 1.10 0.80 0.40 0.80 0.40 0.80

1.25 0.50 1.25 0.50 1.25 0.90 0.40 0.90 0.40 0.90

All MERs as at August 31, 2011 1 Annualized MER for the period ending August 31, 2011 (as disclosed in each fund’s annual management report of fund performance). Renaissance Investments may have waived fees or absorbed expenses otherwise payable by a fund or portfolio, with the exception of any taxes or new fees introduced by regulators or governments. At the discretion of Renaissance Investments, this practice may continue indefinitely and can be terminated at any time. 2 All units held under the back-end load option on November 1, 2010 will maintain the trailing commission structure that was in place prior to November 1, 2010. Purchases of units under the back-end load option made after November 1, 2010 will be subject to the trailing commission structure detailed above. 3 Trailer fees may change at any time without prior notice. Select and Elite Class: There will be no automatic transfer into the Select Class (including Select-T4 Class, Select-T6 Class, or Select-T8 Class) or Elite Class (including Elite-T4 Class, Elite-T6 Class, or Elite-T8 Class) from other Axiom classes when the minimum investment of the Select classes or Elite classes has been reached. Conversions and switches into the Select classes or Elite classes will be subject to the minimum investment requirements governing each class. As a result, an investor must hold a minimum investment of $250,000 to convert or switch into the Select classes, and $500,000 to convert or switch into the Elite classes. Note: See the simplified prospectus for the tax treatment of conversions and switches. The information presented is accurate at the time of first printing, and is subject to change without notice. Management fees for Class A and Class F units are outlined in the Simplified Prospectus of the Portfolios. Management fees for the units of the Select classes and Elite classes will vary, but will not exceed the difference between the capped MER for that Class and the Portfolio’s operating expenses. No management fees are payable by the Portfolio that would duplicate a fee payable by the Underlying Pool(s) for the same service.

RENAISSANCE INVESTMENTS 33

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Performance Summary As at March 31, 2012

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34 RENAISSANCE INVESTMENTS

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$PNNJTTJPOT USBJMJOH DPNNJTTJPOT NBOBHFNFOU GFFT BOE FYQFOTFT BMM NBZ CF BTTPDJBUFE XJUI NVUVBM GVOE JOWFTUNFOUT 1MFBTF SFBE UIF "YJPN 1PSUGPMJPT TJNQMJÆ&#x20AC;FE QSPTQFDUVT CFGPSF JOWFTUJOH 5IF JOEJDBUFE SBUFT PG SFUVSO BSF UIF IJTUPSJDBM BOOVBM DPNQPVOEFE UPUBM SFUVSOT GPS UIF VOJUT BT BU %BUF JODMVEJOH DIBOHFT JO VOJU WBMVF BOE SFJOWFTUNFOU PG BMM $PNNJTTJPOT USBJMJOH DPNNJTTJPOT NBOBHFNFOU GFFT BOE FYQFOTFT BMM NBZ CF BTTPDJBUFE XJUI NVUVBM GVOE JOWFTUNFOUT 1MFBTF SFBE UIF "YJPN 1PSUGPMJPT TJNQMJÆ&#x20AC;FE QSPTQFDUVT EJTUSJCVUJPOT CVU EP OPU UBLF JOUP BDDPVOU TBMFT SFEFNQUJPO EJTUSJCVUJPO PS PQUJPOBM DIBSHFT PS JODPNF UBYFT QBZBCMF CZ BOZ VOJUIPMEFS UIBU XPVME IBWF SFEVDFE SFUVSOT .VUVBM GVOET CFGPSF JOWFTUJOH 5IF JOEJDBUFE SBUFT PG SFUVSO BSF UIF IJTUPSJDBM BOOVBM DPNQPVOEFE UPUBM SFUVSOT GPS UIF VOJUT BT BU %BUF JODMVEJOH DIBOHFT JO VOJU WBMVF BOE SFJOWFTUNFOU PG BMM BSF OPU HVBSBOUFFE UIFJS WBMVFT DIBOHF GSFRVFOUMZ BOE QBTU QFSGPSNBODF NBZ OPU CF SFQFBUFE 3FOBJTTBODF *OWFTUNFOUT BOE UIF "YJPN 1PSUGPMJPT BSF PGGFSFE CZ $*#$ "TTFU EJTUSJCVUJPOT CVU EP OPU UBLF JOUP BDDPVOU TBMFT SFEFNQUJPO EJTUSJCVUJPO PS PQUJPOBM DIBSHFT PS JODPNF UBYFT QBZBCMF CZ BOZ VOJUIPMEFS UIBU XPVME IBWF SFEVDFE SFUVSOT .VUVBM GVOET u "YJPN "YJPN 1PSUGPMJPT BOE 3FOBJTTBODF *OWFTUNFOUT BSF SFHJTUFSFE USBEFNBSLT PG $*#$ "TTFU .BOBHFNFOU *OD .BOBHFNFOU *OD BSF OPU HVBSBOUFFE UIFJS WBMVFT DIBOHF GSFRVFOUMZ BOE QBTU QFSGPSNBODF NBZ OPU CF SFQFBUFE 3FOBJTTBODF *OWFTUNFOUT BOE UIF "YJPN 1PSUGPMJPT BSF PGGFSFE CZ $*#$ "TTFU .BOBHFNFOU *OD u "YJPN "YJPN 1PSUGPMJPT BOE 3FOBJTTBODF *OWFTUNFOUT BSF SFHJTUFSFE USBEFNBSLT PG $*#$ "TTFU .BOBHFNFOU *OD

RENAISSANCE INVESTMENTS 35

Renaissance Investments family of funds Renaissance Investments’ comprehensive line-up of mutual funds can provide your clients with exposure to equity and fixed-income securities from markets around the world. These funds are ideal to build a portfolio or to add greater diversification and performance potential to your clients’ existing portfolios.

Fund Profiles Table of Contents NEW FUNDS Renaissance Canadian All-Cap Equity Fund Renaissance Optimal Inflation Opportunities Portfolio Renaissance Short-Term Income Fund – Premium Class Renaissance Canadian Bond Fund – Premium Class

Page 38 40 42 44

MONEY MARKET FUNDS Renaissance Money Market Fund Renaissance Money Market Fund – Premium Class Renaissance Canadian T-Bill Fund Renaissance U.S. Money Market Fund

46 48 50 52

FIXED INCOME FUNDS Renaissance Short-Term Income Fund Renaissance Canadian Bond Fund Renaissance Real Return Bond Fund Renaissance Corporate Bond Capital Yield Fund Renaissance Corporate Bond Capital Yield Fund – Premium Class Renaissance High-Yield Bond Fund Renaissance Global Bond Fund

54 56 58 60 62 64 66

BALANCED FUNDS Renaissance Canadian Balanced Fund Renaissance Optimal Income Portfolio

68 70

EQUITY INCOME FUNDS Renaissance Canadian Dividend Fund Renaissance Canadian Monthly Income Fund Renaissance Diversified Income Fund Renaissance Millennium High Income Fund

72 74 76 78

CANADIAN EQUITY FUNDS Renaissance Canadian Core Value Fund Renaissance Canadian Growth Fund Renaissance Canadian Small-Cap Fund

80 82 84

36 RENAISSANCE INVESTMENTS

U.S. EQUITY FUNDS Renaissance U.S. Equity Value Fund Renaissance U.S. Equity Growth Fund Renaissance U.S. Equity Growth Currency Neutral Fund Renaissance U.S. Equity Fund

Page 86 88 90 92

GLOBAL EQUITY FUNDS Renaissance International Dividend Fund Renaissance International Equity Fund Renaissance International Equity Currency Neutral Fund Renaissance Global Markets Fund Renaissance Optimal Global Equity Portfolio Renaissance Optimal Global Equity Currency Neutral Portfolio Renaissance Global Value Fund Renaissance Global Growth Fund Renaissance Global Growth Currency Neutral Fund Renaissance Global Focus Fund Renaissance Global Focus Currency Neutral Fund Renaissance Global Small-Cap Fund Renaissance European Fund Renaissance Asian Fund Renaissance China Plus Fund Renaissance Emerging Markets Fund

94 96 98 100 102 104 106 108 110 112 114 116 118 120 122 124

SPECIALTY FUNDS Renaissance Global Infrastructure Fund Renaissance Global Infrastructure Currency Neutral Fund Renaissance Global Real Estate Fund Renaissance Global Real Estate Currency Neutral Fund Renaissance Global Health Care Fund Renaissance Global Resource Fund Renaissance Global Science & Technology Fund

126 128 130 132 134 136 138

Invest with Confidence

Universe of Investment Managers

Quantitative Filters

When your clients invest with Renaissance Investments, they’re in good hands. We search the world for independent investment managers and put them to work on their behalf. We begin with a universe of thousands of potential investment managers, and then apply in-depth quantitative and qualitative filters to identify those with a proven ability to successfully manage the mandates within our

Manager Candidates

Qualitative Six-Step Process

Managers Selected for Renaissance Investments

investment solutions. Our exacting approach to due diligence helps us optimize performance and manage risk for our clients. Once selected for Renaissance Investments, managers undergo continuous monitoring and assessment. In order to remain part of our clients’ portfolios, they must demonstrate consistency with their investment disciplines and the rigorous standards of our products.

Strength Behind Your Clients – Renaissance Investments’ family of funds has access to the accumulated knowledge and expertise of independent investment managers from across Canada and around the world.

RENAISSANCE INVESTMENTS 37

NEW FUNDS

Report created on 04-16-2012

Renaissance Canadian All-Cap Equity Fund (Class A) Fund Category Canadian Equity

Morningstar Rating N/A

Investment Objective

Performance as of 03-31-2012

To achieve long-term investment returns through capital growth, by investing primarily in equity securities of Canadian issuers.

Growth of $10,000 15 Fund

Benchmark A S&P/TSX Composite Index

14 13 12

Volatility Analysis

11 10 9 Medium

Low

High

Volatility (low-high): The lower the volatility ranking, the lower the risk of the fund. Funds with a volatility ranking of high are the most risky.

Performance Quartile (within category over calendar year)

Total Assets ($mil) Best 1 Year Return

Worst 1 Year Return

— —

Fund Category Benchmark A

Fund Details Load Structure

Currency

Fund Code

Trailing Returns %

A A A F

Back End Charge Front End Charge Low Load Charge No Sales or Redem

CAD CAD CAD CAD

ATL1123 ATL1023 ATL2123 ATL068

Fund Category Benchmark A

Telephone Web Site

2003

2004

2005

2006

2007

2008

2009

2010

2011

YTD

—

0.7

5.1

— -12.3 -12.4

— 22.3 26.7

— 13.4 14.5

— 21.6 24.1

— 16.4 17.3

— 8.4 9.8

— -32.7 -33.0

— 31.9 35.1

— 14.4 17.6

— -10.4 -8.7

— 4.4 4.4

Calendar Year Returns %

Class

Inception Date MER Minimum Investment

2002

September 26, 2011 — $500

1 Mth

3 Mth

6 Mth

1Yr

2Yr

3Yr

5Yr

Since Inception

— -1.2 -1.6

— 4.4 4.4

— 7.8 8.1

— -11.2 -9.8

— 2.1 4.2

— 13.1 15.6

— 0.0 1.7

— — —

Portfolio Analysis as of 03-31-2012 Composition

% Assets

Canadian Equity U.S. Equity International Equity Fixed Income Fixed Inc <1yr to mat Cash Other

888 888 FUND www.renaissanceinvestments.ca

Investment Style

Top Ten Holdings

Notes Past performance information is currently unavailable as the fund was recently established.

86.6 0.0 0.0 0.0 0.0 13.3 0.1

% Assets

Toronto-Dominion Bank Royal Bank of Canada Bank of Nova Scotia CIBC Teck Resources Ltd B

4.1 3.8 3.5 3.2 3.2

Canadian Natural Resources Ltd Suncor Energy Inc Barrick Gold Corporation Agrium ShawCor, Ltd. Class A

3.1 2.9 2.4 2.3 2.3

Total Number of Portfolio Holdings Total Number of Underlying Holdings Total Number of Stock Holdings Total Number of Bond Holdings

55 88 85 0

Market Cap

Large Medium Small

72.8 26.5 0.6

Global Equity Sectors

Utilities Energy Financials Materials Consumer Discretionary Consumer Staples Telecommunication Services Industrials Health Care Information Technology Unclassified Top 5 Countries

Canada

% Equity

1.9 27.1 31.5 21.4 5.4 1.1 2.4 7.8 0.0 1.3 0.0 % Assets

100.0

©2012. Morningstar Research Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. ™Renaissance Investments is offered by and is a registered trademark of CIBC Asset Management Inc. All fund performance is reported net of fees, benchmark data is reported gross of fees. This may impact a direct comparison between the fund and its benchmark.

NEW FUNDS

Report created on 04-16-2012

Renaissance Canadian All-Cap Equity Fund (Class A) Investment Management Overview Manager Bios

Investment Management Approach

Suzann Pennington | 09-26-2011 CIBC Global Asset Management Inc

Suzann Pennington is Head of Canadian Equities at CIBC Global Asset Management Inc. Prior to joining CGAM, she was Senior Vice-President, Investments and Team Lead of the Saxon Funds at Mackenzie Financial Corp. Suzann began her career at OMERS, then managed portfolios at Prudential Assurance, and was Director of Canadian Equities at Mutual Group Insurance Co. before helping to build Synergy Mutual Funds. At Sceptre Investment Counsel, Suzann was Vice-President, Equities and head of international research. Suzann is a CFA charterholder. Other Assets Managed

Since

CIBC Balanced CIBC Canadian Equity Renaissance Canadian Balanced Series A

07-11 07-11 08-11

The Fund benefits from the long-standing expertise and investment skill of Suzann Pennington, an all-cap Canadian equity manager with over 24 years of experience and an outstanding track record of analyzing and managing multi-cap equity and balanced portfolios. Suzann and her team employ a conservative, bottom-up value approach, which views risk on an absolute basis – an approach focusing on protecting the Fund from the risk of capital loss rather than the underperformance of an index. A well-defined process is geared to identifying holdings from all capitalization tranches. Suzann employs a fundamental approach to stock selection that results in an equity portfolio that is different from, and typically more diversified, on a sector basis than the benchmark index. The following are key elements of her investment process:

•Employs a variety of analytical tools to evaluate a wide range of companies for her desired value characteristics. •Focuses on portfolio construction by utilizing a diversified, conservative approach to avoid overconcentration, and excessive single company risk thereby creating a diversified portfolio aimed at delivering lower volatility. •Seeks to add value by picking good stocks and by structuring the portfolio for the long term instead of trying to time the market. The result is a diversified portfolio of value-oriented stocks which avoids overconcentration in any one sector, capitalization tranche or holding and targets strong long-term performance. This fund is an excellent core Canadian holding for an investor.

Manager Commentary The fund’s underweight position in gold stocks and overweight position in the energy sector contributed to its performance over the first quarter of 2012. Many significant contributors to fund performance were midsized companies including Major Drilling Group International Inc., Flint Energy Services Ltd. and ShawCor Ltd. In the large-capitalization portion of the fund, Magna International Inc., Suncor Energy Inc. and Methanex Corp. were among the most significant contributors to performance. Barrick Gold Corp.; Kinross Gold Corp.; and Loblaw Cos., Ltd. detracted from fund performance. Two fund holdings were the subjects of takeover bids: Flint Energy and Minefinders Corporation Ltd. A small position in Canadian Oil Sands Limited was liquidated to fund increased positions in Penn West Petroleum Ltd. and Husky Energy Inc. The manager realized profits from the fund’s position in Toromont Industries Ltd., and redeployed proceeds into Finning International Inc.

Industrial Alliance Insurance and Financial Service Inc. were eliminated, with the proceeds deployed into positions in Manulife Financial Corp. and Sun Life Financial Inc. The manager initiated positions in Methanex Corp. (a chemical producer) and Pembina Pipeline Corporation, following a share price decline in response to Pembina’s announcement of the purchase of Provident Energy Ltd. A position in The Bank of Nova Scotia was also taken after the company issued shares at a discount to recent trading levels. Fund holdings are selected based on the manager’s assessment of a stock’s discount to its fundamental value (relative to its downside risk), and its contribution to the fund’s diversification. As at March 31, 2012

©2012. Morningstar Research Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. ™Renaissance Investments is offered by and is a registered trademark of CIBC Asset Management Inc. All fund performance is reported net of fees, benchmark data is reported gross of fees. This may impact a direct comparison between the RENAISSANCE INVESTMENTS 39 fund and its benchmark.

NEW FUNDS

Report created on 04-16-2012

Renaissance Optimal Inflation Opportunities Portfolio (Class A) Fund Category Tactical Balanced

Morningstar Rating N/A

Investment Objective

Performance as of 03-31-2012

To seek long term capital appreciation by investing primarily in units of global and/or Canadian mutual funds and securities Fund Category (including equity securities, fixed income securities, and permitted commodities), which are Tactical Balanced expected to benefit from or to provide a hedge against Investment Objective inflation.

Growth of $10,000 15

Report created on 04-16-2012

Benchmark A

Renaissance Optimal Inflation Fund Opportunities Portfolio (Class A) 14

To seek long term capital appreciation by investing Volatilityin Analysis primarily units of global and/or Canadian mutual funds and securities (including equity securities, fixed income securities, and permitted commodities), which are expected to benefit from or to provide a hedge against Low Medium High inflation. Volatility (low-high): The lower the volatility ranking, the Volatility Analysis lower the risk of the fund. Funds with a volatility ranking of high are the most risky. 1 Year Return BestLow

Medium Worst 1 Year Return High

— — — —volatility ranking, the Volatility (low-high): The lower the lower the risk of the fund. Funds with a volatility ranking of highDetails are the most risky. Fund Class Load Structure Best 1 Year Return

Currency Fund Code Worst 1 Year Return

A CAD ATL2454 Back End Charge — — A CAD ATL2452 Front End Charge — — A CAD ATL2453 Low Load Charge F ATL2455 No Sales or Redem CAD Fund Details Elite CAD ATL2471 Back End Charge Elite CAD ATL2469 End Charge Class Front Currency Fund Code Load Structure Elite Back ATL2470 Low Load Charge A CAD ATL2454 End Charge Sel CAD ATL2468 Back A ATL2452 Front End End Charge Charge Sel ATL2466 FrontLoad End Charge A CAD ATL2453 Low Sel ATL2467 LowSales Load or Charge F ATL2455 No Redem CAD Elite CAD ATL2471 Back End Charge Inception Date September 26, 2011 Elite CAD ATL2469 Front End Charge MER — Elite CAD ATL2470 Low Load Charge Annually Distribution Frequency Sel CAD ATL2468 Back End Charge Minimum Investment $500 Sel CAD ATL2466 Front End Charge Telephone 888Charge 888 FUND CAD Sel ATL2467 Low Load Web Site www.renaissanceinvestments.ca Inception Date September 26, 2011 MER — Investment Style Distribution Frequency Annually Minimum Investment $500 Telephone 888 888 FUND Notes Web Site www.renaissanceinvestments.ca Past performance information is currently unavailable as the fund was recently established. Investment Style

Notes Past performance information is currently unavailable as the fund was recently established.

Morningstar Rating 13 N/A 12

Benchmark A

11 03-31-2012 Performance as of 10 Growth of $10,000 15 9 14 Fund Performance Quartile 13 (within category over 12 calendar year) 11 10

Total Assets ($mil) 9 Performance Calendar YearQuartile Returns % (within category over Fund calendar year)

Category Benchmark A

Total Assets ($mil) Trailing Returns %

Calendar Year Returns %

Fund Fund Category Category Benchmark A Benchmark A

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

YTD

—

0.9

1.8

— -9.2 — 2002

— 13.5 — 2003

— 7.8 — 2004

— 11.1 — 2005

— 10.4 — 2006

— 1.1 — 2007

— -21.4 — 2008

— 22.1 — 2009

— 10.5 — 2010

— -5.0 — 2011

— 4.3 — YTD

—

1 Mth

— — -0.4 -9.2 — —

3 Mth

— — — 4.3 13.5 7.8 — — —

Portfolio Analysis as of 03-31-2012

Trailing Returns % Composition

1 Mth

3 Mth

6 Mth

— — 8.9 11.1 — —

6 Mth % Assets

Fund Category Benchmark A

— — — Canadian Equity 8.0 -0.4 8.9 U.S. Equity 4.3 7.6 — — International—Equity 18.3 Fixed Income 26.8 Portfolio Analysis as of 03-31-2012 Fixed Inc <1yr to mat 1.4 Cash 29.2 Composition % Assets Other 8.6 Canadian Equity 8.0 U.S. Equity 7.6 International Equity 18.3 % Assets FixedETF Income 26.8 Market Vectors EM Local Curr Bond 6.9 Fixed Inc <1yr to mat 2.3 1.4 Canada Hsg Tr No 1 3.15% 15-06-2015 Cash 29.2 Canada Hsg Tr No 1 3.15% 15-06-2014 2.3 Other 8.6 Transurban Group 0.9

Top Ten Holdings

TransCanada Corp Top Ten Holdings

Sydney Airport Stapled Security Market Vectors EM4.95% Local Curr Bond ETF TELUS Corporation 15-05-2014 Canada No 1 3.15% 15-06-2015 NationalHsg GridTrPLC Canada HsgFinTrAuthority No 1 3.15% 15-06-2014 Municipal 4.65% 19-04-2019 Transurban GroupCds- 3.88% 16-06-2015 407 Intl Inc Mtn TransCanada Corp Total Number of Portfolio Holdings Sydney AirportofStapled Security Total Number Underlying Holdings TELUS Corporation 4.95% 15-05-2014 Total Number of Stock Holdings National Grid PLC Total Number of Bond Holdings Municipal Fin Authority 4.65% 19-04-2019 407 Intl Inc Mtn Cds- 3.88% 16-06-2015

Total Number of Portfolio Holdings Total Number of Underlying Holdings Total Number of Stock Holdings Total Number of Bond Holdings

0.9 % Assets

0.8 6.9 0.8 2.3 0.8 2.3 0.8 0.9 0.8 0.9 11 0.8 484 0.8 254 0.8 211 0.8 0.8

11 484 254 211

1Yr

—

2Yr

3Yr

—

— — — 11.4 22.1 10.5 — — —

0.9

5Yr

— — — -4.0 10.4 1.1 — — —

— — 3.1 -21.4 — —

1Yr Market Cap

2Yr

3Yr 5Yr Credit Quality

Since % Inception

Large— Medium -4.0 Small—

— 40.0 —High — 3.1 41.6 11.4Medium 0.9 — 18.4 —Low — NR/NA

24.9 — 11.4 — 7.9 — 55.8

Global MarketEquity Cap Sectors

Utilities Large 40.0 Energy Medium 41.6 Financials Small 18.4 Materials Consumer Discretionary Consumer Staples Global Equity Sectors Telecommunication Services Utilities Industrials Energy Health Care Financials Information Technology Materials Unclassified Consumer Discretionary Consumer Staples Fixed Income Breakdown Telecommunication Services Government Industrials Bonds Corporate Health CareBonds Other BondsTechnology Information Mortgage Backed Securities Unclassified ST Investments (Cash & Other) Fixed Income Asset Backed Breakdown Securities Government Bonds Corporate Bonds Other Bonds Mortgage Backed Securities ST Investments (Cash & Other) Asset Backed Securities

— — 0.9 -5.0 — —

1.8

Since Inception

— — — 4.3 — —

Credit Quality

% Equity %

High Medium Low NR/NA

26.7 24.9 19.2 11.4 9.1 7.9 14.4 55.8 10.4 1.1 % Equity 2.1 26.7 14.7 19.2 0.1 9.1 1.0 14.4 1.2 10.4 1.1 % Fixed Income 2.1

15.5 14.7 29.4 0.1 0.0 1.0 1.7 1.2 53.4 % Fixed Income 0.0 15.5 29.4 0.0 1.7 53.4 0.0

©2012. Morningstar Research Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. ™Renaissance Investments is offered by and is a registered trademark of CIBC Asset Management Inc. All fund performance is reported net of fees, benchmark data is reported gross of fees. This may impact a direct comparison between the fund and its benchmark.

Renaissance Optimal Inflation Opportunities Portfolio (Class A) Investment Management Overview Manager Bios

Investment Management Approach

Luc de la Durantaye | 09-26-2011 CIBC Global Asset Management Inc

Luc de la Durantaye joined CIBC Global Asset Management Inc. in December 2002. Mr. de la Durantaye is leader of the Global Asset Allocation team, operating from within the firm's Investment Management Platform. Other Assets Managed

Since

CIBC Global Equity Renaissance Canadian Balanced Series A CIBC Balanced

01-03 10-09 10-09

This portfolio benefits from the proven experience and extensive depth of CIBC Global Asset Management’s Global Tactical Asset Allocation and Currency Management team led by Luc de la Durantaye and comprised of 20 portfolio managers, analysts and traders. Based on an investment philosophy that capital markets can be inefficient, the team uses a tactical asset allocation strategy to take advantage of changing inflationary cycles around the world, actively adjusting the Portfolio's holdings to address inflation concerns and capitalize on opportunities.

-Deflationary Boom (strong productivity, solid economic growth but decelerating inflation). •Determine asset class valuation: Perform asset class evaluation to determine expected returns. •Assess qualitative factors: Consider unquantifiable information that may have considerable impact on the inflation and growth outlook. Rank and select asset classes.

The investment process uses a fundamental discretionary approach supported by a blend of quantitative and qualitative inputs to actively manage the Portfolio’s asset mix. The investment approach takes the following steps:

•Portfolio construction and risk management: Balance conviction of inflationary strategies with risk exposure. Review alignment of risk parameters to highest conviction strategies. Constant monitoring of risk exposure and adjust strategy based on anticipated change in environment.

•Evaluate Canadian and global economic environments: Map regions and countries based on the expected inflationary environment: -Inflationary Bust (high and rising inflation, high real interest rates and below average economic growth). -Inflationary Boom (relatively high inflation but above average economic growth). -Deflationary Bust (very weak economic activity, rapidly falling inflation and too high real interest rates).

The result is an all-in-one actively managed inflationhedging strategy which can leverage non-traditional assets such as Infrastructure, Real Estate, Real Return Bonds, Commodities and traditional asset classes, making it suitable for all inflationary environments. This Portfolio complements a traditional portfolio by providing an active asset allocation approach designed to capitalize on inflation-related opportunities around the world.

Manager Commentary Over the first quarter of 2012, the fund’s holdings in the high yield and high dividend area of global infrastructure contributed to its performance. The manager took advantage of decelerating inflationary pressures in select emerging markets, particularly in China, where the manager anticipated a deceleration in headline inflation. The manager believes easing inflationary pressures, combined with relatively attractive equity market valuations, present good opportunities to achieve capital growth. As Europe’s sovereign debt issues and the risks surrounding the banking sector eased – and as the price of oil rose – the manager reduced the portfolio’s Canadian short-term bond position and added exposure to the Canadian energy sector. In the U.S., signs of a bottoming in the real estate sector prompted the manager to take advantage of a growth opportunity with an investment in what the manager believes is an undervalued sector.

The manager added emerging markets currency exposure through investments in emerging markets equities and bonds. The manager believes these currencies are, on average, undervalued relative to other major currencies. The fund’s exposure to other currencies including the Japanese yen, the euro and the British pound were kept to a minimum, as the manager expects these currencies to underperform. Looking ahead, the manager believes the domestic economy should remain Canada’s primary growth engine, while easing inflationary pressure in emerging markets could promote growth in those countries. The manager will continue to position the fund to take advantage of evolving inflationary/deflationary trends, while also working to preserving capital in this slow growth environment. As at March 31, 2012

©2012. Morningstar Research Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. ™Renaissance Investments is offered by and is a registered trademark of CIBC Asset Management Inc. All fund performance is reported net of fees, benchmark data is reported gross of fees. This may impact a direct comparison between the RENAISSANCE INVESTMENTS 41 fund and its benchmark.

NEW FUNDS

Report created on 04-16-2012

NEW FUNDS

Report created on 04-16-2012

Renaissance Short-Term Income Fund - Premium Class Fund Category Canadian Short Term Fixed Income

Morningstar Rating N/A

Investment Objective

Performance as of 03-31-2012 *

To obtain a high level of income consistent with security of capital through investments primarily in securities issued or guaranteed by the Government of Canada or one of the provinces thereof, municipal or school corporations in Canada and in first mortgages on properties situated in Canada, interest-bearing deposits of banks or trust companies, and high quality corporate bonds.

Growth of $10,000 15

Medium

High

Volatility (low-high): The lower the volatility ranking, the lower the risk of the fund. Funds with a volatility ranking of high are the most risky. Best 1 Year Return

Worst 1 Year Return

— —

Fund Details Load Structure

Currency

Fund Code

Prem A A A F

Front End Charge Back End Charge Front End Charge Low Load Charge No Sales or Redem

CAD CAD CAD CAD CAD

ATL1206 ATL1121 ATL1021 ATL2121 ATL1630

Telephone Web Site

13 12 11 10 9

Total Assets ($mil)

Fund Category Benchmark A Trailing Returns %

Notes Target MER: 0.80%**

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

YTD

—

83.5

143.2

— 3.7 6.3

— 3.4 5.1

— 3.3 5.1

— 1.5 2.4

— 3.0 4.0

— 2.6 4.1

— 6.2 8.6

— 3.7 4.5

— 2.5 3.6

— 3.4 4.7

0.1 0.2 0.0

1 Mth

3 Mth

6 Mth

1Yr

2Yr

3Yr

5Yr

Since Inception

-0.1 0.0 -0.1

0.1 0.2 0.0

0.6 0.6 0.5

— 3.5 4.4

— 2.9 3.9

— 2.8 3.7

— 3.6 4.9

0.7 — —

Distributions as of 03-2012

Apr

May

Jun

Jul

Aug

Sep

Distribution $

—

Oct

Nov

Dec

Jan

Feb

Mar

— 0.0317 0.0116 0.0287 0.0197 0.0229

Portfolio Analysis as of 03-31-2012 Composition

% Assets

Canadian Equity U.S. Equity International Equity Fixed Income Fixed Inc <1yr to mat Cash Other

September 26, 2011 — Monthly $100,000

888 888 FUND www.renaissanceinvestments.ca

Investment Style

Calendar Year Returns %

Fund Category Benchmark A

Class

Inception Date MER Distribution Frequency Minimum Investment

Performance Quartile (within category over calendar year)

Volatility Analysis

Low

Fund

Benchmark A DEX Short Term Bond Index

Top Ten Holdings

0.0 0.0 0.0 87.9 5.5 6.5 0.0

% Assets

Canada Hsg Tr No 1 3.15% 15-06-2015 Canada Hsg Tr No 1 3.15% 15-06-2014 TELUS Corporation 4.95% 15-05-2014 Municipal Fin Authority 4.65% 19-04-2019 407 Intl Inc Mtn Cds- 3.88% 16-06-2015

9.3 9.2 3.2 3.1 3.0

Bell Canada MTN Cds- 4.85% 30-06-2014 Real Est Asset Liq Tr 4.638% 12-10-2015 Canada Hsg Tr No 1 2.7% 15-12-2013 Canada Govt 3.25% 01-06-2021 Nav Cda Mtn Cds- 4.713% 24-02-2016

3.0 3.0 3.0 2.9 2.7

Total Number of Portfolio Holdings Total Number of Underlying Holdings Total Number of Stock Holdings Total Number of Bond Holdings

102 102 0 91

Credit Quality

High Medium Low NR/NA

56.9 25.6 0.9 16.6

Fixed Income Breakdown

Government Bonds Corporate Bonds Other Bonds Mortgage Backed Securities ST Investments (Cash & Other) Asset Backed Securities

% Fixed Income

35.4 48.6 0.0 3.9 12.1 0.0

©2012. Morningstar Research Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. ™Renaissance Investments is offered by and is a registered trademark of CIBC Asset Management Inc. All fund performance is reported net of fees, benchmark data is reported gross of fees. This may impact a direct comparison between the fund and its benchmark.

NEW FUNDS

Report created on 04-16-2012

Renaissance Short-Term Income Fund - Premium Class Investment Management Overview Manager Bios

Investment Management Approach

Jeffrey Waldman | 10-01-1999 CIBC Global Asset Management Inc

As First Vice-President, Fixed Income, CIBC Global Asset Management Inc., Jeffrey Waldman joined CIBC Global in 1998. Prior to that Mr. Waldman held position of Investment Planning Assistant and Fixed Income Consultant at Confederation Life Insurance from 1987 to 1993; fixed Income portfolio manager and Vice-President of Canadian bonds at ING Investment Management from 1993 to 1998. Other Assets Managed

Since

CIBC Short-Term Income CIBC Short-Term Income Premium Renaissance Corp Bd Capital Yld Prem Cls Renaissance Corp Bond Capital Yield

12-07 12-07 11-09 11-09

Steven Dubrovsky | 12-11-2007 CIBC Global Asset Management Inc

Steven Dubrovsky joined CIBC Global Asset Management in August 1992. Mr. Dubrovsky is a member of the Global Fixed Income team, operating from within the firm's Investment Management Platform. Other Assets Managed

Since

CIBC Money Market CIBC Canadian T-Bill Premium Class CIBC US Money Market U$ CIBC Money Market Premium Class CIBC US Money Market Premium Class U$ CIBC Canadian T-Bill Class A Renaissance Money Market Premium Class Renaissance Money Market Renaissance Canadian T Bill Renaissance US Money Market U$

04-94 04-94 04-94 04-94 04-94 04-94 08-06 08-06 12-07 12-07

The Fund benefits from the investment expertise of CIBC Global Asset Management’s Steven Dubrovsky and Jeffrey Waldman along with the Fixed Income team. The team uses a bottom-up approach based on fundamental and quantitative analysis to deliver a high level of income with some potential for capital appreciation by investing primarily in shorter-term bonds of Canadian governments and companies. The team’s philosophy is that a core fixed income portfolio that combines multiple value added sources will lead to superior performance. The team combines four different strategies of producing added value from bonds – sector allocation, duration, term structure and security selection. The team begins with sector allocation by analyzing factors such as corporate profitability, fiscal balance of the provinces and municipalities and the historic spread relationship between the domestic sectors. The duration and term structure is determined through the team’s combined perspectives resulting from their technical and fundamental analysis. To do so, the team reviews

macroeconomic variables and uses technical interest rate analysis to draw conclusions about future economic growth and the direction of interest rates. For security selection, the team focuses on issuer-specific fundamentals, quantitative modeling of valuations and liquidity to determine securities for the portfolio. Once decisions are reached, the team implements a target price and execution strategy to build and maintain the portfolio. The Fund is continually subjected to management controls, monitoring and reviewing the portfolio characteristics on a daily basis. The result is a well-diversified conservative shorter-term bond portfolio with an average duration typically between three and five years, that is actively managed to deliver regular income and potential for capital growth. This Fund makes an excellent shorter-term bond portfolio for a more conservative investor or those with a shorter investment time horizon and can serve as a diversifying complement to an equity portfolio in order to manage risk.

Manager Commentary The Bank of Canada (BoC) left its administered rate unchanged – at one percent – over the first quarter of 2012. A statement issued by the BoC near the end of the period was decidedly more upbeat in its assessment of domestic and global economic and financial market conditions than the tone set in the BoC’s Monetary Policy Report issued earlier in the quarter. While the BoC’s tone may have turned more positive, the likelihood of a nearterm adjustment in the BoC’s monetary policy appears low, given the strength of the Canadian dollar and the expectation that the U.S. Federal Reserve Board will leave its federal funds rate unchanged for an extended period of time. Efforts were made to implement a debt exchange for Greece during the period, which enabled the country to qualify for a second bail-out package. The question was

whether Greece could implement the required fiscal and structural reforms in light of a declining economy, high unemployment and upcoming elections. The manager maintained the fund’s longer-thanbenchmark duration on the expectation that Canada’s monetary policy will remain stable, its economic growth will remain weak and there will be ongoing geopolitical risks. At the end of the period, the fund had a relatively overweight position in corporate bonds, which added yield to the portfolio. The manager continues to favour Government of Canada guaranteed mortgage-backed securities and municipal bonds (over provincial bonds), as a result of these securities’ risk/reward profiles. As at March 31, 2012

©2012. Morningstar Research Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. ™Renaissance Investments is offered by and is a registered trademark of CIBC Asset Management Inc. All fund performance is reported net of fees, benchmark data is reported gross of fees. This may impact a direct comparison between the RENAISSANCE INVESTMENTS 43 fund and its benchmark.

NEW FUNDS

Report created on 04-16-2012

Renaissance Canadian Bond Fund - Premium Class Fund Category Canadian Fixed Income

Morningstar Rating N/A

Investment Objective

Performance as of 03-31-2012 *

To obtain a high level of current income consistent with preservation of capital through investment primarily in bonds, debentures, notes, and other debt instruments of Canadian governments, financial institutions and corporations.

Growth of $10,000 15 Fund

14 13 12 11 10

Volatility Analysis

Low

Benchmark A DEX Universe Bond Index

Medium

High

Volatility (low-high): The lower the volatility ranking, the lower the risk of the fund. Funds with a volatility ranking of high are the most risky.

Performance Quartile (within category over calendar year)

Total Assets ($mil)

2 2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

YTD

—

294.1

344.7

— 7.0 8.7

— 6.2 6.7

— 6.0 7.1

— 5.4 6.5

— 2.6 4.1

— 1.9 3.7

— 2.7 6.4

— 7.5 5.4

— 6.0 6.7

— 7.5 9.7

0.6 0.1 -0.2

Calendar Year Returns % Best 1 Year Return

Worst 1 Year Return

— —

Fund Category Benchmark A Trailing Returns %

1 Mth

3 Mth

6 Mth

1Yr

2Yr

3Yr

5Yr

Since Inception

-0.2 -0.3 -0.3

0.6 0.1 -0.2

— 1.9 1.9

— 7.9 9.7

— 6.0 7.4

— 6.6 6.6

— 5.0 6.1

2.6 — —

Fund Details Class

Load Structure

Currency

Fund Code

Prem A A A F

Front End Charge Back End Charge Front End Charge Low Load Charge No Sales or Redem

CAD CAD CAD CAD CAD

ATL1204 ATL1122 ATL1022 ATL2122 ATL1631

Inception Date MER Distribution Frequency Minimum Investment Telephone Web Site

September 26, 2011 — Monthly $100,000

Fund Category Benchmark A Distributions as of 03-2012

Apr

May

Jun

Jul

Aug

Sep

Distribution $

—

% Assets

Canadian Equity U.S. Equity International Equity Fixed Income Fixed Inc <1yr to mat Cash Other

Investment Style

Top Ten Holdings

Target MER: 0.80%**

Nov

Dec

Jan

Feb

Mar

— 0.0509 0.1035 0.0340 0.0203 0.0252

Portfolio Analysis as of 03-31-2012 Composition

888 888 FUND www.renaissanceinvestments.ca

Notes

Oct

0.0 0.0 0.0 95.9 0.2 3.9 0.0

% Assets

Canada Hsg Tr No 1 2.75% 15-06-2016 Canada Govt 4% 01-06-2041 Canada Govt 2.75% 01-06-2022 Australia(Cmnwlth) 5.75% 15-05-2021 Municipal Fin Authority 4.45% 01-06-2020

25.9 7.1 3.9 2.1 2.0

Canada Govt 5% 01-06-2037 BC (Prov Of) 4.7% 18-06-2037 New Brunswick F-M Proj 6.47% 30-11-2027 Municipal Fin Authority 4.8% 01-12-2017 Sun Life Finl Inc Med Term Nts FRN 02-03-2022

1.9 1.6 1.1 1.1 1.0

Total Number of Portfolio Holdings Total Number of Underlying Holdings Total Number of Stock Holdings Total Number of Bond Holdings

163 163 0 159

Credit Quality

High Medium Low NR/NA

60.6 22.6 8.2 8.7

Fixed Income Breakdown

Government Bonds Corporate Bonds Other Bonds Mortgage Backed Securities ST Investments (Cash & Other) Asset Backed Securities

% Fixed Income

49.5 45.6 0.0 0.7 4.1 0.0

©2012. Morningstar Research Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. ™Renaissance Investments is offered by and is a registered trademark of CIBC Asset Management Inc. All fund performance is reported net of fees, benchmark data is reported gross of fees. This may impact a direct comparison between the fund and its benchmark.

NEW FUNDS

Report created on 04-16-2012

Renaissance Canadian Bond Fund - Premium Class Investment Management Overview Manager Bios

Investment Management Approach

John Braive | 08-01-2005 CIBC Global Asset Management Inc

John Braive joined CIBC Asset Management in January 1983. Responsible for the management of the firm's fixed income assets for 18 years, John is a member of the Global Fixed Income team, the Investment and Strategy committees, and the Board of Directors. Other Assets Managed

Since

CIBC Canadian Bond CIBC Canadian Bond Premium Class CIBC Short-Term Income Premium CIBC Short-Term Income Renaissance Real Return Bond

04-94 04-94 12-99 12-99 04-08

Patrick O'Toole | 12-11-2007 CIBC Global Asset Management Inc

Patrick O'Toole joined CIBC Asset Management in May 2004. He is a member of the Global Fixed Income team, operating from within the firm's Investment Management Platform. He holds a Diploma in Business Administration from Algonquin College (Ontario and is also a CFA charterholder and a Certified General Accountant. Other Assets Managed

Since

Renaissance Real Return Bond CIBC Canadian Bond Premium Class CIBC Canadian Bond Renaissance Corp Bd Capital Yld Prem Cls Renaissance Corp Bond Capital Yield

05-04 12-07 12-07 11-09 11-09

The Fund brings together the investment expertise of CIBC Global Asset Management’s John Braive and Patrick O'Toole, along with the Fixed Income team. The team uses a bottom-up approach based on fundamental and quantitative analysis to deliver a high level of income with some potential for capital appreciation by investing in bonds of Canadian governments and companies. The team’s philosophy is that a core fixed income portfolio that combines multiple value added sources will lead to superior performance. The team combines four different strategies of producing added value from bonds – sector allocation, duration, term structure and security selection. The team begins with sector allocation; analyzing factors such as corporate profitability, fiscal balance of the provinces and municipalities and historic spread relationship between the domestic sectors. The duration and term structure is determined through the team’s combined perspectives

resulting from their technical and fundamental analysis. To do so, the team reviews macroeconomic variables and uses technical interest rate analysis to draw conclusions about future economic growth and the direction of interest rates. For security selection, the team focuses on issuer-specific fundamentals, quantitative modeling of valuations and liquidity to determine securities for the portfolio. Once decisions are reached, the team implements a target price and execution strategy to build and maintain the portfolio. The Fund is continually subjected to management controls, monitoring and reviewing the portfolio characteristics on a daily basis. The result is a well-diversified conservative bond portfolio that is actively managed to deliver regular income and potential for capital growth. This Fund makes an excellent core bond portfolio for a conservative investor and can serve as a diversifying complement to an equity portfolio in order to manage risk.

qualify for a second bail-out package. The question was whether Greece could implement the required fiscal and structural reforms in light of a declining economy, high unemployment and upcoming elections. The manager maintained the fund’s close-to-benchmark duration, as interest rates remained near the lower end of the manager’s expected trading range. The manager maintained the fund’s overweight position in the corporate sector and its underweight positions in Government of Canada and provincial bonds. The fund’s yield is above that of the benchmark as a result of the manager’s sector allocation and yield curve strategies. As at March 31, 2012

©2012. Morningstar Research Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. ™Renaissance Investments is offered by and is a registered trademark of CIBC Asset Management Inc. All fund performance is reported net of fees, benchmark data is reported gross of fees. This may impact a direct comparison between the RENAISSANCE INVESTMENTS 45 fund and its benchmark.

MONEY MARKET FUNDS

Report created on 04-16-2012

Renaissance Money Market Fund (Class A) Benchmark A DEX 91-Day T-Bill Index

Fund Category Canadian Money Market

Morningstar Rating QQQ

Investment Objective

Performance as of 03-31-2012

To obtain a high level of income consistent with preservation of capital and liquidity by investing primarily in high quality, short- term debt securities issued or guaranteed by the Government of Canada or any Canadian provincial government obligations of Canadian banks, trust companies, and corporations.

Growth of $10,000 15 Fund

14 13 12 11 10 9

Volatility Analysis

Performance Quartile (within category over calendar year) Low

Medium

High

Volatility (low-high): The lower the volatility ranking, the lower the risk of the fund. Funds with a volatility ranking of high are the most risky. Best 1 Year Return

Worst 1 Year Return

13.0% 11-30-1989 to 11-30-1990

0.2% 06-30-2009 to 06-30-2010

Fund Details Class

Load Structure

Currency

Fund Code

A A A Prem

Back End Charge Front End Charge Low Load Charge Front End Charge

CAD CAD CAD CAD

ATL1125 ATL1025 ATL2125 ATL1200

Inception Date MER Current Yield Current Yield Date Distribution Frequency Minimum Investment Telephone Web Site

January 2, 1987 0.48% 0.66% 04-13-2012 Monthly $500

3 2007

2002

2003

2004

2005

2006

271.7

232.6

182.9

137.6

703.6

Fund Category Benchmark A

1.61 1.79 2.52

2.04 2.16 2.91

1.37 1.54 2.30

1.67 1.89 2.58

2.98 3.23 3.98

Trailing Returns %

1 Mth

3 Mth

6 Mth

1Yr

2Yr

3Yr

5Yr

10Yr

0.05 0.05 0.09

0.16 0.14 0.22

0.33 0.29 0.44

0.71 0.61 0.94

0.63 0.53 0.85

0.49 0.44 0.68

1.39 1.47 1.81

1.71 1.84 2.39

Total Assets ($mil)

2008

2009

2010

2011

YTD

930.2 1257.7

526.3

313.1

236.8

202.9

0.37 0.53 0.63

0.38 0.31 0.54

0.75 0.64 1.00

0.16 0.14 0.22

Calendar Year Returns %

Fund Category Benchmark A Distributions as of 03-2012 Distribution $

Apr

May

Jun

Jul

Aug

3.58 3.82 4.43

Sep

2.57 2.84 3.33

Oct

Nov

Dec

Jan

Feb

Mar

0.0063 0.0070 0.0065 0.0059 0.0067 0.0059 0.0059 0.0054 0.0053 0.0057 0.0052 0.0053

Portfolio Analysis as of 03-31-2012 Composition

% Assets

Canadian Equity U.S. Equity International Equity Fixed Income Fixed Inc <1yr to mat Cash Other

888 888 FUND www.renaissanceinvestments.ca

Investment Style

Cash Breakdown

Corporate Cash Liquid Bonds Treasury Bills General Cash

0.0 0.0 0.0 2.0 12.9 85.1 0.0

% Cash

0.0 13.2 5.0 81.8

Top Ten Holdings

Cash & Cash Equivalents HSBC Finl Corp Ltd Mtn Cds- FRN (ST) Ontario Prov Ctf Dep Bk-Entry 02-06-2012 Bank of Nova Scotia 20-04-2012 Bank of Nova Scotia FRN 19-09-2013 Bank of Montreal FRN 22-01-2013

% Assets

80.3 8.2 4.9 3.0 2.0 1.7

Total Number of Portfolio Holdings Total Number of Underlying Holdings Total Number of Stock Holdings Total Number of Bond Holdings

Notes MER as at August 31, 2011. Please refer to the Annual/ Interim Management Reports of Fund Performance for further details.

ÂŠ2012. Morningstar Research Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. â&#x201E;˘Renaissance Investments is offered by and is a registered trademark of CIBC Asset Management Inc. All fund performance is reported net of fees, benchmark data is reported gross of fees. This may impact a direct comparison between the fund and its benchmark.

7 7 0 1

Renaissance Money Market Fund (Class A) Investment Management Overview Manager Bios

Investment Management Approach

Steven Dubrovsky | 08-21-2006 CIBC Global Asset Management Inc

Since

CIBC Money Market CIBC Canadian T-Bill Premium Class CIBC US Money Market U$ CIBC Money Market Premium Class CIBC US Money Market Premium Class U$ CIBC Canadian T-Bill Class A Renaissance Short-Term Income Prm Cl Renaissance Canadian T Bill Renaissance US Money Market U$ Renaissance Short-Term Income

04-94 04-94 04-94 04-94 04-94 04-94 12-07 12-07 12-07 12-07

Stephanie Lessard | 04-09-2008 CIBC Global Asset Management Inc

Stéphanie Lessard joined CIBC Global Asset Management in April 2001. Ms. Lessard is a member of the Global Fixed Income team operating from within the firm's Investment Management Platform. Other Assets Managed

Since

Renaissance Canadian T Bill Renaissance US Money Market U$ CIBC Money Market CIBC Canadian T-Bill Premium Class CIBC US Money Market U$ CIBC Money Market Premium Class CIBC US Money Market Premium Class U$ CIBC Canadian T-Bill Class A

10-04 10-04 12-07 12-07 12-07 12-07 12-07 12-07

The Fund benefits from the investment expertise of CIBC Global Asset Management’s Steven Dubrovsky and Stephanie Lessard along with the Global Fixed Income team. The team follows a fundamental analysis approach to deliver a high level of interest income while maintaining security of capital and liquidity, by investing primarily in high-quality debt. The team’s money market strategy follows a comprehensive investment process. The first two steps are to determine portfolio duration and sector allocation between Canadian, provincial and corporate notes. The team constructs and maintains the security buy list,

which plays a key role in the security selection process. The manager next determines the optimal term structure. The entire portfolio is continually subjected to management controls, monitoring and reviewing the portfolio characteristics on a daily basis. The result is a well-diversified portfolio of high quality securities including T-Bills, commercial papers and other short-term debt instruments. The Fund is an excellent conservative complement to diversify an equity portfolio, and can be used as a conservative short-term investment.

Manager Commentary The Bank of Canada (BoC) left its administered rate unchanged – at one percent – over the first quarter of 2012. A statement issued by the BoC near the end of the period was decidedly more upbeat in its assessment of domestic and global economic and financial market conditions than the tone set in the BoC’s Monetary Policy Report issued earlier in the quarter. The BoC’s inflation outlook also firmed over the period as a result of improved economic conditions and higher oil prices. While the BoC’s tone may have turned more positive, the likelihood of a near-term adjustment in the BoC’s monetary policy appears low. The manager believes BoC Governor Mark Carney has a negative or easing bias built into his outlook. Furthermore, the manager believes the possibility of a “financial misstep” stemming from the European debt crisis has risen, and believes the BoC

would likely cut rates in response to signs of another credit crisis. The three-month Canadian Treasury bill rate increased modestly over the period. The manager increased the fund’s exposure to corporate bonds in response to a widening of corporate spreads. Although the manager believes corporate opportunities appear less favourable, given credit spreads have narrowed, the manager will use any credit spread widening to add to the fund’s corporate bond exposure. At the end of the period, the fund’s term-to-maturity was positioned in a neutral range as a result of the manager’s belief that the prospects for an interest rate increase in the near term appear low. As at March 31, 2012

©2012. Morningstar Research Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. ™Renaissance Investments is offered by and is a registered trademark of CIBC Asset Management Inc. All fund performance is reported net of fees, benchmark data is reported gross of fees. This may impact a direct comparison between the RENAISSANCE INVESTMENTS 47 fund and its benchmark.

MONEY MARKET FUNDS

Report created on 04-16-2012

MONEY MARKET FUNDS

Report created on 04-16-2012

Renaissance Money Market Fund - Premium Class Benchmark A DEX 91-Day T-Bill Index

Fund Category Canadian Money Market

Morningstar Rating QQQQ

Investment Objective

Performance as of 03-31-2012

Growth of $10,000 15 Fund

14 13 12 11 10 9

Volatility Analysis

Performance Quartile (within category over calendar year) Low

Medium

High

Volatility (low-high): The lower the volatility ranking, the lower the risk of the fund. Funds with a volatility ranking of high are the most risky. Best 1 Year Return

Worst 1 Year Return

4.2% 03-31-2007 to 03-31-2008

0.2% 06-30-2009 to 06-30-2010

Fund Details Class

Load Structure

Currency

Fund Code

Prem A A A

Front End Charge Back End Charge Front End Charge Low Load Charge

CAD CAD CAD CAD

ATL1200 ATL1125 ATL1025 ATL2125

Inception Date MER Current Yield Current Yield Date Distribution Frequency Minimum Investment Telephone Web Site

August 21, 2006 0.37% 0.83% 04-13-2012 Monthly $25,000

2002

2003

2004

2005

2006

271.7

232.6

182.9

137.6

703.6

Fund Category Benchmark A

— 1.79 2.52

— 2.16 2.91

— 1.54 2.30

— 1.89 2.58

— 3.23 3.98

Trailing Returns %

1 Mth

3 Mth

6 Mth

1Yr

2Yr

3Yr

5Yr

Since Inception

0.07 0.05 0.09

0.20 0.14 0.22

0.40 0.29 0.44

0.85 0.61 0.94

0.74 0.53 0.85

0.59 0.44 0.68

1.71 1.47 1.81

1.95 — —

Total Assets ($mil)

2007

2008

2009

2010

2011

YTD

930.2 1257.7

526.3

313.1

236.8

202.9

0.62 0.53 0.63

0.45 0.31 0.54

0.88 0.64 1.00

0.20 0.14 0.22

Calendar Year Returns %

Fund Category Benchmark A Distributions as of 03-2012 Distribution $

Apr

May

Jun

Jul

Aug

4.09 3.82 4.43

Sep

3.37 2.84 3.33

Oct

Nov

Dec

Jan

Feb

Mar

0.0073 0.0081 0.0076 0.0069 0.0078 0.0070 0.0070 0.0065 0.0063 0.0069 0.0063 0.0067

Portfolio Analysis as of 03-31-2012 Composition

% Assets

Canadian Equity U.S. Equity International Equity Fixed Income Fixed Inc <1yr to mat Cash Other

888 888 FUND www.renaissanceinvestments.ca

0.0 0.0 0.0 2.0 12.9 85.1 0.0

Investment Style Cash Breakdown

Corporate Cash Liquid Bonds Treasury Bills General Cash

% Cash

0.0 13.2 5.0 81.8

Top Ten Holdings

Cash & Cash Equivalents HSBC Finl Corp Ltd Mtn Cds- FRN (ST) Ontario Prov Ctf Dep Bk-Entry 02-06-2012 Bank of Nova Scotia 20-04-2012 Bank of Nova Scotia FRN 19-09-2013 Bank of Montreal FRN 22-01-2013

% Assets

80.3 8.2 4.9 3.0 2.0 1.7

Total Number of Portfolio Holdings Total Number of Underlying Holdings Total Number of Stock Holdings Total Number of Bond Holdings

Notes MER as at August 31, 2011. Please refer to the Annual/ Interim Management Reports of Fund Performance for further details.

©2012. Morningstar Research Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. ™Renaissance Investments is offered by and is a registered trademark of CIBC Asset Management Inc. All fund performance is reported net of fees, benchmark data is reported gross of fees. This may impact a direct comparison between the fund and its benchmark.

7 7 0 1

Renaissance Money Market Fund - Premium Class Investment Management Overview Manager Bios

Investment Management Approach

Steven Dubrovsky | 08-21-2006 CIBC Global Asset Management Inc

Since

CIBC Money Market CIBC Canadian T-Bill Premium Class CIBC US Money Market U$ CIBC Money Market Premium Class CIBC US Money Market Premium Class U$ CIBC Canadian T-Bill Class A Renaissance Short-Term Income Prm Cl Renaissance Canadian T Bill Renaissance US Money Market U$ Renaissance Short-Term Income

04-94 04-94 04-94 04-94 04-94 04-94 12-07 12-07 12-07 12-07

Stephanie Lessard | 04-09-2008 CIBC Global Asset Management Inc

Since

10-04 10-04 12-07 12-07 12-07 12-07 12-07 12-07

Manager Commentary The Bank of Canada (BoC) left its administered rate unchanged – at one percent – over the first quarter of 2012. A statement issued by the BoC near the end of the period was decidedly more upbeat in its assessment of domestic and global economic and financial market conditions than the tone set in the BoC’s Monetary Policy Report issued earlier in the quarter. The BoC’s inflation outlook also firmed over the period as a result of improved economic conditions and higher oil prices. While the BoC’s tone may have turned more positive, the likelihood of a near-term adjustment in the BoC’s monetary policy appears low. The manager believes BoC Governor Mark Carney has a negative or easing bias built into his outlook. Furthermore, the manager believes the possibility of a “financial misstep” stemming from the European debt crisis has risen, and believes the BoC

©2012. Morningstar Research Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. ™Renaissance Investments is offered by and is a registered trademark of CIBC Asset Management Inc. All fund performance is reported net of fees, benchmark data is reported gross of fees. This may impact a direct comparison between the RENAISSANCE INVESTMENTS 49 fund and its benchmark.

MONEY MARKET FUNDS

Report created on 04-16-2012

MONEY MARKET FUNDS

Report created on 04-16-2012

Renaissance Canadian T-Bill Fund (Class A) Benchmark A DEX 91-Day T-Bill Index

Fund Category Canadian Money Market

Morningstar Rating QQ

Investment Objective

Performance as of 03-31-2012

To maintain security of capital and liquidity by investing primarily in Canadian government debt instruments that mature in one year or less.

Growth of $10,000 15 Fund

14 13 12

Volatility Analysis

11 10 9 Medium

Low

High

Volatility (low-high): The lower the volatility ranking, the lower the risk of the fund. Funds with a volatility ranking of high are the most risky.

Performance Quartile (within category over calendar year)

Worst 1 Year Return

12.3% 11-30-1989 to 11-30-1990

0.1% 04-30-2009 to 04-30-2010

Fund Details

2003

2004

2005

2006

2007

2008

2009

2010

2011

YTD

97.1

83.5

65.9

65.1

73.4

39.3

30.2

28.9

25.9

Fund Category Benchmark A

1.27 1.79 2.52

1.65 2.16 2.91

1.03 1.54 2.30

1.37 1.89 2.58

2.64 3.23 3.98

3.06 3.82 4.43

1.70 2.84 3.33

0.19 0.53 0.63

0.31 0.31 0.54

0.57 0.64 1.00

0.12 0.14 0.22

1 Mth

3 Mth

6 Mth

1Yr

2Yr

3Yr

5Yr

10Yr

0.04 0.05 0.09

0.12 0.14 0.22

0.24 0.29 0.44

0.54 0.61 0.94

0.48 0.53 0.85

0.37 0.44 0.68

1.04 1.47 1.81

1.36 1.84 2.39

Calendar Year Returns %

Load Structure

Currency

Fund Code

Trailing Returns %

Back End Charge Front End Charge Low Load Charge

CAD CAD CAD

ATL643 ATL922 ATL681

Fund Category Benchmark A

Telephone Web Site

116.1

A A A

August 21, 1987 0.43% 0.46% 04-13-2012 Monthly $500

2002

Class

Inception Date MER Current Yield Current Yield Date Distribution Frequency Minimum Investment

149.5

Total Assets ($mil) Best 1 Year Return

Distributions as of 03-2012 Distribution $

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar

0.0048 0.0054 0.0049 0.0046 0.0050 0.0045 0.0044 0.0041 0.0041 0.0041 0.0037 0.0037

Portfolio Analysis as of 03-31-2012 Composition

% Assets

Canadian Equity U.S. Equity International Equity Fixed Income Fixed Inc <1yr to mat Cash Other

888 888 FUND www.renaissanceinvestments.ca

Investment Style

Cash Breakdown

Corporate Cash Liquid Bonds Treasury Bills General Cash

0.0 0.0 0.0 0.0 1.6 98.4 0.0

Top Ten Holdings

Cash & Cash Equivalents Manitoba Prov Cda Mtn Cds- 15-03-2013 Alberta Cap Fin thority 09-10-2012

% Assets

96.8 1.7 1.6

Total Number of Portfolio Holdings Total Number of Underlying Holdings Total Number of Stock Holdings Total Number of Bond Holdings

% Cash

0.0 1.6 1.7 96.7

Notes MER as at August 31, 2011. Please refer to the Annual/ Interim Management Reports of Fund Performance for further details.

4 4 0 0

Renaissance Canadian T-Bill Fund (Class A) Investment Management Overview Manager Bios

Investment Management Approach

Stephanie Lessard | 10-01-2004 CIBC Global Asset Management Inc

Since

Renaissance US Money Market U$ CIBC Money Market Premium Class CIBC US Money Market Premium Class U$ CIBC Canadian T-Bill Class A CIBC Money Market CIBC Canadian T-Bill Premium Class CIBC US Money Market U$ Renaissance Money Market Premium Class Renaissance Money Market

10-04 12-07 12-07 12-07 12-07 12-07 12-07 04-08 04-08

Steven Dubrovsky | 12-11-2007 CIBC Global Asset Management Inc

Since

04-94 04-94 04-94 04-94 04-94 04-94 08-06 08-06 12-07 12-07

The Fund benefits from the investment expertise of CIBC Global Asset Management’s Steven Dubrovsky and Stéphanie Lessard, along with the Global Fixed Income team. The team follows a fundamental analysis approach to deliver a high level of interest income while maintaining security of capital and liquidity, by investing primarily in Canadian government debt instruments that mature in one year or less. The team’s money market strategy follows a comprehensive investment process. The first step determines the portfolio duration based on CIBC Global’s viewpoint on expected interest rate movements. The

team may opportunistically invest in high quality commercial papers in order to increase the level of income. The manager next determines the optimal term structure. The entire portfolio is continually subjected to management controls, monitoring and reviewing the portfolio characteristics on a daily basis. The end result is a well-diversified portfolio of high quality securities invested primarily in T-Bills. This Fund is an excellent conservative complement to diversify an equity portfolio, and can also be used as a very conservative short-term investment.

Manager Commentary The Bank of Canada (BoC) left its administered rate unchanged – at one percent – over the first quarter of 2012. During the period, the BoC held its 12th consecutive meeting in which it did not change its administered rate, which is the longest period without a rate change since the 1950s. A statement issued by the BoC toward the end of the period was decidedly more upbeat in its assessment of domestic and global economic and financial market conditions than the tone set in the BoC’s Monetary Policy Report issued earlier in the first quarter. The BoC’s inflation outlook also firmed over the period as a result of improved economic conditions and higher oil prices. While the BoC’s tone may have turned more positive, the likelihood of a near-term adjustment in the BoC’s

monetary policy still appears somewhat low. The manager believes BoC Governor Mark Carney has a negative or easing bias built into his outlook. Furthermore, the manager believes the possibility of a “financial misstep” stemming from the European debt crisis has risen, and believes the BoC would likely cut rates in response to signs of another credit crisis. The three-month Canadian Treasury bill rate increased modestly over the period. At the end of the period, the fund’s term-to-maturity was positioned in a neutral range as a result of the manager’s belief that the prospects for an interest rate increase in the near term appear low. As at March 31, 2012

©2012. Morningstar Research Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. ™Renaissance Investments is offered by and is a registered trademark of CIBC Asset Management Inc. All fund performance is reported net of fees, benchmark data is reported gross of fees. This may impact a direct comparison between the RENAISSANCE INVESTMENTS 51 fund and its benchmark.

MONEY MARKET FUNDS

Report created on 04-16-2012

MONEY MARKET FUNDS

Report created on 04-18-2012

Renaissance U.S. Money Market Fund (Class A) Benchmark A Merrill Lynch 91-Day Treasury Bill Index

Fund Category US Money Market

Morningstar Rating QQQ

Investment Objective

Performance as of 03-31-2012

To obtain a high level of interest income denominated in U.S. dollars, while maintaining a high level of security of capital and liquidity.

Growth of $10,000 15 Fund

14 13 12

Volatility Analysis

11 10 9 Medium

Low

High

Volatility (low-high): The lower the volatility ranking, the lower the risk of the fund. Funds with a volatility ranking of high are the most risky.

Performance Quartile (within category over calendar year)

Worst 1 Year Return

8.1% 02-28-1989 to 02-28-1990

0.1% 03-31-2011 to 03-31-2012

Fund Details

2003

2004

2005

2006

2007

2008

2009

2010

2011

YTD

34.6

24.6

20.3

27.8

21.9

20.1

30.7

38.4

37.2

Fund Category Benchmark A

0.83 0.18 0.78 0.20 0.73 -17.26

0.32 0.43 -6.05

2.29 2.38 0.48

4.09 4.21 4.43

4.48 4.59 -9.74

2.08 0.22 2.38 0.50 25.99 -14.90

0.13 0.10 -5.10

0.09 0.09 2.58

0.02 0.03 -1.84

1 Mth

3 Mth

6 Mth

1Yr

2Yr

3Yr

5Yr

10Yr

0.01 0.01 1.48

0.02 0.03 -1.84

0.04 0.05 -4.08

0.08 0.09 2.81

0.11 0.10 -0.63

0.12 0.15 -7.26

1.18 1.30 -1.63

1.43 1.53 -2.75

Calendar Year Returns %

Load Structure

Currency

Fund Code

Trailing Returns %

Back End Charge Front End Charge Low Load Charge

USD USD USD

ATL363 ATL974 ATL762

Fund Category Benchmark A

Telephone Web Site

36.6

A A A

March 30, 1987 0.16% 0.10% 04-17-2012 Monthly $500

2002

Class

Inception Date MER Current Yield Current Yield Date Distribution Frequency Minimum Investment

75.4

Total Assets ($mil) Best 1 Year Return

Distributions as of 03-2012 Distribution $

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar

0.0011 0.0009 0.0006 0.0005 0.0005 0.0004 0.0006 0.0006 0.0006 0.0007 0.0006 0.0008

Portfolio Analysis as of 03-31-2012 Composition

% Assets

Canadian Equity 0.0 U.S. Equity 0.0 International Equity 0.0 Fixed Income 0.0 Fixed Inc <1yr to mat 0.0 Cash 100.0 Other 0.0

888 888 FUND www.renaissanceinvestments.ca

Investment Style

Cash Breakdown

% Cash

Corporate Cash Liquid Bonds Treasury Bills General Cash

0.0 0.0 0.0 100.0

Top Ten Holdings

Cash & Cash Equivalents

% Assets

100.0

Total Number of Portfolio Holdings Total Number of Underlying Holdings Total Number of Stock Holdings Total Number of Bond Holdings

Notes MER as at August 31, 2011. Please refer to the Annual/ Interim Management Reports of Fund Performance for further details.

2 2 0 0

Renaissance U.S. Money Market Fund (Class A) Investment Management Overview Manager Bios

Investment Management Approach

Stephanie Lessard | 10-01-2004 CIBC Global Asset Management Inc

Since

Renaissance Canadian T Bill CIBC Money Market Premium Class CIBC US Money Market Premium Class U$ CIBC Canadian T-Bill Class A CIBC Money Market CIBC Canadian T-Bill Premium Class CIBC US Money Market U$ Renaissance Money Market Premium Class Renaissance Money Market

10-04 12-07 12-07 12-07 12-07 12-07 12-07 04-08 04-08

Steven Dubrovsky | 12-11-2007 CIBC Global Asset Management Inc

Since

04-94 04-94 04-94 04-94 04-94 04-94 08-06 08-06 12-07 12-07

The Fund benefits from the investment expertise of CIBC Global Asset Management’s Steven Dubrovsky and Stephanie Lessard, along with the Global Fixed Income team. The team follows a fundamental analysis approach to deliver a high level of interest income while maintaining security of capital and liquidity, by investing primarily in high-quality debt issued in U.S. dollar denominated currency.

team constructs and maintains the security buy list, which plays a key role in the security selection process. The manager next determines the optimal term structure. The entire Fund is continually subjected to management controls, and the team monitor and review the portfolio characteristics on a daily basis. The result is a well-diversified Fund of high quality debt

The team’s money market strategy follows a comprehensive investment process. The first two steps determine portfolio duration and sector allocation. The

securities issued in U.S. dollar denominated currency. This fund is an excellent conservative short-term investment for U.S. currency.

Manager Commentary The U.S. Federal Reserve Board (the Fed) maintained its target federal funds rate in the 0.00 to 0.25 percent range over the first quarter of 2012. The Fed was transparent when communicating its views on short-term interest rates and extended out its timeframe for any potential rate increase. The Federal Open Market Committee stated at its most recent policy meeting that the U.S. economy had expanded moderately, but said conditions were likely to warrant exceptionally low federal funds rate levels until at least late 2014. The Fed acknowledged the risk of a temporary increase in U.S. inflation as a result of rising oil and gas prices. The Chairman of the Fed noted several positive developments in the U.S. economy, including an improved labour market and expanding household and

business investment. The housing sector, however, has remained a drag on the U.S. economy. Although labour markets have improved, the Fed stated that the unemployment rate has remained elevated. The Fed repeated its concern that strains in global financial markets, although easing, continue to pose significant downside risk to the U.S. economic outlook. The threemonth U.S. Treasury bill rate increased modestly over the period. The fund’s average term-to-maturity declined, as the manager believed there was an insufficient increase in yields to warrant extending the fund’s holdings into securities with longer maturities. As at March 31, 2012

©2012. Morningstar Research Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. ™Renaissance Investments is offered by and is a registered trademark of CIBC Asset Management Inc. All fund performance is reported net of fees, benchmark data is reported gross of fees. This may impact a direct comparison between the RENAISSANCE INVESTMENTS 53 fund and its benchmark.

MONEY MARKET FUNDS

Report created on 04-18-2012

FIXED INCOME FUNDS

Report created on 04-16-2012

Renaissance Short-Term Income Fund (Class A) Fund Category Canadian Short Term Fixed Income

Morningstar Rating QQQ

Investment Objective

Performance as of 03-31-2012

Growth of $10,000 15 14 13 12 11 10 9 Performance Quartile (within category over calendar year)

Volatility Analysis

Low

Fund

Benchmark A DEX Short Term Bond Index

Medium

High

Volatility (low-high): The lower the volatility ranking, the lower the risk of the fund. Funds with a volatility ranking of high are the most risky. Best 1 Year Return

Worst 1 Year Return

17.8% 04-30-1990 to 04-30-1991

-3.8% 01-31-1994 to 01-31-1995

Total Assets ($mil)

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

YTD

92.7

132.4

123.2

105.4

75.0

35.2

32.5

65.5

59.1

83.5

143.2

4.6 3.7 6.3

3.0 3.4 5.1

2.9 3.3 5.1

1.0 1.5 2.4

2.5 3.0 4.0

2.3 2.6 4.1

6.9 6.2 8.6

1.9 3.7 4.5

1.9 2.5 3.6

3.6 3.4 4.7

0.0 0.2 0.0

Calendar Year Returns %

Fund Category Benchmark A Trailing Returns %

Fund Category Benchmark A

1 Mth

3 Mth

6 Mth

1Yr

2Yr

3Yr

5Yr

10Yr

-0.1 0.0 -0.1

0.0 0.2 0.0

0.3 0.6 0.5

3.6 3.5 4.4

2.7 2.9 3.9

2.1 2.8 3.7

3.2 3.6 4.9

3.2 3.4 4.9

Fund Details Class

Load Structure

Currency

Fund Code

Distributions as of 03-2012

A A A F Prem

Back End Charge Front End Charge Low Load Charge No Sales or Redem Front End Charge

CAD CAD CAD CAD CAD

ATL1121 ATL1021 ATL2121 ATL1630 ATL1206

Distribution $

Inception Date MER Distribution Frequency Minimum Investment Telephone Web Site

Apr

May

Composition

% Assets

Canadian Equity U.S. Equity International Equity Fixed Income Fixed Inc <1yr to mat Cash Other

888 888 FUND www.renaissanceinvestments.ca Top Ten Holdings

Notes Class F MER: 0.91% MER as at August 31, 2011. Please refer to the Annual/ Interim Management Reports of Fund Performance for further details.

Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar

Portfolio Analysis as of 03-31-2012

October 1, 1974 1.42% Monthly $500

Investment Style

Jun

0.0271 0.0310 0.0266 0.0270 0.0301 0.0267 0.0210 0.0196 0.0107 0.0274 0.0175 0.0208

0.0 0.0 0.0 87.9 5.5 6.5 0.0

% Assets

Canada Hsg Tr No 1 3.15% 15-06-2015 Canada Hsg Tr No 1 3.15% 15-06-2014 TELUS Corporation 4.95% 15-05-2014 Municipal Fin Authority 4.65% 19-04-2019 407 Intl Inc Mtn Cds- 3.88% 16-06-2015

9.3 9.2 3.2 3.1 3.0

Bell Canada MTN Cds- 4.85% 30-06-2014 Real Est Asset Liq Tr 4.638% 12-10-2015 Canada Hsg Tr No 1 2.7% 15-12-2013 Canada Govt 3.25% 01-06-2021 Nav Cda Mtn Cds- 4.713% 24-02-2016

3.0 3.0 3.0 2.9 2.7

Total Number of Portfolio Holdings Total Number of Underlying Holdings Total Number of Stock Holdings Total Number of Bond Holdings

102 102 0 91

Credit Quality

High Medium Low NR/NA

56.9 25.6 0.9 16.6

Fixed Income Breakdown

Government Bonds Corporate Bonds Other Bonds Mortgage Backed Securities ST Investments (Cash & Other) Asset Backed Securities

% Fixed Income

35.4 48.6 0.0 3.9 12.1 0.0

Renaissance Short-Term Income Fund (Class A) Investment Management Overview Manager Bios

Investment Management Approach

Jeffrey Waldman | 10-01-1999 CIBC Global Asset Management Inc

Since

CIBC Short-Term Income CIBC Short-Term Income Premium Renaissance Corp Bd Capital Yld Prem Cls Renaissance Corp Bond Capital Yield

12-07 12-07 11-09 11-09

Steven Dubrovsky | 12-11-2007 CIBC Global Asset Management Inc

Since

04-94 04-94 04-94 04-94 04-94 04-94 08-06 08-06 12-07 12-07

©2012. Morningstar Research Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. ™Renaissance Investments is offered by and is a registered trademark of CIBC Asset Management Inc. All fund performance is reported net of fees, benchmark data is reported gross of fees. This may impact a direct comparison between the RENAISSANCE INVESTMENTS 55 fund and its benchmark.

FIXED INCOME FUNDS

Report created on 04-16-2012

FIXED INCOME FUNDS

Report created on 04-16-2012

Renaissance Canadian Bond Fund (Class A) Fund Category Canadian Fixed Income

Morningstar Rating QQQ

Investment Objective

Performance as of 03-31-2012

Growth of $10,000 20 Fund

18 16 14 12 10

Volatility Analysis

Low

Benchmark A DEX Universe Bond Index

Medium

High

Volatility (low-high): The lower the volatility ranking, the lower the risk of the fund. Funds with a volatility ranking of high are the most risky.

Performance Quartile (within category over calendar year)

Total Assets ($mil)

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

YTD

98.1

95.1

81.8

77.2

65.5

97.8

98.1

125.6

201.8

294.1

344.7

6.3 7.0 8.7

4.8 6.2 6.7

4.7 6.0 7.1

3.9 5.4 6.5

2.9 2.6 4.1

1.7 1.9 3.7

1.2 2.7 6.4

8.0 7.5 5.4

6.6 6.0 6.7

8.0 7.5 9.7

0.4 0.1 -0.2

Calendar Year Returns % Best 1 Year Return

Worst 1 Year Return

21.0% 07-31-1991 to 07-31-1992

-8.0% 01-31-1994 to 01-31-1995

Fund Category Benchmark A Trailing Returns %

Fund Details Class

Load Structure

Currency

Fund Code

A A A F Prem

Back End Charge Front End Charge Low Load Charge No Sales or Redem Front End Charge

CAD CAD CAD CAD CAD

ATL1122 ATL1022 ATL2122 ATL1631 ATL1204

Inception Date MER Distribution Frequency Minimum Investment Telephone Web Site

January 1, 1973 1.52% Monthly $500

Fund Category Benchmark A Distributions as of 03-2012 Distribution $

1 Mth

3 Mth

6 Mth

1Yr

2Yr

3Yr

5Yr

10Yr

-0.2 -0.3 -0.3

0.4 0.1 -0.2

2.2 1.9 1.9

8.6 7.9 9.7

6.8 6.0 7.4

7.1 6.6 6.6

5.0 5.0 6.1

5.0 5.4 6.6

Apr

May

Composition

% Assets

Canadian Equity U.S. Equity International Equity Fixed Income Fixed Inc <1yr to mat Cash Other

Investment Style Top Ten Holdings

Class F MER: 0.71% MER as at August 31, 2011. Please refer to the Annual/ Interim Management Reports of Fund Performance for further details.

Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar

Portfolio Analysis as of 03-31-2012

888 888 FUND www.renaissanceinvestments.ca

Notes

Jun

0.0279 0.0318 0.0301 0.0280 0.0320 0.0292 0.0255 0.0288 0.0152 0.0418 0.0223 0.0246

0.0 0.0 0.0 95.9 0.2 3.9 0.0

% Assets

Canada Hsg Tr No 1 2.75% 15-06-2016 Canada Govt 4% 01-06-2041 Canada Govt 2.75% 01-06-2022 Australia(Cmnwlth) 5.75% 15-05-2021 Municipal Fin Authority 4.45% 01-06-2020

25.9 7.1 3.9 2.1 2.0

Canada Govt 5% 01-06-2037 BC (Prov Of) 4.7% 18-06-2037 New Brunswick F-M Proj 6.47% 30-11-2027 Municipal Fin Authority 4.8% 01-12-2017 Sun Life Finl Inc Med Term Nts FRN 02-03-2022

1.9 1.6 1.1 1.1 1.0

Total Number of Portfolio Holdings Total Number of Underlying Holdings Total Number of Stock Holdings Total Number of Bond Holdings

163 163 0 159

Credit Quality

High Medium Low NR/NA

60.6 22.6 8.2 8.7

Fixed Income Breakdown

Government Bonds Corporate Bonds Other Bonds Mortgage Backed Securities ST Investments (Cash & Other) Asset Backed Securities

% Fixed Income

49.5 45.6 0.0 0.7 4.1 0.0

Renaissance Canadian Bond Fund (Class A) Investment Management Overview Manager Bios

Investment Management Approach

John Braive | 08-01-2005 CIBC Global Asset Management Inc

Since

CIBC Canadian Bond CIBC Canadian Bond Premium Class CIBC Short-Term Income Premium CIBC Short-Term Income Renaissance Real Return Bond

04-94 04-94 12-99 12-99 04-08

Patrick O'Toole | 12-11-2007 CIBC Global Asset Management Inc

Since

Renaissance Real Return Bond CIBC Canadian Bond Premium Class CIBC Canadian Bond Renaissance Corp Bd Capital Yld Prem Cls Renaissance Corp Bond Capital Yield

05-04 12-07 12-07 11-09 11-09

©2012. Morningstar Research Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. ™Renaissance Investments is offered by and is a registered trademark of CIBC Asset Management Inc. All fund performance is reported net of fees, benchmark data is reported gross of fees. This may impact a direct comparison between the RENAISSANCE INVESTMENTS 57 fund and its benchmark.

FIXED INCOME FUNDS

Report created on 04-16-2012

FIXED INCOME FUNDS

Report created on 04-16-2012

Renaissance Real Return Bond Fund (Class A) Fund Category Canadian Inflation Protected Fixed Income

Morningstar Rating QQQ

Investment Objective

Performance as of 03-31-2012

To generate a regular level of interest income that is hedged against inflation by investing primarily in government, government-guaranteed and corporate inflation-linked bonds from issuers located around the world.

Growth of $10,000 20 Fund

18 16 14 12 10

Volatility Analysis

Low

Benchmark A DEX Real Return Bond Index

Medium

High

Volatility (low-high): The lower the volatility ranking, the lower the risk of the fund. Funds with a volatility ranking of high are the most risky.

Performance Quartile (within category over calendar year)

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

YTD

—

4.7

21.5

60.1

87.9

58.5

60.8

122.0

182.2

218.4

215.2

Fund Category Benchmark A

— 12.9 15.2

— 10.3 13.3

10.2 14.0 17.5

11.1 11.0 15.2

-3.3 -3.5 -2.9

-0.1 0.7 1.6

-0.1 -1.1 0.4

10.3 13.0 14.5

7.9 8.4 11.2

13.9 14.9 18.3

-1.2 -1.2 -1.1

Trailing Returns %

1 Mth

3 Mth

6 Mth

1Yr

2Yr

3Yr

5Yr

Since Inception

-1.2 -0.9 -1.0

-1.2 -1.2 -1.1

3.6 5.0 6.5

12.2 13.3 16.4

10.0 10.6 13.5

8.9 10.0 12.5

5.9 6.5 8.5

5.7 — —

Total Assets ($mil) Calendar Year Returns %

Best 1 Year Return

Worst 1 Year Return

18.2% 01-31-2011 to 01-31-2012

-5.0% 08-31-2006 to 08-31-2007

Fund Details Class

Load Structure

Currency

Fund Code

A A A F

Back End Charge Front End Charge Low Load Charge No Sales or Redem

CAD CAD CAD CAD

ATL291 ATL251 ATL267 ATL010

Inception Date MER Distribution Frequency Minimum Investment Telephone Web Site

June 2, 2003 1.67% Quarterly $500

Fund Category Benchmark A Distributions as of 03-2012

Apr

Distribution $

—

Aug

Sep

Oct

—

% Assets

Top Ten Holdings

MER as at August 31, 2011. Please refer to the Annual/ Interim Management Reports of Fund Performance for further details.

Jul

Canadian Equity U.S. Equity International Equity Fixed Income Fixed Inc <1yr to mat Cash Other

Investment Style

Notes

Jun

— 0.2104

Nov

Dec

Jan

Feb

Mar

— 0.1195

—

Portfolio Analysis as of 03-31-2012 Composition

888 888 FUND www.renaissanceinvestments.ca

Class F MER: 0.89%

May

0.0 0.0 0.0 92.6 0.0 7.4 0.0

% Assets

Canada Govt 4.25% 01-12-2021 Canada Govt 4.25% 01-12-2026 Canada Govt 3% 01-12-2036 Canada Govt 2% 01-12-2041 US Treasury Bond 2.5% 15-01-2029

26.8 13.2 10.3 9.1 8.5

US Treasury Bond 15-02-2041 Quebec Prov Cda 3.3% 01-12-2013 Canada Govt 1.5% 01-12-2044 Canada Govt 3.75% 01-06-2019 US Treasury Note 1.25% 15-07-2020

6.8 4.1 3.1 2.9 1.9

Total Number of Portfolio Holdings Total Number of Underlying Holdings Total Number of Stock Holdings Total Number of Bond Holdings

17 17 0 15

Credit Quality

High Medium Low NR/NA

90.5 1.7 0.0 7.8

Fixed Income Breakdown

Government Bonds Corporate Bonds Other Bonds Mortgage Backed Securities ST Investments (Cash & Other) Asset Backed Securities

% Fixed Income

90.5 2.1 0.0 0.0 7.4 0.0

©2012. Morningstar Research Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. ™Renaissance Investments is offered by and is a registered trademark of CIBC Asset Management Inc. All fund performance is reported net of fees, benchmark data is reported gross of fees. This may impact a direct comparison between the fund and its benchmark.

Renaissance Real Return Bond Fund (Class A) Investment Management Overview Manager Bios

Investment Management Approach

Patrick O'Toole | 05-01-2004 CIBC Global Asset Management Inc

Since

CIBC Canadian Bond Renaissance Canadian Bond CIBC Canadian Bond Premium Class Renaissance Canadian Bond Premium Class Renaissance Corp Bd Capital Yld Prem Cls Renaissance Corp Bond Capital Yield

12-07 12-07 12-07 12-07 11-09 11-09

John Braive | 04-09-2008

The Fund benefits from the expertise of John Braive and Patrick O’Toole, along with the Real Return Bond Committee from CIBC Global Asset Management Inc., who follow a bottom-up approach to offer some protection for investors against the reduction in purchasing power caused by inflation. The team follows a bottom-up approach based on fundamental and quantitative analysis. The team begins with a fundamental valuation of the level of expected interest rates by focusing on the outlook for inflation, economic growth and fiscal and monetary policy. In addition, the team monitors technical indicators to determine the relative value of the market versus the expected outlook. To add further value to the expected performance of the real return bonds, the team analyzes the relative attractiveness of both the foreign inflation-

linked bond markets (particularly the U.S. market), and the provincial bond market versus the Government of Canada bond market. The Fund’s foreign currencies exposure, if any, is typically hedged to manage currency risk. As part of the portfolio management process, the team meets on a regular basis to re-assess the market outlook and to uncover strategies to help maximize performance. The result is a well-diversified portfolio of primarily real return bonds, which seeks to provide a regular level of interest income that offers some protection against inflation. This Fund is an excellent conservative income solution. The lower correlation of this asset class with other types of fixed income makes it an excellent diversifier while also offering protection of purchasing power against inflation.

CIBC Global Asset Management Inc

Since

CIBC Canadian Bond CIBC Canadian Bond Premium Class CIBC Short-Term Income CIBC Short-Term Income Premium Renaissance Canadian Bond Renaissance Canadian Bond Premium Class

04-94 04-94 12-99 12-99 08-05 08-05

whether Greece could implement the required fiscal and structural reforms in light of a declining economy, high unemployment and upcoming elections. The manager believes inflation may move lower in the coming quarters, reducing the appetite for inflationlinked bonds, and expects nominal bond yields to move slightly higher, which would increase the likelihood that real return bond yields would rise. Over the quarter, the fund’s weighting in U.S. Treasury Inflation-Protected Securities was increased, but remained slightly underweight versus the benchmark. The fund held overweight positions in cash and nominal bonds. The fund’s shorter-than-benchmark duration was maintained. As at March 31, 2012

©2012. Morningstar Research Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. ™Renaissance Investments is offered by and is a registered trademark of CIBC Asset Management Inc. All fund performance is reported net of fees, benchmark data is reported gross of fees. This may impact a direct comparison between the RENAISSANCE INVESTMENTS 59 fund and its benchmark.

FIXED INCOME FUNDS

Report created on 04-16-2012

FIXED INCOME FUNDS

Report created on 04-16-2012

Renaissance Corporate Bond Capital Yield Fund (Class A) Fund Category Canadian Fixed Income

Morningstar Rating N/A

Investment Objective

Performance as of 03-31-2012

Seeks to generate tax-efficient returns, primarily through exposure to a corporate bond fund that will invest primarily in bonds, debentures, notes, and other debt instruments of Canadian issuers (the Reference Securities ). The Fund may, however, also invest directly in the Reference Securities where the Fund considers it would be beneficial to unitholders to do so.

Growth of $10,000 15 14 13 12 11 10 9 Performance Quartile (within category over calendar year)

Volatility Analysis

Medium

Low

Fund

Benchmark A DEX Corporate Bond Index

High

Total Assets ($mil) Volatility (low-high): The lower the volatility ranking, the lower the risk of the fund. Funds with a volatility ranking of high are the most risky. Best 1 Year Return

Worst 1 Year Return

6.6% 03-31-2011 to 03-31-2012

3.0% 10-31-2010 to 10-31-2011

Fund Details Class

Load Structure

Currency

Fund Code

A A A Prem F

Back End Charge Front End Charge Low Load Charge Front End Charge No Sales or Redem

CAD CAD CAD CAD CAD

ATL1102 ATL1002 ATL2102 ATL1202 ATL016

Inception Date MER Distribution Frequency Minimum Investment Telephone Web Site

2 2002

2003

2004

2005

2006

2007

2008

2009

—

68.9

— 7.0 8.6

— 6.2 8.5

— 6.0 7.3

— 5.4 6.0

— 2.6 4.4

— 1.9 1.8

— 2.7 0.2

— 7.5 16.3

Fund Category Benchmark A Trailing Returns %

Fund Category Benchmark A Distributions as of 03-2012 Distribution $

YTD

6.1 6.0 7.3

5.4 7.5 8.2

1.7 0.1 1.4

1 Mth

3 Mth

6 Mth

1Yr

2Yr

3Yr

5Yr

Since Inception

0.1 -0.3 0.1

1.7 0.1 1.4

3.2 1.9 3.1

6.6 7.9 9.4

5.5 6.0 7.4

— 6.6 9.8

— 5.0 6.7

5.2 — —

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar

0.0250 0.0250 0.0250 0.0250 0.0250 0.0250 0.0250 0.0250 0.1734 0.0260 0.0260 0.0260

% Assets

Canadian Equity U.S. Equity International Equity Fixed Income Fixed Inc <1yr to mat Cash Other

888 888 FUND www.renaissanceinvestments.ca

0.0 0.0 0.0 93.4 0.2 2.1 4.3

Investment Style Top Ten Holdings

MER as at August 31, 2011. Please refer to the Annual/ Interim Management Reports of Fund Performance for further details.

2011

930.9 1465.9 1776.1

Portfolio Analysis as of 03-31-2012

November 18, 2009 1.65% Monthly $500

Notes

Calendar Year Returns %

Composition

Class F MER: 0.77%

2010

% Assets

Manulife Fin 7.405% 31-12-2108 Sun Life Finl FRN 01-06-2036 Encana Corp 5.8% 18-01-2018 Sun Life Cap Tr Ii 5.863% 31-12-2108 Rogers Comms 4.7% 29-09-2020

1.9 1.7 1.6 1.4 1.4

Manulife Finl Cap Tr 6.7% 31-12-2051 Teranet Hldgs 4.807% 16-12-2020 Scotiabank Cap Tr 6.282% 30-06-2013 Rogers Comms 6.11% 25-08-2040 Loblaw Companies Ltd., 7.10%

1.4 1.2 1.2 1.2 1.2

Total Number of Portfolio Holdings Total Number of Underlying Holdings Total Number of Stock Holdings Total Number of Bond Holdings

216 216 0 210

Credit Quality

High Medium Low NR/NA

13.9 56.2 19.9 10.0

Fixed Income Breakdown

Government Bonds Corporate Bonds Other Bonds Mortgage Backed Securities ST Investments (Cash & Other) Asset Backed Securities

% Fixed Income

0.3 93.1 0.0 4.0 2.4 0.1

©2012. Morningstar Research Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. ™Renaissance Investments is offered by and is a registered trademark of CIBC Asset Management Inc. All fund performance is reported net of fees, benchmark data is reported gross of fees. This may impact a direct comparison between the fund and its benchmark.

Renaissance Corporate Bond Capital Yield Fund (Class A) Investment Management Overview Manager Bios

Investment Management Approach

Jeffrey Waldman | 11-20-2009 CIBC Global Asset Management Inc

Since

Renaissance Short-Term Income Renaissance Short-Term Income Prm Cl CIBC Short-Term Income Premium CIBC Short-Term Income

10-99 10-99 12-07 12-07

Patrick O'Toole | 11-20-2009 CIBC Global Asset Management Inc

Since

Renaissance Real Return Bond CIBC Canadian Bond Premium Class Renaissance Canadian Bond Premium Class CIBC Canadian Bond Renaissance Canadian Bond

05-04 12-07 12-07 12-07 12-07

The Renaissance Corporate Bond Capital Yield Fund provides exposure to a corporate bond fund, known as the Reference Fund. This Fund benefits from the research-driven approach of its highly experienced and stable portfolio management team. CIBC Global Asset Management’s Fixed Income Team starts with a focused universe of corporate bonds that have passed rigorous, internal credit analysis. The team then selects only the attractively priced, higher-yielding bonds which fit within their favourable-industry outlook. The fixed income team’s philosophy is to investigate before investing. In that light, a dedicated credit analysis team conducts rigorous research to identify suitable issuers for the buy list and the Credit Committee provides oversight to the proprietary risk measurement. The fixed income team combines four steps to delivering a high quality corporate bond portfolio: 1. Industry Analysis: An outlook is developed for the Canadian economy, global trends and industry sectors by exchanging macroeconomic perspectives with CGAM’s Asset Allocation and Quantitative team. The result is the identification of sectors that offer relative improvement for credit situations and the avoidance of sectors whose performance may deteriorate. 2. Company Analysis: The credit team actively manages a list of approved issuers by evaluating the

financial risk of each company and developing a deep understanding of each business and its competitive standing through in-depth analysis and face-to-face management meetings. Security Selection: From the credit team’s 3. approved issuer list, the fixed income team identifies value opportunities by analyzing factors including the option-adjusted spreads, comparable securities, similarly rated entities and historical valuations. Portfolio Construction: The team ensures sector, 4. issuer and credit quality diversification is applied, and measures holistic portfolio risk through a proprietary sector spread analysis. For further risk management, the Fund is continually subjected to management controls, monitoring and reviewing of the portfolio characteristics on a daily basis. The result is a diversified, high quality portfolio of corporate bonds that provide tax-efficient high yields while mitigating risk. The tax-efficient structure, which delivers distributions in the form of capital gains, the reliable distribution and the conservative approach to corporate bonds, makes this Fund an excellent diversifier to a fixed income or equity portfolio outside of a registered plan.

benchmark duration as government bond yields remained near the lower end of the manager’s expected trading range. The manager maintained the fund’s allocations to investment grade and high yield bonds at weightings that were neutral to the benchmark, as yields for high yield bonds neared their all-time lows. The manager continues to believe corporate bond spreads are attractive in the medium- and longer-term range, and kept the fund fully invested in corporate bonds despite the opportunity to invest up to 20 percent of the fund’s assets in government bonds. The manager believes government bonds should be increasingly susceptible to rising interest rates as the economy recovers.

The manager maintained the fund’s shorter-than-

As at March 31, 2012

©2012. Morningstar Research Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. ™Renaissance Investments is offered by and is a registered trademark of CIBC Asset Management Inc. All fund performance is reported net of fees, benchmark data is reported gross of fees. This may impact a direct comparison between the RENAISSANCE INVESTMENTS 61 fund and its benchmark.

FIXED INCOME FUNDS

Report created on 04-16-2012

FIXED INCOME FUNDS

Report created on 04-16-2012

Renaissance Corporate Bond Capital Yield Fund - Premium Class Fund Category Canadian Fixed Income

Morningstar Rating N/A

Investment Objective

Performance as of 03-31-2012

Growth of $10,000 15 14 13 12 11 10 9 Performance Quartile (within category over calendar year)

Volatility Analysis

Medium

Low

Fund

Benchmark A DEX Corporate Bond Index

High

Total Assets ($mil) Volatility (low-high): The lower the volatility ranking, the lower the risk of the fund. Funds with a volatility ranking of high are the most risky. Best 1 Year Return

Worst 1 Year Return

7.4% 03-31-2011 to 03-31-2012

3.8% 10-31-2010 to 10-31-2011

Fund Details Class

Load Structure

Currency

Fund Code

Prem A A A F

Front End Charge Back End Charge Front End Charge Low Load Charge No Sales or Redem

CAD CAD CAD CAD CAD

ATL1202 ATL1102 ATL1002 ATL2102 ATL016

Inception Date MER Distribution Frequency Minimum Investment Telephone Web Site

1 2002

2003

2004

2005

2006

2007

2008

2009

—

68.9

— 7.0 8.6

— 6.2 8.5

— 6.0 7.3

— 5.4 6.0

— 2.6 4.4

— 1.9 1.8

— 2.7 0.2

— 7.5 16.3

Fund Category Benchmark A Trailing Returns %

Fund Category Benchmark A Distributions as of 03-2012 Distribution $

2011

YTD

930.9 1465.9 1776.1

6.7 6.0 7.3

6.2 7.5 8.2

1.9 0.1 1.4

1 Mth

3 Mth

6 Mth

1Yr

2Yr

3Yr

5Yr

Since Inception

0.2 -0.3 0.1

1.9 0.1 1.4

3.6 1.9 3.1

7.4 7.9 9.4

6.2 6.0 7.4

— 6.6 9.8

— 5.0 6.7

5.8 — —

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar

0.0250 0.0250 0.0250 0.0250 0.0250 0.0250 0.0250 0.0250 0.2951 0.0260 0.0260 0.0260

Portfolio Analysis as of 03-31-2012

November 18, 2009 0.91% Monthly $100,000

% Assets

Canadian Equity U.S. Equity International Equity Fixed Income Fixed Inc <1yr to mat Cash Other

888 888 FUND www.renaissanceinvestments.ca

0.0 0.0 0.0 93.4 0.2 2.1 4.3

Investment Style Top Ten Holdings

Notes

Calendar Year Returns %

Composition

MER as at August 31, 2011. Please refer to the Annual/ Interim Management Reports of Fund Performance for further details.

2010

% Assets

Manulife Fin 7.405% 31-12-2108 Sun Life Finl FRN 01-06-2036 Encana Corp 5.8% 18-01-2018 Sun Life Cap Tr Ii 5.863% 31-12-2108 Rogers Comms 4.7% 29-09-2020

1.9 1.7 1.6 1.4 1.4

Manulife Finl Cap Tr 6.7% 31-12-2051 Teranet Hldgs 4.807% 16-12-2020 Scotiabank Cap Tr 6.282% 30-06-2013 Rogers Comms 6.11% 25-08-2040 Loblaw Companies Ltd., 7.10%

1.4 1.2 1.2 1.2 1.2

Total Number of Portfolio Holdings Total Number of Underlying Holdings Total Number of Stock Holdings Total Number of Bond Holdings

216 216 0 210

Credit Quality

High Medium Low NR/NA

13.9 56.2 19.9 10.0

Fixed Income Breakdown

Government Bonds Corporate Bonds Other Bonds Mortgage Backed Securities ST Investments (Cash & Other) Asset Backed Securities

% Fixed Income

0.3 93.1 0.0 4.0 2.4 0.1

©2012. Morningstar Research Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. ™Renaissance Investments is offered by and is a registered trademark of CIBC Asset Management Inc. All fund performance is reported net of fees, benchmark data is reported gross of fees. This may impact a direct comparison between the fund and its benchmark.

Renaissance Corporate Bond Capital Yield Fund - Premium Class Investment Management Overview Manager Bios

Investment Management Approach

Jeffrey Waldman | 11-20-2009 CIBC Global Asset Management Inc

Since

Renaissance Short-Term Income Renaissance Short-Term Income Prm Cl CIBC Short-Term Income Premium CIBC Short-Term Income

10-99 10-99 12-07 12-07

Patrick O'Toole | 11-20-2009 CIBC Global Asset Management Inc

Since

Renaissance Real Return Bond CIBC Canadian Bond Premium Class Renaissance Canadian Bond Premium Class CIBC Canadian Bond Renaissance Canadian Bond

05-04 12-07 12-07 12-07 12-07

The manager maintained the fund’s shorter-than-

As at March 31, 2012

©2012. Morningstar Research Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. ™Renaissance Investments is offered by and is a registered trademark of CIBC Asset Management Inc. All fund performance is reported net of fees, benchmark data is reported gross of fees. This may impact a direct comparison between the RENAISSANCE INVESTMENTS 63 fund and its benchmark.

FIXED INCOME FUNDS

Report created on 04-16-2012

FIXED INCOME FUNDS

Report created on 04-16-2012

Renaissance High-Yield Bond Fund (Class A) Fund Category High Yield Fixed Income

Morningstar Rating QQQ

Investment Objective

Performance as of 03-31-2012

To generate a high level of current income, primarily through investment in high-yield corporate bonds from issuers around the world and, where consistent with this objective, the Fund will also seek capital appreciation.

Growth of $10,000 20 Fund

Benchmark A DEX High Yield Index

18 16 14 12

Volatility Analysis

10 8

Low

Medium

High

Performance Quartile (within category over calendar year)

Volatility (low-high): The lower the volatility ranking, the lower the risk of the fund. Funds with a volatility ranking of high are the most risky.

Total Assets ($mil)

Best 1 Year Return

Worst 1 Year Return

Calendar Year Returns %

36.8% 01-31-2009 to 01-31-2010

-22.8% 01-31-2008 to 01-31-2009

Fund Details Class

Load Structure

Currency

Fund Code

A A A F

Back End Charge Front End Charge Low Load Charge No Sales or Redem

CAD CAD CAD CAD

ATL823 ATL908 ATL667 ATL015

Inception Date MER Distribution Frequency Minimum Investment Telephone Web Site

2003

2004

2005

2006

2007

2008

2009

2010

2011

YTD

124.7

108.5

115.0

199.9

150.0

309.9

397.5

428.9

469.6

Fund Category Benchmark A

3.7 3.3 12.8

18.3 13.1 14.8

10.6 7.6 9.6

-2.4 1.0 3.0

9.4 7.7 9.4

2.3 -1.3 5.1

-22.6 -21.3 4.2

31.9 33.3 11.4

9.5 10.6 15.1

1.5 3.0 -2.3

4.1 3.7 5.0

Trailing Returns %

1 Mth

3 Mth

6 Mth

1Yr

2Yr

3Yr

5Yr

10Yr

0.7 0.2 1.9

4.1 3.7 5.0

7.4 7.5 7.6

3.5 4.0 -0.4

6.4 6.8 6.2

14.8 15.6 15.7

3.2 3.6 6.8

5.5 5.0 8.5

Fund Category Benchmark A Distributions as of 03-2012

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar

0.0314 0.0496 0.0399 0.0333 0.0512 0.0518 0.0383 0.0555 0.0257 0.0669 0.0413 0.0472

Portfolio Analysis as of 03-31-2012 Composition

% Assets

Canadian Equity U.S. Equity International Equity Fixed Income Fixed Inc <1yr to mat Cash Other Top Ten Holdings

The MER quoted in the Fund Details section is for Class A units. Both MERs are as at August 31, 2011. These will be reviewed annually by the Manager.

121.3

Investment Style

Notes

2002

888 888 FUND www.renaissanceinvestments.ca

Class F MER: 1.11%

113.7

Distribution $

September 23, 1994 1.98% Monthly $500

0.0 0.0 0.0 94.5 0.0 3.1 2.4

% Assets

Seven Seas Cruises 144A 9.125% 15-05-2019 Cara Operations 9.125% 01-12-2015 Mercer Intl 9.5% 01-12-2017 Radnet 10.375% 01-04-2018 Roadhouse Financing 10.75% 15-10-2017

2.7 2.3 2.2 2.2 2.2

Cdn Satellite Radio Hldg 9.75% 21-06-2018 CHC Helicopter 144A 9.25% 15-10-2020 Xinergy 144A 9.25% 15-05-2019 Prodtn Res Grp 144A 8.875% 01-05-2019 Ceridian Corp New 11.25% 15-11-2015

2.1 2.0 2.0 1.9 1.9

Total Number of Portfolio Holdings Total Number of Underlying Holdings Total Number of Stock Holdings Total Number of Bond Holdings

124 124 0 121

Credit Quality

High Medium Low NR/NA

0.0 2.3 89.0 8.7

Fixed Income Breakdown

Government Bonds Corporate Bonds Other Bonds Mortgage Backed Securities ST Investments (Cash & Other) Asset Backed Securities

% Fixed Income

0.0 96.8 0.0 0.0 3.2 0.0

Renaissance High-Yield Bond Fund (Class A) Investment Management Overview Manager Bios Mark Kanar | 01-01-2003 CIBC Global Asset Management Inc

Mark Kanar joined CIBC Global Asset Management in 2002 and is leader of the High Yield Bond Team within the Global Fixed Income Group.

Investment Management Approach The Fund benefits from the expertise of Mark Kanar and Bryce Eng along with the High Yield Bond team from CIBC Global Asset Management, who focus their bottomup value investment style primarily towards Canadian, but also foreign, corporate bond issuers that have higher yield opportunities.

Bryce Eng | 12-13-2007 CIBC Global Asset Management Inc

Bryce Eng joined CIBC Global Asset Management in March 1997. Mr Eng is a member of the Global Fixed Income team, operating from within the firm's Investment Management Platform. Mr Eng has a Bachelor of Commerce from the University of Toronto (Toronto) and is also a CFA charterholder.

The High Yield Bond team’s approach follows a bottomup value philosophy, seeking to add value through all market cycles. Philosophically, the team embraces the high yield market’s inherent volatility due to the opportunity the volatility creates for their fundamental value style. The team makes an intensive fundamental evaluation of each company to assess its financial health and risk of default. Through this process, they identify the most attractive individual bonds with strong prospects for consistent income and growth, which can be purchased at a discount to their intrinsic value. The team’s fundamental value process is a combination of industry and bottom-up credit analysis to identify

securities that are undervalued, and those that should be sold to reinvest in better opportunities. The process includes an in-depth understanding of each company and its environment by analyzing 1) competitive threats; 2) terms and conditions of each bond; 3) pricing alternatives from companies within the same sector and from different industries with comparable credit ratings. With a thorough understanding of each bond, the manager moves opportunistically between bonds to capture the best scenario for delivering yield. Risk is managed through analysis of each security’s leverage, liquidity and interest coverage, and the Fund may hedge foreign exposure back to the Canadian dollar. The result is a well-diversified portfolio of higheryielding securities to deliver a higher level of current income with some potential for capital appreciation. This Fund is an excellent addition to a diversified portfolio seeking a higher level of income from its bond allocation.

Manager Commentary High yield bonds performed well over the first quarter of 2012 in response to renewed investor optimism that European leaders were closer to finding a solution to Greece’s sovereign debt issues and positive U.S. economic indicators. The combined return of high yield bonds over January and February was approximately six percent. High yield bond risk premiums narrowed to about 600 basis points (bps) above U.S. Treasury bills. This level was still above longer-term averages, even though the all-in yield was within 30 bps of its all-time low. The forecasted 2012 default rate remained low, at two to three percent. High yield bond returns for 2012 are generally expected to be eight to nine percent in a slow growth environment.

New issuance of high yield debt in the first quarter of 2012 was higher than last year’s issuance over the same period. February’s new issuance of high yield debt (at $37 billion) was the second best month on record. January and February flows of $12 billion approached the total flows for all of 2011 (at $14 billion). The manager added new holdings in United Rentals, Inc., a rental equipment company; Reynolds Group Holdings Limited, a packaging and storage products manufacturer; and Western Energy Services Corp., an oil field services company. As at March 31, 2012

©2012. Morningstar Research Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. ™Renaissance Investments is offered by and is a registered trademark of CIBC Asset Management Inc. All fund performance is reported net of fees, benchmark data is reported gross of fees. This may impact a direct comparison between the RENAISSANCE INVESTMENTS 65 fund and its benchmark.

FIXED INCOME FUNDS

Report created on 04-16-2012

FIXED INCOME FUNDS

Report created on 04-16-2012

Renaissance Global Bond Fund (Class A) Fund Category Global Fixed Income

Morningstar Rating QQQ

Investment Objective

Performance as of 03-31-2012

To preserve capital and to provide income and long-term growth primarily through investment in debt securities denominated in foreign currencies issued by Canadian or non-Canadian governments, corporations, and financial institutions.

Growth of $10,000 15 Fund

14 13 12 11 10

Volatility Analysis

Low

Benchmark A Citigroup World Government Bond Index

Medium

High

Volatility (low-high): The lower the volatility ranking, the lower the risk of the fund. Funds with a volatility ranking of high are the most risky.

Performance Quartile (within category over calendar year)

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

YTD

88.9

76.2

79.1

30.6

19.0

14.4

11.7

20.8

46.3

76.8

92.1

Fund Category Benchmark A

18.5 13.9 18.3

-2.7 -2.4 -6.0

-2.1 1.6 2.3

-10.7 -6.5 -9.2

3.2 3.0 5.7

-7.6 -3.2 -5.9

9.9 17.3 38.7

0.5 -3.0 -12.9

4.6 2.7 -0.3

8.7 4.1 9.0

0.7 1.2 -2.3

Trailing Returns %

1 Mth

3 Mth

6 Mth

1Yr

2Yr

3Yr

5Yr

10Yr

-0.3 -0.2 0.4

0.7 1.2 -2.3

-1.7 0.3 -4.7

10.2 6.4 8.0

7.6 4.6 5.4

5.4 2.1 -1.6

3.2 3.5 3.8

2.0 2.7 3.0

Total Assets ($mil) Calendar Year Returns %

Best 1 Year Return

Worst 1 Year Return

18.5% 12-31-2001 to 12-31-2002

-16.1% 04-30-2005 to 04-30-2006

Fund Details Class

Load Structure

Currency

Fund Code

A A A F

Back End Charge Front End Charge Low Load Charge No Sales or Redem

CAD CAD CAD CAD

ATL1872 ATL1028 ATL2872 ATL1646

Inception Date MER Distribution Frequency Minimum Investment Telephone Web Site

October 21, 1992 2.02% Quarterly $500

Fund Category Benchmark A Distributions as of 03-2012

Apr

Distribution $

—

Composition

—

% Assets

Top Ten Holdings

MER as at August 31, 2011. Please refer to the Annual/ Interim Management Reports of Fund Performance for further details.

Jul

Canadian Equity U.S. Equity International Equity Fixed Income Fixed Inc <1yr to mat Cash Other

Investment Style

Notes

Jun

— 0.0244

Aug

Sep

Oct

— 0.0265

—

Nov

Dec

Jan

— 0.0165

—

Feb

Mar

— 0.0219

Portfolio Analysis as of 03-31-2012

888 888 FUND www.renaissanceinvestments.ca

Class F MER: 1.22%

May

0.0 0.0 0.0 83.4 0.0 16.6 0.0

% Assets

Mexico(Utd Mex St) 8.5% 31-05-2029 United Kingdom Gilt, 2.25%, 20 United States Treas Nt 0.50% US Treasury Bond 4.25% 15-11-2040 New Sth Wales Tsy 6% 01-04-2016

8.9 7.9 6.7 5.3 5.2

Malaysia 5.094% 30-04-2014 Poland(Rep Of) 5.75% 23-09-2022 Queensland Tsy Cp 6.25% 21-02-2020 Korea(Republic Of) 5.75% 10-09-2018 Sth Africa(Rep Of) 6.75% 31-03-2021

4.6 3.8 3.2 3.0 2.7

Total Number of Portfolio Holdings Total Number of Underlying Holdings Total Number of Stock Holdings Total Number of Bond Holdings

76 76 0 74

Credit Quality

High Medium Low NR/NA

36.9 41.6 4.6 16.8

Fixed Income Breakdown

Government Bonds Corporate Bonds Other Bonds Mortgage Backed Securities ST Investments (Cash & Other) Asset Backed Securities

% Fixed Income

62.6 19.5 0.0 1.3 16.6 0.0

©2012. Morningstar Research Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. ™Renaissance Investments is offered by and is a registered trademark of CIBC Asset Management Inc. All fund performance is reported net of fees, benchmark data is reported gross of fees. This may impact a direct comparison between the fund and its benchmark.

Renaissance Global Bond Fund (Class A) Investment Management Overview Manager Bios Stephen S. Smith | 11-01-2006 Brandywine Global Investment Mgmt, LLC

Stephen Smith is Managing Director and co-lead Portfolio Manager for Brandywine’s Fixed Income and Balanced portfolios and contributes his extensive knowledge of global markets and currencies to support the research efforts for the International/Global Value Equity strategies. Prior to joining Brandywine in 1991, he was Managing Director of Taxable Fixed Income (1988-1991) at Mitchell Hutchins Asset Management, Inc.; Senior Vice President of Taxable Fixed Income (1984-1988) at Provident Capital Management, Inc. He holds a B.S. in Economics and Business Administration from Xavier University.

Investment Management Approach The Fund benefits from the global fixed income expertise of Brandywine Global Investment Management, who manage the Fund with a top-down, value approach with a focus on real yield, to preserve capital, generate principal growth and earn interest income. Since their founding in 1986, Brandywine Global has pursued a value approach to investing, with a belief that regardless of asset class or region, value investing can provide excellent returns over the long term. By applying a top-down, value-driven process, Brandywine Global invests in bonds offering the highest real (inflationadjusted) yields, while considering currency valuation, inflation, monetary trends, political risks, the business cycle and liquidity measures. Efficient duration

management and country rotation (driven primarily by currency considerations) add incremental value. Investments are typically concentrated in 8-16 countries deemed to have the best total return potential. Subsequently, risk is managed by investing in undervalued securities with the potential for higher returns. The result is a globally diversified portfolio of bonds including sovereign debt and currencies of countries from around the world. This Fund makes an excellent core global bond portfolio and can serve as a diversifying complement to an equity portfolio and/or a Canadian bond portfolio in order to manage risk.

David F. Hoffman | 11-01-2006 Brandywine Global Investment Mgmt, LLC

David Hoffman is a Managing Director and co-lead Portfolio Manager for Brandywine's Global Fixed Income and related strategies. He has been employed at Brandywine Global since 1995. Prior to joining the firm, David was President of Hoffman Capital, a global financial futures investment firm (1991-1995); Head of Fixed Income Investments at Columbus Circle Investors (1983-1990) and Senior Vice President and Portfolio Manager at INA Capital Management (1979-1982). David is a CFA charterholder and earned a B.A. in Art History from Williams College.

Manager Commentary Equities and high yield bonds generally performed well over the first quarter of 2012, while “safe-haven” bonds issued in the U.S., Canada, Australia and the U.K. underperformed. Eurozone sovereign bonds gained value and yields fell as a result of the European Central Bank’s recently imposed monetary policies. The Italian and Polish bond markets produced strong returns, and Mexican bond yields rose in response to strong U.S. economic data. Nearly all currencies gained against the Canadian dollar, although the Japanese yen fell in response to the Bank of Japan’s easing of its monetary policy. A deal to stop Greece from defaulting on its sovereign debt and rising financial asset values in Europe helped lift the euro. The South African rand and Polish zloty appreciated sharply versus the Canadian dollar as investors sought higher

yields in less developed countries. The Hungarian forint and Hungary’s sovereign debt continued to rally in response to an improved outlook for the eurozone. Overall, emerging markets assets performed well. The Brazilian real and that country’s sovereign debt rallied, but Brazil’s central bank intervened twice in February to stem the real’s strength against the U.S. dollar. The Turkish lira and that country’s sovereign debt also produced positive absolute returns. Investment-grade corporate credit in the U.S. and Europe produced positive absolute returns and outperformed Treasury bills with similar maturities. As at March 31, 2012

©2012. Morningstar Research Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. ™Renaissance Investments is offered by and is a registered trademark of CIBC Asset Management Inc. All fund performance is reported net of fees, benchmark data is reported gross of fees. This may impact a direct comparison between the RENAISSANCE INVESTMENTS 67 fund and its benchmark.

FIXED INCOME FUNDS

Report created on 04-16-2012

BALANCED FUNDS

Report created on 04-16-2012

Renaissance Canadian Balanced Fund (Class A) Fund Category Canadian Equity Balanced

Morningstar Rating QQQ

Investment Objective

Performance as of 03-31-2012

To achieve long-term investment return through a combination of income and capital growth by investing primarily in a diversified portfolio of Canadian equity securities, investment grade bonds, and money market instruments.

Growth of $10,000 20 Fund

18 16 14 12 10

Volatility Analysis

Low

Benchmark A Blended Benchmark

Medium

High

Volatility (low-high): The lower the volatility ranking, the lower the risk of the fund. Funds with a volatility ranking of high are the most risky.

Performance Quartile (within category over calendar year)

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

YTD

180.3

225.9

316.0

420.5

534.5

486.0

341.7

345.8

667.1

528.4

525.6

Fund Category Benchmark A

1.4 -4.3 -8.0

13.0 13.3 17.1

8.1 10.1 10.8

13.0 12.3 15.3

7.6 10.4 13.9

-0.7 0.3 4.6

-15.8 -22.3 -20.7

14.2 25.2 21.1

10.4 9.1 12.3

-4.8 -2.4 -2.1

5.5 4.2 4.0

Trailing Returns %

1 Mth

3 Mth

6 Mth

1Yr

2Yr

3Yr

5Yr

10Yr

-0.3 0.2 -0.3

5.5 4.2 4.0

9.4 7.4 7.7

-3.3 -1.6 -1.3

4.2 4.1 5.9

8.9 12.3 12.4

1.0 1.4 2.4

4.3 4.6 6.0

Total Assets ($mil) Calendar Year Returns %

Best 1 Year Return

Worst 1 Year Return

21.5% 03-31-2003 to 03-31-2004

-18.5% 02-28-2008 to 02-28-2009

Fund Details Class

Load Structure

Currency

Fund Code

A A A F

Back End Charge Front End Charge Low Load Charge No Sales or Redem

CAD CAD CAD CAD

ATL507 ATL508 ATL517 ATL019

Inception Date MER Distribution Frequency Minimum Investment Telephone Web Site

Fund Category Benchmark A

Portfolio Analysis as of 03-31-2012 Composition

March 10, 1999 2.31% Quarterly $500

888 888 FUND www.renaissanceinvestments.ca

Investment Style

Notes Class F MER: 0.91% MER as at August 31, 2011. Please refer to the Annual/ Interim Management Reports of Fund Performance for further details. Benchmark Blend: 30% DEX Bond Universe Index / 50% S&P/TSX Composite Index / 20% MSCI World Index

% Assets

Canadian Equity U.S. Equity International Equity Fixed Income Fixed Inc <1yr to mat Cash Other Top Ten Holdings

49.6 7.6 15.1 22.0 0.1 4.5 1.1

% Assets

Canada Hsg Tr No 1 2.75% 15-06-2016 Toronto-Dominion Bank Royal Bank of Canada CIBC Bank of Nova Scotia

3.4 3.0 2.8 2.2 2.2

Suncor Energy Inc Power Financial Canadian Natural Resources Ltd TELUS Corp Agrium Inc

2.1 1.8 1.8 1.8 1.7

Total Number of Portfolio Holdings Total Number of Underlying Holdings Total Number of Stock Holdings Total Number of Bond Holdings

276 1,223 987 159

Market Cap

Large Medium Small

81.8 17.9 0.3

Global Equity Sectors

Utilities Energy Financials Materials Consumer Discretionary Consumer Staples Telecommunication Services Industrials Health Care Information Technology Unclassified Fixed Income Breakdown

Government Bonds Corporate Bonds Other Bonds Mortgage Backed Securities ST Investments (Cash & Other) Asset Backed Securities

Credit Quality

High Medium Low NR/NA

43.3 22.7 11.3 22.7 % Equity

2.3 20.6 28.2 13.8 6.7 5.7 5.3 6.7 5.0 5.6 0.1 % Fixed Income

30.4 51.2 0.0 1.2 17.2 0.0

BALANCED FUNDS

Report created on 04-16-2012

Renaissance Canadian Balanced Fund (Class A) Investment Management Overview Manager Bios

Investment Management Approach

Luc de la Durantaye | 10-27-2009 CIBC Global Asset Management Inc

Since

CIBC Global Equity CIBC Balanced Renaissance Optimal Infl Opps Port Cl A

01-03 10-09 09-11

Colum McKinley | 06-01-2010 CIBC Global Asset Management Inc

Colum McKinley joined CIBC Global Asset Management in May 2010, assuming a lead role as Portfolio Manager on the Investment Management Team. He holds a Bachelor of Arts in Economics from the University of Western Ontario (London); and is a CFA charterholder. Prior to joining CIBC Global Asset Management, he was a Portfolio Manager at Sionna Investment Managers, 2005 to 2010, and Vice President and Director, Portfolio Manager at TD Asset Management (Toronto), 1999 to 2005. Other Assets Managed

Since

Renaissance Canadian Core Value CIBC Canadian Equity Value CIBC Balanced

06-10 06-10 07-11

Suzann Pennington | 08-02-2011 CIBC Global Asset Management Inc

Since

CIBC Balanced CIBC Canadian Equity Renaissance Canadian All-Cap Equity Cl A

07-11 07-11 09-11

The Fund combines the investment skill of several distinguished investment management teams, who will provide their expertise in management of Canadian, U.S. and EAFE equity and Canadian fixed income. Luc de la Durantaye of CIBC Global Asset Management (CGAM) will determine the overall strategic asset allocation of the fund. For the Canadian equity component, Suzann Pennington and her team employ a conservative, bottom-up value approach, which views risk on an absolute basis – an approach focusing on protecting the Fund from the risk of capital loss rather than the underperformance of an index. A well-defined process is geared to identifying holdings from all capitalization tranches. The team’s approach results in a diversified portfolio of stocks which avoids over-concentration in any one sector, capitalization tranche or holding and targets strong long-

term performance. The Canadian fixed income team follows a bottom-up approach based on fundamental and quantitative analysis. The team focus combines four different sources of adding value to fixed income investing: duration strategy, term structure strategy, sector allocation strategy and individual security selection. The foreign equity component is managed by CGAM’s EAFE equity team employing a bottom-up stock selection approach. The result is a diversified, value-oriented balanced portfolio designed to protect existing capital and achieve long-term capital appreciation. This fund is an excellent option as a conservative, core holding for an investor.

Manager Commentary The European Central Bank (ECB) added over €1 trillion into the eurozone banking system between December 2011 and March 2012. Through its longer-term refinancing operations (LTROs), the ECB also allowed banks to secure low-cost financing over the next three years, which had a significant impact on financial markets. While European Union leaders were finalizing the details of the Greek sovereign debt restructuring package, the ECB’s LTROs generally eliminated the risk of a liquidity crisis in the European banking system. The increased liquidity also helped to push European sovereign yields sharply lower. Equity markets generally performed well over the period and posted double-digit returns. Cyclical sectors outperformed the more defensive sectors, which was a marked reversal from the previous year. Although investors’ willingness to take on more risk was spurred by the rally, better economic news also supported equity

market gains. Looking ahead, the manager believes an important question is how long this positive economic environment will last. The manager believes central bank policies around the world should remain accommodative for the foreseeable future. Markets should remain relatively strong as investor grow increasingly comfortable increasing their exposure to undervalued equities. However, given the negative structural forces at work (i. e., government, bank and household deleveraging) and modest long-term economic growth prospects, the manager believes it is wise to maintain a prudent investment approach. The manager will continue to monitor developments and invest in asset classes and currencies that provide what the manager believes are attractive valuation and growth prospects. As at March 31, 2012

©2012. Morningstar Research Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. ™Renaissance Investments is offered by and is a registered trademark of CIBC Asset Management Inc. All fund performance is reported net of fees, benchmark data is reported gross of fees. This may impact a direct comparison between the RENAISSANCE INVESTMENTS 69 fund and its benchmark.

BALANCED FUNDS

Report created on 04-16-2012

Renaissance Optimal Income Portfolio Fund Category Canadian Fixed Income Balanced

Morningstar Rating QQQQ

Investment Objective

Performance as of 03-31-2012

To generate income with some potential for capital appreciation by investing primarily in units of Canadian and global mutual funds.

Growth of $10,000 14 Fund

Benchmark A Blended Benchmark

13 12 11

Volatility Analysis

10 9 8 Medium

Low

High

Volatility (low-high): The lower the volatility ranking, the lower the risk of the fund. Funds with a volatility ranking of high are the most risky.

Performance Quartile (within category over calendar year)

Worst 1 Year Return

17.8% 02-28-2009 to 02-28-2010

-14.2% 02-28-2008 to 02-28-2009

Portfolio Details Class

Load Structure

Currency

Fund Code

A A A Elite Elite Elite F Sel Sel Sel

Back End Charge Front End Charge Low Load Charge Back End Charge Front End Charge Low Load Charge No Sales or Redem Back End Charge Front End Charge Low Load Charge

CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD

ATL050 ATL048 ATL049 ATL2406 ATL2404 ATL2405 ATL051 ATL2403 ATL2401 ATL2402

Inception Date MER Minimum Investment Telephone Web Site

Investment Style

2003

2004

2005

2006

2007

2008

2009

2010

2011

YTD

—

3.9

28.3

133.4

384.9

690.0

837.3

Fund Category Benchmark A

— 0.3 -1.3

— 9.0 12.0

— 6.9 9.0

— 6.9 10.9

— 6.1 9.7

— 0.3 3.6

-12.3 -9.0 -9.5

13.3 14.0 13.5

9.0 6.7 9.6

4.2 2.9 3.2

2.1 2.1 2.4

Trailing Returns %

1 Mth

3 Mth

6 Mth

1Yr

2Yr

3Yr

5Yr

Since Inception

0.1 0.1 -0.2

2.1 2.1 2.4

4.9 4.4 5.5

3.8 3.6 3.9

6.9 4.9 6.7

9.8 8.7 9.9

— 2.9 4.0

3.4 — —

Calendar Year Returns %

Fund Category Benchmark A

Portfolio Analysis as of 03-31-2012 Actual Composition

% Assets

Canadian Equity U.S. Equity International Equity Fixed Income Fixed Inc <1yr to mat Cash Other

November 13, 2007 1.89% $500

888 888 FUND www.renaissanceinvestments.ca

2002

Total Assets ($mil) Best 1 Year Return

Top 5 Global Equity Sectors

Financials Utilities Energy Industrial Materials

23.5 4.2 8.4 55.7 0.1 5.8 2.3

% Equity

25.1 24.3 17.5 14.0 7.2

Market Cap

Large Medium Small

64.2 35.5 0.2

Credit Quality

High Medium Low NR/NA

Top Holdings

Renaissance Canadian Bond Renaissance Canadian Dividend Renaissance Global Infrastructure Renaissance High-Yield Bond Renaissance Global Bond

42.8 18.4 25.7 13.1 % Assets

29.8 24.7 15.0 14.8 10.0

Renaissance Real Return Bond

5.0

Total Number of Portfolio Holdings Total Number of Underlying Holdings Total Number of Stock Holdings Total Number of Bond Holdings

8 506 117 349

Notes Class F MER: 0.88% T-Class units are also available. MER as at August 31, 2011. Please refer to the Annual/ Interim Management Reports of Fund Performance for further details. Benchmark Blend: 60% DEX Bond Universe Index / 25% S&P/TSX Composite Index / 15% MSCI World Index

©2012. Morningstar Research Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. ™Renaissance Investments is offered by and is a registered trademark of CIBC Asset Management Inc. All fund performance is reported net of fees, benchmark data is reported gross of fees. This may impact a direct comparison between the fund and its benchmark.

BALANCED FUNDS

Report created on 04-16-2012

Renaissance Optimal Income Portfolio Investment Management Overview Investment Managers Management Team | 11-13-2007 Brandywine Global Investment Mgmt, LLC. Management Team | 11-13-2007 CIBC Global Asset Management Inc Management Team | 11-13-2007

Investment Management Approach This diversified Portfolio delivers an all-in-one income generation solution through a carefully aligned collection of asset classes and investment managers to capture the market’s best income opportunities, while carefully managing risk.

RARE Infrastructure Limited

This Portfolio optimizes the unique contributions from a group of carefully selected managers and asset classes to achieve the desired characteristics of an income generating investment product. A high degree of income generation is achieved primarily through a combination of CIBC Global Asset Management’s (CGAM) Canadian Bond and High Yield Bond approaches alongside RARE’s Global Infrastructure approach. The potential for capital growth is accomplished primarily through a combination of CGAMs Canadian Dividend Income approach with additional contributions from RARE’s Global

Infrastructure and Brandywine Global’s Global Bond approaches. Volatility is carefully managed to the lower end of the spectrum through the careful combination of each manager’s approach and asset class. A measure of inflation protection is attained primarily through a combination of RARE’s Global Infrastructure and CGAMs Real Return Bond approaches. The result is a diversified income generating portfolio that offers income generation, a measure of inflation protection and the opportunity for capital appreciation combined with capital preservation and low volatility. This portfolio makes an excellent all-in-one income solution because it offers investors the ability to tailor their cash flow needs through three stable monthly payout options and to potentially defer tax on return of capital distributions.

©2012. Morningstar Research Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. ™Renaissance Investments is offered by and is a registered trademark of CIBC Asset Management Inc. All fund performance is reported net of fees, benchmark data is reported gross of fees. This may impact a direct comparison between the RENAISSANCE INVESTMENTS 71 fund and its benchmark.

EQUITY INCOME FUNDS

Report created on 04-16-2012

Renaissance Canadian Dividend Fund (Class A) Fund Category Canadian Dividend & Income Equity

Morningstar Rating QQ

Investment Objective

Performance as of 03-31-2012

To generate a high level of income and long-term capital growth by investing primarily in income producing securities including common shares, preferred shares, income trusts, and fixed income securities.

Growth of $10,000 20 Fund

Benchmark A S&P/TSX Composite Index

18 16 14 12

Volatility Analysis

10 8

Low

Medium

High

Performance Quartile (within category over calendar year)

Volatility (low-high): The lower the volatility ranking, the lower the risk of the fund. Funds with a volatility ranking of high are the most risky.

Total Assets ($mil)

Best 1 Year Return

Worst 1 Year Return

Calendar Year Returns %

28.5% 03-31-2003 to 03-31-2004

-29.9% 02-28-2008 to 02-28-2009

Fund Category Benchmark A

Fund Details

Trailing Returns %

Class

Load Structure

Currency

Fund Code

A A A F

Back End Charge Front End Charge Low Load Charge No Sales or Redem

CAD CAD CAD CAD

ATL211 ATL294 ATL266 ATL014

Inception Date MER Minimum Investment Telephone Web Site

November 8, 2002 2.47% $500

Fund Category Benchmark A

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

YTD

67.3

113.1

178.7

236.5

226.3

132.1

159.6

300.4

340.0

371.9

— -5.0 -12.4

21.0 20.8 26.7

16.1 14.0 14.5

18.2 17.4 24.1

8.2 13.6 17.3

4.6 1.3 9.8

-28.9 -28.4 -33.0

18.4 28.3 35.1

14.5 11.1 17.6

-3.9 -1.0 -8.7

3.6 4.7 4.4

1 Mth

3 Mth

6 Mth

1Yr

2Yr

3Yr

5Yr

Since Inception

-0.2 0.5 -1.6

3.6 4.7 4.4

7.7 9.7 8.1

-6.4 -2.4 -9.8

4.6 5.2 4.2

11.3 15.5 15.6

-0.4 1.1 1.7

6.7 — —

% Assets

Canadian Equity U.S. Equity International Equity Fixed Income Fixed Inc <1yr to mat Cash Other Top Ten Holdings

MER as at August 31, 2011. Please refer to the Annual/ Interim Management Reports of Fund Performance for further details.

15.4

Composition

Investment Style

Notes

Portfolio Analysis as of 03-31-2012

888 888 FUND www.renaissanceinvestments.ca

Class F MER: 1.07%

90.5 0.0 0.0 0.0 0.0 6.8 2.7

% Assets

Toronto-Dominion Bank Royal Bank of Canada Bank of Nova Scotia CIBC Bank of Montreal

6.1 5.5 4.4 4.1 3.3

Canadian National Railway Co BCE Inc Enbridge, Inc. Canadian Natural Resources Ltd Suncor Energy Inc

3.2 2.7 2.7 2.6 2.6

Total Number of Portfolio Holdings Total Number of Underlying Holdings Total Number of Stock Holdings Total Number of Bond Holdings

110 110 74 0

Market Cap

Large Medium Small

78.5 21.3 0.2

Global Equity Sectors

Utilities Energy Financials Materials Consumer Discretionary Consumer Staples Telecommunication Services Industrials Health Care Information Technology Unclassified Top 5 Countries

Canada

% Equity

1.8 22.6 40.5 11.6 4.6 3.0 7.0 7.4 1.0 0.6 0.0 % Assets

100.0

©2012. Morningstar Research Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. ™Renaissance Investments is offered by and is a registered trademark of CIBC Asset Management Inc. All fund performance is reported net of fees, benchmark data is reported gross of fees. This may impact a direct comparison between the fund and its benchmark.

Renaissance Canadian Dividend Fund (Class A) Investment Management Overview Manager Bios

Investment Management Approach

Domenic Monteferrante | 10-27-2009 CIBC Global Asset Management Inc

Dominic joined CIBC Asset Management in February 1998. Domenic is a member of the Global Equity group operating from within the firm's Investment Management Platform, and is responsible for the Canadian equity product. Domenic is also responsible for the management of socially responsible and dividend portfolio mandates. Other Assets Managed

Since

CIBC Financial Companies CIBC Dividend Growth CIBC Dividend Income

11-04 12-07 10-09

The Fund benefits from the expertise of Domenic Monteferrante and the Canadian Equity team from CIBC Global Asset Management, who focus their investment expertise towards high income-generating equity securities. The Canadian Equity team focus their approach toward selecting income-generating equity securities that are mis-priced through fundamental analysis. The team’s approach follows a rigorous process to select mis-priced securities, with the goal of achieving above-average, risk-adjusted returns over the long term. The initial screening is performed using proprietary internally generated buy-sell stock targets based on bottom-up analysis. This fundamental analysis includes a review of the business model, management assessment, and

evaluation of key ratios, which differ based on sector. A peer review is then conducted to scrutinize internal stock recommendations to focus on the best opportunities. The initial screening, combined with the deep fundamental analysis, leads to buy/hold/sell recommendations that are validated at the portfolio construction level through the guiding principals of the team’s philosophy. The result is a conservative, diversified portfolio of primarily Canadian income-generating securities including higher dividend and increasing dividend-paying stocks, selected with a disciplined approach. This Fund is an excellent option for the equity-oriented incomegeneration portion of a portfolio.

Manager Commentary Global equity markets were relatively strong over the first quarter of 2012, which was partially in response to progress made by the European Central Bank to resolve Europe’s sovereign debt issues. This strong performance was also the result of further signs of a U.S. economic recovery. However, the manager believes structural debt challenges – for both consumers and governments in developed economies – could hinder further economic improvements. In addition, the rate of economic growth in China, while still strong in absolute terms, appears to be slowing. As a result, the manager remains cautious and expects equity markets to continue to be volatile over the near term. At the end of the period, the fund had overweight positions in the financials, pipeline, real estate and telecommunication services sectors, as the companies in

these sectors generally experience low price volatility and provide above-average dividend yields. The fund had underweight positions in the energy and materials sectors. During the period, the manager added selectively to high dividend-yielding securities like Pembina Pipeline Corporation, Royal Bank of Canada, The Bank of Nova Scotia, BCE Inc. and ARC Resources Ltd. The manager established a position in Inmet Mining Corporation on was price weakness. Positions that were reduced or eliminated from the fund included The North West Company, Potash Corp. of Saskatchewan Inc. and Astral Media Inc. As at March 31, 2012

©2012. Morningstar Research Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. ™Renaissance Investments is offered by and is a registered trademark of CIBC Asset Management Inc. All fund performance is reported net of fees, benchmark data is reported gross of fees. This may impact a direct comparison between the RENAISSANCE INVESTMENTS 73 fund and its benchmark.

EQUITY INCOME FUNDS

Report created on 04-16-2012

EQUITY INCOME FUNDS

Report created on 04-16-2012

Renaissance Canadian Monthly Income Fund (Class A) Fund Category Canadian Equity Balanced

Morningstar Rating QQQQ

Investment Objective

Performance as of 03-31-2012

To generate a high level of current cash flow by investing primarily in income producing securities including income trusts, preferred shares, common shares, and fixed income securities.

Growth of $10,000 25 Fund

Benchmark A Blended Benchmark

22 19 16 13

Volatility Analysis

10 7

Low

Medium

High

Performance Quartile (within category over calendar year)

Volatility (low-high): The lower the volatility ranking, the lower the risk of the fund. Funds with a volatility ranking of high are the most risky.

Total Assets ($mil)

Best 1 Year Return

Worst 1 Year Return

Calendar Year Returns %

49.5% 02-28-2000 to 02-28-2001

-24.2% 12-31-2007 to 12-31-2008

Fund Details Class

Load Structure

Currency

Fund Code

A A A F

Back End Charge Front End Charge Low Load Charge No Sales or Redem

CAD CAD CAD CAD

ATL859 ATL910 ATL668 ATL155

Inception Date MER Distribution Frequency Minimum Investment Telephone Web Site

October 30, 1997 1.92% Monthly $500

2003

2004

2005

2006

2007

2008

2009

2010

2011

YTD

734.1

731.6

515.6

432.0

286.4

291.4

261.8

208.3

203.9

Fund Category Benchmark A

8.9 -4.3 13.5

25.0 13.3 38.3

23.0 10.1 28.2

23.5 12.3 29.4

0.3 10.4 -2.2

13.6 0.3 7.0

-24.2 -22.3 -27.1

17.0 25.2 43.7

11.4 9.1 24.3

-2.3 -2.4 0.4

2.8 4.2 2.1

Trailing Returns %

1 Mth

3 Mth

6 Mth

1Yr

2Yr

3Yr

5Yr

10Yr

-0.6 0.2 -1.0

2.8 4.2 2.1

7.3 7.4 5.1

-3.6 -1.6 -0.2

4.2 4.1 9.0

9.9 12.3 24.6

1.5 1.4 6.9

8.3 4.6 12.9

Fund Category Benchmark A

Portfolio Analysis as of 03-31-2012 Composition

% Assets

Canadian Equity U.S. Equity International Equity Fixed Income Fixed Inc <1yr to mat Cash Other

Canada Hsg Tr No 1 2.75% 15-06-2016 Toronto-Dominion Bank Royal Bank of Canada Suncor Energy Inc CIBC

Benchmark Blend: 50% S&P/TSX Composite Index / 50% DEX Bond Universe Index

709.5

Top Ten Holdings

MER as at August 31, 2011. Please refer to the Annual/ Interim Management Reports of Fund Performance for further details.

2002

59.2 0.0 0.0 39.0 0.3 1.6 0.0

Investment Style

Notes

622.1

888 888 FUND www.renaissanceinvestments.ca

Class F MER: 0.98%

% Assets

10.7 5.9 3.7 3.3 2.8

TELUS Corp BCE Inc AltaGas Ltd. Canadian Natural Resources Ltd Magna International Inc. Class A

2.6 2.2 1.9 1.9 1.8

Total Number of Portfolio Holdings Total Number of Underlying Holdings Total Number of Stock Holdings Total Number of Bond Holdings

170 170 65 101

Market Cap

Large Medium Small

76.7 22.1 1.2

Global Equity Sectors

Utilities Energy Financials Materials Consumer Discretionary Consumer Staples Telecommunication Services Industrials Health Care Information Technology Unclassified Fixed Income Breakdown

Government Bonds Corporate Bonds Other Bonds Mortgage Backed Securities ST Investments (Cash & Other) Asset Backed Securities

Credit Quality

High Medium Low NR/NA

71.0 21.2 0.0 7.8 % Equity

2.8 27.5 36.8 8.6 5.5 0.4 11.4 6.5 0.0 0.6 -0.1 % Fixed Income

57.0 38.3 0.0 0.2 4.5 0.0

Renaissance Canadian Monthly Income Fund (Class A) Investment Management Overview Manager Bios

Investment Management Approach

David Graham | 10-27-2009 CIBC Global Asset Management Inc

David Graham joined CIBC Global Asset Management in July 2002 and has over 35 years of financial industry and investment management experience. David is a member of the Global Equity group, operating from within the CIBC’s Investment Management Platform. David holds a Masters in Business Administration from York University (Toronto); Bachelor of Arts from the University of Western Ontario (London) and is also a CFA charterholder. Other Assets Managed

Since

CIBC Monthly Income CIBC Global Monthly Income Renaissance Diversified Income Renaissance Canadian Core Value CIBC Canadian Equity Value CIBC Canadian Equity

12-07 12-07 10-09 10-09 10-09 07-11

The Fund benefits from the expertise of David Graham and the Canadian Equity team from CIBC Global Asset Management, who focus their value investment style toward a diversified mix of income-generating securities. The manager opportunistically moves between different types of securities to take advantage of changing business cycles and market conditions to capture the best scenario for delivering conservative, high quality income and paying a fixed monthly distribution. The Canadian Equity team focus their approach toward income-generating securities. The team’s approach follows a rigorous process to select undervalued securities, with the goal of achieving above-average, risk-adjusted returns over the long term. The team uses a combination of quantitative and fundamental analysis, emphasizing primarily a bottom-up fundamental analysis, but combined with a top-down macro-economic perspective. The initial screening is performed using a

proprietary quantitative model to find the intrinsic value of a security. The stocks are then ranked in order of expected return and ‘value traps’ are avoided by further screening. The promising companies undergo qualitative analysis to evaluate financial risk and to fully understand the business and industry in which the company operates. The initial screening, combined with the deep fundamental analysis, leads to buy/hold/sell recommendations that are validated at the portfolio construction level through the guiding principals of the team’s value philosophy. The result is a conservative, diversified value portfolio of primarily Canadian income-generating securities including income trusts, higher-dividend stocks, and opportunistically including fixed income. This Fund is an excellent option for the income-generation portion of a portfolio.

Manager Commentary The global economic recovery continued over the first quarter of 2012. The manager believes improving job numbers, strong corporate balance sheets and robust commodity prices all contributed to the Canadian economy’s stronger numbers. The manager maintained the fund’s overweight position in the energy sector in response to generally strong fundamentals and the high price of oil. The manager prefers companies like Suncor Energy Inc., which has benefitted from high oil prices around the world. Approximately 27 percent of Suncor's exploration and production is exposed to international pricing but, as a result of the company’s downstream refining, over 90 percent of its market exposure receives higher international pricing. Despite disruptions in the telecommunications services sector caused by new entrants, the fund has an

overweight position in the sector as a result of the safety and growth potential provided by dividend-paying companies like BCE Inc. and TELUS Corporation, which already have the majority of their large, capital-intensive fourth generation wireless networks built. To mitigate the impact of changes to foreign ownership rules, the manager reduced the fund’s overweight position in BCE and initiated a position in Manitoba Telecom Services Inc., which has been successful in turning around its Allstream division. The fund’s bond weighting decreased and, at the end of the period, the fund held approximately 59 percent of its assets in equities, 38 percent in bonds and three percent in cash. Looking ahead, the manager will continue to focus on selecting equities with what the manager believes are excellent growth prospects. As at March 31, 2012

©2012. Morningstar Research Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. ™Renaissance Investments is offered by and is a registered trademark of CIBC Asset Management Inc. All fund performance is reported net of fees, benchmark data is reported gross of fees. This may impact a direct comparison between the RENAISSANCE INVESTMENTS 75 fund and its benchmark.

EQUITY INCOME FUNDS

Report created on 04-16-2012

EQUITY INCOME FUNDS

Report created on 04-16-2012

Renaissance Diversified Income Fund (Class A) Fund Category Canadian Equity Balanced

Morningstar Rating QQ

Investment Objective

Performance as of 03-31-2012

To generate a high level of current cash flow by investing primarily in income producing securities, including income trusts, preferred shares, common shares, and fixed income securities.

Growth of $10,000 20 Fund

Benchmark A Blended Benchmark

18 16 14 12

Volatility Analysis

10 8

Low

Medium

High

Performance Quartile (within category over calendar year)

Volatility (low-high): The lower the volatility ranking, the lower the risk of the fund. Funds with a volatility ranking of high are the most risky.

Total Assets ($mil)

Best 1 Year Return

Worst 1 Year Return

Calendar Year Returns %

35.5% 07-31-2004 to 07-31-2005

-28.2% 12-31-2007 to 12-31-2008

Fund Details Class

Load Structure

Currency

Fund Code

A A A F

Back End Charge Front End Charge Low Load Charge No Sales or Redem

CAD CAD CAD CAD

ATL271 ATL247 ATL204 ATL017

Inception Date MER Distribution Frequency Minimum Investment Telephone Web Site

February 4, 2003 2.50% Monthly $500

Benchmark Blend: 80% S&P/TSX Composite Index / 20% DEX Bond Universe Index

2003

2004

2005

2006

2007

2008

2009

2010

2011

YTD

112.3

208.5

322.1

332.3

272.2

154.9

151.3

132.2

97.1

93.9

Fund Category Benchmark A

— -4.3 13.5

— 13.3 38.3

20.8 10.1 28.2

20.8 12.3 29.4

-0.1 10.4 -2.2

11.4 0.3 7.0

-28.2 -22.3 -27.1

21.0 25.2 43.7

11.8 9.1 24.3

-3.6 -2.4 -5.1

4.1 4.2 3.5

Trailing Returns %

1 Mth

3 Mth

6 Mth

1Yr

2Yr

3Yr

5Yr

Since Inception

-0.8 0.2 -1.4

4.1 4.2 3.5

9.9 7.4 6.9

-3.6 -1.6 -6.0

4.1 4.1 6.7

11.5 12.3 22.8

0.7 1.4 6.0

7.3 — —

Fund Category Benchmark A

Portfolio Analysis as of 03-31-2012 Composition

% Assets

Canadian Equity U.S. Equity International Equity Fixed Income Fixed Inc <1yr to mat Cash Other Top Ten Holdings

MER as at August 31, 2011. Please refer to the Annual/ Interim Management Reports of Fund Performance for further details.

—

Investment Style

Class F MER: 1.26%

2002

888 888 FUND www.renaissanceinvestments.ca

Notes

80.8 0.0 0.0 18.3 0.0 0.9 0.0

% Assets

Toronto-Dominion Bank Royal Bank of Canada Suncor Energy Inc CIBC TELUS Corp

7.7 5.2 4.7 4.3 3.3

Magna International Inc. Class A Canada Hsg Tr No 1 2.75% 15-06-2016 Canadian Natural Resources Ltd Bank of Montreal BCE Inc

3.0 2.8 2.8 2.7 2.7

Total Number of Portfolio Holdings Total Number of Underlying Holdings Total Number of Stock Holdings Total Number of Bond Holdings

151 151 63 85

Market Cap

Large Medium Small

76.7 22.0 1.3

Global Equity Sectors

Utilities Energy Financials Materials Consumer Discretionary Consumer Staples Telecommunication Services Industrials Health Care Information Technology Unclassified Fixed Income Breakdown

Government Bonds Corporate Bonds Other Bonds Mortgage Backed Securities ST Investments (Cash & Other) Asset Backed Securities

Credit Quality

High Medium Low NR/NA

57.9 31.3 0.0 10.8 % Equity

2.7 27.7 36.8 9.7 5.5 0.0 10.2 6.4 0.0 0.9 0.0 % Fixed Income

39.2 55.6 0.0 0.6 4.6 0.0

©2012. Morningstar Research Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. ™Renaissance Investments is offered by and is a registered trademark of CIBC Asset Management Inc. All fund performance is reported net of fees, benchmark data is reported gross of fees. This may impact a direct comparison between the fund and its benchmark.

Renaissance Diversified Income Fund (Class A) Investment Management Overview Manager Bios

Investment Management Approach

David Graham | 10-27-2009 CIBC Global Asset Management Inc

Since

CIBC Monthly Income CIBC Global Monthly Income Renaissance Canadian Core Value Renaissance Canadian Monthly Income CIBC Canadian Equity Value CIBC Canadian Equity

12-07 12-07 10-09 10-09 10-09 07-11

The Fund benefits from the expertise of David Graham and the Canadian Equity team from CIBC Global Asset Management Inc., who focus their value investment style towards a diversified mix of income-generating securities. The manager opportunistically moves between different types of securities to take advantage of changing business cycles and market conditions to capture the best scenario for delivering conservative, high quality income and paying a fixed monthly distribution. The Canadian Equity team focus their approach toward income-generating securities. The team’s approach follows a rigorous process to select undervalued securities, with the goal of achieving above-average, risk-adjusted returns over the long term. The team uses a combination of quantitative and fundamental analysis, emphasizing primarily a bottom-up fundamental analysis, but combined with a top-down macro-economic perspective. The initial screening is performed using a

and growth potential provided by dividend-paying companies like BCE Inc. and TELUS Corporation, which already have the majority of their large, capital-intensive fourth generation wireless networks built. To mitigate the impact of changes to foreign ownership rules, the manager reduced the fund’s overweight position in BCE and initiated a position in Manitoba Telecom Services Inc., which has been successful in turning around its Allstream division. The manager believes global capital markets should remain volatile, and that the economic recovery could be hindered by a slowing Chinese economy or expanding European sovereign debt issues. Looking ahead, the manager will continue to focus on investing in equities with what the manager believes are excellent growth prospects. As at March 31, 2012

©2012. Morningstar Research Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. ™Renaissance Investments is offered by and is a registered trademark of CIBC Asset Management Inc. All fund performance is reported net of fees, benchmark data is reported gross of fees. This may impact a direct comparison between the RENAISSANCE INVESTMENTS 77 fund and its benchmark.

EQUITY INCOME FUNDS

Report created on 04-16-2012

EQUITY INCOME FUNDS

Report created on 04-16-2012

Renaissance Millennium High Income Fund (Class A) Fund Category Canadian Dividend & Income Equity

Morningstar Rating QQQQ

Investment Objective

Performance as of 03-31-2012

To achieve the highest possible return that is consistent with a conservative fundamental investment philosophy through investment primarily in a balanced and diversified portfolio of Canadian income securities.

Growth of $10,000 25 Fund

Benchmark A S&P/TSX Composite Index

22 19 16 13

Volatility Analysis

10 7

Low

Medium

High

Performance Quartile (within category over calendar year)

Volatility (low-high): The lower the volatility ranking, the lower the risk of the fund. Funds with a volatility ranking of high are the most risky.

Total Assets ($mil)

Best 1 Year Return

Worst 1 Year Return

Calendar Year Returns %

37.6% 02-28-2000 to 02-28-2001

-33.7% 02-28-2008 to 02-28-2009

Fund Category Benchmark A

Fund Details Load Structure

Currency

Fund Code

A A A F

Back End Charge Front End Charge Low Load Charge No Sales or Redem

CAD CAD CAD CAD

ATL1880 ATL1879 ATL2880 ATL1650

Inception Date MER Minimum Investment Telephone Web Site

February 13, 1997 2.53% $500

2002

Trailing Returns %

Class

Fund Category Benchmark A

275.4

10.7 -5.0 -12.4

2003

2008

2009

2010

2011

YTD

533.4

494.1

441.3

457.0

-31.5 -28.4 -33.0

21.9 28.3 35.1

16.5 11.1 17.6

7.6 -1.0 -8.7

5.6 4.7 4.4

2.9 13.6 17.3

5.3 1.3 9.8

3 Mth

6 Mth

1Yr

2Yr

3Yr

5Yr

10Yr

5.6 4.7 4.4

13.6 9.7 8.1

6.9 -2.4 -9.8

12.5 5.2 4.2

19.5 15.5 15.6

2.9 1.1 1.7

8.0 6.0 7.2

Portfolio Analysis as of 03-31-2012 Composition

% Assets

Canadian Equity U.S. Equity International Equity Fixed Income Fixed Inc <1yr to mat Cash Other Top Ten Holdings

MER as at August 31, 2011. Please refer to the Annual/ Interim Management Reports of Fund Performance for further details.

563.1

24.6 17.4 24.1

2006

2007

16.6 14.0 14.5

2005

690.3 1095.6 1550.7 1534.7 1168.8

18.1 20.8 26.7

2004

0.8 0.5 -1.6

Investment Style

Class F MER: 1.62%

1 Mth

888 888 FUND www.renaissanceinvestments.ca

Notes

89.6 0.0 0.0 0.0 0.0 6.8 3.6

% Assets

Northland Power Inc BDC Parallel Energy Trust Units Keyera Corp Vermilion Energy, Inc. Medical Facilities Corporation

5.6 5.2 4.5 4.1 4.1

Morneau Shepell, Inc. Fortis, Inc. Pembina Pipeline Corp Canadian Real Estate Investment Trust Allied Ppty Real Est Investment Tr Unit

4.0 3.6 3.5 3.3 3.2

Total Number of Portfolio Holdings Total Number of Underlying Holdings Total Number of Stock Holdings Total Number of Bond Holdings

45 45 42 0

Market Cap

Large Medium Small

30.9 54.0 15.2

Global Equity Sectors

Utilities Energy Financials Materials Consumer Discretionary Consumer Staples Telecommunication Services Industrials Health Care Information Technology Unclassified Top 5 Countries

Canada

% Equity

13.1 22.5 46.7 2.4 0.6 1.7 4.0 4.5 4.6 0.0 0.0 % Assets

100.0

Renaissance Millennium High Income Fund (Class A) Investment Management Overview Manager Bios Barry A. Morrison | 02-13-1997 Morrison Williams Investment Management

As Chairman and CEO, Barry A. Morrison founded Morrison Williams Investment Management in 1992. Prior to that, Mr. Morrison was the Senior Vice-President and Director at BGH Central Investment management from 1981 to 1991, a Portfolio manager at MICC Investments from 1973 to 1978 and a Portfolio manager, fixed Income and equity investments, at United Funds Management from 1971 to 1973. Between 1968 to 1971, Mr. Morrison was a Security Analyst at Dominion Life Assurance. Jeffrey Wong | 11-01-2003 Morrison Williams Investment Management

Jeffrey Wong joined Morrison Williams Investment Management in 2006. Primary responsibilities include management of equities for all portfolios, developing strategies, analyzing financial statements and stock valuation models that will contribute to the overall portfolio decision process. David Kunselman | 06-01-2006 Morrison Williams Investment Management

Mr. Kunselman has over 10 years of investment management experience and became a Portfolio Manager at EIC in July 2011. Prior to his appointment at EIC, Mr. Kunselman was a Vice President and Portfolio Manager at Morrison Williams Investment Management in Toronto. Mr. Kunselman holds a Bachelor of Business Administration degree in Finance and is a CFA Charterholder. Mr. Kunselman is also a member of the Toronto Society of Financial Analysts.

Investment Management Approach The Fund benefits from the award winning investment expertise of Barry Morrison, Chairman and CEO of Morrison Williams Investment Management Ltd. Morrison and his team combine a top-down and bottomup disciplined investment approach to deliver a balanced and diversified portfolio of primarily Canadian incomegenerating securities. The Morrison Williams approach begins with determining the appropriate asset allocation for the portfolio as part of their three-stage disciplined investment process. First, the firm conducts a top-down, fundamental economic-cycle analysis to determine monetary, economic, social and geopolitical trends and risks, and to identify cyclical and secular trends that shape capital markets. Second, they use technical analysis as a collaborative tool to supplement the

fundamental analysis. Quantitative measures are used to determine which asset classes and securities are likely to be the outperformers. Third, focusing on incomegenerating securities, they conduct a thorough security analysis to select a buy list that fits their criteria, which includes attributes such as stable, dependable businesses, good margins, good prospects for growth, strong balance sheets, clean accounting and seasoned, honest management. The result is a flexible, diversified and balanced portfolio of income-generating securities designed to achieve the highest possible risk-adjusted returns consistent with the conservative fundamental investment philosophy of its portfolio manager. The Fund is an excellent solution for the income-generating component of a portfolio.

Manager Commentary With a focus on high-quality securities that generate income and capital gains, the fund outperformed its benchmark by a wide margin over the first quarter of 2012. The manager maintained the fund’s overweight positions in real estate, utilities and energy stocks. Within these sectors, the fund holds many well-managed growth companies that offer attractive dividend yields and what the manager believes are excellent total return prospects. The manager did not make any major shifts in the fund’s assets during the period. The manager increased the fund’s holdings in real estate investment trusts, and added to select companies in the utilities and energy sectors that the manager believed to be unjustly sold-off. The manager maintained the fund’s underweight positions in the industrials, materials and information technology sectors.

A number of macroeconomic issues continue to negatively impact investor sentiment including the potential for a European Union member to default on its sovereign debt obligations and the possibility that an economic slowdown in China could dampen global economic growth. The manager believes the U.S. is starting to show signs of economic improvement. Investors have been looking to income-generating equities to achieve a steady stream of income and capital gains. The fund’s emphasis on income contributed to its outperformance versus the S&P/TSX Composite Total Return Index over the period. The manager believes global economic uncertainty should keep interest rates at their current low levels and, as such, that the fund should remain an excellent source of income. As at March 31, 2012

©2012. Morningstar Research Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. ™Renaissance Investments is offered by and is a registered trademark of CIBC Asset Management Inc. All fund performance is reported net of fees, benchmark data is reported gross of fees. This may impact a direct comparison between the RENAISSANCE INVESTMENTS 79 fund and its benchmark.

EQUITY INCOME FUNDS

Report created on 04-16-2012

CANADIAN EQUITY FUNDS

Report created on 04-16-2012

Renaissance Canadian Core Value Fund (Class A) Fund Category Canadian Focused Equity

Morningstar Rating QQQ

Investment Objective

Performance as of 03-31-2012

To achieve long-term investment returns through capital growth by investing in senior issuers that are primarily medium to large Canadian companies.

Growth of $10,000 20 Fund

Benchmark A S&P/TSX Composite Index

18 16 14

Volatility Analysis

12 10 8 Medium

Low

High

Volatility (low-high): The lower the volatility ranking, the lower the risk of the fund. Funds with a volatility ranking of high are the most risky.

Performance Quartile (within category over calendar year)

Total Assets ($mil) Best 1 Year Return

Worst 1 Year Return

60.4% 02-28-1999 to 02-29-2000

-28.0% 02-28-2008 to 02-28-2009

Fund Details

Fund Category Benchmark A

Load Structure

Currency

Fund Code

Trailing Returns %

A A A F

Back End Charge Front End Charge Low Load Charge No Sales or Redem

CAD CAD CAD CAD

ATL853 ATL901 ATL671 ATL020

Fund Category Benchmark A

Telephone Web Site

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

YTD

313.1

389.6

483.5

577.5

653.2

607.5

393.5

431.8

414.4

322.1

322.3

-0.5 -11.5 -12.4

19.2 17.9 26.7

10.5 11.9 14.5

18.0 16.4 24.1

9.3 14.9 17.3

0.7 1.6 9.8

-24.0 -32.6 -33.0

18.0 29.6 35.1

12.4 11.9 17.6

-10.6 -10.3 -8.7

5.8 6.4 4.4

Calendar Year Returns %

Class

Inception Date MER Minimum Investment

1 Mth

3 Mth

6 Mth

1Yr

2Yr

3Yr

5Yr

10Yr

-1.0 -0.2 -1.6

5.8 6.4 4.4

11.1 10.9 8.1

-9.6 -8.5 -9.8

1.7 2.0 4.2

9.0 12.7 15.6

-1.0 -1.5 1.7

4.2 3.6 7.2

Portfolio Analysis as of 03-31-2012 September 23, 1994 2.58% $500

Composition

% Assets

Canadian Equity U.S. Equity International Equity Fixed Income Fixed Inc <1yr to mat Cash Other

888 888 FUND www.renaissanceinvestments.ca

Investment Style

Top Ten Holdings

Notes Class F MER: 1.05% MER as at August 31, 2011. Please refer to the Annual/ Interim Management Reports of Fund Performance for further details.

82.8 3.9 8.9 0.0 0.0 4.4 0.0

% Assets

Toronto-Dominion Bank Royal Bank of Canada Canadian Natural Resources Ltd Suncor Energy Inc CIBC

6.0 5.8 4.4 4.2 3.9

Barrick Gold Corporation Bank of Montreal BCE Inc Manulife Financial Corporation TELUS Corp

3.8 3.2 3.1 3.0 2.6

Total Number of Portfolio Holdings Total Number of Underlying Holdings Total Number of Stock Holdings Total Number of Bond Holdings

73 73 70 0

Market Cap

Large Medium Small

90.1 9.9 0.0

Global Equity Sectors

Utilities Energy Financials Materials Consumer Discretionary Consumer Staples Telecommunication Services Industrials Health Care Information Technology Unclassified Top 5 Countries

Canada United States Switzerland United Kingdom Hong Kong

% Equity

0.1 22.6 33.1 14.8 8.1 6.5 5.9 7.3 0.0 1.7 0.0 % Assets

87.1 4.0 3.3 2.5 1.5

Renaissance Canadian Core Value Fund (Class A) Investment Management Overview Manager Bios David Graham | 10-27-2009 CIBC Global Asset Management Inc

Investment Management Approach The Fund benefits from the investment expertise of David Graham, Colum McKinley and the Canadian Equity team of CIBC Global Asset Management who are responsible for the Canadian equity component and the overall strategic asset allocation of the Fund, while Wintergreen Advisers, LLC is responsible for the global equity component. The Canadian Equity team approach follows a rigorous process in selecting undervalued securities, with the goal of achieving above-average, risk-adjusted returns over the long term. The team uses a combination of quantitative and fundamental analysis, emphasizing primarily a bottom-up fundamental analysis, but combined with a top-down macro-economic perspective. The initial screening is performed using a proprietary quantitative model to find the intrinsic value of a security. The stocks are then ranked in order of expected return and ‘value traps’ are avoided by further screening. The promising companies undergo qualitative analysis to evaluate financial risk and to fully understand the business and industry in which the company operates. The initial screening, combined with the deep fundamental analysis, leads to buy/hold/sell

recommendations that are validated at the portfolio construction level through the guiding principals of the team’s value philosophy. For the global equity component, CIBC Global Asset Management will leverage the global deep-value expertise of Wintergreen Advisers to add diversification and value through investments in companies currently out of favour with the broader market; in particular, undervalued or distressed companies along with arbitrage opportunities that are showing signs for a significant return on investment. CIBC Global Asset Management will continue to determine the % of foreign content within the overall fund. The result is a lower-turnover, diversified portfolio of Canadian value companies and some exposure to global markets, which exhibit lower price-to-book and price-toearnings characteristics compared to their respective markets. This Fund is an excellent complement to a growth-oriented portfolio of Canadian or international equity holdings.

Manager Commentary

Wintergreen Advisers, LLC

David Winters is the managing member of Wintergreen Advisers. Prior to forming Wintergreen Advisers in May 2005, he held various positions with Franklin Mutual Advisers, LLC, including, president, chief executive officer and chief investment officer, and he was a research analyst for Heine Securities Corporation, the former investment manager for the Franklin Mutual Series Fund. Winters holds the Chartered Financial Analyst designation.

Despite ongoing financial market volatility, which was largely the result of negative headlines concerning Europe’s sovereign debt issues, equity markets posted positive gains over the first quarter of 2012. Economic data continued to point to an improving, albeit sluggish, recovery. During the quarter, the manager reduced the fund’s positions in select holdings including Teck Resources Limited, Royal Bank of Canada, Sherritt International Corp. and Canadian Pacific Railway Ltd. While these businesses remain fund holdings, their valuation strength provided the opportunity to move capital into stocks with what the manager believes are relatively attractive risk/ reward characteristics. The manager added to the fund’s position in Loblaw Cos., Ltd., to take advantage of recent weakness in the company’s stock price. The manager initiated a position in SNC-Lavalin Group Inc, one of the world’s largest engineering consulting

firms. SNC’s stock price declined approximately 30 percent following the announcement of an internal investigation into US$35 million in fraudulent payments. With the manager’s long-term perspective on a company’s earnings power, the manager was able to overlook this transitory issue and take advantage of SNC’s share price weakness. The manager believes the fund’s international exposure provides unitholders with the ability to participate in growing economies around the world and to participate in companies that do business in various currencies. The manager believes there are many high-quality yet inexpensive securities available around the world. The fund’s strategy remains unchanged, with a focus on buying strong businesses offering attractive valuations, strong balance sheets and growing dividends. As at March 31, 2012

©2012. Morningstar Research Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. ™Renaissance Investments is offered by and is a registered trademark of CIBC Asset Management Inc. All fund performance is reported net of fees, benchmark data is reported gross of fees. This may impact a direct comparison between the RENAISSANCE INVESTMENTS 81 fund and its benchmark.

CANADIAN EQUITY FUNDS

Report created on 04-16-2012

CANADIAN EQUITY FUNDS

Report created on 04-16-2012

Renaissance Canadian Growth Fund (Class A) Fund Category Canadian Focused Equity

Morningstar Rating Q

Investment Objective

Performance as of 03-31-2012

To achieve long-term investment returns through capital growth, primarily in equity securities of large to mediumsized Canadian issuers.

Growth of $10,000 18 Fund

Benchmark A S&P/TSX Composite Index

16 14 12

Volatility Analysis

10 8 6 Medium

Low

High

Volatility (low-high): The lower the volatility ranking, the lower the risk of the fund. Funds with a volatility ranking of high are the most risky.

Performance Quartile (within category over calendar year)

Total Assets ($mil) Best 1 Year Return

Worst 1 Year Return

47.4% 07-31-1996 to 07-31-1997

-38.6% 02-28-2008 to 02-28-2009

Fund Details

Fund Category Benchmark A

Load Structure

Currency

Fund Code

Trailing Returns %

A A A F

Back End Charge Front End Charge Low Load Charge No Sales or Redem

CAD CAD CAD CAD

ATL843 ATL902 ATL669 ATL022

Fund Category Benchmark A

Telephone Web Site

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

YTD

284.1

276.7

242.4

219.6

216.8

304.3

163.8

188.3

175.5

119.0

119.5

-17.5 -11.5 -12.4

20.2 17.9 26.7

8.5 11.9 14.5

15.4 16.4 24.1

18.7 14.9 17.3

4.8 1.6 9.8

-35.7 -32.6 -33.0

28.4 29.6 35.1

9.6 11.9 17.6

-19.9 -10.3 -8.7

7.3 6.4 4.4

Calendar Year Returns %

Class

Inception Date MER Minimum Investment

1 Mth

3 Mth

6 Mth

1Yr

2Yr

3Yr

5Yr

10Yr

-1.2 -0.2 -1.6

7.3 6.4 4.4

9.3 10.9 8.1

-17.2 -8.5 -9.8

-3.7 2.0 4.2

7.7 12.7 15.6

-4.4 -1.5 1.7

1.9 3.6 7.2

Portfolio Analysis as of 03-31-2012 October 30, 1985 2.61% $500

Composition

% Assets

Canadian Equity U.S. Equity International Equity Fixed Income Fixed Inc <1yr to mat Cash Other

888 888 FUND www.renaissanceinvestments.ca

Investment Style

Top Ten Holdings

Notes Class F MER: 1.05% MER as at August 31, 2011. Please refer to the Annual/ Interim Management Reports of Fund Performance for further details.

74.7 13.2 11.3 0.0 0.0 0.8 0.0

% Assets

Toronto-Dominion Bank Royal Bank of Canada Suncor Energy Inc Canadian Natural Resources Ltd Bank of Nova Scotia

5.4 4.6 4.1 3.9 3.6

Cenovus Energy, Inc. Goldcorp, Inc. Teck Resources Ltd Class B Canadian National Railway Co Talisman Energy Inc

3.2 2.9 2.9 2.7 2.7

Total Number of Portfolio Holdings Total Number of Underlying Holdings Total Number of Stock Holdings Total Number of Bond Holdings

144 144 142 0

Market Cap

Large Medium Small

90.1 9.9 0.0

Global Equity Sectors

Utilities Energy Financials Materials Consumer Discretionary Consumer Staples Telecommunication Services Industrials Health Care Information Technology Unclassified Top 5 Countries

Canada United States United Kingdom Germany Japan

% Equity

0.1 23.4 24.5 17.2 9.7 3.9 2.5 10.3 3.2 5.1 0.0 % Assets

75.5 13.2 2.7 1.7 1.4

Renaissance Canadian Growth Fund (Class A) Investment Management Overview Manager Bios Alan Daxner | 06-01-2002 MFS McLean Budden Ltd

Alan Daxner joined McLean Budden in 1998, specializing in portfolio management, marketing and client service. He is a voting member of the Canadian Equity Value team and a product specialist for the U.S. Equity team. His previous experience includes 3 years as a senior financial analyst for the Regional Municipality of Peel, 2 years as a financial analyst at SEI Financial Services and one year as a Vice President and Consultant at Ernst & Young Investment Advisors. Brad Hicks | 06-01-2002 MFS McLean Budden Ltd

Bradley Hicks joined McLean Budden in 2003, specializing in marketing and client service. Currently, Bradley is a product specialist for the Canadian Equity Value and the Global Equity Value Team and a voting member of the Canadian Equity (Core) product. Prior to joining McLean Budden, Mr. Hicks spent two years at Edinburgh Fund Managers marketing global and international equity portfolios. Bradley has an Honours B. A., Richard Ivey School of Business, University of Western Ontario.

Investment Management Approach The Fund benefits from the distinguished and proven investment expertise of McLean Budden Limited, one of Canada’s oldest investment counselling firms. McLean Budden provides a conservative, team approach to growth investing, with a focus on delivering long-term investment returns through investment in large and medium-sized Canadian companies with some global equity exposure. McLean Budden’s growth team stresses fundamental research as the primary method of adding value. The research team is responsible for performing original research, evaluating external research, attending industry meetings and interviewing management. The key criteria for investment are earnings growth, management quality, financial strength, business potential, earnings stability and return on equity. Price targets are established for each of the approximately 125 Canadian companies closely followed, resulting in a rate

of return expectation for each stock, taking into account its current price. McLean Budden’s commitment to specific securities and industry sectors depends on the earnings potential of the particular companies they follow. In addition to each stock’s return potential, they also evaluate the likelihood of price appreciation as well as the security’s trading liquidity. In addition, the fund manager will typically seek opportunities to maximize foreign equity exposure to enhance shareholder value. McLean Budden’s foreign equity team, which employs a similar philosophy, selects the foreign equity component. The result is a diversified portfolio of Canadian growth companies with some exposure to global markets, selected through a team approach that emphasizes strong fundamental research and focus on delivering long-term results. This Fund is an excellent complement to a value-oriented portfolio of Canadian or international equity holdings.

Manager Commentary The Canadian equity market performed relatively well over the first quarter of 2012. Equities rebounded from what the manager believed were oversold levels, while market outperformance generally transitioned from more defensive companies to cyclical companies. The outlook for the U.S. economy improved as job growth accelerated and there were signs that the housing market may have reached bottom. The European Central Bank’s liquidity operations alleviated some of stresses in that region’s banking system, and there were signs that Europe’s recession would be milder than many investors had expected. The fund outperformed the S&P/TSX Composite Index over the period as strong stock selections in the energy sector (e.g., Cameco Corp. and Suncor Energy Inc.) and the consumer discretionary sector (e.g., Magna International Inc. and Linamar Corporation) contributed to the fund’s relative performance. The fund’s relatively

underweight position in the underperforming telecommunication services sector also contributed to fund performance. During the period, the fund’s position in Thomson Creek Metals Company Inc. was liquidated based on valuation concerns, with the proceeds used to purchase new positions in National Bank of Canada and Primaris Retail Real Estate Investment Trust. At the end of the period, the manager continued to favour stocks in the consumer discretionary and industrials sectors, with the financials and telecommunication services sectors remaining the fund’s most significant underweight positions. The fund remains focused on investment in companies the manager believes are positioned for stable, long-term growth and that enjoy a competitive advantage within their respective industries. As at March 31, 2012

©2012. Morningstar Research Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. ™Renaissance Investments is offered by and is a registered trademark of CIBC Asset Management Inc. All fund performance is reported net of fees, benchmark data is reported gross of fees. This may impact a direct comparison between the RENAISSANCE INVESTMENTS 83 fund and its benchmark.

CANADIAN EQUITY FUNDS

Report created on 04-16-2012

CANADIAN EQUITY FUNDS

Report created on 04-16-2012

Renaissance Canadian Small-Cap Fund (Class A) Fund Category Canadian Small/Mid Cap Equity

Morningstar Rating QQQQ

Investment Objective

Performance as of 03-31-2012

To seek above-average, long-term growth of capital by investing primarily in a diversified portfolio of equity securities of small- to medium-sized Canadian issuers.

Growth of $10,000 35 Fund

Benchmark A BMO Nesbitt Burns Small Cap Index (Weighted)

30 25 20

Volatility Analysis

15 10 5 Medium

Low

High

Volatility (low-high): The lower the volatility ranking, the lower the risk of the fund. Funds with a volatility ranking of high are the most risky.

Performance Quartile (within category over calendar year)

Worst 1 Year Return

69.0% 02-28-2009 to 02-28-2010

-40.0% 10-31-2007 to 10-31-2008

Fund Details

2003

2004

2005

2006

2007

2008

2009

2010

2011

YTD

88.2

88.5

101.9

122.3

266.2

141.9

200.9

354.5

303.6

318.0

Fund Category Benchmark A

3.7 -7.0 -0.9

20.5 25.7 42.7

20.8 15.2 14.1

29.6 20.0 19.7

18.8 12.5 16.6

5.1 6.6 2.0

-36.9 -43.1 -46.6

54.0 54.8 75.1

36.1 26.3 38.5

-11.6 -11.4 -14.2

5.8 6.4 7.5

1 Mth

3 Mth

6 Mth

1Yr

2Yr

3Yr

5Yr

10Yr

-4.6 -2.8 -3.8

5.8 6.4 7.5

15.5 12.9 13.2

-9.1 -10.0 -11.0

9.8 6.9 9.1

25.0 22.9 30.2

4.6 1.4 2.8

10.6 6.6 9.4

Calendar Year Returns %

Load Structure

Currency

Fund Code

Trailing Returns %

A A A F

Back End Charge Front End Charge Low Load Charge No Sales or Redem

CAD CAD CAD CAD

ATL852 ATL905 ATL670 ATL023

Fund Category Benchmark A

Telephone Web Site

2002

Class

Inception Date MER Minimum Investment

85.8

Total Assets ($mil) Best 1 Year Return

Portfolio Analysis as of 03-31-2012 October 25, 1996 2.57% $500

Composition

% Assets

Canadian Equity U.S. Equity International Equity Fixed Income Fixed Inc <1yr to mat Cash Other

888 888 FUND www.renaissanceinvestments.ca

Investment Style

Top Ten Holdings

Notes Class F MER: 1.07% MER as at August 31, 2011. Please refer to the Annual/ Interim Management Reports of Fund Performance for further details.

90.6 0.0 5.0 0.0 0.0 3.4 1.0

% Assets

Glentel Inc. Canadian Western Bank Cineplex Inc Canadian Energy Services & Tech Corp Open Text Corporation

3.0 2.9 2.6 2.6 2.5

Corus Entertainment, Inc. Class B Softchoice Corp CCL Industries Inc. Fiera Sceptre Great Canadian Gaming Corporation

2.3 2.3 2.2 2.1 2.0

Total Number of Portfolio Holdings Total Number of Underlying Holdings Total Number of Stock Holdings Total Number of Bond Holdings

83 83 80 0

Market Cap

Large Medium Small

0.0 38.1 61.9

Global Equity Sectors

Utilities Energy Financials Materials Consumer Discretionary Consumer Staples Telecommunication Services Industrials Health Care Information Technology Unclassified Top 5 Countries

Canada Australia Nicaragua

% Equity

2.7 22.5 17.2 27.2 13.2 1.7 0.0 7.5 1.5 6.4 0.0 % Assets

95.0 4.1 0.9

Renaissance Canadian Small-Cap Fund (Class A) Investment Management Overview Manager Bios

Investment Management Approach

Jennifer Law | 11-12-2007 CIBC Global Asset Management Inc

Jennifer Law joined CIBC Global Asset Management Inc. in May 2003. Ms. Law is a member of the Global Equity group, operating from within the firms Investment Management Platform, and is responsible for the Canadian equity small cap growth product. She is also a CFA charterholder. Other Assets Managed

Since

CIBC Canadian Small-Cap

05-03

The Fund benefits from the extensive experience of Shanthu David, Jennifer Law and the Canadian Equity Small Cap team at CIBC Global Asset Management, who take a growth-at-a-reasonable-price approach with a value tilt to selecting Canadian small-cap companies. The Canadian Equity Small Cap team’s investment philosophy is driven by the understanding that market inefficiencies create opportunities for investing in Canadian small caps because investors tend to linearly extrapolate recent earnings trends when the actual long run determinant of stock prices is earnings growth. Therefore, Mr. David and his team aim to identify companies with above-average growth prospects trading at attractive valuations. To do so, they take an analytical, bottom-up approach combining internal-driven quantitative and qualitative analysis. The quantitative analysis focuses on companies with strong free cash flow and predictable earnings growth, as well as a track

record of growth. The focus is placed on companies that have proven that they can grow consistently. To support the analysis, the team uses detailed forensic accounting reports and internally reproduces the income statements to enable the team to estimate key fundamentals such as free cash flow and various measures of earnings to arrive at an intrinsic valuation for each company. The team’s qualitative analysis places significant emphasis on each company’s management team, their track record, vision and strategy. The investment process is monitored on an ongoing basis to ensure consistency and to manage risk. The result is a diversified, lower-turnover portfolio of growing small to mid-sized Canadian companies, whose stock is purchased at a reasonable valuation. This Fund’s lower than average market capitalization makes it an excellent complement to an investor’s Canadian largecap equity portfolio.

Manager Commentary The Canadian small-capitalization market rebounded strongly over the first quarter of 2012, after losing ground at the end of 2011 as a result of tax-loss selling. While the manager continues to have a positive outlook for small-cap companies, which significantly outperformed their large-cap peers over the period, the manager believes Europe’s sovereign debt issues will continue to detract from investors’ appetite for perceived “risk” assets like equities. The manager has also grown increasingly concerned about a possible slowdown in China’s economy after the Chinese government decreased its gross domestic product growth target in March. U.S. economic data was stronger than expected in the first quarter, with weekly initial jobless claims reaching their lowest level since March 2008. Although geopolitical tensions have risen in the Middle East, the manager believes U.S. economic indicators

continue to point to an economic recovery. The manager has a positive outlook for oil prices and believes developing countries will continue to experience increased demand for oil over the long term. As such, the manager has maintained the fund’s overweight position in the energy sector and continues to believe this sector provides an attractive investment opportunity. Looking ahead, the manager will focus investment on well-managed companies with higher rates of net asset value growth, strong balance sheets, predictable cash flows and attractive dividend yields. The manager believes the fund should generate positive returns when the small-cap equity market strengthens, while also offering downside protection during periods of market weakness. As at March 31, 2012

©2012. Morningstar Research Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. ™Renaissance Investments is offered by and is a registered trademark of CIBC Asset Management Inc. All fund performance is reported net of fees, benchmark data is reported gross of fees. This may impact a direct comparison between the RENAISSANCE INVESTMENTS 85 fund and its benchmark.

CANADIAN EQUITY FUNDS

Report created on 04-16-2012

U.S. EQUITY FUNDS

Report created on 04-16-2012

Renaissance U.S. Equity Value Fund (Class A) Fund Category US Equity

Morningstar Rating Q

Investment Objective

Performance as of 03-31-2012

To seek long-term capital growth and to provide income by investing in a diversified portfolio consisting primarily of equity securities of issuers located in the United States and worldwide.

Growth of $10,000 16 Fund

Benchmark A S&P 500 Index

14 12 10 8

Volatility Analysis

6 4

Low

Medium

High

Performance Quartile (within category over calendar year)

Volatility (low-high): The lower the volatility ranking, the lower the risk of the fund. Funds with a volatility ranking of high are the most risky.

Total Assets ($mil)

Best 1 Year Return

Worst 1 Year Return

Calendar Year Returns %

29.9% 02-28-2003 to 02-29-2004

-37.3% 01-31-2008 to 01-31-2009

Fund Category Benchmark A

Fund Details

Trailing Returns %

Class

Load Structure

Currency

Fund Code

A A A F F A A A

Back End Charge Front End Charge Low Load Charge No Sales or Redem No Sales or Redem Back End Charge Front End Charge Low Load Charge

CAD CAD CAD CAD USD USD USD USD

ATL501 ATL502 ATL515 ATL024 ATL025 ATL742 ATL743 ATL744

Inception Date MER Minimum Investment Telephone Web Site

Fund Category Benchmark A

Investment Style

Notes Class F MER: 1.07% MER as at August 31, 2011. Please refer to the Annual/ Interim Management Reports of Fund Performance for further details.

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

YTD

69.6

98.9

90.2

66.3

97.0

90.1

26.1

20.4

18.4

16.8

18.4

-20.1 -22.5 -22.7

7.7 6.4 5.2

1.0 2.5 3.3

-2.5 2.0 1.6

16.6 12.2 15.7

-16.8 -10.8 -10.5

-30.4 -28.5 -21.9

0.6 10.9 8.1

10.2 10.6 9.3

-2.0 -0.6 4.4

10.8 11.3 10.6

1 Mth

3 Mth

6 Mth

1Yr

2Yr

3Yr

5Yr

10Yr

3.9 3.8 4.6

10.8 11.3 10.6

17.6 20.3 21.1

4.8 6.1 11.6

8.0 8.9 11.1

12.0 13.9 14.2

-6.9 -2.7 -0.9

-4.0 -1.7 -0.6

Portfolio Analysis as of 03-31-2012 Composition

% Assets

Canadian Equity U.S. Equity International Equity Fixed Income Fixed Inc <1yr to mat Cash Other

December 17, 1998 2.73% $500

888 888 FUND www.renaissanceinvestments.ca

Top Ten Holdings

0.0 87.4 6.9 0.0 0.0 5.7 0.0

% Assets

EMC Corporation Home Depot, Inc. Apple, Inc. Abbott Laboratories International Business Machines Corp

3.3 3.2 2.9 2.9 2.9

eBay Inc Diageo PLC ADR Hess Corp Intuit, Inc. Time Warner Inc

2.9 2.8 2.7 2.7 2.7

Total Number of Portfolio Holdings Total Number of Underlying Holdings Total Number of Stock Holdings Total Number of Bond Holdings

45 45 43 0

Market Cap

Large Medium Small

80.7 18.3 1.0

Global Equity Sectors

Utilities Energy Financials Materials Consumer Discretionary Consumer Staples Telecommunication Services Industrials Health Care Information Technology Unclassified Top 5 Countries

United States United Kingdom Canada Netherlands

% Equity

4.1 6.1 16.3 2.2 8.5 13.8 2.1 12.6 11.2 23.0 0.0 % Assets

88.5 4.9 4.5 2.1

Renaissance U.S. Equity Value Fund (Class A) Investment Management Overview Manager Bios Gary W. Lisenbee | 07-01-2009 Metropolitan West Capital Management LLC

Mr. Gary W. Lisenbee is CEO, CIO and Senior Analyst with Metropolitan West Capital Management’s (MetWest Capital) investment team. Prior to co-founding MetWest Capital, he served as Principal, Portfolio Manager and Investment Policy Committee member with Palley-Needleman Asset Management, Inc.; as Senior Vice President, Portfolio Manager and Investment Policy Committee member with Van Deventer & Hoch, Investment Counsel; and as Partner and Research Analyst with Phelps Investment Management. Mr. Lisenbee earned both a BA in Accounting and an MA in Economics from California State University. Jeffrey Peck | 10-29-2010 Metropolitan West Capital Management LLC

Mr. Jeffrey Peck, who joined MetWest Capital in 2004, is Director of Research and Lead Strategist for the Large Cap Intrinsic Value strategy, and a Senior Analyst with the investment team. Previously, he served as Equity Research Analyst with both Janney Montgomery Scott and Bear Stearns & Co., Inc. Mr. Peck earned a Bachelor of Science in Mechanical Engineering from State University of New York, Buffalo and a Master of Business Administration from New York University’s Stern School of Business.

Investment Management Approach MWCM’s approach is driven by fundamental company research from a global perspective, utilizing a long-term focus that takes advantage of opportunities presented by short-term anomalies in high-quality businesses. What distinguishes MWCM’s approach to value investing is that it looks at quality first and valuation second. The investment team concentrates on selecting unique individual investments utilizing a low-risk, value-oriented methodology. The investment process consists of the following five steps: 1.Identifying quality companies: From an initial universe of companies with a market capitalization in excess of $1 billion USD, MWCM seeks companies that have exhibited financial strength, a capable, proven and motivated management team, attractive business fundamentals, as well as high and/or consistently improving market position, return on invested capital and operating margins. 2.Appraising value of businesses: After identifying quality, MWCM considers various valuation metrics to determine the company’s discount to its intrinsic value.

3.Identifying catalysts: MWCM then identifies one or more catalysts with high probabilities to unlock real value. Some catalysts may include productive use of free cash flow, change in management or control, innovative and/or competitively superior products, positive acquisitions or divestitures, amongst others. 4.Constructing and maintaining a diversified portfolio: While MWCM follows a bottom-up stock selection process, the team applies a risk management overlay, ensuring that the resulting portfolio is well-diversified along several lines including sectors and industries, as well as by exposure to economic factors such as cyclicality and interest rate sensitivity. The portfolio consists of approximately 40 high-quality and attractively-valued companies with identifiable catalysts that should lead to a higher stock price within a three- to five-year investment horizon. 5.Continually reviewing holdings and adhering to the sell discipline: The investment team devotes the majority of its time and resources to the on-going research and review of existing portfolio holdings. The investment team establishes a sell target when a security is purchased, based on the company’s intrinsic value.

Manager Commentary The manager’s investment process is driven by bottomup, company-focused research and stock selection. As a result of minimal trading activity and stock price movements, the relative positioning of the fund shifted slightly over the first quarter of 2012. The fund’s consumer discretionary sector positioning shifted from a slight overweight to an underweight position, as the manager sold the fund’s holding in Ralph Lauren Corporation. A new position in PepsiCo, Inc. increased the fund’s overweight position in the consumer staples sector. The fund held an underweight position in the energy sector and moderately overweight positions in the information technology and industrials sectors. The fund’s sector weightings are more the result of stock selection than tactical allocation decisions. Sectors may

fall in and out of favour over short periods of time, as macroeconomic-focused investment styles attempt to bet on market expectations. The manager, however, believes the best way to add value over time is to focus on individual companies. Therefore, the manager remains committed to seeking out high-quality businesses in strong industries. These are companies that trade at discounts to what the manager believes are their intrinsic values and possess catalysts to unlock value within the manager’s multi-year investment time horizon. The manager believes that regardless of what the markets may bring, these businesses should provide exceptional opportunities for superior investment returns. As at March 31, 2012

©2012. Morningstar Research Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. ™Renaissance Investments is offered by and is a registered trademark of CIBC Asset Management Inc. All fund performance is reported net of fees, benchmark data is reported gross of fees. This may impact a direct comparison between the RENAISSANCE INVESTMENTS 87 fund and its benchmark.

U.S. EQUITY FUNDS

Report created on 04-16-2012

U.S. EQUITY FUNDS

Report created on 04-16-2012

Renaissance U.S. Equity Growth Fund (Class A) Fund Category North American Equity

Morningstar Rating Q

Investment Objective

Performance as of 03-31-2012

Growth of $10,000 14 Fund

12 10 8 6 4

Volatility Analysis

Low

Benchmark A S&P 500 Index

Medium

High

Volatility (low-high): The lower the volatility ranking, the lower the risk of the fund. Funds with a volatility ranking of high are the most risky.

Performance Quartile (within category over calendar year)

Total Assets ($mil)

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

YTD

35.2

27.7

18.8

13.4

10.8

8.4

5.6

6.6

9.7

32.1

37.0

-30.2 -16.9 -22.7

3.2 8.5 5.2

-3.0 5.4 3.3

2.0 7.4 1.6

2.3 9.7 15.7

-9.5 -3.7 -10.5

-37.8 -27.2 -21.9

10.1 18.9 8.1

13.9 11.0 9.3

-9.3 -5.5 4.4

5.8 8.5 10.6

Calendar Year Returns % Best 1 Year Return

Worst 1 Year Return

45.3% 07-31-1996 to 07-31-1997

-41.3% 11-30-2007 to 11-30-2008

Fund Category Benchmark A Trailing Returns %

Fund Details Class

Load Structure

Currency

Fund Code

A A A F F A A A

Back End Charge Front End Charge Low Load Charge No Sales or Redem No Sales or Redem Back End Charge Front End Charge Low Load Charge

CAD CAD CAD CAD USD USD USD USD

ATL833 ATL913 ATL661 ATL026 ATL027 ATL733 ATL973 ATL761

Inception Date MER Minimum Investment Telephone Web Site

Fund Category Benchmark A

Investment Style

Notes Class F MER: 1.37% MER as at August 31, 2011. Please refer to the Annual/ Interim Management Reports of Fund Performance for further details.

3 Mth

6 Mth

1Yr

2Yr

3Yr

5Yr

10Yr

0.2 1.4 4.6

5.8 8.5 10.6

11.7 13.8 21.1

-4.9 -1.5 11.6

5.3 5.5 11.1

8.2 12.8 14.2

-7.9 -1.5 -0.9

-6.7 0.3 -0.6

Portfolio Analysis as of 03-31-2012 Composition

% Assets

Canadian Equity U.S. Equity International Equity Fixed Income Fixed Inc <1yr to mat Cash Other

October 30, 1985 2.74% $500

888 888 FUND www.renaissanceinvestments.ca

1 Mth

Top Ten Holdings

14.1 77.6 2.4 0.0 0.0 5.9 0.1

% Assets

Molycorp, Inc. International Business Machines Corp Coca-Cola Co Noble Energy Inc Freeport-McMoRan Copper & Gold Class B

4.0 3.5 3.3 3.2 3.2

Apple, Inc. Las Vegas Sands Corp Suncor Energy Inc Continental Resources Inc McDonald's Corporation

3.2 2.9 2.9 2.5 2.4

Total Number of Portfolio Holdings Total Number of Underlying Holdings Total Number of Stock Holdings Total Number of Bond Holdings

68 68 64 0

Market Cap

Large Medium Small

69.5 17.3 13.2

Global Equity Sectors

Utilities Energy Financials Materials Consumer Discretionary Consumer Staples Telecommunication Services Industrials Health Care Information Technology Unclassified Top 5 Countries

United States Canada United Kingdom Brazil

% Equity

0.0 17.7 3.6 20.8 12.8 8.0 1.6 7.4 10.9 15.4 1.9 % Assets

79.0 16.3 3.0 1.8

Renaissance U.S. Equity Growth Fund (Class A) Investment Management Overview Manager Bios Peter J. Eichler Jr. | 06-19-2008 Aletheia Research and Management, Inc.

Peter J. Eichler Jr. is the Chairman and Chief Executive Officer of Aletheia Research and Management, Inc. which he founded in 1997. Prior to this, Mr. Eichler spent twelve years at Bear, Stearns & Co. as Managing Director. While at Bear Stearns, Mr. Eichler founded the Special Accounts Money Management Division and created the Bear Stearns Insiders Fund. Mr. Eichler has been managing money professionally since 1990. Mr. Eichler is a Registered Investment Advisor and a General Securities Principal. David Bunzel | 06-19-2008 Aletheia Research and Management, Inc.

Mr. Bunzel is Senior Managing Director and Co-Portfolio Manager. Mr. Bunzel is a founding investor in Aletheia and had been involved with the company since its inception in 1997 before joining Aletheia as a coportfolio manager in 2008. He has known and worked with Peter J. Eichler Jr. since Mr. Bunzel started in the business in 1986. He began his career with EF Hutton Asset Management as a portfolio manager and research analyst. Mr. Bunzel managed 3 different funds for the firm, including its flagship growth fund. Mark Scalzo | 06-19-2008

Investment Management Approach The fund delivers the time-tested investment methodologies of Aletheia Research and Management Inc. Aletheia, the classic Greek word for “truth and disclosure” signifies the importance the firm places on proprietary research, which has led to their recognition as one of the top growth managers in the United States. Aletheia takes a bottom-up growth approach to investing in the U.S. large cap equity market. Aletheia employs exclusive, time-tested methodologies to anticipate investor perceptions rather than reacting to them, in order to discover unusually attractive opportunities in pursuit of exceptional returns. The firm pursues exclusive information channels that produce proprietary research, avoiding traditional channels of information, such as Wall Street research or mainstream media. A key strength of the company is its ability to profit from both good and bad news, identifying opportunities to buy and sell gainfully. 1. Aletheia will invest primarily in common stocks that represent diversified industry sectors and broad market capitalization. 2. The firm employs hard data – primarily insider and corporate actions – forensic analysis of balance sheets

and cash flows, and non-biased industry research to guide its investments. 3. Using a bottom-up approach, Aletheia’s research process identifies securities with significant growth in earnings and cash flow. This process also uncovers opportunities in securities that have declined significantly in price or that are misunderstood or mispriced by the market. 4. The investment team screens an initial universe consisting of all publicly traded companies, with a preference given to larger market cap. From this universe, stocks are screened by identifying companies that demonstrate aberrational insider buying by corporate officers and employees, focusing on consensus buying by insiders, absolute dollar amounts of buying by insiders, option exercise behaviour, and forward sales. The result is a diversified portfolio of large cap U.S. growth companies seeking to deliver superior long-term performance. This fund is an excellent addition to a Canadian or global portfolio that seeks exposure to large cap U.S. equities.

Manager Commentary

Aletheia Research and Management, Inc.

Mr. Scalzo is Senior Managing Director and Co-Portfolio Manager. Mr. Scalzo joined Aletheia Research and Management, Inc. in 2008 after working for Ken Fisher at Fisher Investments as a Group Vice President and Head of Mergers & Acquisitions. Prior to December 2006, Mr. Scalzo was a Regional Manager / Managing Director with Putnam Lovell NBF Securities where he spent over 15 years advising public and private companies on mergers & acquisitions in the financial services and real estate industries.

Sentiment-driven investment decisions and historically high correlations drove the performance of equity markets over the period. The fund was invested in companies that generated strong fundamental – and in some cases unprecedented – growth. There were a number of encouraging signs for investors who use a bottom-up investment process like the one employed by the manager, including decreased market volatility, significantly lower correlations and lower exchangetraded fund volume. The manager believes these are all positive trends that are characteristic of a market environment that tends to reward superior stock selection. While the fund underperformed the S&P 500 Index and the Russell 1000 Growth Index over the period, the manager is optimistic about the fund’s outlook for the remainder of the year. Significant contributors to fund performance included Apple Inc. and Continental Resources, Inc. Significant

detractors from fund performance included Electronic Arts Inc. and Kinross Gold Corporation. The manager took a position in Apple after Bob Iger (Chairman of The Walt Disney Company) bought US$1 million worth of company stock. By the end of the period, the fund had realized an approximately 50 percent return on its holding in Apple. Continental Resources posted strong production growth in the Bakken shale, as well as dramatic revenue and earnings growth. Electronic Arts detracted from fund performance even though the initial launch numbers for the company’s “Star Wars: The Old Republic” video game have been strong. Kinross announced delays and potential goodwill write-downs at its mine in Mauritania. The manager sold the fund’s position in Kinross. As at March 31, 2012

©2012. Morningstar Research Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. ™Renaissance Investments is offered by and is a registered trademark of CIBC Asset Management Inc. All fund performance is reported net of fees, benchmark data is reported gross of fees. This may impact a direct comparison between the RENAISSANCE INVESTMENTS 89 fund and its benchmark.

U.S. EQUITY FUNDS

Report created on 04-16-2012

U.S. EQUITY FUNDS

Report created on 04-16-2012

Renaissance U.S. Equity Growth Currency Neutral Fund (Class A) Fund Category North American Equity

Morningstar Rating N/A

Investment Objective

Performance as of 03-31-2012

To achieve long-term returns through capital growth by investing primarily in common stocks, or investments that can be converted into common stocks, of large companies listed on major U.S. exchanges and that are located in the United States. The Fund will attempt to reduce its currency exposure to non-Canadian dollar currencies by implementing a currency hedging strategy that is aimed at protecting the Fund from non- Canadian dollar currency fluctuations in respect of units it owns in the Underlying Fund.

Growth of $10,000 15 Fund

Benchmark A S&P 500 Index

14 13 12 11 10 9

Performance Quartile (within category over calendar year)

Volatility Analysis Total Assets ($mil) Medium

Low

High

Volatility (low-high): The lower the volatility ranking, the lower the risk of the fund. Funds with a volatility ranking of high are the most risky. Best 1 Year Return

Worst 1 Year Return

-1.1% 10-31-2010 to 10-31-2011

-12.0% 12-31-2010 to 12-31-2011

Class

Load Structure

Currency

Fund Code

A A A F

Defer Sales Charge Front End Charge Low Load Charge No Sales or Redem

CAD CAD CAD CAD

ATL1252 ATL1250 ATL1251 ATL1253

Telephone Web Site

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

YTD

—

0.4

10.8

13.0

— -16.9 -22.7

— 8.5 5.2

— 5.4 3.3

— 7.4 1.6

— 9.7 15.7

— -3.7 -10.5

— -27.2 -21.9

— 18.9 8.1

— 11.0 9.3

-12.0 -5.5 4.4

8.1 8.5 10.6

Calendar Year Returns %

Fund Category Benchmark A Trailing Returns %

Fund Category Benchmark A

1 Mth

3 Mth

6 Mth

1Yr

2Yr

3Yr

5Yr

Since Inception

-0.5 1.4 4.6

8.1 8.5 10.6

15.9 13.8 21.1

-7.8 -1.5 11.6

— 5.5 11.1

— 12.8 14.2

— -1.5 -0.9

3.3 — —

Portfolio Analysis as of 03-31-2012

Fund Details

Inception Date MER Minimum Investment

Composition

October 20, 2010 2.73% $500

888 888 FUND www.renaissanceinvestments.ca

Investment Style

Notes Class F MER: 1.33% MER annualized as at August 31, 2011. Please refer to the Annual/Interim Management Reports of Fund Performance for further details.

% Assets

Canadian Equity U.S. Equity International Equity Fixed Income Fixed Inc <1yr to mat Cash Other Top Ten Holdings

13.9 76.5 2.4 0.0 0.0 6.5 0.8

% Assets

Molycorp, Inc. International Business Machines Corp Coca-Cola Co Noble Energy Inc Freeport-McMoRan Copper & Gold Class B

3.9 3.4 3.2 3.2 3.1

Apple, Inc. Las Vegas Sands Corp Suncor Energy Inc Continental Resources Inc McDonald's Corporation

3.1 2.8 2.8 2.5 2.4

Total Number of Portfolio Holdings Total Number of Underlying Holdings Total Number of Stock Holdings Total Number of Bond Holdings

3 68 64 0

Market Cap

Large Medium Small

69.5 17.3 13.2

Global Equity Sectors

Utilities Energy Financials Materials Consumer Discretionary Consumer Staples Telecommunication Services Industrials Health Care Information Technology Unclassified Top 5 Countries

United States Canada United Kingdom Brazil

% Equity

0.0 17.7 3.6 20.8 12.8 8.0 1.6 7.4 10.9 15.4 1.9 % Assets

77.9 17.4 2.9 1.7

©2012. Morningstar Research Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. ™Renaissance Investments is offered by and is a registered trademark of CIBC Asset Management Inc. All fund performance is reported net of fees, benchmark data is reported gross of fees. This may impact a direct comparison between the fund and its benchmark.

Renaissance U.S. Equity Growth Currency Neutral Fund (Class A) Investment Management Overview Manager Bios Peter J. Eichler Jr. | 10-20-2010 Aletheia Research and Management, Inc.

Investment Management Approach The Renaissance U.S. Equity Growth Currency Neutral Fund is managed by CIBC Global Asset Management Inc. Aletheia Research and Management Inc. is the investment manager of the underlying fund, the Renaissance U.S. Equity Growth Fund. The underlying fund delivers the time-tested investment methodologies of Aletheia Research and Management Inc. Aletheia, the classic Greek word for “truth and disclosure” signifies the importance the firm places on proprietary research, which has led to their recognition as one of the top growth managers in the United States. Aletheia takes a bottom-up growth approach to investing in the U.S. large cap equity market.

Aletheia Research and Management, Inc.

Aletheia employs exclusive, time-tested methodologies to anticipate investor perceptions rather than reacting to them, in order to discover unusually attractive opportunities in pursuit of exceptional returns. The firm pursues exclusive information channels that produce proprietary research, avoiding traditional channels of information, such as Wall Street research or mainstream media. A key strength of the company is its ability to profit from both good and bad news, identifying opportunities to buy and sell gainfully.

Mark Scalzo | 10-20-2010

1. Aletheia will invest primarily in common stocks that

represent diversified industry sectors and broad market capitalization. 2. The firm employs hard data – primarily insider and corporate actions – forensic analysis of balance sheets and cash flows, and non-biased industry research to guide its investments. 3. Using a bottom-up approach, Aletheia’s research process identifies securities with significant growth in earnings and cash flow. This process also uncovers opportunities in securities that have declined significantly in price or that are misunderstood or mispriced by the market. 4. The investment team screens an initial universe consisting of all publicly traded companies, with a preference given to larger market cap. From this universe, stocks are screened by identifying companies that demonstrate aberrational insider buying by corporate officers and employees, focusing on consensus buying by insiders, absolute dollar amounts of buying by insiders, option exercise behaviour, and forward sales. The result is a diversified portfolio of large cap U.S. growth companies seeking to deliver superior long-term performance, while managing exchange rate fluctuations. This fund is an excellent addition to a Canadian or global portfolio that seeks exposure to large cap U.S. equities.

Aletheia Research and Management, Inc.

Manager Commentary Please note that the following commentary is written in consideration of the underlying fund. Sentiment-driven investment decisions and historically high correlations drove the performance of equity markets over the period. The fund was invested in companies that generated strong fundamental – and in some cases unprecedented – growth. There were a number of encouraging signs for investors who use a bottom-up investment process like the one employed by the manager, including decreased market volatility, significantly lower correlations and lower exchangetraded fund volume. The manager believes these are all positive trends that are characteristic of a market environment that tends to reward superior stock selection. While the fund underperformed the S&P 500 Index and the Russell 1000 Growth Index over the period, the manager is optimistic about the fund’s outlook for the remainder of the year. Significant contributors to fund performance included

Apple Inc. and Continental Resources, Inc. Significant detractors from fund performance included Electronic Arts Inc. and Kinross Gold Corporation. The manager took a position in Apple after Bob Iger (Chairman of The Walt Disney Company) bought US$1 million worth of company stock. By the end of the period, the fund had realized an approximately 50 percent return on its holding in Apple. Continental Resources posted strong production growth in the Bakken shale, as well as dramatic revenue and earnings growth. Electronic Arts detracted from fund performance even though the initial launch numbers for the company’s “Star Wars: The Old Republic” video game have been strong. Kinross announced delays and potential goodwill write-downs at its mine in Mauritania. The manager sold the fund’s position in Kinross. As at March 31, 2012

©2012. Morningstar Research Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. ™Renaissance Investments is offered by and is a registered trademark of CIBC Asset Management Inc. All fund performance is reported net of fees, benchmark data is reported gross of fees. This may impact a direct comparison between the RENAISSANCE INVESTMENTS 91 fund and its benchmark.

U.S. EQUITY FUNDS

Report created on 04-16-2012

U.S. EQUITY FUNDS

Report created on 04-16-2012

Renaissance U.S. Equity Fund (Class A) Fund Category US Equity

Morningstar Rating QQ

Investment Objective

Performance as of 03-31-2012

To seek long-term capital growth by investing primarily in equity securities of companies listed on major U.S. exchanges and/or domiciled primarily in the United States.

Growth of $10,000 10 Fund

Benchmark A S&P 500 Index

9 8 7 6

Volatility Analysis

5 4

Low

Medium

High

Performance Quartile (within category over calendar year)

Volatility (low-high): The lower the volatility ranking, the lower the risk of the fund. Funds with a volatility ranking of high are the most risky.

Total Assets ($mil)

Best 1 Year Return

Worst 1 Year Return

Calendar Year Returns %

43.1% 08-31-1998 to 08-31-1999

-33.5% 05-31-2008 to 05-31-2009

Fund Category Benchmark A

Fund Details

Trailing Returns %

Class

Load Structure

Currency

Fund Code

A A A F F A A A

Back End Charge Front End Charge Low Load Charge No Sales or Redem No Sales or Redem Back End Charge Front End Charge Low Load Charge

CAD CAD CAD CAD USD USD USD USD

ATL855 ATL911 ATL662 ATL028 ATL097 ATL799 ATL797 ATL798

Inception Date MER Minimum Investment Telephone Web Site

Fund Category Benchmark A

Investment Style

Notes Class F MER: 0.98% MER as at August 31, 2011. Please refer to the Annual/ Interim Management Reports of Fund Performance for further details.

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

YTD

128.4

105.4

77.3

47.8

35.3

22.3

12.9

11.8

10.5

10.2

12.1

-24.3 -22.5 -22.7

5.7 6.4 5.2

2.1 2.5 3.3

1.2 2.0 1.6

11.3 12.2 15.7

-11.5 -10.8 -10.5

-27.4 -28.5 -21.9

4.3 10.9 8.1

7.4 10.6 9.3

5.9 -0.6 4.4

8.9 11.3 10.6

1 Mth

3 Mth

6 Mth

1Yr

2Yr

3Yr

5Yr

10Yr

3.8 3.8 4.6

8.9 11.3 10.6

18.1 20.3 21.1

11.0 6.1 11.6

10.4 8.9 11.1

12.8 13.9 14.2

-3.8 -2.7 -0.9

-2.7 -1.7 -0.6

Portfolio Analysis as of 03-31-2012 Composition

% Assets

Canadian Equity U.S. Equity International Equity Fixed Income Fixed Inc <1yr to mat Cash Other

October 25, 1996 1.93% $500

888 888 FUND www.renaissanceinvestments.ca

Top Ten Holdings

0.0 97.5 0.0 0.0 0.0 0.7 1.8

% Assets

Apple, Inc. International Business Machines Corp Exxon Mobil Corporation Directv TJX Companies

3.0 2.4 1.6 1.3 1.2

Google, Inc. Class A Caterpillar Inc Cognizant Technology Solutions Corp Cl A Starbucks Corporation Estee Lauder Cos Inc Class A

1.1 1.1 1.0 1.0 0.9

Total Number of Portfolio Holdings Total Number of Underlying Holdings Total Number of Stock Holdings Total Number of Bond Holdings

401 401 399 0

Market Cap

Large Medium Small

76.9 22.8 0.3

Global Equity Sectors

Utilities Energy Financials Materials Consumer Discretionary Consumer Staples Telecommunication Services Industrials Health Care Information Technology Unclassified Top 5 Countries

United States Canada

% Equity

8.0 9.0 13.0 4.1 16.1 11.6 1.3 11.5 9.5 15.9 0.0 % Assets

97.5 2.5

Renaissance U.S. Equity Fund (Class A) Investment Management Overview Manager Bios E. Robert Fernholz | 12-01-2008 INTECH Investment Management LLC

E. Robert Fernholz, Ph.D., Chairman of the Investment Committee, founded INTECH in 1987. In 1982, Dr. Fernholz published a paper titled “Stochastic Portfolio Theory and Stock Market Equilibrium,” which became the basis for the INTECH portfolio process. Dr. Fernholz received his Ph.D. in Mathematics from Columbia University and holds an A.B. in Mathematics from Princeton University. Joseph Runnels | 12-01-2008 INTECH Investment Management LLC

Joseph Runnels, CFA, is Vice President, Portfolio Management of INTECH. Mr. Runnels joined INTECH in June of 1998 from QED Information Systems, a software development company providing portfolio management and investment accounting systems. Mr. Runnels spent six years prior to that in portfolio management for the Tennessee Consolidated Retirement System in their fixed income investment division. Mr. Runnels holds a B.S. in Business Administration from Murray State University. Mr. Runnels has earned the right to use the Chartered Financial Analyst designation. Adrian Banner | 12-01-2008 INTECH Investment Management LLC

Adrian Banner, Ph.D., Chief Investment Officer, joined INTECH in August of 2002 and since that time has been an integral part of the firm’s Princeton-based research team. Dr. Banner, who served as the firm’s Co-Chief Investment Officer beginning in 2009, was appointed Chief Investment Officer as of January 1, 2012. Dr. Banner has extensive knowledge of INTECH’s trading systems, optimization programs and research initiatives, both on an operational and theoretical basis and has held various roles as part of INTECH’s Princeton team prior to being named CIO.

Investment Management Approach This Fund benefits from the exceptional discipline and risk management of INTECH Investment Management, LLC (INTECH), who use a proprietary mathematical model to capitalize on the market’s volatility. INTECH’s quantitative strategy captures excess returns from the U. S. equity markets, while eliminating subjective or emotional investment decisions. INTECH employs a mathematical model to capitalize on equity market growth while carefully managing risk. Their strategy seeks to generate excess returns by using the natural volatility and correlation of stocks while carefully managing risk. For this Fund, INTECH invests primarily in common stocks from the S&P 500 Index, selected for their potential contribution to long-term growth of capital. The goal of this process is to build a portfolio of stocks in a more efficient version than the

index. The process seeks to capitalize on the natural volatility of the market by searching for stocks within the index that have high relative volatility (providing the potential for excess returns) but that essentially move in opposite directions or have low correlation to each other (providing the potential for lower relative risk). By constructing the portfolio in this manner and continually rebalancing the portfolio to maintain "efficient" weightings, the mathematical process seeks to create a portfolio that produces returns in excess of its respective benchmark with an equal or lesser amount of risk. The result is a Fund that allows investors to participate in the growth of U.S. equities, one of the world’s largest economies, while managing risk through a highly disciplined investment process. This Fund serves as an excellent U.S. core component of a diversified portfolio.

Manager Commentary The fund is managed as a highly disciplined and riskmanaged mathematical investment strategy with the objective of achieving a long-term return in excess of the fund’s benchmark, while also attempting to reduce the risk of significant underperformance relative to the fund’s benchmark. The manager did not make any changes to the fund’s investment process over the first quarter of 2012. The manager’s investment process does not involve predicting individual stock prices. Instead, the manager uses the volatility and correlation characteristics of stocks to build a portfolio with the potential to produce returns in excess of the benchmark – with benchmarklike risk – over the long term. As such, the manager has no economic, market or fundamental outlook.

Looking ahead, the manager will continue to manage the fund in a disciplined and deliberate manner, with risk management a hallmark of the fund’s investment process. The manager’s highly disciplined investment process is focused on the long term and incorporates a level of risk management that allows for consistent management in varying environments. While the fund may experience short periods of underperformance, the manager expects the fund to exceed the benchmark’s return over a three- to five-year time horizon. As the manager’s ongoing research efforts yield modest improvements, the manager will continue to implement changes that are expected to improve the fund’s longterm results. As at March 31, 2012

©2012. Morningstar Research Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. ™Renaissance Investments is offered by and is a registered trademark of CIBC Asset Management Inc. All fund performance is reported net of fees, benchmark data is reported gross of fees. This may impact a direct comparison between the RENAISSANCE INVESTMENTS 93 fund and its benchmark.

U.S. EQUITY FUNDS

Report created on 04-16-2012

GLOBAL EQUITY FUNDS

Report created on 04-16-2012

Renaissance International Dividend Fund (Class A) Fund Category International Equity

Morningstar Rating QQ

Investment Objective

Performance as of 03-31-2012

To seek long-term capital growth and income generation by investing primarily in a diversified portfolio of equity securities of foreign companies located in Europe, the Far East and the Pacific Rim.

Growth of $10,000 18 Fund

Benchmark A MSCI EAFE Index

16 14 12 10

Volatility Analysis

8 6

Low

Medium

High

Performance Quartile (within category over calendar year)

Volatility (low-high): The lower the volatility ranking, the lower the risk of the fund. Funds with a volatility ranking of high are the most risky.

Total Assets ($mil)

Best 1 Year Return

Worst 1 Year Return

Calendar Year Returns %

39.5% 02-28-2003 to 02-29-2004

-39.4% 11-30-2007 to 11-30-2008

Fund Category Benchmark A

Fund Details

Trailing Returns %

Class

Load Structure

Currency

Fund Code

A A A F

Back End Charge Front End Charge Low Load Charge No Sales or Redem

CAD CAD CAD CAD

ATL856 ATL914 ATL677 ATL032

Inception Date MER Minimum Investment Telephone Web Site

October 25, 1996 2.36% $500

Fund Category Benchmark A

2003

2004

2005

2006

2007

2008

2009

2010

2011

YTD

73.0

57.7

41.4

36.7

27.5

14.7

13.6

10.7

7.1

7.3

-18.7 -22.6 -16.5

14.0 12.4 13.8

7.0 9.5 11.9

7.3 11.3 11.2

26.0 23.1 26.4

-1.9 -6.6 -5.3

-32.0 -34.5 -28.8

7.1 13.2 12.5

-0.7 2.6 2.6

-11.1 -12.2 -9.5

7.3 9.1 8.9

1 Mth

3 Mth

6 Mth

1Yr

2Yr

3Yr

5Yr

10Yr

-0.1 0.8 1.1

7.3 9.1 8.9

8.1 10.9 10.0

-5.3 -5.2 -2.7

-1.2 0.0 1.7

5.9 7.8 9.0

-7.9 -7.9 -5.8

-1.2 -1.2 1.3

Portfolio Analysis as of 03-31-2012 Composition

% Assets

Canadian Equity U.S. Equity International Equity Fixed Income Fixed Inc <1yr to mat Cash Other Top Ten Holdings

MER as at August 31, 2011. Please refer to the Annual/ Interim Management Reports of Fund Performance for further details.

2002

Investment Style

Class F MER: 1.27%

79.5

888 888 FUND www.renaissanceinvestments.ca

Notes

0.0 0.0 98.0 0.0 0.0 0.0 2.0

% Assets

British American Tobacco PLC Basf SE Nestle SA RSA Insurance Group PLC AstraZeneca PLC

4.2 3.1 3.0 3.0 2.9

Bouygues Boliden AB Total SA Statoil ASA Belgacom SA

2.6 2.6 2.3 2.3 2.0

Total Number of Portfolio Holdings Total Number of Underlying Holdings Total Number of Stock Holdings Total Number of Bond Holdings

115 115 113 0

Market Cap

Large Medium Small

75.2 24.8 0.0

Global Equity Sectors

Utilities Energy Financials Materials Consumer Discretionary Consumer Staples Telecommunication Services Industrials Health Care Information Technology Unclassified Top 5 Countries

Japan United Kingdom Australia France Sweden

% Equity

4.7 8.5 22.2 10.6 9.4 12.0 4.8 12.6 10.0 5.1 0.0 % Assets

21.5 15.2 11.9 9.0 8.0

Renaissance International Dividend Fund (Class A) Investment Management Overview Manager Bios Tom Mermuys | 12-01-2008 Kleinwort Benson Investors Intl Ltd.

Tom Mermuys joined the Dublin office of Kleinwort Benson (formerly KBCAM) in September 2003, having worked as a portfolio manager at Kleinwort Benson (formerly KBCAM) in Brussels since 2002. He graduated in Business Economics from the VLEKHO School of Economics, Brussels in 1999 followed by a Degree in Portfolio Management at EHSAL School of Economics, Brussels in 2002. He has also completed the CEFA (Certified European Financial Analyst) qualification. David Hogarty | 12-01-2008 Kleinwort Benson Investors Intl Ltd.

David Hogarty joined UBIM (now KBCAM) in 1994 as a Client Servicing Manager, moved into Business Development in 1998 and took up his current role as Product Specialist following the launch of the Dividend Plus Strategy in 2003. He previously worked as a private client investment advisor in a private brokerage firm. Mr. Hogarty graduated from University College Dublin with a B.A. in Economics and Politics in 1989.

Investment Management Approach The Fund benefits from the structured, quantitative investment management expertise of Kleinwort Benson Investors to construct a well diversified portfolio of international stocks with high dividend characteristics. Kleinwort Benson Investors follow a highly disciplined quantitative investment strategy to select companies that have a commitment to high levels of income payments. Kleinwort Benson Investors' belief that high dividend yielding companies offer better performance with lower risk drives their investment philosophy. The firm's investment approach considers all stocks, irrespective or mark capitalization, to maximize the size of the opportunity. They primarily select companies that generate high levels of cash and have chosen to pay a

high proportion of it to their shareholders, while avoiding deep value stocks. They also check for dividend sustainability, to avoid stocks that are overpaying relative to their financial strength. Kleinwort Benson Investors invest on a regional and sector-neutral basis relative to the MSCI EAFE Index, allowing them to reduce the risks of industry and regional traps. The result is a well diversified international equity portfolio that provides capital appreciation as well as downside protection. This Fund is an excellent option for investors seeks a conservative approach to investing in international equity markets.

Manager Commentary While markets have rebounded strongly since the middle of 2011, the global macroeconomic issues that impacted investor sentiment throughout 2011 did not entirely cease during the first quarter of 2012. In fact, the manager believes these issues are likely to persist throughout 2012. The fund has been constructed to provide lower volatility than the benchmark, as well as to provide broad equity, industry and regional diversification. This diversification has helped the fund generate consistent performance and income generation. The manager’s dividend sustainability screens have helped create a portfolio of holdings that are high-quality companies with strong balance sheets, low levels of debt and large cash reserves. The fund’s holdings have all paid aboveaverage dividends and have remained committed to generating dividend growth.

Looking ahead, the manager believes global economic growth may be weak – albeit positive – with global central banks maintaining their supportive policies. The manager believes the financial health of the corporate sector should provide strong support for equity markets, as many companies have large cash reserves that can be used for share buyback programs, increased dividend payments and increased mergers & acquisitions activity. From a longer-term perspective, the manager expects market volatility and subdued economic growth to continue, given the significant levels of personal and government debt in the developed world. In what is likely to be an environment of moderate returns for equity investors, the manager believes income will become an increasingly important component of an investor’s total return. As at March 31, 2012

©2012. Morningstar Research Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. ™Renaissance Investments is offered by and is a registered trademark of CIBC Asset Management Inc. All fund performance is reported net of fees, benchmark data is reported gross of fees. This may impact a direct comparison between the RENAISSANCE INVESTMENTS 95 fund and its benchmark.

GLOBAL EQUITY FUNDS

Report created on 04-16-2012

GLOBAL EQUITY FUNDS

Report created on 04-16-2012

Renaissance International Equity Fund (Class A) Fund Category International Equity

Morningstar Rating QQQQ

Investment Objective

Performance as of 03-31-2012

Growth of $10,000 18 Fund

Benchmark A MSCI EAFE Index

16 14 12 10

Volatility Analysis

8 6

Low

Medium

High

Performance Quartile (within category over calendar year)

Volatility (low-high): The lower the volatility ranking, the lower the risk of the fund. Funds with a volatility ranking of high are the most risky.

Total Assets ($mil)

Best 1 Year Return

Worst 1 Year Return

Calendar Year Returns %

37.6% 03-31-2003 to 03-31-2004

-35.4% 03-31-2002 to 03-31-2003

Fund Category Benchmark A

Fund Details Load Structure

Currency

Fund Code

A A A F

Back End Charge Front End Charge Low Load Charge No Sales or Redem

CAD CAD CAD CAD

ATL1869 ATL1868 ATL2869 ATL1644

Telephone Web Site

January 2, 2001 2.81% $500

2003

2004

2005

2006

2007

2008

2009

2010

2011

YTD

61.7

53.2

54.7

80.7

40.5

55.4

67.2

61.5

66.9

-23.0 -22.6 -16.5

12.6 12.4 13.8

5.8 9.5 11.9

13.0 11.3 11.2

22.7 23.1 26.4

-2.4 -6.6 -5.3

-15.4 -34.5 -28.8

7.6 13.2 12.5

4.7 2.6 2.6

-9.3 -12.2 -9.5

9.3 9.1 8.9

Fund Category Benchmark A

1 Mth

3 Mth

6 Mth

1Yr

2Yr

3Yr

5Yr

10Yr

1.8 0.8 1.1

9.3 9.1 8.9

8.8 10.9 10.0

1.1 -5.2 -2.7

2.0 0.0 1.7

6.0 7.8 9.0

-2.1 -7.9 -5.8

1.5 -1.2 1.3

Portfolio Analysis as of 03-31-2012 Composition

% Assets

Canadian Equity U.S. Equity International Equity Fixed Income Fixed Inc <1yr to mat Cash Other Top Ten Holdings

MER as at August 31, 2011. Please refer to the Annual/ Interim Management Reports of Fund Performance for further details.

57.0

Investment Style

Class F MER: 1.36%

2002

888 888 FUND www.renaissanceinvestments.ca

Notes

53.1

Trailing Returns %

Class

Inception Date MER Minimum Investment

0.0 0.0 97.4 0.0 0.0 2.6 0.0

% Assets

Novo Nordisk A/S Sap AG BG Group PLC Adidas AG Essilor International SA

2.9 2.7 2.7 2.6 2.6

China Mobile Ltd. Reckitt Benckiser Group PLC Shin-Etsu Chemical Co Ltd L'Oreal SA Fanuc Corp

2.4 2.4 2.4 2.3 2.3

Total Number of Portfolio Holdings Total Number of Underlying Holdings Total Number of Stock Holdings Total Number of Bond Holdings

54 54 52 0

Market Cap

Large Medium Small

96.2 3.8 0.0

Global Equity Sectors

Utilities Energy Financials Materials Consumer Discretionary Consumer Staples Telecommunication Services Industrials Health Care Information Technology Unclassified Top 5 Countries

Japan United Kingdom Australia France Switzerland

% Equity

5.6 12.9 11.0 2.8 13.0 18.0 2.5 7.7 15.2 11.2 0.0 % Assets

26.5 16.4 9.3 7.6 6.8

Renaissance International Equity Fund (Class A) Investment Management Overview Manager Bios

Investment Management Approach

Roy Leckie | 05-01-2004 Walter Scott & Partners Limited

Roy is a director of Walter Scott and, along with Charlie Macquaker, leads the investment management group. He began his career at Walter Scott joining the firm in 1995 and holds a BSc (hons) in Statistics from the University of Glasgow. Other Assets Managed

Since

Renaissance Global Growth Renaissance Glbl Growth Ccy Netrl Cl A Renaissance International Eq Ccy Netrl A

05-04 10-10 10-10

Charles Macquaker | 05-01-2004 Walter Scott & Partners Limited

Charlie is a director of Walter Scott and co-heads the investment management group. He is also currently head of the North American research team. Charlie began his investment career at the Walter Scott joining the firm in 1991. He holds a BSc (hons) in European Studies from Buckingham University. Other Assets Managed

Since

Renaissance Global Growth Renaissance Glbl Growth Ccy Netrl Cl A Renaissance International Eq Ccy Netrl A

05-04 10-10 10-10

The Fund benefits from the conservative and patient, bottom-up growth style of Walter Scott & Partners Limited, a firm that takes a fundamental, long-term investment approach to international equities. Walter Scott invests in high-quality companies with a high return on equity, in industries enjoying aboveaverage, sustainable growth. Their buy and hold approach is focused on stock selection based almost entirely on internal research because of their focus on long-term results. Walter Scott screens more than 3000 companies with proprietary financial analysis tools and narrows the field to approximately 300 companies on which they complete intensive analysis and their seven

proprietary qualitative screens. A stock is selected only after it has received unanimous support of the investment team and typically begins with a 2% weighting in the portfolio. The portfolio’s country allocation is determined as a result of the stock and sector decisions. The result is a buy and hold, lower volatility portfolio of conservative international growth stocks selected using an in-depth bottom-up approach. The Fund is an excellent complement to a domestic portfolio, and as a growth offset for a value-oriented portfolio.

Manager Commentary In contrast to 2011, equity markets performed well and investors appeared increasingly confident over the first quarter of 2012. This change may have reflected a growing belief that the U.S. economy had turned a corner. The manager believes, however, that the U.S. economic recovery remains unproven and that high debt levels are being largely ignored. The European Central Bank provided a short-term fix for the eurozone’s sovereign debt issues, although longer-term debt levels in many European countries remain a concern. Fears of a Chinese economic slowdown appear to have been largely cast aside despite weak economic news out of that country. During the period, Woolworths Limited was added to the portfolio, while the fund’s holdings in Cairn Energy PLC

and Synthes, Inc. were sold. In addition, the fund’s position in Coca-Cola Amatil Limited was increased, while the fund’s holdings in FANUC Robotics America Corporation and Novo Nordisk A/S were reduced. The financial results of many of the fund’s holdings continue to point to growth, although the strength of equity markets in the first quarter of 2012 has made the manager increasingly cautious. With an investment philosophy that is based on the long-term outlook for a select number of holdings that the manager believes are the world’s most dynamic and financially robust companies, the manager continues to have a positive outlook for the fund. As at March 31, 2012

©2012. Morningstar Research Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. ™Renaissance Investments is offered by and is a registered trademark of CIBC Asset Management Inc. All fund performance is reported net of fees, benchmark data is reported gross of fees. This may impact a direct comparison between the RENAISSANCE INVESTMENTS 97 fund and its benchmark.

GLOBAL EQUITY FUNDS

Report created on 04-16-2012

GLOBAL EQUITY FUNDS

Report created on 04-16-2012

Renaissance International Equity Currency Neutral Fund (Class A) Fund Category International Equity

Morningstar Rating N/A

Investment Objective

Performance as of 03-31-2012

To provide long-term capital growth through capital appreciation by investing primarily in a diversified portfolio of equity securities of foreign companies located in Europe, the Far East and the Pacific Rim.The Fund will attempt to reduce its currency exposure to nonCanadian dollar currencies by implementing a currency hedging strategy that is aimed at protecting the Fund from non- Canadian dollar currency fluctuations in respect of units it owns in the Underlying Fund.

Growth of $10,000 14

Volatility Analysis

Fund

Benchmark A MSCI EAFE Index

13 12 11 10 9 8

Performance Quartile (within category over calendar year)

2 2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

YTD

—

0.2

0.7

0.8

— -22.6 -16.5

— 12.4 13.8

— 9.5 11.9

— 11.3 11.2

— 23.1 26.4

— -6.6 -5.3

— -34.5 -28.8

— 13.2 12.5

— 2.6 2.6

-11.7 -12.2 -9.5

11.7 9.1 8.9

Total Assets ($mil) Low

Medium

High Calendar Year Returns %

Volatility (low-high): The lower the volatility ranking, the lower the risk of the fund. Funds with a volatility ranking of high are the most risky. Best 1 Year Return

Worst 1 Year Return

-0.5% 03-31-2011 to 03-31-2012

-11.7% 12-31-2010 to 12-31-2011

Fund Category Benchmark A Trailing Returns %

Fund Category Benchmark A

1 Mth

3 Mth

6 Mth

1Yr

2Yr

3Yr

5Yr

Since Inception

1.7 0.8 1.1

11.7 9.1 8.9

14.0 10.9 10.0

-0.5 -5.2 -2.7

— 0.0 1.7

— 7.8 9.0

— -7.9 -5.8

1.1 — —

Fund Details Class

Load Structure

Currency

Fund Code

A A A F

Defer Sales Charge Front End Charge Low Load Charge No Sales or Redem

CAD CAD CAD CAD

ATL1242 ATL1240 ATL1241 ATL1243

Inception Date MER Minimum Investment Telephone Web Site

Portfolio Analysis as of 03-31-2012 Composition

October 20, 2010 2.87% $500

888 888 FUND www.renaissanceinvestments.ca

Investment Style

Notes Class F MER: 1.44% MER annualized as at August 31, 2011. Please refer to the Annual/Interim Management Reports of Fund Performance for further details.

% Assets

Canadian Equity U.S. Equity International Equity Fixed Income Fixed Inc <1yr to mat Cash Other Top Ten Holdings

0.0 0.0 97.0 0.0 0.0 3.0 0.0

% Assets

Novo Nordisk A/S Sap AG BG Group PLC Adidas AG Essilor International SA

2.9 2.7 2.7 2.6 2.6

China Mobile Ltd. Reckitt Benckiser Group PLC Shin-Etsu Chemical Co Ltd L'Oreal SA Fanuc Corp

2.4 2.4 2.4 2.3 2.3

Total Number of Portfolio Holdings Total Number of Underlying Holdings Total Number of Stock Holdings Total Number of Bond Holdings

3 54 52 0

Market Cap

Large Medium Small

96.2 3.8 0.0

Global Equity Sectors

Utilities Energy Financials Materials Consumer Discretionary Consumer Staples Telecommunication Services Industrials Health Care Information Technology Unclassified Top 5 Countries

Japan United Kingdom Australia France Switzerland

% Equity

5.6 12.9 11.0 2.8 13.0 18.0 2.5 7.7 15.2 11.2 0.0 % Assets

26.7 16.5 9.3 7.7 6.8

©2012. Morningstar Research Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. ™Renaissance Investments is offered by and is a registered trademark of CIBC Asset Management Inc. All fund performance is reported net of fees, benchmark data is reported gross of fees. This may impact a direct comparison between the fund and its benchmark.

Renaissance International Equity Currency Neutral Fund (Class A) Investment Management Overview Manager Bios

Investment Management Approach

Roy Leckie | 10-20-2010 Walter Scott & Partners Limited

Since

Renaissance Global Growth Renaissance International Equity Renaissance Glbl Growth Ccy Netrl Cl A

05-04 05-04 10-10

Charles Macquaker | 10-20-2010 Walter Scott & Partners Limited

Since

Renaissance Global Growth Renaissance International Equity Renaissance Glbl Growth Ccy Netrl Cl A

05-04 05-04 10-10

The Renaissance International Equity Currency Neutral Fund is managed by CIBC Global Asset Management Inc. Walter Scott & Partners Limited is the investment manager of the underlying fund, the Renaissance International Equity Fund. The underlying fund benefits from the conservative and patient, bottom-up growth style of Walter Scott & Partners Limited, a firm that takes a fundamental, longterm investment approach to international equities. Walter Scott invests in high-quality companies with a high return on equity, in industries enjoying aboveaverage, sustainable growth. Their buy and hold approach is focused on stock selection based almost entirely on internal research because of their focus on long-term results. Walter Scott screens more than 5000

companies with proprietary financial analysis tools and narrows the field to approximately 500 companies on which they complete intensive analysis and their seven proprietary qualitative screens. A stock is selected only after it has received unanimous support of the investment team and typically begins with a 2% weighting in the portfolio. The portfolio’s country and sector allocation is a result of those individual stock decisions. The result is a buy and hold strategy selecting portfolio of conservative international growth stocks through an in-depth bottom-up approach. This Fund is an excellent complement to a domestic portfolio, and as a growth offset for a value-oriented portfolio.

Manager Commentary Please note that the following commentary is written in consideration of the underlying fund. In contrast to 2011, equity markets performed well and investors appeared increasingly confident over the first quarter of 2012. This change may have reflected a growing belief that the U.S. economy had turned a corner. The manager believes, however, that the U.S. economic recovery remains unproven and that high debt levels are being largely ignored. The European Central Bank provided a short-term fix for the eurozone’s sovereign debt issues, although longer-term debt levels in many European countries remain a concern. Fears of a Chinese economic slowdown appear to have been largely cast aside despite weak economic news out of that country. During the period, Woolworths Limited was added to the

portfolio, while the fund’s holdings in Cairn Energy PLC and Synthes, Inc. were sold. In addition, the fund’s position in Coca-Cola Amatil Limited was increased, while the fund’s holdings in FANUC Robotics America Corporation and Novo Nordisk A/S were reduced. The financial results of many of the fund’s holdings continue to point to growth, although the strength of equity markets in the first quarter of 2012 has made the manager increasingly cautious. With an investment philosophy that is based on the long-term outlook for a select number of holdings that the manager believes are the world’s most dynamic and financially robust companies, the manager continues to have a positive outlook for the fund. As at March 31, 2012

©2012. Morningstar Research Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. ™Renaissance Investments is offered by and is a registered trademark of CIBC Asset Management Inc. All fund performance is reported net of fees, benchmark data is reported gross of fees. This may impact a direct comparison between the RENAISSANCE INVESTMENTS 99 fund and its benchmark.

GLOBAL EQUITY FUNDS

Report created on 04-16-2012

GLOBAL EQUITY FUNDS

Report created on 04-16-2012

Renaissance Global Markets Fund (Class A) Fund Category Global Equity

Morningstar Rating QQQQ

Investment Objective

Performance as of 03-31-2012

To obtain long-term growth of capital and income by investing primarily in equity and debt securities on a worldwide basis.

Growth of $10,000 12 Fund

Benchmark A MSCI World Index

11 10 9

Volatility Analysis

8 7 6 Medium

Low

High

Volatility (low-high): The lower the volatility ranking, the lower the risk of the fund. Funds with a volatility ranking of high are the most risky.

Performance Quartile (within category over calendar year)

Total Assets ($mil) Best 1 Year Return

Worst 1 Year Return

33.9% 03-31-1997 to 03-31-1998

-40.0% 02-28-2008 to 02-28-2009

Fund Details

Fund Category Benchmark A

Load Structure

Currency

Fund Code

Trailing Returns %

A A A F

Back End Charge Front End Charge Low Load Charge No Sales or Redem

CAD CAD CAD CAD

ATL1873 ATL1029 ATL2873 ATL1647

Fund Category Benchmark A

Telephone Web Site

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

YTD

95.1

78.8

58.0

37.4

44.7

231.0

172.9

186.1

196.9

202.2

213.4

-20.8 -17.4 -20.4

6.9 10.6 9.4

2.3 6.4 6.9

4.3 5.8 7.3

14.5 18.0 20.2

5.9 -6.6 -7.1

-34.9 -29.3 -25.4

14.5 14.3 11.1

16.8 6.5 6.5

0.6 -7.6 -2.7

3.1 10.3 9.7

Calendar Year Returns %

Class

Inception Date MER Minimum Investment

1 Mth

3 Mth

6 Mth

1Yr

2Yr

3Yr

5Yr

10Yr

-0.2 1.8 2.8

3.1 10.3 9.7

11.0 14.3 15.4

2.6 -0.3 3.9

8.1 3.9 6.6

15.6 10.4 12.0

-1.6 -4.3 -3.0

-0.2 -0.4 0.5

Portfolio Analysis as of 01-31-2012 January 11, 1993 2.74% $500

Composition

% Assets

Canadian Equity U.S. Equity International Equity Fixed Income Fixed Inc <1yr to mat Cash Other

888 888 FUND www.renaissanceinvestments.ca

Investment Style

Top Ten Holdings

Notes Class F MER: 1.14% MER as at August 31, 2011. Please refer to the Annual/ Interim Management Reports of Fund Performance for further details.

9.5 23.6 52.5 0.0 0.0 14.0 0.5

% Assets

Jardine Matheson Holdings Ltd. British American Tobacco PLC Swatch Group AG Imperial Tobacco Group PLC Genting Malaysia Bhd.

9.2 5.5 5.2 4.9 4.4

Compagnie Financiere Richemont SA Canadian Natural Resources Ltd Schindler Holding AG Nestle SA Genting Bhd

4.3 3.9 3.9 3.9 3.8

Total Number of Portfolio Holdings Total Number of Underlying Holdings Total Number of Stock Holdings Total Number of Bond Holdings

38 38 35 0

Market Cap

Large Medium Small

92.5 4.5 3.1

Global Equity Sectors

Utilities Energy Financials Materials Consumer Discretionary Consumer Staples Telecommunication Services Industrials Health Care Information Technology Unclassified Top 5 Countries

United States Canada Switzerland United Kingdom Hong Kong

% Equity

0.0 8.8 12.9 5.1 23.4 29.6 0.0 16.2 0.0 4.1 0.0 % Assets

23.9 23.6 18.0 14.0 10.0

Renaissance Global Markets Fund (Class A) Investment Management Overview Manager Bios

Investment Management Approach

David J. Winters | 10-01-2006 Wintergreen Advisers, LLC

Since

Renaissance Optimal Global Equity Port Renaissance Optimal Glbl Eq Pt Elite T4 Renaissance Optimal Glbl Eq Pt Elite T6 Renaissance Optimal Glbl Eq Pt Elite T8 Renaissance Optimal Glbl Eq Pt Elite Cl Renaissance Optimal Glbl Eq Pt Sel T4 Cl Renaissance Optimal Glbl Eq Pt Sel T6 Cl Renaissance Optimal Glbl Eq Pt Sel T8 Cl Renaissance Optimal Glbl Eq Port Sel Cl Renaissance Optimal Glbl Eq Port T4 Cl

10-06 10-06 10-06 10-06 10-06 10-06 10-06 10-06 10-06 10-06

The Fund benefits from the highly successful, deep value investment approach to global equity of David J. Winters, exclusively available in Canada through Renaissance Investments. David J. Winters of Wintergreen Advisers employs a deep-value style to managing equities by investing in undervalued and distressed companies that are currently out of favour with the broader market, but whose solid prospects demonstrate signs for a significant return on investment. In picking stocks for the Fund, he favours a tight portfolio of companies where senior management often act like long-term owners of the business. Mr. Winters’ stock selection is based on the strength of his conviction, where he carefully follows companies waiting for their prices to fall to a level where he

believes they are seriously undervalued. In order to provide consistent returns over the long term, flexibility is key. As a result, Mr. Winters has the ability to invest in companies of any size, in any geographic region or sector. He may also take advantage of arbitrage opportunities and distressed securities in the global market. The result is a flexible, high conviction, go-anywhere deep value global portfolio that is less correlated to market returns than typical active managers, has low turnover and is focused on providing consistent returns over time. The Fund’s lower correlation with major markets makes it an excellent diversifying complement to a portfolio.

Manager Commentary The fund’s holdings remained global in nature over the first quarter of 2012. The manager believes the fund’s international exposure provides unitholders with the ability to participate in growing economies around the world and to participate in companies that do business in various currencies. In the manager’s opinion, the U.S. market is mature and will take some time to strengthen and right itself. While this is happening, the manager believes there are excellent global investment opportunities available. The manager believes there are many high-quality yet inexpensive securities available around the world. It could be said, according to the manager, that “diamonds

are now selling at the price of coal.” The fund has an unlevered balance sheet with extra cash that the manager is putting toward some exceptional opportunities. And, the manager is taking advantage of recent market volatility to invest in many great investments available. The manager believes it is ironic that the most recent market returns, not the valuations of securities, are driving investor expectations. While the future is always uncertain, the manager is confident in the quality of the fund’s holdings, and believes these holdings will continue to serve the fund well. As at March 31, 2012

©2012. Morningstar Research Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. ™Renaissance Investments is offered by and is a registered trademark of CIBC Asset Management Inc. All fund performance is reported net of fees, benchmark data is reported gross of fees. This may impact a direct comparison between the RENAISSANCE INVESTMENTS 101 fund and its benchmark.

GLOBAL EQUITY FUNDS

Report created on 04-16-2012

GLOBAL EQUITY FUNDS

Report created on 04-16-2012

Renaissance Optimal Global Equity Portfolio (Class A) Fund Category Global Equity

Morningstar Rating QQQ

Investment Objective

Performance as of 03-31-2012

To seek long-term capital appreciation by investing primarily in units of global and/or Canadian mutual funds.

Growth of $10,000 12 Fund

Benchmark A MSCI World Index

11 10 9

Volatility Analysis

8 7 6 Medium

Low

High

Volatility (low-high): The lower the volatility ranking, the lower the risk of the fund. Funds with a volatility ranking of high are the most risky.

Performance Quartile (within category over calendar year)

Total Assets ($mil) Best 1 Year Return

Worst 1 Year Return

36.9% 02-28-2003 to 02-29-2004

-37.8% 09-30-2000 to 09-30-2001

Portfolio Details

Fund Category Benchmark A

Load Structure

Currency

Fund Code

Trailing Returns %

A A A Sel Sel Sel Elite Elite Elite F

Back End Charge Front End Charge Low Load Charge Back End Charge Front End Charge Low Load Charge Back End Charge Front End Charge Low Load Charge No Sales or Redem

CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD

ATL1903 ATL1902 ATL2903 ATL2421 ATL2419 ATL2420 ATL2424 ATL2422 ATL2423 ATL1652

Fund Category Benchmark A

Telephone Web Site

Investment Style

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

YTD

53.4

50.8

39.4

100.1

80.2

52.6

31.8

30.7

27.3

22.3

22.2

-28.6 -17.4 -20.4

14.1 10.6 9.4

2.4 6.4 6.9

5.1 5.8 7.3

14.1 18.0 20.2

-11.7 -6.6 -7.1

-21.1 -29.3 -25.4

14.8 14.3 11.1

10.5 6.5 6.5

-7.1 -7.6 -2.7

5.6 10.3 9.7

1 Mth

3 Mth

6 Mth

1Yr

2Yr

3Yr

5Yr

10Yr

-0.5 1.8 2.8

5.6 10.3 9.7

10.1 14.3 15.4

-2.8 -0.3 3.9

4.1 3.9 6.6

9.6 10.4 12.0

-2.9 -4.3 -3.0

-1.3 -0.4 0.5

Portfolio Analysis as of 03-31-2012 Actual Composition

% Assets

Canadian Equity U.S. Equity International Equity Fixed Income Fixed Inc <1yr to mat Cash Other

February 16, 2000 2.73% $500

888 888 FUND www.renaissanceinvestments.ca

Calendar Year Returns %

Class

Inception Date MER Minimum Investment

Top 5 Global Equity Sectors

Consumer Discretionary Industrial Financials Consumer Staples Energy

10.2 33.5 49.8 0.1 0.0 4.9 1.5

% Equity

14.9 13.2 12.2 11.3 11.2

Market Cap

Large Medium Small

71.4 19.5 9.1

Top Holdings

% Assets

Renaissance Global Value Renaissance Global Markets Fund, Class 'O' Renaissance Global Focus Fund, Class 'O' Renaissance Global Infrastructure Fund, Class 'O' Renaissance Global Small Cap

25.1 25.1 24.9 15.2

Total Number of Portfolio Holdings Total Number of Underlying Holdings Total Number of Stock Holdings Total Number of Bond Holdings

7 519 504 0

10.1

Notes T-class units also available. Class F MER: 1.43% MER as at August 31, 2011. Please refer to the Annual/ Interim Management Reports of Fund Performance for further details.

Renaissance Optimal Global Equity Portfolio (Class A) Investment Management Overview Investment Managers David J. Winters | 10-01-2006 Wintergreen Advisers, LLC Management Team | 06-01-2009 Aletheia Research and Management, Inc. Management Team | 05-01-2005 NWQ Investment Management Co LLC Management Team | 02-01-2000

Investment Management Approach The Fund combines the investment expertise of five world-class management teams to deliver a welldiversified, automatically rebalanced, multi manager approach to global equities. The strategic mix of some of Renaissance Investments’ top global funds creates the potential to generate higher returns in all types of economic cycles.

Wellington Management Company, LLP Management Team | 08-20-2007 RARE Infrastructure Limited

Aletheia Research & Management, Inc. manages 25% of the portfolio. Aletheia employs exclusive, time-tested methodologies to anticipate investor perceptions rather than reacting to them, in order to discover unusually attractive opportunities in pursuit of exceptional returns. The firm pursues exclusive information channels that produce proprietary research, avoiding traditional channels of information, such as Wall Street research or mainstream media. A key strength of the company is its ability to profit from both good and bad news, identifying opportunities to buy and sell gainfully. NWQ Investment Management Company, LLC manages 25% of the portfolio using their fundamental, long-term approach to global equity. The firm employs a bottom-up value approach to stock selection, actively seeking out undervalued companies with catalysts to improve profitability or unlock value. In a market fuelled by emotion, NWQ strips away the subjectivity to search for objective value and has maintained an unwavering commitment to value investing since the firm’s founding in 1982. Discipline, collaboration and accountability remain the cornerstones of their culture. RARE Infrastructure Limited manages 15% of the portfolio bringing one of the world’s most experienced global infrastructure investment teams with more than

70 years combined expertise. The firm applies a combination of quantitative and qualitative assessments to select a concentrated portfolio of stocks from more than 40,000 global listed securities. For the 10% global small-cap component, the Fund draws upon Wellington Management, LLP. Wellington’s global small cap philosophy is based on their core belief that the small-cap market is inefficient. Using intensive fundamental research with a global perspective, they aim to exploit these inefficiencies. Wintergreen Advisers, LLC manages the final 25% of the fund utilizing the highly successful opportunistic investment approach to global equity of David J. Winters. Mr. Winters uses an opportunistic style to managing equities by investing in undervalued and distressed companies that are currently out of favour with the broader market, but whose solid prospects demonstrate signs for a significant return on investment. In picking stocks for the Fund, he favours a tight portfolio of companies where senior management often acts like long-term owners of the business. Mr. Winters’ stock selection is based on the strength of his conviction, where he carefully follows companies waiting for their prices to fall to a level where he believes they are seriously undervalued. The end result is an optimal mix of Renaissance funds which will provide investors with exposure to a broad range of investment managers, asset classes and regions designed to capture the best global market opportunities.

©2012. Morningstar Research Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. ™Renaissance Investments is offered by and is a registered trademark of CIBC Asset Management Inc. All fund performance is reported net of fees, benchmark data is reported gross of fees. This may impact a direct comparison between the RENAISSANCE INVESTMENTS 103 fund and its benchmark.

GLOBAL EQUITY FUNDS

Report created on 04-16-2012

GLOBAL EQUITY FUNDS

Report created on 04-16-2012

Renaissance Optimal Global Equity Currency Neutral Portfolio (Class A) Fund Category Global Equity

Morningstar Rating N/A

Investment Objective

Performance as of 03-31-2012

To seek long-term capital appreciation by investing primarily in units of global and/or Canadian mutual funds. The Fund will attempt to reduce its currency exposure to non-Canadian dollar currencies by implementing a currency hedging strategy that is aimed at protecting the Fund from non- Canadian dollar currency fluctuations in respect of units it owns in the Underlying Fund.

Growth of $10,000 15

Medium

High

Volatility (low-high): The lower the volatility ranking, the lower the risk of the fund. Funds with a volatility ranking of high are the most risky. Best 1 Year Return

Worst 1 Year Return

-2.6% 10-31-2010 to 10-31-2011

-9.1% 12-31-2010 to 12-31-2011

Portfolio Details Class

Load Structure

Currency

Fund Code

A A A Elite Elite Elite F Sel Sel Sel

Defer Sales Charge Front End Charge Low Load Charge Defer Sales Charge Front End Charge Low Load Charge No Sales or Redem Defer Sales Charge Front End Charge Low Load Charge

CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD

ATL1267 ATL1265 ATL1266 ATL1275 ATL1273 ATL1274 ATL1268 ATL1272 ATL1270 ATL1271

Inception Date MER Minimum Investment Telephone Web Site

14 13 12 11 10 9

Performance Quartile (within category over calendar year)

Volatility Analysis

Low

Fund

Benchmark A MSCI World Index

October 20, 2010 2.85% $500

888 888 FUND www.renaissanceinvestments.ca

Total Assets ($mil)

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

YTD

—

0.6

1.1

1.2

— -17.4 -20.4

— 10.6 9.4

— 6.4 6.9

— 5.8 7.3

— 18.0 20.2

— -6.6 -7.1

— -29.3 -25.4

— 14.3 11.1

— 6.5 6.5

-9.1 -7.6 -2.7

6.4 10.3 9.7

Calendar Year Returns %

Fund Category Benchmark A Trailing Returns %

Fund Category Benchmark A

1 Mth

3 Mth

6 Mth

1Yr

2Yr

3Yr

5Yr

Since Inception

-0.8 1.8 2.8

6.4 10.3 9.7

12.8 14.3 15.4

-5.0 -0.3 3.9

— 3.9 6.6

— 10.4 12.0

— -4.3 -3.0

1.4 — —

Portfolio Analysis as of 03-31-2012 Actual Composition

% Assets

Canadian Equity U.S. Equity International Equity Fixed Income Fixed Inc <1yr to mat Cash Other Top 5 Global Equity Sectors

Consumer Discretionary Industrial Financials Consumer Staples Energy

10.2 33.5 49.8 0.1 0.0 5.1 1.2

% Equity

14.9 13.2 12.2 11.3 11.3

Market Cap

Large Medium Small

71.4 19.5 9.1

Top Holdings

% Assets

Renaissance Global Value Renaissance Global Focus Fund, Class 'O' Renaissance Global Markets Fund, Class 'O' Renaissance Global Infrastructure Renaissance Global Small Cap

25.1 25.0 25.0 15.2 10.0

Total Number of Portfolio Holdings Total Number of Underlying Holdings Total Number of Stock Holdings Total Number of Bond Holdings

7 519 504 0

Investment Style

Notes T-Class units also available. Class F MER: 1.44%. MER annualized as at August 31, 2011. Please refer to the Annual/Interim Management Reports of Fund Performance for further details. ©2012. Morningstar Research Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. ™Renaissance Investments is offered by and is a registered trademark of CIBC Asset Management Inc. All fund performance is reported net of fees, benchmark data is reported gross of fees. This may impact a direct comparison between the fund and its benchmark.

Renaissance Optimal Global Equity Currency Neutral Portfolio (Class A) Investment Management Overview Investment Managers David J. Winters | 10-20-2010 Wintergreen Advisers, LLC Management Team Aletheia Research and Management, Inc. Management Team NWQ Investment Management Co LLC Management Team Wellington Management Company, LLP

Investment Management Approach The Renaissance Optimal Global Equity Currency Neutral Portfolio is managed by CIBC Global Asset Management Inc. Aletheia Research and Management, Inc., NWQ Investment Management Company, LLC, RARE Infrastructure Limited, Wellington Management Company, LLP, Wintergreen Advisers, LLC are the investment managers of the funds within the underlying portfolio.

RARE Infrastructure Limited manages 15% of the portfolio bringing one of the world’s most experienced global infrastructure investment teams with more than 70 years combined expertise. The firm applies a combination of quantitative and qualitative assessments to select a concentrated portfolio of stocks from more than 40,000 global listed securities.

Management Team RARE Infrastructure Limited

The underlying portfolio combines the investment expertise of five world-class management teams to deliver a well-diversified, automatically rebalanced, multi manager approach to global equities. The strategic mix of some of Renaissance Investments’ top global funds creates the potential to generate higher returns in all types of economic cycles. Aletheia Research & Management, Inc. manages 25% of the portfolio. Aletheia employs exclusive, time-tested methodologies to anticipate investor perceptions rather than reacting to them, in order to discover unusually attractive opportunities in pursuit of exceptional returns. The firm pursues exclusive information channels that produce proprietary research, avoiding traditional channels of information, such as Wall Street research or mainstream media. A key strength of the company is its ability to profit from both good and bad news, identifying opportunities to buy and sell gainfully. NWQ Investment Management Company, LLC manages 25% of the portfolio using their fundamental, long-term approach to global equity. The firm employs a bottom-up value approach to stock selection, actively seeking out undervalued companies with catalysts to improve profitability or unlock value. In a market fuelled by emotion, NWQ strips away the subjectivity to search for objective value and has maintained an unwavering commitment to value investing since the firm’s founding in 1982. Discipline, collaboration and accountability remain the cornerstones of their culture.

For the 10% global small-cap component, the Fund draws upon Wellington Management, LLP. Wellington’s global small cap philosophy is based on their core belief that the small-cap market is inefficient. Using intensive fundamental research with a global perspective, they aim to exploit these inefficiencies. Wintergreen Advisers, LLC manages the final 25% of the fund utilizing the highly successful opportunistic investment approach to global equity of David J. Winters. Mr. Winters uses an opportunistic style to managing equities by investing in undervalued and distressed companies that are currently out of favour with the broader market, but whose solid prospects demonstrate signs for a significant return on investment. In picking stocks for the Fund, he favours a tight portfolio of companies where senior management often acts like long-term owners of the business. Mr. Winters’ stock selection is based on the strength of his conviction, where he carefully follows companies waiting for their prices to fall to a level where he believes they are seriously undervalued. The end result is an optimal mix of Renaissance funds which will provide investors with exposure to a broad range of investment managers, asset classes and regions designed to capture the best global market opportunities, while managing exchange rate fluctuations.

©2012. Morningstar Research Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. ™Renaissance Investments is offered by and is a registered trademark of CIBC Asset Management Inc. All fund performance is reported net of fees, benchmark data is reported gross of fees. This may impact a direct comparison between the RENAISSANCE INVESTMENTS 105 fund and its benchmark.

GLOBAL EQUITY FUNDS

Report created on 04-16-2012

GLOBAL EQUITY FUNDS

Report created on 04-16-2012

Renaissance Global Value Fund (Class A) Fund Category Global Equity

Morningstar Rating QQ

Investment Objective

Performance as of 03-31-2012

To seek long-term growth through capital appreciation consistent with preservation of capital through investment primarily in a diversified portfolio of common shares of larger, more established companies in developed markets around the world. The Fund may also invest in larger, more established companies in less developed markets around the world, and may invest in companies that are suppliers or clients of larger companies.

Growth of $10,000 12

Volatility Analysis

Fund

Benchmark A MSCI World Index

11 10 9 8 7 6

Performance Quartile (within category over calendar year)

Total Assets ($mil) Low

Medium

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

YTD

122.6

112.1

86.0

65.5

83.8

77.8

52.0

41.0

33.4

22.3

22.1

-23.4 -17.4 -20.4

10.7 10.6 9.4

0.0 6.4 6.9

3.5 5.8 7.3

18.2 18.0 20.2

-11.7 -6.6 -7.1

-19.4 -29.3 -25.4

4.0 14.3 11.1

6.3 6.5 6.5

-12.2 -7.6 -2.7

6.0 10.3 9.7

High Calendar Year Returns %

Volatility (low-high): The lower the volatility ranking, the lower the risk of the fund. Funds with a volatility ranking of high are the most risky. Best 1 Year Return

Worst 1 Year Return

32.9% 02-28-2003 to 02-29-2004

-33.5% 03-31-2002 to 03-31-2003

Fund Category Benchmark A Trailing Returns %

Fund Category Benchmark A

1 Mth

3 Mth

6 Mth

1Yr

2Yr

3Yr

5Yr

10Yr

-1.1 1.8 2.8

6.0 10.3 9.7

6.4 14.3 15.4

-7.2 -0.3 3.9

-1.3 3.9 6.6

3.8 10.4 12.0

-6.2 -4.3 -3.0

-2.8 -0.4 0.5

Fund Details

Portfolio Analysis as of 03-31-2012

Class

Load Structure

Currency

Fund Code

Composition

A A A F

Back End Charge Front End Charge Low Load Charge No Sales or Redem

CAD CAD CAD CAD

ATL1031 ATL1030 ATL2031 ATL1625

Inception Date MER Minimum Investment Telephone Web Site

May 1, 1998 2.80% $500

888 888 FUND www.renaissanceinvestments.ca

Investment Style

Notes Class F MER: 1.40% MER as at August 31, 2011. Please refer to the Annual/ Interim Management Reports of Fund Performance for further details.

% Assets

Canadian Equity U.S. Equity International Equity Fixed Income Fixed Inc <1yr to mat Cash Other Top Ten Holdings

6.6 44.9 46.1 0.0 0.0 2.4 0.0

% Assets

Pfizer Inc CA, Inc. Sanofi Nippon Telegraph & Telephone Corp ADR AstraZeneca PLC

3.0 2.9 2.3 2.2 2.1

Kinross Gold Corporation Apache Corporation CVS Caremark Corp Merck & Co Inc Barrick Gold Corporation

2.0 2.0 2.0 2.0 2.0

Total Number of Portfolio Holdings Total Number of Underlying Holdings Total Number of Stock Holdings Total Number of Bond Holdings

74 74 72 0

Market Cap

Large Medium Small

85.5 12.3 2.2

Global Equity Sectors

Utilities Energy Financials Materials Consumer Discretionary Consumer Staples Telecommunication Services Industrials Health Care Information Technology Unclassified Top 5 Countries

United States Japan Canada France United Kingdom

% Equity

3.5 9.6 16.3 12.3 10.5 8.1 7.9 9.4 10.1 12.4 0.0 % Assets

45.1 17.6 8.5 5.1 3.2

Renaissance Global Value Fund (Class A) Investment Management Overview Manager Bios Peter L. Boardman | 05-01-2005 NWQ Investment Management Co LLC

Peter Boardman is a portfolio manager and a consumer durables analyst at Tradewinds. Prior to joining Tradewinds, Peter was an international equity analyst at Nuveen affiliate NWQ for three years. Before that time, he was a senior analyst with USAA Investment Management managing the Japan portion of the firm’s international fund while covering automobiles, pharmaceuticals, and semiconductors on a global sector basis. He spent eight years with UBS Warburg as a sellside analyst following the automobile and auto parts industries in North America, Japan, and Asia. Mark A. Morris | 05-01-2005 NWQ Investment Management Co LLC

Morris is a senior vice president with NWQ Investment Management, his employer since 2001. Prior to this, he was a director and portfolio manager with Merrill Lynch Investment Managers. Previously, Morris worked as a senior vice president and analyst at Trust Company of the West and as vice president and technology analyst at Hanifen Imhoff. Gregg S. Tenser | 05-01-2005 NWQ Investment Management Co LLC

Gregg S. Tenser joined NWQ as Vice President and Analyst in 2001, became Senior Vice President in 2003 and was named Managing Director in 2005. Mr. Tenser holds the Chartered Financial Analyst designation.

Investment Management Approach The Fund benefits from the bottom-up value investment expertise of NWQ Investment Management, a firm that takes a fundamental, long-term approach to global equity. Los Angeles-based NWQ employs a bottom-up value approach to stock selection, actively seeking out undervalued companies with catalysts to improve profitability or unlock value. In a market fuelled by emotion, NWQ strips away the subjectivity to search for objective value and has maintained an unwavering commitment to value investing since the firm’s founding in 1982. Discipline, collaboration and accountability remain the cornerstones of their culture. Based on three critical factors, NWQ’s investment process is disciplined, yet opportunistic. Firstly, they seek attractive valuation, applying a corporate finance perspective that

emphasizes absolute valuation in addition to cash flow and balance sheet analysis. Secondly, they seek favourable risk/reward and downside protection, as they believe the loss of capital should be limited. Lastly, but perhaps most critical, they seek inflection points, or catalysts that serve to improve profitability or unlock value before such changes become evident to other investors. The result is a globally diversified portfolio of undervalued companies with catalysts to improve profitability or unlock value. The Fund is an excellent complement to a domestic portfolio, and as a value offset for a growth-oriented portfolio.

Manager Commentary The manager continued to focus on bottom-up fundamental analysis when managing the fund over the first quarter of 2012. As such, the fund’s sector and regional weightings are largely a by-product of the manager’s disciplined investment process. From a sector perspective, the fund continued to have a relatively underweight position in the financials sector, with a focus on well-capitalized insurance-related companies and global banking franchises. Materials and telecommunications services were the fund’s most significantly overweight sectors. Within the materials sector, the fund has a concentrated exposure to gold producers, which the manager believes offer attractive valuations at current gold prices. Within telecommunications, the manager has focussed investment in oligopolistic, strongly franchised companies that conduct business in markets with limited telecommunications coverage.

quality Japanese companies with strong market shares and solid balance sheets. The manager continues to hold overweight positions in Japanese companies and believes the risk/reward profiles of these holdings remain attractive. The manager is carefully managing the fund’s exposure to Europe. In that region, the manager has been avoiding low-priced businesses that may stagnate or decline, while maintaining or building positions in companies where the manager is finding long-term value.

Over the past few years, the manager has found many

As at March 31, 2012

The fund continues to be invested in companies that the manager believes offer attractive valuations, favourable risk/reward profiles and unrecognized catalysts that should, over time, result in the recognition of value. The manger believes the fund is well positioned for the current market environment.

©2012. Morningstar Research Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. ™Renaissance Investments is offered by and is a registered trademark of CIBC Asset Management Inc. All fund performance is reported net of fees, benchmark data is reported gross of fees. This may impact a direct comparison between the RENAISSANCE INVESTMENTS 107 fund and its benchmark.

GLOBAL EQUITY FUNDS

Report created on 04-16-2012

GLOBAL EQUITY FUNDS

Report created on 04-16-2012

Renaissance Global Growth Fund (Class A) Fund Category Global Equity

Morningstar Rating QQQ

Investment Objective

Performance as of 03-31-2012

To seek long-term capital growth by investing in a diversified portfolio consisting primarily of equity securities of companies located anywhere in the world.

Growth of $10,000 12 Fund

Benchmark A MSCI World Index

11 10 9

Volatility Analysis

8 7 6 Medium

Low

High

Volatility (low-high): The lower the volatility ranking, the lower the risk of the fund. Funds with a volatility ranking of high are the most risky.

Performance Quartile (within category over calendar year)

Total Assets ($mil) Best 1 Year Return

Worst 1 Year Return

42.5% 02-28-1999 to 02-29-2000

-36.6% 03-31-2002 to 03-31-2003

Fund Details

Fund Category Benchmark A

Load Structure

Currency

Fund Code

Trailing Returns %

A A A F

Back End Charge Front End Charge Low Load Charge No Sales or Redem

CAD CAD CAD CAD

ATL503 ATL504 ATL516 ATL034

Fund Category Benchmark A

Telephone Web Site

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

YTD

34.2

16.4

13.2

19.0

50.9

50.7

45.9

55.2

68.0

114.0

124.2

-29.8 -17.4 -20.4

9.6 10.6 9.4

1.5 6.4 6.9

14.3 5.8 7.3

12.5 18.0 20.2

-7.7 -6.6 -7.1

-14.2 -29.3 -25.4

10.3 14.3 11.1

3.5 6.5 6.5

-3.0 -7.6 -2.7

9.9 10.3 9.7

Calendar Year Returns %

Class

Inception Date MER Minimum Investment

1 Mth

3 Mth

6 Mth

1Yr

2Yr

3Yr

5Yr

10Yr

1.9 1.8 2.8

9.9 10.3 9.7

14.0 14.3 15.4

7.7 -0.3 3.9

4.9 3.9 6.6

7.8 10.4 12.0

-0.7 -4.3 -3.0

-0.1 -0.4 0.5

Portfolio Analysis as of 03-31-2012 December 17, 1998 2.82% $500

Composition

% Assets

Canadian Equity U.S. Equity International Equity Fixed Income Fixed Inc <1yr to mat Cash Other

888 888 FUND www.renaissanceinvestments.ca

Investment Style

Top Ten Holdings

Notes Class F MER: 1.50% MER as at August 31, 2011. Please refer to the Annual/ Interim Management Reports of Fund Performance for further details.

2.2 44.6 50.3 0.0 0.0 2.9 0.1

% Assets

Denso Corporation Adobe Systems Inc Novo Nordisk A/S CSL Limited Suncor Energy Inc

2.3 2.3 2.2 2.2 2.2

Qualcomm, Inc. Microsoft Corporation Hennes & Mauritz AB HSBC Holdings PLC Woodside Petroleum Limited

2.1 2.1 2.1 2.1 2.1

Total Number of Portfolio Holdings Total Number of Underlying Holdings Total Number of Stock Holdings Total Number of Bond Holdings

58 58 56 0

Market Cap

Large Medium Small

92.9 7.1 0.0

Global Equity Sectors

Utilities Energy Financials Materials Consumer Discretionary Consumer Staples Telecommunication Services Industrials Health Care Information Technology Unclassified Top 5 Countries

United States Japan United Kingdom Canada Australia

% Equity

2.0 15.5 7.4 6.6 12.9 12.5 1.0 9.3 8.4 24.4 0.0 % Assets

44.6 14.1 10.2 5.1 4.3

Renaissance Global Growth Fund (Class A) Investment Management Overview Manager Bios

Investment Management Approach

Roy Leckie | 05-01-2004 Walter Scott & Partners Limited

Since

Renaissance International Equity Renaissance Glbl Growth Ccy Netrl Cl A Renaissance International Eq Ccy Netrl A

05-04 10-10 10-10

Charles Macquaker | 05-01-2004

The Fund benefits from the conservative and patient, bottom-up growth style of Walter Scott & Partners Limited, a firm that takes a fundamental, long-term investment approach to international equities. Walter Scott invests in high-quality companies with a high return on equity, in industries enjoying aboveaverage, sustainable growth. Their buy and hold approach is focused on stock selection based almost entirely on internal research because of their focus on long-term results. Walter Scott screens more than 5000 companies with proprietary financial analysis tools and narrows the field to approximately 500 companies on

which they complete intensive analysis and their seven proprietary qualitative screens. A stock is selected only after it has received unanimous support of the investment team and typically begins with a 2% weighting in the portfolio. The portfolio’s country and sector allocation is a result of those individual stock decisions. The result is a buy and hold strategy selecting portfolio of conservative international growth stocks through an in-depth bottom-up approach. This Fund is an excellent complement to a domestic portfolio, and as a growth offset for a value-oriented portfolio.

Walter Scott & Partners Limited

Since

Renaissance International Equity Renaissance Glbl Growth Ccy Netrl Cl A Renaissance International Eq Ccy Netrl A

05-04 10-10 10-10

the fund, while the fund’s position in Abbott Laboratories was sold.

Over the period, Sigma-Aldrich Corporation was added to

As at March 31, 2012

The financial results of many of the fund’s holdings continue to point to growth, although the strength of equity markets in the first quarter of 2012 has made the manager increasingly cautious. With an investment philosophy that is based on the long-term outlook for a select number of holdings that the manager believes are the world’s most dynamic and financially robust companies, the manager continues to have a positive outlook for the fund.

©2012. Morningstar Research Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. ™Renaissance Investments is offered by and is a registered trademark of CIBC Asset Management Inc. All fund performance is reported net of fees, benchmark data is reported gross of fees. This may impact a direct comparison between the RENAISSANCE INVESTMENTS 109 fund and its benchmark.

GLOBAL EQUITY FUNDS

Report created on 04-16-2012

GLOBAL EQUITY FUNDS

Report created on 04-16-2012

Renaissance Global Growth Currency Neutral Fund - Class A Fund Category Global Equity

Morningstar Rating N/A

Investment Objective

Performance as of 03-31-2012

To seek long-term capital growth by investing in a diversified portfolio consisting primarily of equity securities of companies located anywhere in the world. The Fund will attempt to reduce its currency exposure to non-Canadian dollar currencies by implementing a currency hedging strategy that is aimed at protecting the Fund from non- Canadian dollar currency fluctuations in respect of units it owns in the Underlying Fund.

Growth of $10,000 15

Medium

High

Volatility (low-high): The lower the volatility ranking, the lower the risk of the fund. Funds with a volatility ranking of high are the most risky. Best 1 Year Return

Worst 1 Year Return

5.6% 03-31-2011 to 03-31-2012

-5.1% 12-31-2010 to 12-31-2011

Fund Details Class

Load Structure

Currency

Fund Code

A A A F

Defer Sales Charge Front End Charge Low Load Charge No Sales or Redem

CAD CAD CAD CAD

ATL1237 ATL1235 ATL1236 ATL1238

Inception Date MER Minimum Investment Telephone Web Site

14 13 12 11 10 9

Performance Quartile (within category over calendar year)

Volatility Analysis

Low

Fund

Benchmark A MSCI World Index

2 2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

YTD

—

0.2

0.3

0.4

— -17.4 -20.4

— 10.6 9.4

— 6.4 6.9

— 5.8 7.3

— 18.0 20.2

— -6.6 -7.1

— -29.3 -25.4

— 14.3 11.1

— 6.5 6.5

-5.1 -7.6 -2.7

12.1 10.3 9.7

Total Assets ($mil) Calendar Year Returns %

Fund Category Benchmark A Trailing Returns %

1 Mth

3 Mth

6 Mth

1Yr

2Yr

3Yr

5Yr

Since Inception

1.5 1.8 2.8

12.1 10.3 9.7

18.5 14.3 15.4

5.6 -0.3 3.9

— 3.9 6.6

— 10.4 12.0

— -4.3 -3.0

7.0 — —

Fund Category Benchmark A

Portfolio Analysis as of 03-31-2012 Composition

% Assets

Canadian Equity U.S. Equity International Equity Fixed Income Fixed Inc <1yr to mat Cash Other

October 20, 2010 2.88% $500

888 888 FUND www.renaissanceinvestments.ca Top Ten Holdings

Investment Style

Notes Class F MER: 1.49% MER annualized as at August 31, 2011. Please refer to the Annual/Interim Management Reports of Fund Performance for further details.

2.1 44.5 50.2 0.0 0.0 3.1 0.0

% Assets

Denso Corporation Adobe Systems Inc Novo Nordisk A/S CSL Limited Suncor Energy Inc

2.3 2.3 2.2 2.2 2.2

Qualcomm, Inc. Microsoft Corporation Hennes & Mauritz AB HSBC Holdings PLC Woodside Petroleum Limited

2.2 2.2 2.1 2.1 2.1

Total Number of Portfolio Holdings Total Number of Underlying Holdings Total Number of Stock Holdings Total Number of Bond Holdings

3 58 56 0

Market Cap

Large Medium Small

93.3 6.7 0.0

Global Equity Sectors

Utilities Energy Financials Materials Consumer Discretionary Consumer Staples Telecommunication Services Industrials Health Care Information Technology Unclassified Top 5 Countries

United States Japan United Kingdom Canada Australia

% Equity

2.0 15.5 7.4 6.6 12.9 12.5 1.0 9.3 8.4 24.4 0.0 % Assets

44.7 14.1 10.3 4.8 4.3

©2012. Morningstar Research Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. ™Renaissance Investments is offered by and is a registered trademark of CIBC Asset Management Inc. All fund performance is reported net of fees, benchmark data is reported gross of fees. This may impact a direct comparison between the fund and its benchmark.

Renaissance Global Growth Currency Neutral Fund - Class A Investment Management Overview Manager Bios

Investment Management Approach

Roy Leckie | 10-20-2010 Walter Scott & Partners Limited

Since

Renaissance Global Growth Renaissance International Equity Renaissance International Eq Ccy Netrl A

05-04 05-04 10-10

Charles Macquaker | 10-20-2010 Walter Scott & Partners Limited

Since

Renaissance Global Growth Renaissance International Equity Renaissance International Eq Ccy Netrl A

05-04 05-04 10-10

The Renaissance Global Growth Currency Neutral Fund is managed by CIBC Global Asset Management Inc. Walter Scott & Partners Limited is the investment manager of the underlying fund, the Renaissance Global Growth Fund. The underlying fund benefits from the conservative and patient, bottom-up growth style of Walter Scott & Partners Limited, a firm that takes a fundamental, longterm investment approach to international equities. Walter Scott invests in high-quality companies with a high return on equity, in industries enjoying aboveaverage, sustainable growth. Their buy and hold approach is focused on stock selection based almost entirely on internal research because of their focus on long-term results. Walter Scott screens more than 5000

Over the period, Sigma-Aldrich Corporation was added to the fund, while the fund’s position in Abbott Laboratories was sold. The financial results of many of the fund’s holdings continue to point to growth, although the strength of equity markets in the first quarter of 2012 has made the manager increasingly cautious. With an investment philosophy that is based on the long-term outlook for a select number of holdings that the manager believes are the world’s most dynamic and financially robust companies, the manager continues to have a positive outlook for the fund. As at March 31, 2012

©2012. Morningstar Research Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. ™Renaissance Investments is offered by and is a registered trademark of CIBC Asset Management Inc. All fund performance is reported net of fees, benchmark data is reported gross of fees. This may impact a direct comparison between the RENAISSANCE INVESTMENTS 111 fund and its benchmark.

GLOBAL EQUITY FUNDS

Report created on 04-16-2012

GLOBAL EQUITY FUNDS

Report created on 04-16-2012

Renaissance Global Focus Fund (Class A) Fund Category Global Equity

Morningstar Rating QQQ

Investment Objective

Performance as of 03-31-2012

Growth of $10,000 18 Fund

16 14 12 10 8

Volatility Analysis

Low

Benchmark A MSCI World Index

Medium

High

Volatility (low-high): The lower the volatility ranking, the lower the risk of the fund. Funds with a volatility ranking of high are the most risky.

Performance Quartile (within category over calendar year)

Total Assets ($mil)

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

YTD

24.2

73.2

16.9

47.7

40.9

53.2

49.6

62.0

60.4

57.2

60.3

-27.1 -17.4 -20.4

21.1 10.6 9.4

10.3 6.4 6.9

14.7 5.8 7.3

14.2 18.0 20.2

16.3 -6.6 -7.1

-31.3 -29.3 -25.4

12.1 14.3 11.1

9.9 6.5 6.5

-14.2 -7.6 -2.7

6.9 10.3 9.7

Calendar Year Returns % Best 1 Year Return

Worst 1 Year Return

41.3% 02-28-2003 to 02-29-2004

-43.4% 09-30-2000 to 09-30-2001

Fund Category Benchmark A Trailing Returns %

Fund Details Class

Load Structure

Currency

Fund Code

A A A F

Back End Charge Front End Charge Low Load Charge No Sales or Redem

CAD CAD CAD CAD

ATL509 ATL510 ATL511 ATL036

Inception Date MER Minimum Investment Telephone Web Site

Fund Category Benchmark A

1 Mth

3 Mth

6 Mth

1Yr

2Yr

3Yr

5Yr

10Yr

-2.3 1.8 2.8

6.9 10.3 9.7

12.1 14.3 15.4

-8.2 -0.3 3.9

2.0 3.9 6.6

5.1 10.4 12.0

-2.8 -4.3 -3.0

2.0 -0.4 0.5

Portfolio Analysis as of 03-31-2012 Composition

% Assets

Canadian Equity U.S. Equity International Equity Fixed Income Fixed Inc <1yr to mat Cash Other

September 6, 1999 2.88% $500

888 888 FUND www.renaissanceinvestments.ca

18.7 28.3 49.0 0.0 0.0 0.7 3.2

Investment Style Top Ten Holdings

Notes Class F MER: 1.49% MER as at August 31, 2011. Please refer to the Annual/ Interim Management Reports of Fund Performance for further details.

% Assets

Barrick Gold Corporation Suncor Energy Inc Molycorp, Inc. LVMH Moet Hennessy Louis Vuitton SA ADR Adidas AG ADR

4.2 3.2 3.0 2.9 2.5

Caterpillar Inc Novagold Resources, Inc. Coca-Cola Co International Business Machines Corp Continental Resources Inc

2.4 2.2 2.2 2.1 2.1

Total Number of Portfolio Holdings Total Number of Underlying Holdings Total Number of Stock Holdings Total Number of Bond Holdings

80 151 145 0

Market Cap

Large Medium Small

82.3 14.0 3.7

Global Equity Sectors

Utilities Energy Financials Materials Consumer Discretionary Consumer Staples Telecommunication Services Industrials Health Care Information Technology Unclassified Top 5 Countries

United States Canada United Kingdom Brazil France

% Equity

2.8 17.9 13.4 22.7 16.4 7.5 4.7 5.0 4.5 3.2 1.9 % Assets

30.2 19.4 9.9 8.0 5.5

Renaissance Global Focus Fund (Class A) Investment Management Overview Manager Bios Peter J. Eichler Jr. | 06-01-2009 Aletheia Research and Management, Inc.

Investment Management Approach The fund delivers the time-tested investment methodologies of Aletheia Research and Management Inc. Aletheia, the classic Greek word for “truth and disclosure” signifies the importance the firm places on proprietary research, which has led to their recognition as one of the top growth managers in the United States. Aletheia employs exclusive, time-tested methodologies to anticipate investor perceptions rather than reacting to them, in order to discover unusually attractive opportunities in pursuit of exceptional returns. The firm pursues exclusive information channels that produce proprietary research, avoiding traditional channels of information, such as Wall Street research or mainstream media. A key strength of the company is its ability to profit from both good and bad news, identifying opportunities to buy and sell gainfully. 1. Aletheia will invest primarily in common stocks that represent diversified industry sectors and predominantly large market capitalization. 2. The firm employs hard data – primarily insider and corporate actions – forensic analysis of balance sheets and cash flows, and non-biased industry research to

guide its investments. 3. Using a bottom-up approach, Aletheia’s research process identifies securities with significant growth in earnings and cash flow. This process also uncovers opportunities in securities that have declined significantly in price or that are misunderstood or mispriced by the market. 4. The investment team screens an initial universe consisting of all publicly traded companies, with a preference given to larger market cap. From this universe, stocks are screened by identifying companies that demonstrate aberrational insider buying by corporate officers and employees, focusing on consensus buying by insiders, absolute dollar amounts of buying by insiders, option exercise behaviour, and forward sales. The result is a diversified portfolio of large cap international growth companies seeking to deliver superior long-term performance. This fund is an excellent addition to a diversified portfolio that seeks exposure to large cap global equities.

Manager Commentary

Aletheia Research and Management, Inc.

Sentiment-driven investment decisions and historically high correlations drove the performance of equity markets over the period. The fund was invested in companies that generated strong– and in some cases unprecedented – fundamental growth. There were a number of encouraging signs for investors who use a bottom-up investment process like the one employed by the manager, including decreased market volatility, significantly lower correlations and lower exchangetraded fund volumes. The manager believes these are all positive trends that are characteristic of a market environment that tends to reward superior stock selection. While the fund underperformed the MSCI World Index over the period, the manager is optimistic about the fund’s positioning for 2012.

OGX Petróleo e Gás Participações S.A. and Continental Resources, Inc. OGX and Continental both have strong production growth profiles in the Bakken shale. Continental’s production was up 57 percent year-overyear, while OGX’s offshore Brazil production is expected to grow.

Significant contributors to fund performance included

As at March 31, 2012

Significant detractors from fund performance included Barnes & Noble, Inc. and Overseas Shipholding Group, Inc. Barnes & Noble’s earnings disappointed, and the manager sold the remainder of the fund’s small legacy position in the company. Overseas Shipholding was impacted by falling global charter rates for tankers in 2011, although those rates have started to recover.

©2012. Morningstar Research Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. ™Renaissance Investments is offered by and is a registered trademark of CIBC Asset Management Inc. All fund performance is reported net of fees, benchmark data is reported gross of fees. This may impact a direct comparison between the RENAISSANCE INVESTMENTS 113 fund and its benchmark.

GLOBAL EQUITY FUNDS

Report created on 04-16-2012

GLOBAL EQUITY FUNDS

Report created on 04-16-2012

Renaissance Global Focus Currency Neutral Fund (Class A) Fund Category Global Equity

Morningstar Rating N/A

Investment Objective

Performance as of 03-31-2012

To seek long-term capital growth by investing primarily in equity securities (including common shares, preferred shares, and warrants to acquire such securities) of companies throughout the world in the sector categories determined by the portfolio sub-advisor.The Fund will attempt to reduce its currency exposure to non-Canadian dollar currencies by implementing a currency hedging strategy that is aimed at protecting the Fund from nonCanadian dollar currency fluctuations in respect of units it owns in the Underlying Fund.

Growth of $10,000 14 Fund

Benchmark A MSCI World Index

13 12 11 10 9 8

Performance Quartile (within category over calendar year)

Volatility Analysis Total Assets ($mil) Medium

Low

High

Volatility (low-high): The lower the volatility ranking, the lower the risk of the fund. Funds with a volatility ranking of high are the most risky. Best 1 Year Return

Worst 1 Year Return

-5.8% 11-30-2010 to 11-30-2011

-15.1% 12-31-2010 to 12-31-2011

Class

Load Structure

Currency

Fund Code

A A A F

Defer Sales Charge Front End Charge Low Load Charge No Sales or Redem

CAD CAD CAD CAD

ATL1247 ATL1245 ATL1246 ATL1248

Telephone Web Site

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

YTD

—

0.3

4.6

4.8

— -17.4 -20.4

— 10.6 9.4

— 6.4 6.9

— 5.8 7.3

— 18.0 20.2

— -6.6 -7.1

— -29.3 -25.4

— 14.3 11.1

— 6.5 6.5

-15.1 -7.6 -2.7

7.7 10.3 9.7

Calendar Year Returns %

Fund Category Benchmark A Trailing Returns %

Fund Category Benchmark A

1 Mth

3 Mth

6 Mth

1Yr

2Yr

3Yr

5Yr

Since Inception

-2.6 1.8 2.8

7.7 10.3 9.7

15.6 14.3 15.4

-9.9 -0.3 3.9

— 3.9 6.6

— 10.4 12.0

— -4.3 -3.0

-1.0 — —

Portfolio Analysis as of 03-31-2012

Fund Details

Inception Date MER Minimum Investment

Composition

October 20, 2010 2.87% $500

888 888 FUND www.renaissanceinvestments.ca

Investment Style

Notes Class F MER: 1.45% MER annualized as at August 31, 2011. Please refer to the Annual/Interim Management Reports of Fund Performance for further details.

% Assets

Canadian Equity U.S. Equity International Equity Fixed Income Fixed Inc <1yr to mat Cash Other Top Ten Holdings

18.9 28.5 49.4 0.0 0.0 1.1 2.0

% Assets

Barrick Gold Corporation Suncor Energy Inc Molycorp, Inc. LVMH Moet Hennessy Louis Vuitton SA ADR Adidas AG ADR

4.2 3.2 3.0 2.9 2.5

Caterpillar Inc Novagold Resources, Inc. Coca-Cola Co International Business Machines Corp Continental Resources Inc

2.4 2.2 2.2 2.2 2.1

Total Number of Portfolio Holdings Total Number of Underlying Holdings Total Number of Stock Holdings Total Number of Bond Holdings

3 151 145 0

Market Cap

Large Medium Small

81.7 13.1 5.2

Global Equity Sectors

Utilities Energy Financials Materials Consumer Discretionary Consumer Staples Telecommunication Services Industrials Health Care Information Technology Unclassified Top 5 Countries

United States Canada United Kingdom Brazil France

% Equity

2.8 17.9 13.4 22.7 16.4 7.5 4.7 5.0 4.5 3.2 1.9 % Assets

30.4 18.7 10.0 8.0 5.5

©2012. Morningstar Research Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. ™Renaissance Investments is offered by and is a registered trademark of CIBC Asset Management Inc. All fund performance is reported net of fees, benchmark data is reported gross of fees. This may impact a direct comparison between the fund and its benchmark.

Renaissance Global Focus Currency Neutral Fund (Class A) Investment Management Overview Manager Bios Peter J. Eichler Jr. | 10-20-2010 Aletheia Research and Management, Inc.

Investment Management Approach The Renaissance Global Focus Currency Neutral Fund is managed by CIBC Global Asset Management Inc. Aletheia Research and Management, Inc. is the investment manager of the underlying fund, the Renaissance Global Focus Fund. The underlying fund delivers the time-tested investment methodologies of Aletheia Research and Management Inc. Aletheia, the classic Greek word for “truth and disclosure” signifies the importance the firm places on proprietary research, which has led to their recognition as one of the top growth managers in the United States. Aletheia employs exclusive, time-tested methodologies to anticipate investor perceptions rather than reacting to them, in order to discover unusually attractive opportunities in pursuit of exceptional returns. The firm pursues exclusive information channels that produce proprietary research, avoiding traditional channels of information, such as Wall Street research or mainstream media. A key strength of the company is its ability to profit from both good and bad news, identifying opportunities to buy and sell gainfully. 1. Aletheia will invest primarily in common stocks that represent diversified industry sectors and predominantly large market capitalization.

Aletheia Research and Management, Inc.

2. The firm employs hard data – primarily insider and corporate actions – forensic analysis of balance sheets and cash flows, and non-biased industry research to guide its investments. 3. Using a bottom-up approach, Aletheia’s research process identifies securities with significant growth in earnings and cash flow. This process also uncovers opportunities in securities that have declined significantly in price or that are misunderstood or mispriced by the market. 4. The investment team screens an initial universe consisting of all publicly traded companies, with a preference given to larger market cap. From this universe, stocks are screened by identifying companies that demonstrate aberrational insider buying by corporate officers and employees, focusing on consensus buying by insiders, absolute dollar amounts of buying by insiders, option exercise behaviour, and forward sales. The result is a diversified portfolio of large cap international growth companies seeking to deliver superior long-term performance while managing exchange rate fluctuations. This fund is an excellent addition to a diversified portfolio that seeks exposure to large cap global equities.

Manager Commentary Please note that the following commentary is written in consideration of the underlying fund. Sentiment-driven investment decisions and historically high correlations drove the performance of equity markets over the period. The fund was invested in companies that generated strong– and in some cases unprecedented – fundamental growth. There were a number of encouraging signs for investors who use a bottom-up investment process like the one employed by the manager, including decreased market volatility, significantly lower correlations and lower exchangetraded fund volumes. The manager believes these are all positive trends that are characteristic of a market environment that tends to reward superior stock selection. While the fund underperformed the MSCI World Index over the period, the manager is optimistic about the fund’s positioning for 2012.

Significant contributors to fund performance included OGX Petróleo e Gás Participações S.A. and Continental Resources, Inc. OGX and Continental both have strong production growth profiles in the Bakken shale. Continental’s production was up 57 percent year-overyear, while OGX’s offshore Brazil production is expected to grow. Significant detractors from fund performance included Barnes & Noble, Inc. and Overseas Shipholding Group, Inc. Barnes & Noble’s earnings disappointed, and the manager sold the remainder of the fund’s small legacy position in the company. Overseas Shipholding was impacted by falling global charter rates for tankers in 2011, although those rates have started to recover. As at March 31, 2012

©2012. Morningstar Research Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. ™Renaissance Investments is offered by and is a registered trademark of CIBC Asset Management Inc. All fund performance is reported net of fees, benchmark data is reported gross of fees. This may impact a direct comparison between the RENAISSANCE INVESTMENTS 115 fund and its benchmark.

GLOBAL EQUITY FUNDS

Report created on 04-16-2012

GLOBAL EQUITY FUNDS

Report created on 04-16-2012

Renaissance Global Small-Cap Fund (Class A) Fund Category Global Small/Mid Cap Equity

Morningstar Rating QQ

Investment Objective

Performance as of 03-31-2012

To seek long-term growth through capital appreciation consistent with preservation of capital though investment primarily in the common shares of smaller, less established companies in developed markets around the world. The Fund may also invest in smaller, less established companies in less developed markets around the world, and may invest in companies that are suppliers or clients of smaller companies.

Growth of $10,000 16 14 12 10 8 6 4 Performance Quartile (within category over calendar year)

Volatility Analysis

Low

Fund

Benchmark A

Medium

High

Volatility (low-high): The lower the volatility ranking, the lower the risk of the fund. Funds with a volatility ranking of high are the most risky. Best 1 Year Return

Worst 1 Year Return

210.0% 02-28-1999 to 02-29-2000

-42.1% 09-30-2000 to 09-30-2001

Total Assets ($mil)

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

YTD

86.2

88.4

81.0

59.9

52.9

35.4

15.1

12.0

10.5

8.0

8.2

-29.9 -22.7 -16.6

20.5 22.0 29.6

12.9 11.2 15.7

7.2 5.3 13.2

15.5 21.3 17.1

-12.7 -4.9 -14.2

-33.4 -40.8 -27.0

19.8 36.2 22.9

12.6 18.4 20.0

-10.7 -14.7 -6.4

10.8 11.4 11.5

Calendar Year Returns %

Fund Category Benchmark A Trailing Returns %

Fund Category Benchmark A

1 Mth

3 Mth

6 Mth

1Yr

2Yr

3Yr

5Yr

10Yr

2.6 2.1 2.5

10.8 11.4 11.5

15.3 12.4 18.0

-0.7 -5.7 0.3

6.4 3.8 9.6

13.9 18.8 19.0

-5.5 -3.9 -1.6

-0.8 1.7 4.3

Fund Details Class

A A A F

Load Structure

Currency

Fund Code

Back End Charge Front End Charge Low Load Charge No Sales or Redem

CAD CAD CAD CAD

ATL1041 ATL1040 ATL2041 ATL1626

Inception Date MER Minimum Investment Telephone Web Site

Portfolio Analysis as of 03-31-2012 Composition

February 2, 1998 3.02% $500

888 888 FUND www.renaissanceinvestments.ca

Investment Style

Notes Class F MER: 1.91% MER as at August 31, 2011. Please refer to the Annual/ Interim Management Reports of Fund Performance for further details.

% Assets

Canadian Equity U.S. Equity International Equity Fixed Income Fixed Inc <1yr to mat Cash Other Top Ten Holdings

3.7 48.7 42.4 0.9 0.0 2.7 1.6

% Assets

Karoon Gas Australia Ltd. Babcock International Group PLC Dufry AG Rentech Cv 4% 15-04-2013 Tesla Motors, Inc.

1.0 0.9 0.8 0.8 0.8

NRW Holdings Limited Arena Pharmaceuticals, Inc. Shoe Carnival SeaCube Container Leasing Ltd C&J Energy Services Inc.

0.7 0.7 0.7 0.7 0.7

Total Number of Portfolio Holdings Total Number of Underlying Holdings Total Number of Stock Holdings Total Number of Bond Holdings

231 231 221 0

Market Cap

Large Medium Small

1.5 34.1 64.4

Global Equity Sectors

Utilities Energy Financials Materials Consumer Discretionary Consumer Staples Telecommunication Services Industrials Health Care Information Technology Unclassified Top 5 Countries

United States Japan Canada United Kingdom Australia

% Equity

2.4 7.5 15.1 9.2 17.4 4.4 0.8 20.6 9.2 12.5 0.9 % Assets

50.3 15.2 7.2 6.6 3.9

Renaissance Global Small-Cap Fund (Class A) Investment Management Overview Manager Bios Simon H. Thomas | 05-01-2003 Wellington Management Company, LLP

Simon H. Thomas, Senior Vice President and Equity Portfolio Manager of Wellington Management. He has worked in investment management since 2002; has managed investment portfolios for Wellington Management since 2006; and has managed a portion of the Fund since 2010. Education: B.A., M.A., University of Oxford; M.B.A., University of Chicago. Jamie A. Rome | 05-01-2003 Wellington Management Company, LLP

Rome, senior vice president and equity portfolio manager of Wellington Management, has served as portfolio manager of the portion of the Small Cap Fund's assets allocated to Wellington Management since 2002. Mr. Rome joined Wellington Management as an investment professional in 1994 Rome holds the Chartered Financial Analyst designation.

Investment Management Approach The Fund benefits from the extensive investment expertise of Wellington Management, who leverage their global and regional research teams to deliver a bottom-up focused approach to selecting both growth and special situation small-cap companies around the world. Wellington’s global small-cap philosophy is based on their core belief that the small-cap market is inefficient. Using intensive fundamental research with a global perspective, they aim to exploit these inefficiencies. Typically, they find that their greatest value added comes at the stock and industry level, and their research and contrarian investment style can discover great small-cap companies at reasonable prices. The focus is on using the best research techniques for small-company stocks around the world. As such, Wellington takes a “localregional” approach to research and stock selection. This approach is built off of their successful North America,

Europe, Japan and Asia Pacific ex-Japan research teams, with members of those teams recommending investment ideas for the small-cap portfolio. The global industry and regional analysts are each responsible for research and buy and sell recommendations on securities within their areas of coverage. Simon Thomas, Co-Portfolio Manager, is ultimately responsible for stock selection in the nonNorth America segment of the Portfolio, and works closely with Equity Research Analyst, Dan Maguire, to understand the risk and return expectations of their recommendations and the current holdings in the Portfolio. The North America component is run by CoPortfolio Manager, Jamie Rome. The result is a diversified global portfolio of great smallcap companies purchased at a reasonable price. The Fund is an excellent complement for a globally diversified, primarily large-cap portfolio.

Manager Commentary Global small-capitalization equities posted positive returns over the first quarter of 2012 and outperformed their larger-cap peers. Generally improving global economic data, the Greek sovereign debt restructuring deal and the Bank of Japan’s surprise easing of its monetary policy outweighed heightened geopolitical risks and a sharp rise in oil prices. From a sector perspective, the fund held overweight positions in the energy and consumer discretionary sectors and underweight positions in the financials, information technology and materials sectors. The fund’s underweight position in the financials sector is based on the manager’s concern that small-cap banks continue to face credit stresses. From a regional perspective, the

fund had overweight exposures to North America and emerging markets (through select positions in Brazil, Russia and China), and underweight positions in Asia Pacific (ex-Japan) and Europe. The fund’s holdings represent a diversified mix of what the manager believes are relatively inexpensive companies with above-average growth prospects. The manager believes these companies possess strong market positions, skilled management teams and solid balance sheets. The manager considers these holdings to be well positioned to perform strongly through different economic scenarios. As at March 31, 2012

©2012. Morningstar Research Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. ™Renaissance Investments is offered by and is a registered trademark of CIBC Asset Management Inc. All fund performance is reported net of fees, benchmark data is reported gross of fees. This may impact a direct comparison between the RENAISSANCE INVESTMENTS 117 fund and its benchmark.

GLOBAL EQUITY FUNDS

Report created on 04-16-2012

GLOBAL EQUITY FUNDS

Report created on 04-16-2012

Renaissance European Fund (Class A) Fund Category European Equity

Morningstar Rating QQ

Investment Objective

Performance as of 03-31-2012

To achieve superior long-term investment returns through capital growth and, to a lesser extent, income through investments in securities primarily of issuers located in (or that conduct a significant amount of their business in) Europe.

Growth of $10,000 18 Fund

16 14 12 10 8

Volatility Analysis

Low

Benchmark A MSCI Europe Index

Medium

High

Volatility (low-high): The lower the volatility ranking, the lower the risk of the fund. Funds with a volatility ranking of high are the most risky.

Performance Quartile (within category over calendar year)

Total Assets ($mil)

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

YTD

37.9

34.1

29.3

23.9

26.2

37.1

19.6

18.0

12.8

8.6

8.8

-15.2 -19.2 -18.9

9.5 12.6 13.8

8.7 11.8 12.5

5.1 6.9 7.2

30.4 33.6 33.8

-5.5 -5.0 -3.0

-31.4 -35.1 -32.6

12.1 13.6 16.2

-5.4 -5.2 -1.0

-14.2 -11.4 -8.3

11.5 10.1 8.8

Calendar Year Returns % Best 1 Year Return

Worst 1 Year Return

41.4% 05-31-1997 to 05-31-1998

-39.0% 02-28-2008 to 02-28-2009

Fund Category Benchmark A Trailing Returns %

Fund Details Class

Load Structure

Currency

Fund Code

A A A F

Back End Charge Front End Charge Low Load Charge No Sales or Redem

CAD CAD CAD CAD

ATL163 ATL917 ATL673 ATL030

Inception Date MER Minimum Investment Telephone Web Site

Fund Category Benchmark A

1 Mth

3 Mth

6 Mth

1Yr

2Yr

3Yr

5Yr

10Yr

3.2 1.3 0.9

11.5 10.1 8.8

13.3 11.3 12.1

-8.2 -4.7 -4.4

-1.8 -1.3 1.9

6.1 5.5 9.6

-8.1 -8.9 -6.1

-1.2 -0.8 1.1

Portfolio Analysis as of 03-31-2012 Composition

% Assets

Canadian Equity U.S. Equity International Equity Fixed Income Fixed Inc <1yr to mat Cash Other

November 24, 1993 2.80% $500

888 888 FUND www.renaissanceinvestments.ca

0.0 0.0 99.0 0.0 0.0 1.0 0.0

Investment Style Top Ten Holdings

Notes MER as at August 31, 2011. Please refer to the Annual/ Interim Management Reports of Fund Performance for further details.

% Assets

Linde AG Nestle SA Fresenius SE & Co. KGaA Aryzta AG Kingfisher PLC

3.2 3.2 3.1 3.0 2.9

Grifols SA Experian PLC WPP PLC Novo Nordisk A/S BG Group PLC

2.9 2.8 2.7 2.7 2.6

Total Number of Portfolio Holdings Total Number of Underlying Holdings Total Number of Stock Holdings Total Number of Bond Holdings

53 53 51 0

Market Cap

Large Medium Small

82.3 17.7 0.0

Global Equity Sectors

Utilities Energy Financials Materials Consumer Discretionary Consumer Staples Telecommunication Services Industrials Health Care Information Technology Unclassified Top 5 Countries

United Kingdom France Switzerland Germany Spain

% Equity

1.5 4.4 10.5 7.4 16.0 22.5 0.0 12.7 21.1 3.8 0.0 % Assets

26.7 26.2 17.9 12.2 4.0

Renaissance European Fund (Class A) Investment Management Overview Manager Bios

Investment Management Approach

Ian Scullion | 09-01-2011 CIBC Global Asset Management Inc

Joined CIBC Global Asset Management in September 2002. Ian is a member of the Global Equity group, operating from within the firm's Investment Management Platform, and is co-leader of the EAFE Equity team. Bachelor of Business Administration from Laval University (Quebec); Ian is also a CFA charterholder. Portfolio Manager, International Large Cap Equities at Jarislowsky Fraser Ltd. (Montreal) from 1999 to 2002; Director, International Portfolio Management at Cogesfonds (Quebec) from 1995 to 1999. Other Assets Managed

Since

CIBC European Equity CIBC Global Equity CIBC Asia Pacific

10-07 12-07 12-07

Mark Lin | 09-01-2011

The Renaissance European Fund equity strategy follows an investment process based on a bottom-up approach to security selection.

investment criteria that guide the process: industry growth, barriers to entry, company management and fundamental valuation.

The initial filter process narrows the universe down to between 150 and 200 securities that will exhibit high stability, strong liquidity and a proven track record.

A consensus decision for all trades leads to an incremental buying and selling process where changes to any of the four investment criteria must be validated prior to selling a position. Holdings are analyzed on an ongoing basis for risk control and adherence to style.

The fundamental analysis that follows is based on four

Manager Commentary The first quarter of 2012 was a generally positive period for global equities. The continued optimism resulting from slow but improving U.S. economic data, improved economic data out of China and positive steps taken toward resolving the Greek sovereign debt situation resulted in relatively strong equity market performance.

CIBC Global Asset Management Inc

Joined CIBC Global Asset Management in September 2002. Mark is a member of the Global Equity group, operating from within the firm's Investment Management Platform and is part of the EAFE Equity team. Masters in Business Administration from McGill University (Montreal); Bachelor of Arts from York University (Toronto); Mark is also a CFA charterholder. Portfolio Manager at Jarislowsky Fraser Ltd. (Montreal) in 2002; Equity Analyst at Standard Life (Montreal) from 2000 to 2001; Associate Analyst at UBS Warburg (Montreal) from 1998 to 2000. Other Assets Managed

Since

CIBC Asia Pacific CIBC European Equity CIBC Global Technology Renaissance Global Science & Tech

01-02 04-08 10-09 10-09

The more cyclical sectors outperformed, while the sustainable growth areas of the market – including food, health care and pharmaceuticals – underperformed. The most significant individual contributors to fund performance included a diverse selection of insurance, luxury product, marketing agency, health care, software, industrials and utilities companies. These names

included ING Groep N.V.; Luxottica Group S.p.A.; The Swatch Group Ltd.; Novo Nordisk A/S; Grifols, S.A.; SAP AG; Schneider Electric SA; and Veolia Environnement S. A. The majority of these companies’ impressive outperformance stemmed from strong operating results and positive forward-looking comments from company management. The manager continues to watch the equity markets to identify disconnects between a company’s operational performance and the performance of its stock in an effort to increase the fund’s current positions and/or to add new fund positions. As at March 31, 2012

©2012. Morningstar Research Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. ™Renaissance Investments is offered by and is a registered trademark of CIBC Asset Management Inc. All fund performance is reported net of fees, benchmark data is reported gross of fees. This may impact a direct comparison between the RENAISSANCE INVESTMENTS 119 fund and its benchmark.

GLOBAL EQUITY FUNDS

Report created on 04-16-2012

GLOBAL EQUITY FUNDS

Report created on 04-16-2012

Renaissance Asian Fund (Class A) Fund Category Asia Pacific Equity

Morningstar Rating Q

Investment Objective

Performance as of 03-31-2012

To seek long-term growth through capital appreciation by investing primarily in a diversified portfolio of equity securities or securities convertible to equity securities of companies in the Asian and Pacific regions.

Growth of $10,000 18 Fund

Benchmark A MSCI All Country Asia Pacific Index

16 14 12 10

Volatility Analysis

8 6

Low

Medium

High

Performance Quartile (within category over calendar year)

Volatility (low-high): The lower the volatility ranking, the lower the risk of the fund. Funds with a volatility ranking of high are the most risky.

Total Assets ($mil)

Best 1 Year Return

Worst 1 Year Return

Calendar Year Returns %

117.0% 12-31-1992 to 12-31-1993

-51.2% 10-31-2007 to 10-31-2008

Fund Category Benchmark A

Fund Details

Trailing Returns %

Class

Load Structure

Currency

Fund Code

A A A F

Back End Charge Front End Charge Low Load Charge No Sales or Redem

CAD CAD CAD CAD

ATL1519 ATL1512 ATL2519 ATL1639

Inception Date MER Minimum Investment Telephone Web Site

January 2, 1990 3.35% $500

Fund Category Benchmark A

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

YTD

16.6

15.3

14.7

13.4

13.7

6.6

8.5

6.9

4.2

4.4

-15.0 -13.4 -9.3

24.0 18.0 15.3

1.0 4.2 10.0

21.0 18.1 20.7

7.8 13.1 16.4

15.0 0.0 -2.8

-43.3 -29.7 -27.0

42.1 18.6 17.1

-1.9 12.2 11.1

-23.2 -16.2 -12.8

9.0 10.1 10.0

1 Mth

3 Mth

6 Mth

1Yr

2Yr

3Yr

5Yr

10Yr

-0.7 -0.1 0.1

9.0 10.1 10.0

4.4 8.7 8.5

-15.6 -4.5 -1.4

-7.0 1.4 2.6

6.8 9.8 10.3

-5.6 -3.1 -2.9

-0.1 1.4 3.2

% Assets

Canadian Equity U.S. Equity International Equity Fixed Income Fixed Inc <1yr to mat Cash Other Top Ten Holdings

MER as at August 31, 2011. Please refer to the Annual/ Interim Management Reports of Fund Performance for further details.

Portfolio Analysis as of 03-31-2012

Investment Style

Class F MER: 2.23%

15.0

Composition

888 888 FUND www.renaissanceinvestments.ca

Notes

0.0 1.9 92.5 0.0 0.0 4.7 1.0

% Assets

Fanuc Corp Hon Hai Precision Ind. Co., Ltd. Tamron Co., Ltd. Bank Of China Ltd. Dainippon Screen Mfg.Co., Ltd.

4.4 4.2 4.1 3.3 2.9

Sumitomo Realty & Development Co., Ltd. Hynix Semiconductor, Inc. Pegatron Corp LG Chem Ltd. Ping An Insurance Group

2.8 2.6 2.5 2.5 2.1

Total Number of Portfolio Holdings Total Number of Underlying Holdings Total Number of Stock Holdings Total Number of Bond Holdings

58 58 56 0

Market Cap

Large Medium Small

66.1 28.2 5.7

Global Equity Sectors

Utilities Energy Financials Materials Consumer Discretionary Consumer Staples Telecommunication Services Industrials Health Care Information Technology Unclassified Top 5 Countries

Japan China Taiwan South Korea Thailand

% Equity

0.0 3.7 28.7 9.3 16.1 6.1 0.0 4.7 3.0 26.4 2.0 % Assets

26.8 18.0 13.0 10.1 8.3

Renaissance Asian Fund (Class A) Investment Management Overview Manager Bios

Investment Management Approach

Hugh Simon | 05-02-2007 Hamon Asset Management Ltd

Hugh Simon, Chief Executive Officer, established Hamon Investment Group in 1989. Formerly the Managing Director and President, respectively of Lazard's Hong Kong and Japan offices and a director of Lazard Investors in London, Hugh was responsible for establishing Lazard's offices in the Far East. Before joining Lazards in 1984, he worked for Schroders in London, Australia and Hong Kong for five years. Other Assets Managed

Since

Renaissance China Plus

05-07

Eric Ritter | 05-17-2011 Hamon Asset Management Ltd

Eric Ritter is a Fund Manager at Hamon. With over twenty years of experience, Mr. Ritter is responsible for researching and idea generation for stock selection in Korea, Hong Kong and ASEAN markets. Prior to Hamon, Eric worked for such companies as Nezu Asia, Driehaus Capital and WICarr and Barings. Eric has a BA in Economics from the State University of New York, and M.A. in International Relations at Columbia University School of International Affairs. Raymond Chan | 05-17-2011

This Fund benefits from the specialized experience of Hamon Investment Group, an Asian-specific investment management company, which manages the Fund with a bottom-up core approach, leveraging Hamon’s on-theground fundamental research expertise. To determine where the Fund will invest, the team at Hamon analyzes many factors including economic and political trends in Asia, the current financial condition and future prospects of individual companies and sectors in the region and the valuation of one market or company relative to another. The team at Hamon focuses on opportunities in different industries across the Asian countries. Generally, the companies in which the Fund invests are leaders in their respective industries, with strong recognition. Hamon’s focus on bottom-up stock

Other Assets Managed

Since

Renaissance China Plus

05-11

The result is a high-conviction, diversified portfolio of companies that are principally traded in the Asian Pacific region. The lower correlation of this specialty product to other developed markets makes it an excellent diversifying component within a portfolio.

Manager Commentary Asian markets delivered positive returns over the first quarter of 2012. This performance was largely the result of improved investor sentiment stemming from increased signs of a global economic recovery and speculation that major regional economies would further ease their monetary policies. China cut its required reserve ratio twice, while the Reserve Bank of India lowered its cash reserve ratio earlier than many investors had expected.

Hamon Asset Management Ltd

Raymond Chan is the Managing Director & Chief Investment Officer of Hamon Asset Management. Raymond started his career with LGT Asset Management as a Portfolio Manager in 1994. He joined Hamon during 1999-2003 and then moved on to Amundi as Investment Director, before rejoining Hamon in May 2011. Raymond has over 20 years of experience in Asian regional investments. Raymond obtained a BBA from the University of Hong Kong, and an MBA in International Finance and Banking from the University of Birmingham, UK.

selection generates added value by identifying companies in their early phase of earnings acceleration and for which they have identified a catalyst. The team’s valuation methodology is governed by assessing the long-term relationship between the price-to book ratio and return on equity. They do not constrain themselves to only growth or value styles or market capitalization, as they believe no single investment style consistently outperforms in Asia.

The fund’s interest-rate-sensitive holdings outperformed the benchmark over the period. The manager took profit from the fund’s holdings in Indonesian property developers and moved assets into Korean chemicals companies in response to the improving global economic outlook. Korean advertisement and Chinese e-commerce companies were also added to the portfolio. The

manager increased the fund’s exposure to Japan, as the manager believes the Bank of Japan’s quantitative easing program may improve that country’s export outlook. The manager believes the fund’s holdings should benefit from the current economic recovery. The manager further believes Chinese corporate earnings announcements and the Union budget in India could be near-term catalysts for financial market gains. That said, rising tensions in the Middle East and increasing oil prices remain a concern as the manager looks ahead to the remainder of 2012. As at March 31, 2012

©2012. Morningstar Research Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. ™Renaissance Investments is offered by and is a registered trademark of CIBC Asset Management Inc. All fund performance is reported net of fees, benchmark data is reported gross of fees. This may impact a direct comparison between the RENAISSANCE INVESTMENTS 121 fund and its benchmark.

GLOBAL EQUITY FUNDS

Report created on 04-16-2012

GLOBAL EQUITY FUNDS

Report created on 04-16-2012

Renaissance China Plus Fund (Class A) Fund Category Greater China Equity

Morningstar Rating QQQ

Investment Objective

Performance as of 03-31-2012

To seek long-term growth through capital appreciation by investing primarily in equity securities of companies based in China and Taiwan. The Fund may also invest in companies not based in China or Taiwan, but that conduct a majority of their commercial activities in either one or all of these countries.

Growth of $10,000 22 Fund

Benchmark A MSCI Zhong Hua Index

19 16 13 10 7 4

Volatility Analysis

Performance Quartile (within category over calendar year) Low

Medium

High

Volatility (low-high): The lower the volatility ranking, the lower the risk of the fund. Funds with a volatility ranking of high are the most risky. Best 1 Year Return

Worst 1 Year Return

335.8% 03-31-1999 to 03-31-2000

-57.6% 10-31-2007 to 10-31-2008

Fund Details Class

Load Structure

Currency

Fund Code

A A A F

Back End Charge Front End Charge Low Load Charge No Sales or Redem

CAD CAD CAD CAD

ATL1051 ATL1050 ATL2051 ATL1627

Inception Date MER Minimum Investment Telephone Web Site

Total Assets ($mil)

Fund Category Benchmark A Trailing Returns %

Fund Category Benchmark A

Class F MER: 1.88% MER as at August 31, 2011. Please refer to the Annual/ Interim Management Reports of Fund Performance for further details.

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

YTD

26.0

76.1

133.8

103.4

140.7

166.5

89.3

197.9

190.5

100.9

106.5

-21.7 -17.9 -17.6

40.5 50.2 24.6

-5.0 -7.2 7.5

-3.2 2.9 10.0

51.8 62.6 53.4

28.6 30.0 31.7

-37.0 -41.1 -38.5

71.3 37.0 37.6

3.4 0.2 4.3

-37.8 -20.9 -15.5

12.5 6.5 9.0

1 Mth

3 Mth

6 Mth

1Yr

2Yr

3Yr

5Yr

10Yr

-4.0 -5.4 -4.8

12.5 6.5 9.0

14.6 8.7 14.5

-26.8 -15.4 -7.6

-12.3 -5.5 -0.2

4.5 3.5 8.7

0.6 -1.9 1.7

3.8 5.1 7.2

Portfolio Analysis as of 03-31-2012 Composition

% Assets

Canadian Equity U.S. Equity International Equity Fixed Income Fixed Inc <1yr to mat Cash Other

888 888 FUND www.renaissanceinvestments.ca

Notes

Calendar Year Returns %

February 2, 1998 3.29% $500

Investment Style

Top Ten Holdings

0.0 0.0 96.4 0.0 0.0 3.6 0.0

% Assets

AviChina Industry & Technology Co., Ltd. CIMC Enric Holdings Ltd. China Minsheng Banking Corp Ltd. China Foods Ltd. Sunny Optical Technology Group

5.1 4.9 4.4 4.0 3.9

CITIC Securities Co., Ltd. Vinda International Holdings Ltd. Hunan Nonferrous Metals Corporation Ltd. China ZhengTong Auto Services Holdings Far East Horizon Ltd

3.8 3.7 3.6 3.6 3.4

Total Number of Portfolio Holdings Total Number of Underlying Holdings Total Number of Stock Holdings Total Number of Bond Holdings

46 46 44 0

Market Cap

Large Medium Small

42.7 46.1 11.2

Global Equity Sectors

Utilities Energy Financials Materials Consumer Discretionary Consumer Staples Telecommunication Services Industrials Health Care Information Technology Unclassified Top 5 Countries

China Taiwan Canada Italy Netherlands

% Equity

2.1 5.6 26.8 8.0 18.4 9.5 0.0 13.8 1.2 8.7 5.9 % Assets

88.4 5.4 2.8 2.7 0.7

Renaissance China Plus Fund (Class A) Investment Management Overview Manager Bios

Investment Management Approach

Hugh Simon | 05-02-2007 Hamon Asset Management Ltd

Since

Renaissance Asian

05-07

William Liu | 02-28-2011 Hamon Asset Management Ltd

William Liu is a Fund Manager at Hamon Investment Group focusing on management and research on the Chinese markets. William started his career in Hong Kong with UBS Investment Bank before joining CLSA, where he progressed to Head of China Research. Prior to Hamon, he was the Executive Director for BNP Paribas Securities Asia. William graduated with a BSc in Economics from the University of Shanghai for Science & Technology. He then obtained a masters degree in Finance from the London Business School. Raymond Chan | 05-17-2011

The Fund benefits from the specialized experience of Hamon Investment Management, an Asian-specific investment management company, which manages the Fund with a bottom-up core approach, leveraging Hamon’s on-the-ground fundamental research expertise. To determine where the Fund will invest, the team at Hamon analyzes many factors including economic and political trends in Greater China, the current financial condition and future prospects of individual companies and sectors in the region, and the valuation of one market or company relative to another. The team at Hamon focuses on opportunities in different industries across Greater China. Hamon’s focus on bottom-up stock selection generates added value by identifying companies in their early phase of earnings acceleration

Other Assets Managed

Since

Renaissance Asian

05-11

The result is a high-conviction, diversified portfolio of companies that are principally traded in China, Hong Kong or Taiwan (Greater China), and typically either derive a significant portion of their revenues from Greater China or hold a significant portion of their asset or assets in the region. The lower correlation of this specialty product to other developed markets makes it an excellent diversifying component within a portfolio.

Manager Commentary Chinese equity markets delivered positive returns over the first quarter of 2012, extending their gains from their October 2011 lows, as investor sentiment grew increasingly positive in response to the government adjusting its monetary policies and liquidity injection plans. The decision made by The People’s Bank of China to cut its required reserve ratio twice over the period helped increase the risk appetite of investors amid an improving global economic backdrop.

Hamon Asset Management Ltd

and for which they have identified a catalyst. The team’s valuation methodology is governed by assessing the long-term relationship between the price-to-book ratio and return on equity. They do not constrain themselves to only growth or value styles or market capitalization, as they believe no single investment style consistently outperforms in Asia.

The manager maintained the fund’s overweight positions in the interest-rate-sensitive areas of the market including insurance, broker and real estate companies, which tend to be the beneficiaries of looser monetary

policies. The manager also increased the fund’s exposure to secular growth stocks including those of China’s auto dealers, energy equipment and telecommunications component makers. The manager increased the fund’s exposure to A-shares and B-shares, given these shares’ valuations appear preferable to those of the market’s H-shares. The manager believes Internet, banks and select technology companies will deliver positive earnings reports in the near term. As at March 31, 2012

©2012. Morningstar Research Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. ™Renaissance Investments is offered by and is a registered trademark of CIBC Asset Management Inc. All fund performance is reported net of fees, benchmark data is reported gross of fees. This may impact a direct comparison between the RENAISSANCE INVESTMENTS 123 fund and its benchmark.

GLOBAL EQUITY FUNDS

Report created on 04-16-2012

GLOBAL EQUITY FUNDS

Report created on 04-16-2012

Renaissance Emerging Markets Fund (Class A) Fund Category Emerging Markets Equity

Morningstar Rating Q

Investment Objective

Performance as of 03-31-2012

To seek long-term capital appreciation by investing in securities, principally equities, of issuers in countries having smaller capital markets.

Growth of $10,000 30 Fund

Benchmark A MSCI Emerging Markets Index

26 22 18

Volatility Analysis

14 10 6 Medium

Low

High

Volatility (low-high): The lower the volatility ranking, the lower the risk of the fund. Funds with a volatility ranking of high are the most risky.

Performance Quartile (within category over calendar year)

Total Assets ($mil) Best 1 Year Return

Worst 1 Year Return

84.5% 02-28-1999 to 02-29-2000

-47.3% 02-28-2008 to 02-28-2009

Fund Details

Fund Category Benchmark A

Load Structure

Currency

Fund Code

Trailing Returns %

A A A F

Back End Charge Front End Charge Low Load Charge No Sales or Redem

CAD CAD CAD CAD

ATL858 ATL920 ATL675 ATL029

Fund Category Benchmark A

Telephone Web Site

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

YTD

18.9

19.8

19.1

20.7

23.3

26.6

13.8

19.4

20.5

14.4

15.1

-12.0 -8.8 -7.0

25.1 25.9 27.8

14.3 12.8 16.8

29.7 26.7 31.2

24.5 31.5 32.0

15.9 16.8 18.6

-44.7 -45.5 -41.4

46.2 54.1 52.0

9.6 13.2 13.0

-22.9 -19.5 -16.1

10.2 11.1 12.0

Calendar Year Returns %

Class

Inception Date MER Minimum Investment

1 Mth

3 Mth

6 Mth

1Yr

2Yr

3Yr

5Yr

10Yr

-2.4 -1.9 -1.9

10.2 11.1 12.0

11.3 12.6 14.3

-14.2 -8.2 -6.0

-2.4 1.0 3.5

10.7 15.6 16.2

-3.0 -0.4 2.0

4.8 6.9 9.2

Portfolio Analysis as of 03-31-2012 October 25, 1996 3.05% $500

Composition

% Assets

Canadian Equity U.S. Equity International Equity Fixed Income Fixed Inc <1yr to mat Cash Other

888 888 FUND www.renaissanceinvestments.ca

Investment Style

Top Ten Holdings

Notes Class F MER: 1.66% MER as at August 31, 2011. Please refer to the Annual/ Interim Management Reports of Fund Performance for further details.

1.2 0.8 96.3 0.0 0.0 0.6 1.0

% Assets

Samsung Electronics Co Ltd China Mobile Ltd. Taiwan Semiconductor Manufacturing Industrial And Commercial Bk Of China Gazprom OAO ADR

3.8 2.9 2.6 2.5 2.4

CNOOC, Ltd. Hon Hai Precision Ind. Co., Ltd. Itausa Investimentos ITAÚ S.A. Vale SA Pfd Shs -ABank Of China Ltd.

2.3 1.9 1.9 1.7 1.6

Total Number of Portfolio Holdings Total Number of Underlying Holdings Total Number of Stock Holdings Total Number of Bond Holdings

144 144 141 0

Market Cap

Large Medium Small

84.3 14.4 1.3

Global Equity Sectors

Utilities Energy Financials Materials Consumer Discretionary Consumer Staples Telecommunication Services Industrials Health Care Information Technology Unclassified Top 5 Countries

China Brazil South Korea Taiwan Russian Federation

% Equity

1.0 18.8 24.9 10.9 6.8 5.5 7.8 5.7 0.6 16.5 1.5 % Assets

17.3 15.5 15.4 8.6 8.3

©2012. Morningstar Research Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. ™Renaissance Investments is offered by and is a registered trademark of CIBC Asset Management Inc. All fund performance is reported net of fees, benchmark data is reported gross of fees. This may impact a direct comparison between the fund and its benchmark.

Renaissance Emerging Markets Fund (Class A) Investment Management Overview Manager Bios Klaus Bockstaller | 11-01-2008 Pictet Asset Management Ltd

Klaus Bockstaller, Co-Head, Global Emerging Markets Equities. Mr. Bockstaller joined PAM in November 2009. Before joining PAM, Mr. Bockstaller was founding partner at Fleming Capital Management, where he managed a Global Equity long/short fund since 2004. Previously, Mr. Bockstaller spent four years at Baring Asset Management as Head of EMEA (long only) and six years at UBS Brinson (co-manager, Eastern Europe). Mr. Bockstaller has managed the Fund since November 2009. Nidhi Mahurkar | 11-01-2008 Pictet Asset Management Ltd

Nidhi Mahurkar is Co-Head of the Global Emerging Markets Equities team in charge of investment in Asian Emerging Markets and has responsibility for regional Asian mandates. She joined Pictet Asset Management in 2001 with five years of previous experience managing Asian equities at Lazard Asset Management, where she was industry leader for technology for Lazard’s global emerging markets product. Before joining Lazard, she worked with American Express in London. Nidhi holds a BA (Hons) in Economics and an MBA from the Indian Institute of Management in Bangalore.

Investment Management Approach The Fund benefits from the international investment expertise of Pictet Asset Management Limited (PAM), one of the premier asset managers in Europe, to deliver a disciplined approach to investing in the emerging equity markets. Investment Process: PAM’s investment strategy is based primarily on a • bottom-up approach with a value bias. • PAM defines value principally in terms of productive assets -- they believe that value can consistently be added by identifying and investing in companies selling at less than the replacement value of their productive assets. • Emerging markets are prone to exaggerated market cycles; market inefficiencies abound. PAM employs an active value-based methodology to identify and buy mispriced stocks. • The centre of this investment process is a

proprietary database which helps to identify these mispriced companies. For financials and intellectual property/service • companies, PAM employs a modified, value-based approach based on adjusted book value and implied growth respectively • Country and sector weights are driven by stock selection and subject only to a negative test. This focused process and execution is backed by • separate risk control overlay The result is a diversified portfolio of emerging market stocks. The low correlation of this asset class to domestic markets makes this Fund an excellent complement to an investors' portfolio seeking further diversification through exposure to emerging markets companies.

Manager Commentary The fund underperformed its benchmark over the first quarter of 2012. Since hitting their lows in October 2011, emerging markets equities have rallied approximately 28 percent. Over the period, the manager reduced the fund’s underweight position in India through the purchase of ICICI Bank Ltd. Purchases of Bangkok Bank Public Co. Ltd. and Kasikornbank PCL increased the fund’s overweight position in Thailand. The fund’s overweight position in Indonesia was reduced. The manager increased the fund’s exposure to the steel sub-sector by purchasing TMK Group (Russia), in response to a strong buy signal from the manager’s asset-based valuation database.

valuations across a number of cyclical industries by purchasing Korean utility company Korea Electric Power Corporation; display panel manufacturer LG Display Co., Ltd.; Taiwanese personal computer manufacturer Acer Inc.; and Chinese industrial conglomerate Shanghai Industrial Holdings Limited. The manager reduced fund’s holdings in the telecommunications services sector including SK Telecom, Inc. (Korea). New positions were established in Bancolombia S.A.; Life Healthcare Group Holdings Limited, a South African private medical company; and Grupo Financiero Banorte, S.A.B. de C.V., a Mexican financial group. A number of the fund’s holdings in Brazil were trimmed after a period of strong price performance.

The manager took advantage of low asset-based

As at March 31, 2012

©2012. Morningstar Research Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. ™Renaissance Investments is offered by and is a registered trademark of CIBC Asset Management Inc. All fund performance is reported net of fees, benchmark data is reported gross of fees. This may impact a direct comparison between the RENAISSANCE INVESTMENTS 125 fund and its benchmark.

GLOBAL EQUITY FUNDS

Report created on 04-16-2012

S P E C I A LT Y F U N D S

Report created on 04-16-2012

Renaissance Global Infrastructure Fund (Class A) Fund Category Global Equity

Morningstar Rating QQQ

Investment Objective

Performance as of 03-31-2012

Growth of $10,000 13 12 11 10 9 8 7 Performance Quartile (within category over calendar year)

Volatility Analysis

Medium

Low

Fund

Benchmark A S&P Global Infrastructure Index

High

Total Assets ($mil) Volatility (low-high): The lower the volatility ranking, the lower the risk of the fund. Funds with a volatility ranking of high are the most risky. Best 1 Year Return

Worst 1 Year Return

29.3% 05-31-2010 to 05-31-2011

-25.2% 04-30-2008 to 04-30-2009

Fund Details Class

Load Structure

Currency

Fund Code

A A A F

Back End Charge Front End Charge Low Load Charge No Sales or Redem

CAD CAD CAD CAD

ATL061 ATL059 ATL060 ATL062

Inception Date MER Minimum Investment Telephone Web Site

Fund Category Benchmark A Trailing Returns %

Fund Category Benchmark A

Class F MER: 1.33% MER as at August 31, 2011. Please refer to the Annual/ Interim Management Reports of Fund Performance for further details.

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

YTD

—

9.0

72.9

163.9

220.8

413.8

500.2

— -17.4 —

— 10.6 10.5

— 6.4 15.9

— 5.8 7.1

— 18.0 34.5

— -6.6 1.6

-17.6 -29.3 -27.0

6.9 14.3 7.6

5.6 6.5 0.5

4.2 -7.6 1.8

3.1 10.3 5.0

1 Mth

3 Mth

6 Mth

1Yr

2Yr

3Yr

5Yr

Since Inception

1.1 1.8 1.3

3.1 10.3 5.0

7.3 14.3 8.5

2.8 -0.3 4.2

7.7 3.9 5.9

9.6 10.4 9.9

— -4.3 -4.0

0.2 — —

Portfolio Analysis as of 03-31-2012 Composition

% Assets

Canadian Equity U.S. Equity International Equity Fixed Income Fixed Inc <1yr to mat Cash Other

888 888 FUND www.renaissanceinvestments.ca

Notes

Calendar Year Returns %

November 13, 2007 2.63% $500

Investment Style

Top Ten Holdings

7.4 28.3 56.2 0.0 0.0 2.8 5.2

% Assets

Transurban Group TransCanada Corp Sydney Airport Stapled Security National Grid PLC American Water Works Co Inc

5.9 5.4 5.1 4.8 4.6

Spark Infrastructure Group Northeast Utilities SES SA DR Severn Trent PLC Energy Company of Minas Gerais Pfd Shs

3.9 3.9 3.5 3.4 3.2

Total Number of Portfolio Holdings Total Number of Underlying Holdings Total Number of Stock Holdings Total Number of Bond Holdings

48 48 45 0

Market Cap

Large Medium Small

39.4 60.6 0.0

Global Equity Sectors

Utilities Energy Financials Materials Consumer Discretionary Consumer Staples Telecommunication Services Industrials Health Care Information Technology Unclassified Top 5 Countries

United States Australia United Kingdom Canada Brazil

% Equity

60.9 9.1 0.0 0.0 5.4 0.0 0.0 24.6 0.0 0.0 0.0 % Assets

28.3 20.6 10.5 10.3 6.1

©2012. Morningstar Research Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. ™Renaissance Investments is offered by and is a registered trademark of CIBC Asset Management Inc. All fund performance is reported net of fees, benchmark data is reported gross of fees. This may impact a direct comparison between the fund and its benchmark.

S P E C I A LT Y F U N D S

Report created on 04-16-2012

Renaissance Global Infrastructure Fund (Class A) Investment Management Overview Manager Bios

Investment Management Approach

Richard Elmslie | 11-13-2007 RARE Infrastructure Limited

Richard Elmslie co-founded RARE Infrastructure with Nick Langley in 2006. Mr. Elmslie has worked for numerous infrastructure companies in Australia, New Zealand, the U.K., U.S., Canada, Asia and Japan, in global infrastructure sectors, including gas, electricity, water, telecoms, communications and airports. Prior to founding RARE, he was the Head of Power and Joint Head of Infrastructure at UBS Investment Bank in Sydney (2000-2004), and Head of Power at BZW/ABN AMRO first in London, then Wellington, New Zealand and in Sydney (1990-1999). Other Assets Managed

Since

Renaissance Glbl Infras Ccy Netrl Cl A

10-10

Nick Langley | 11-13-2007 RARE Infrastructure Limited

Nick Langley co-founded RARE Infrastructure with Richard Elmslie in 2006. Mr. Langley has great experience in global infrastructure investment, across a range of global infrastructure sectors, including gas, electricity, telecoms, rail, airports, toll roads and social infrastructure such as hospitals. Mr. Langley has worked for some of the world’s leading financial institutions including AMP Capital, where he spent four years on the funds management team (2002-2006); UBS Investment Bank in New York (2000-2001) and BZW/ ABN AMRO in Sydney (1998-2000). Other Assets Managed

Since

Renaissance Glbl Infras Ccy Netrl Cl A

10-10

This Fund benefits from one of the world’s most experienced global infrastructure investment teams with more than 70 years combined expertise, Sydney-based RARE Infrastructure (Risk Adjusted Returns to Equity), whose combined quantitative and qualitative approach to this growing asset class delivers the potential for long-term consistent returns and attractive yields. RARE applies a combination of quantitative and qualitative assessments to select a concentrated portfolio of stocks from more than 40,000 global listed securities. Screening Analysis: The initial screening process is 1. a combination of automated and manual screens designed to reduce the global universe of stocks to a select Focus List. This includes, sector screens, market capitalization, financial, valuation and peer group assessments.

Individual Security Assessment: The Focus List is 2. taken through research checks to ensure attributes of a security are aligned with the fund’s overall objectives. This research covers both quantitative and qualitative attributes. Portfolio Construction Parameters: RARE’s portfolio 3. construction is the result of security specific research and portfolio construction techniques that results in a balanced portfolio of attractive yielding infrastructure stocks. The result is a lower volatility portfolio of global infrastructure securities designed to provide investors with exposure to an asset class known to offer regular and predictable income. The defensive, inflation-hedged nature of this asset class, which has a lower correlation to traditional asset classes, makes it an ideal complement to any component of a portfolio.

Manager Commentary At the start of the period, the manager had the fund positioned defensively through a reduction in its exposure to European infrastructure. This was in response to the deteriorating economic outlook for that region, ongoing European bank solvency issues and concerns related to Greece’s sovereign debt refinancing. At the same time, the U.S. economic outlook appeared somewhat weak. The manager believes these risks were considerably reduced over the period as the European Central Bank’s long-term refinancing operations effectively shored up the balance sheets of European banks, Greece’s sovereign debt restrictions were approved and U.S. economic data continued to show

signs of strength. The fund underperformed in an environment of subsiding European credit risks and improving U.S. economic growth figures. As global economic and financial risks have continued to abate, the manager has been slowly rebalancing the fund with stocks the manager believes will perform better in a low- to moderate-growth environment. The manager, however, continues to monitor the various macroeconomic risks that still exist that could dampen global economic growth. As at March 31, 2012

©2012. Morningstar Research Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. ™Renaissance Investments is offered by and is a registered trademark of CIBC Asset Management Inc. All fund performance is reported net of fees, benchmark data is reported gross of fees. This may impact a direct comparison between the RENAISSANCE INVESTMENTS 127 fund and its benchmark.

S P E C I A LT Y F U N D S

Report created on 04-16-2012

Renaissance Global Infrastructure Currency Neutral Fund (Class A) Fund Category Global Equity

Morningstar Rating N/A

Investment Objective

Performance as of 03-31-2012

To seek long-term capital growth and income by investing primarily in equity securities (including common shares, preferred shares, and warrants to acquire such securities) of companies throughout the world that are involved in, or that indirectly benefit from, the development, maintenance, servicing, and management of infrastructures. The Fund will attempt to reduce its currency exposure to non-Canadian dollar currencies by implementing a currency hedging strategy that is aimed at protecting the Fund from non- Canadian dollar currency fluctuations in respect of units it owns in the Underlying Fund.

Growth of $10,000 15 Fund

Benchmark A S&P Global Infrastructure Index

14 13 12 11 10 9

Performance Quartile (within category over calendar year)

Total Assets ($mil)

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

YTD

—

2.8

117.7

127.1

— -17.4 —

— 10.6 10.5

— 6.4 15.9

— 5.8 7.1

— 18.0 34.5

— -6.6 1.6

— -29.3 -27.0

— 14.3 7.6

— 6.5 0.5

0.5 -7.6 1.8

3.1 10.3 5.0

Volatility Analysis Calendar Year Returns %

Low

Medium

High

Volatility (low-high): The lower the volatility ranking, the lower the risk of the fund. Funds with a volatility ranking of high are the most risky. Best 1 Year Return

Worst 1 Year Return

0.9% 11-30-2010 to 11-30-2011

-2.2% 10-31-2010 to 10-31-2011

Fund Category Benchmark A Trailing Returns %

Fund Category Benchmark A

1 Mth

3 Mth

6 Mth

1Yr

2Yr

3Yr

5Yr

Since Inception

1.4 1.8 1.3

3.1 10.3 5.0

8.4 14.3 8.5

-0.1 -0.3 4.2

— 3.9 5.9

— 10.4 9.9

— -4.3 -4.0

2.8 — —

Portfolio Analysis as of 03-31-2012 Composition

Fund Details Class

Load Structure

Currency

Fund Code

A A A F

Defer Sales Charge Front End Charge Low Load Charge No Sales or Redem

CAD CAD CAD CAD

ATL1232 ATL1230 ATL1231 ATL1233

Inception Date MER Minimum Investment Telephone Web Site

October 20, 2010 2.60% $500

888 888 FUND www.renaissanceinvestments.ca

Investment Style

Notes Class F MER: 1.29%

% Assets

Canadian Equity U.S. Equity International Equity Fixed Income Fixed Inc <1yr to mat Cash Other Top Ten Holdings

7.4 28.2 55.9 0.0 0.0 2.9 5.6

% Assets

Transurban Group TransCanada Corp Sydney Airport Stapled Security National Grid PLC American Water Works Co Inc

5.9 5.4 5.1 4.8 4.6

Spark Infrastructure Group Northeast Utilities SES SA DR Severn Trent PLC Energy Company of Minas Gerais Pfd Shs

3.9 3.8 3.5 3.4 3.1

Total Number of Portfolio Holdings Total Number of Underlying Holdings Total Number of Stock Holdings Total Number of Bond Holdings

3 48 45 0

Market Cap

Large Medium Small

41.9 57.9 0.2

Global Equity Sectors

Utilities Energy Financials Materials Consumer Discretionary Consumer Staples Telecommunication Services Industrials Health Care Information Technology Unclassified Top 5 Countries

United States Australia Canada United Kingdom Brazil

% Equity

60.9 9.1 0.0 0.0 5.4 0.0 0.0 24.6 0.0 0.0 0.0 % Assets

28.2 20.5 10.8 10.4 6.0

MER annualized as at August 31, 2011. Please refer to the Annual/Interim Management Reports of Fund Performance for further details.

©2012. Morningstar Research Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. ™Renaissance Investments is offered by and is a registered trademark of CIBC Asset Management Inc. All fund performance is reported net of fees, benchmark data is reported gross of fees. This may impact a direct comparison between the fund and its benchmark.

Renaissance Global Infrastructure Currency Neutral Fund (Class A) Investment Management Overview Manager Bios

Investment Management Approach

Richard Elmslie | 10-20-2010 RARE Infrastructure Limited

Since

Renaissance Global Infrastructure

11-07

Nick Langley | 10-20-2010 RARE Infrastructure Limited

Since

Renaissance Global Infrastructure

11-07

The Renaissance Global Infrastructure Currency Neutral Fund is managed by CIBC Global Asset Management Inc. RARE Infrastructure Limited is the investment manager of the underlying fund, the Renaissance Global Infrastructure Fund. The underlying Fund benefits from one of the world’s most experienced global infrastructure investment teams with more than 70 years combined expertise, Sydneybased RARE Infrastructure (Risk Adjusted Returns to Equity), whose combined quantitative and qualitative approach to this growing asset class delivers the potential for long-term consistent returns and attractive yields. RARE applies a combination of quantitative and qualitative assessments to select a concentrated portfolio of stocks from more than 40,000 global listed securities. 1. Screening Analysis: The initial screening process is a combination of automated and manual screens designed to reduce the global universe of stocks to a select Focus

List. This includes, sector screens, market capitalization, financial, valuation and peer group assessments. 2. Individual Security Assessment: The Focus List is taken through research checks to ensure attributes of a security are aligned with the fund’s overall objectives. This research covers both quantitative and qualitative attributes. 3. Portfolio Construction Parameters: RARE’s portfolio construction is the result of security specific research and portfolio construction techniques that results in a balanced portfolio of attractive yielding infrastructure stocks. The result is a lower volatility portfolio of global infrastructure securities designed to provide investors with exposure to an asset class known to offer regular and predictable income, while managing exchange rate fluctuations. The defensive, inflation-hedged nature of this asset class, which has a lower correlation to traditional asset classes, makes it an ideal complement to any component of a portfolio.

Manager Commentary Please note that the following commentary is written in consideration of the underlying fund.

approved and U.S. economic data continued to show signs of strength.

At the start of the period, the manager had the fund positioned defensively through a reduction in its exposure to European infrastructure. This was in response to the deteriorating economic outlook for that region, ongoing European bank solvency issues and concerns related to Greece’s sovereign debt refinancing. At the same time, the U.S. economic outlook appeared somewhat weak. The manager believes these risks were considerably reduced over the period as the European Central Bank’s long-term refinancing operations effectively shored up the balance sheets of European banks, Greece’s sovereign debt restrictions were

The fund underperformed in an environment of subsiding European credit risks and improving U.S. economic growth figures. As global economic and financial risks have continued to abate, the manager has been slowly rebalancing the fund with stocks the manager believes will perform better in a low- to moderate-growth environment. The manager, however, continues to monitor the various macroeconomic risks that still exist that could dampen global economic growth. As at March 31, 2012

©2012. Morningstar Research Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. ™Renaissance Investments is offered by and is a registered trademark of CIBC Asset Management Inc. All fund performance is reported net of fees, benchmark data is reported gross of fees. This may impact a direct comparison between the RENAISSANCE INVESTMENTS 129 fund and its benchmark.

S P E C I A LT Y F U N D S

Report created on 04-16-2012

S P E C I A LT Y F U N D S

Report created on 04-16-2012

Renaissance Global Real Estate Fund (Class A) Fund Category Real Estate Equity

Morningstar Rating N/A

Investment Objective

Performance as of 03-31-2012

Growth of $10,000 14 13 12 11 10 9 8 Performance Quartile (within category over calendar year)

Volatility Analysis

Medium

Low

Fund

Benchmark A FTSE EPRA/NAREIT Index

4 2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

YTD

—

1.5

1.9

39.0

Fund Category Benchmark A

— 1.1 -3.4

— 22.5 9.2

— 21.5 22.4

— 15.6 7.9

— 30.5 37.0

— -24.0 -23.7

— -35.3 -37.7

— 30.3 11.9

— 17.7 9.8

-8.3 12.9 -7.2

8.0 6.2 9.9

Trailing Returns %

1 Mth

3 Mth

6 Mth

1Yr

2Yr

3Yr

5Yr

Since Inception

1.5 0.4 2.3

8.0 6.2 9.9

13.4 13.0 14.1

-0.4 10.4 1.9

— 17.2 6.0

— 29.7 17.0

— -2.1 -10.6

-2.6 — —

High

Total Assets ($mil) Volatility (low-high): The lower the volatility ranking, the lower the risk of the fund. Funds with a volatility ranking of high are the most risky. Best 1 Year Return

Worst 1 Year Return

-0.4% 03-31-2011 to 03-31-2012

-8.3% 12-31-2010 to 12-31-2011

Fund Details Class

Load Structure

Currency

Fund Code

A A A F

Defer Sales Charge Front End Charge Low Load Charge No Sales or Redem

CAD CAD CAD CAD

ATL1257 ATL1255 ATL1256 ATL1258

Inception Date MER Minimum Investment Telephone Web Site

Calendar Year Returns %

Fund Category Benchmark A

Portfolio Analysis as of 03-31-2012 Composition

888 888 FUND www.renaissanceinvestments.ca

Notes MER annualized as at August 31, 2011. Please refer to the Annual/Interim Management Reports of Fund Performance for further details.

% Assets

Canadian Equity U.S. Equity International Equity Fixed Income Fixed Inc <1yr to mat Cash Other

October 20, 2010 2.70% $500

Investment Style

Top Ten Holdings

3.7 43.6 48.4 0.0 0.0 1.8 2.5

% Assets

Simon Property Group Inc Sun Hung Kai Properties, Ltd. Unibail-Rodamco SE Ventas Inc Westfield Group

6.0 3.5 2.8 2.8 2.7

Prologis Inc Hongkong Land Holdings Ltd. Equity Residential Vornado Realty Trust Public Storage

2.6 2.5 2.5 2.5 2.2

Total Number of Portfolio Holdings Total Number of Underlying Holdings Total Number of Stock Holdings Total Number of Bond Holdings

90 90 86 0

Market Cap

Large Medium Small

65.4 26.8 7.7

Global Equity Sectors

Utilities Energy Financials Materials Consumer Discretionary Consumer Staples Telecommunication Services Industrials Health Care Information Technology Unclassified Top 5 Countries

United States Hong Kong Australia Japan Canada

% Equity

0.0 0.0 97.0 0.0 3.0 0.0 0.0 0.0 0.0 0.0 0.0 % Assets

43.6 12.9 6.6 6.0 5.5

©2012. Morningstar Research Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. ™Renaissance Investments is offered by and is a registered trademark of CIBC Asset Management Inc. All fund performance is reported net of fees, benchmark data is reported gross of fees. This may impact a direct comparison between the fund and its benchmark.

S P E C I A LT Y F U N D S

Report created on 04-16-2012

Renaissance Global Real Estate Fund (Class A) Investment Management Overview Manager Bios

Investment Management Approach

Joseph M. Harvey | 10-20-2010 Cohen & Steers

Joseph Harvey is a senior portfolio manager for real estate securities portfolios. Prior to joining the Cohen & Steers in 1992, Mr. Harvey was a vice president with Robert A. Stanger Co. for five years, where he was an analyst specializing in real estate and related securities for the firm’s research and consulting activities. Mr. Harvey has a BSE degree from Princeton University. Other Assets Managed

Since

Renaissance Glbl Real Estate Ccy Netrl A

10-10

Scott Crowe | 10-20-2010 Cohen & Steers Capital Management Inc.

Scott Crowe, senior vice president, is a global portfolio manager for real estate securities portfolios and oversees the global research process for real estate securities. He has 14 years of experience. Prior to joining the firm in 2007, Mr. Crowe was an executive director at UBS and served as global head of real estate. He also worked at UBS Warburg as a real estate analyst. Mr. Crowe has a Bachelor of Commerce degree from the University of New South Wales and graduated with honors with a finance degree from the University of Technology, Sydney. He is based in New York. Other Assets Managed

Since

Renaissance Glbl Real Estate Ccy Netrl A

10-10

Chip McKinley | 10-20-2010 Cohen & Steers

Chip McKinley is a portfolio manager for global real estate securities portfolios. Prior to joining Cohen & Steers in 2007, Mr. McKinley was a portfolio manager and REIT analyst at Franklin Templeton Real Estate Advisors. Previously, he was with Fidelity Investments and Cayuga Fund. Mr. McKinley has a BA degree from Southern Methodist University and an MBA degree from Cornell University. Other Assets Managed

Since

Renaissance Glbl Real Estate Ccy Netrl A

10-10

The Fund benefits from the expertise of Cohen & Steers, a leading investment manager of global real estate portfolios. Cohen & Steers employs a disciplined, valuation-driven approach that utilizes a team effort consisting of managers who are experts in their respective property sectors and countries. Collectively, they cover over 400 global companies.

valuation metrics include price-to-net asset value and multiple-to-growth ratio. The team then uses a proprietary valuation model to determine the optimal security weights to help construct the portfolio, and will take active positions against the benchmark. Risk is managed through the utilization of the valuation model to diversify the portfolio by region and property sector.

The research process involves both a top-down and bottom-up approach to build and maintain the portfolio. The top-down analysis focuses on key real estate themes that Cohen & Steers believe provide strong fundamental value creation opportunities. The top-down themes are supported with a bottom-up valuation discipline. The team analyzes specific property companies based on multiple factors, such as balance sheet, management, structure and real estate portfolio. Some of the primary

The result is a well diversified currency neutral portfolio, that is selected using a standardized, bottom-up approach to company research and valuation, along with a top-down view of the economy. With global real estate playing an increasingly important part of many pension portfolios, this Fund makes an excellent complement to a domestic portfolio and complements global infrastructure holdings.

Manager Commentary Global real estate securities had positive returns over the first quarter of 2012. The majority of real estate markets benefitted from a widespread reduction in investor concern regarding the prevailing macroeconomic risks of 2011. A major catalyst for the change in investor sentiment was improved liquidity conditions in Europe, as the European Central Bank introduced a new bank lending program. Investors were also relieved that the U. S. economy did not enter a recession, but instead showed evidence of modest growth. In terms of investment strategy, the manager has a generally favourable view toward key U.S. office markets, including life sciences, technology and media, as well as the broad New York City office market. The manager decreased the fund’s allocation to apartments following a period of strong performance in 2011. The manager continues to favour prime retail owners, while

remaining cautious about health care properties, suburban offices and secondary retail. In Europe, the manager seeks to invest in companies that are able to shield themselves from the adverse effects of slowing economies and broad deleveraging. The manager favours owners of prime office and retail properties that also benefit from solid balance sheets. The fund has an underweight exposure to Japan based on relative fundamentals and business models. In Japan’s office market, the manager expects tenants to become more discerning when it comes to earthquake resistance and to favour newer and safer buildings, which should benefit the companies that own such properties. As at March 31, 2012

©2012. Morningstar Research Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. ™Renaissance Investments is offered by and is a registered trademark of CIBC Asset Management Inc. All fund performance is reported net of fees, benchmark data is reported gross of fees. This may impact a direct comparison between the RENAISSANCE INVESTMENTS 131 fund and its benchmark.

S P E C I A LT Y F U N D S

Report created on 04-16-2012

Renaissance Global Real Estate Currency Neutral Fund (Class A) Fund Category Real Estate Equity

Morningstar Rating N/A

Investment Objective

Performance as of 03-31-2012

To seek long-term capital growth primarily through exposure to a global real estate fund that invests in equity securities of companies throughout the world that are involved in, or that indirectly benefit from, management companies, commercial, industrial, and residential properties, or other investment in the real estate sector (the Underlying Fund). The Fund will attempt to reduce its currency exposure to non-Canadian dollar currencies by implementing a currency hedging strategy that is aimed at protecting the Fund from nonCanadian dollar currency fluctuations in respect of units it owns in the Underlying Fund.

Growth of $10,000 14 Fund

Benchmark A FTSE EPRA/NAREIT Index

13 12 11 10 9 8

Performance Quartile (within category over calendar year)

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

YTD

—

0.4

0.5

0.7

Fund Category Benchmark A

— 1.1 -3.4

— 22.5 9.2

— 21.5 22.4

— 15.6 7.9

— 30.5 37.0

— -24.0 -23.7

— -35.3 -37.7

— 30.3 11.9

— 17.7 9.8

-10.7 12.9 -7.2

8.3 6.2 9.9

Trailing Returns %

1 Mth

3 Mth

6 Mth

1Yr

2Yr

3Yr

5Yr

Since Inception

1.2 0.4 2.3

8.3 6.2 9.9

15.9 13.0 14.1

-4.4 10.4 1.9

— 17.2 6.0

— 29.7 17.0

— -2.1 -10.6

-3.5 — —

Total Assets ($mil) Volatility Analysis Calendar Year Returns %

Low

Medium

High

Volatility (low-high): The lower the volatility ranking, the lower the risk of the fund. Funds with a volatility ranking of high are the most risky. Best 1 Year Return

Worst 1 Year Return

-4.4% 03-31-2011 to 03-31-2012

-10.7% 12-31-2010 to 12-31-2011

Fund Category Benchmark A

Portfolio Analysis as of 03-31-2012 Composition

Fund Details Class

Load Structure

Currency

Fund Code

A A A F

Defer Sales Charge Front End Charge Low Load Charge No Sales or Redem

CAD CAD CAD CAD

ATL1262 ATL1260 ATL1261 ATL1263

Inception Date MER Minimum Investment Telephone Web Site

October 20, 2010 2.70% $500

888 888 FUND www.renaissanceinvestments.ca

Investment Style

Notes MER annualized as at August 31, 2011. Please refer to the Annual/Interim Management Reports of Fund Performance for further details.

% Assets

Canadian Equity U.S. Equity International Equity Fixed Income Fixed Inc <1yr to mat Cash Other Top Ten Holdings

3.7 43.7 48.5 0.0 0.0 2.0 2.1

% Assets

Simon Property Group Inc Sun Hung Kai Properties, Ltd. Unibail-Rodamco SE Ventas Inc Westfield Group

6.0 3.5 2.8 2.8 2.7

Prologis Inc Hongkong Land Holdings Ltd. Equity Residential Vornado Realty Trust Public Storage

2.6 2.5 2.5 2.5 2.2

Total Number of Portfolio Holdings Total Number of Underlying Holdings Total Number of Stock Holdings Total Number of Bond Holdings

3 90 86 0

Market Cap

Large Medium Small

62.9 28.2 8.9

Global Equity Sectors

Utilities Energy Financials Materials Consumer Discretionary Consumer Staples Telecommunication Services Industrials Health Care Information Technology Unclassified Top 5 Countries

United States Hong Kong Australia Japan Canada

% Equity

0.0 0.0 97.0 0.0 3.0 0.0 0.0 0.0 0.0 0.0 0.0 % Assets

43.7 13.0 6.6 6.0 5.3

©2012. Morningstar Research Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. ™Renaissance Investments is offered by and is a registered trademark of CIBC Asset Management Inc. All fund performance is reported net of fees, benchmark data is reported gross of fees. This may impact a direct comparison between the fund and its benchmark.

Renaissance Global Real Estate Currency Neutral Fund (Class A) Investment Management Overview Manager Bios

Investment Management Approach

Joseph M. Harvey | 10-20-2010 Cohen & Steers

Since

Renaissance Global Real Estate Cl A

10-10

Scott Crowe | 10-20-2010 Cohen & Steers Capital Management Inc.

Since

Renaissance Global Real Estate Cl A

10-10

Chip McKinley | 10-20-2010 Cohen & Steers

Since

Renaissance Global Real Estate Cl A

10-10

The Renaissance Real Estate Currency Neutral Fund is managed by CIBC Global Asset Management Inc. Cohen & Steers is the investment manager of the underlying fund, the Renaissance Real Estate Fund. The underlying fund benefits from the expertise of Cohen & Steers, a leading investment manager of global real estate portfolios. Cohen & Steers employs a disciplined, valuation-driven approach that utilizes a team effort consisting of managers who are experts in their respective property sectors and countries. Collectively, they cover over 400 global companies. The research process involves both a top-down and bottom-up approach to build and maintain the portfolio. The top-down analysis focuses on key real estate themes that Cohen & Steers believe provide strong fundamental value creation opportunities. The top-down themes are supported with a bottom-up valuation discipline. The

team analyzes specific property companies based on multiple factors, such as balance sheet, management, structure and real estate portfolio. Some of the primary valuation metrics include price-to-net asset value and multiple-to-growth ratio. The team then uses a proprietary valuation model to determine the optimal security weights to help construct the portfolio, and will take active positions against the benchmark. Risk is managed through the utilization of the valuation model to diversify the portfolio by region and property sector. The result is a well diversified portfolio that is selected using a standardized, bottom-up approach to company research and valuation, along with a top-down view of the economy. With global real estate playing an increasingly important part of many pension portfolios, this Fund makes an excellent complement to a domestic portfolio and complements global infrastructure holdings, while managing exchange rate fluctuations.

Manager Commentary Please note that the following commentary is written in consideration of the underlying fund. Global real estate securities had positive returns over the first quarter of 2012. The majority of real estate markets benefitted from a widespread reduction in investor concern regarding the prevailing macroeconomic risks of 2011. A major catalyst for the change in investor sentiment was improved liquidity conditions in Europe, as the European Central Bank introduced a new bank lending program. Investors were also relieved that the U. S. economy did not enter a recession, but instead showed evidence of modest growth. In terms of investment strategy, the manager has a generally favourable view toward key U.S. office markets, including life sciences, technology and media, as well as the broad New York City office market. The manager decreased the fund’s allocation to apartments

following a period of strong performance in 2011. The manager continues to favour prime retail owners, while remaining cautious about health care properties, suburban offices and secondary retail. In Europe, the manager seeks to invest in companies that are able to shield themselves from the adverse effects of slowing economies and broad deleveraging. The manager favours owners of prime office and retail properties that also benefit from solid balance sheets. The fund has an underweight exposure to Japan based on relative fundamentals and business models. In Japan’s office market, the manager expects tenants to become more discerning when it comes to earthquake resistance and to favour newer and safer buildings, which should benefit the companies that own such properties. As at March 31, 2012

©2012. Morningstar Research Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. ™Renaissance Investments is offered by and is a registered trademark of CIBC Asset Management Inc. All fund performance is reported net of fees, benchmark data is reported gross of fees. This may impact a direct comparison between the RENAISSANCE INVESTMENTS 133 fund and its benchmark.

S P E C I A LT Y F U N D S

Report created on 04-16-2012

S P E C I A LT Y F U N D S

Report created on 04-16-2012

Renaissance Global Health Care Fund (Class A) Fund Category Health Care Equity

Morningstar Rating QQQ

Investment Objective

Performance as of 03-31-2012

To obtain long-term capital appreciation by investing primarily in U.S. companies and global companies with U.S. operations or exposure to U.S. markets or whose securities are traded on a U.S. exchange, which are engaged in the design, development, manufacturing, and distribution of products or services in the health care sectors. The Fund will invest in a diversified portfolio, which will mainly include securities in the medical technology, biotechnology, health care, and pharmaceutical sectors.

Growth of $10,000 13 Fund

Benchmark A MSCI World Health Care Index

12 11 10 9 8 7

Performance Quartile (within category over calendar year)

Volatility Analysis

2002

Total Assets ($mil) Medium

Low

High

Volatility (low-high): The lower the volatility ranking, the lower the risk of the fund. Funds with a volatility ranking of high are the most risky. Best 1 Year Return

Worst 1 Year Return

116.3% 09-30-1999 to 09-30-2000

-27.6% 03-31-2002 to 03-31-2003

834.3

2003

2004

2005

2006

2007

2008

2009

2010

2011

YTD

942.5 1040.5 1057.8 1132.7

871.4

654.3

526.0

387.2

317.1

318.4

-12.9 -10.9 -11.5

-4.3 -8.1 -1.3

2.1 6.7 1.6

-0.7 2.5 -2.3

7.4 5.9 12.9

6.4 10.7 5.9

Calendar Year Returns %

Fund Category Benchmark A

-13.6 -28.7 -18.5

Trailing Returns %

Fund Category Benchmark A

8.9 8.4 -1.9

5.2 2.2 -1.4

9.2 6.5 6.7

11.5 9.5 10.5

1 Mth

3 Mth

6 Mth

1Yr

2Yr

3Yr

5Yr

10Yr

4.1 4.0 4.7

6.4 10.7 5.9

10.1 14.9 11.8

10.6 12.6 16.3

6.3 9.5 8.8

7.9 10.6 9.0

-0.7 0.8 0.7

1.1 0.4 -0.3

Portfolio Analysis as of 03-31-2012 Fund Details

Composition

Class

Load Structure

Currency

Fund Code

A A A F

Back End Charge Front End Charge Low Load Charge No Sales or Redem

CAD CAD CAD CAD

ATL1162 ATL1161 ATL2162 ATL1635

Inception Date MER Minimum Investment Telephone Web Site

% Assets

Canadian Equity U.S. Equity International Equity Fixed Income Fixed Inc <1yr to mat Cash Other

November 2, 1996 3.29% $500 Top Ten Holdings

888 888 FUND www.renaissanceinvestments.ca

Investment Style

Notes Class F MER: 2.02%

0.4 72.4 25.4 0.0 0.0 1.8 0.0

% Assets

Merck & Co Inc UnitedHealth Group Inc Shionogi & Co., Ltd. Cubist Pharmaceuticals, Inc. Forest Laboratories, Inc.

5.0 4.1 3.1 3.0 2.8

Amgen Inc Alkermes PLC Quest Diagnostics Inc Boston Scientific, Inc. WellPoint Inc

2.8 2.6 2.5 2.5 2.2

Total Number of Portfolio Holdings Total Number of Underlying Holdings Total Number of Stock Holdings Total Number of Bond Holdings

101 101 99 0

Market Cap

Large Medium Small

53.5 30.6 15.9

Global Equity Sectors

Utilities Energy Financials Materials Consumer Discretionary Consumer Staples Telecommunication Services Industrials Health Care Information Technology Unclassified Top 5 Countries

United States Japan Ireland Belgium Canada

% Equity

0.0 0.0 0.0 0.0 0.0 1.3 0.0 0.3 98.0 0.4 0.0 % Assets

72.5 10.3 3.6 2.4 2.1

MER as at August 31, 2011. Please refer to the Annual/ Interim Management Reports of Fund Performance for further details.

S P E C I A LT Y F U N D S

Report created on 04-16-2012

Renaissance Global Health Care Fund (Class A) Investment Management Overview Manager Bios Edward P. Owens | 12-01-1996 Wellington Management Company, LLP

Mr. Owens is portfolio manager for the Health Care sector and analyst for Pharmaceuticals and Biotechnology sectors at Wellington Management Company, LLP. Jean M. Hynes | 12-01-1996 Wellington Management Company, LLP

Jean M. Hynes is a Senior Vice President of Wellington Management. She joined the firm in 1991 and has been an investment professional since 1993. Ms. Hynes holds the Chartered Financial Analyst designation.

Investment Management Approach The Fund benefits from the award-winning investment expertise of Edward P. Owens of Wellington Management, who employs a research-intensive, bottom-up approach that emphasizes finding value opportunities within the health care sector. Wellington’s research-oriented approach toward the health care sector is based on the view that scientific research and development is central to the fundamental performance of pharmaceutical and medical products companies, while the fortunes of service-oriented health care companies are largely the result of management skill. Key factors for their bottom-up security analysis are

company business prospects, strong existing product and new product outlook, corporate strategy and competitive position. These factors, as well a company’s valuation relative to its peers, and the anticipation of aboveaverage earnings growth not yet reflected in the current price, influence both the buy and sell decisions. The result is a well-diversified, lower-turnover global portfolio of undervalued health care companies that operate within an industry benefiting from long-term demographic trends. This Fund is an excellent complement to a well-diversified portfolio for investors looking for specific exposure to the health care sector.

Manager Commentary Given the significant challenges posed by rising U.S. health care costs, the manager believes health care stocks will be subject to growing reimbursement pressure going forward. Companies seeking reimbursement for health care products and services in the U.S. will only be successful if they are able to offer demonstrable improvements over current standards of care, or equivalent levels of care at lower prices. This is one of the key tenets upon which the manager has structured the fund. Areas of interest to the manager include drug distributors and drugstores, which the manager believes are poised to benefit from the conversion of approximately US$100 billion of branded pharmaceuticals to their generic versions over the next several years. Japanese pharmaceutical companies remain attractive, given what the manager believes are strong balance sheets and valuable pipelines relative to

their market capitalizations. Likewise, several large biotechnology companies now trade at what the manager believes are attractive valuations. The manager believes there are select opportunities available among smaller biotechnology companies that appear to have excellent upside potential based on the promise of innovative products to address currently underserved medical needs. The manager believes the longer-term prospects for the medical technology sub-sector remain solid, as procedure volumes are returning to normal (after a slowdown in 2010) and international markets are becoming more significant growth drivers. The fund’s positioning at the end of the first quarter of 2012 remained fairly balanced across the pharmaceuticals, health care services, medical technology and biotechnology sub-sectors. As at March 31, 2012

©2012. Morningstar Research Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. ™Renaissance Investments is offered by and is a registered trademark of CIBC Asset Management Inc. All fund performance is reported net of fees, benchmark data is reported gross of fees. This may impact a direct comparison between the RENAISSANCE INVESTMENTS 135 fund and its benchmark.

S P E C I A LT Y F U N D S

Report created on 04-16-2012

Renaissance Global Resource Fund (Class A) Fund Category Natural Resources Equity

Morningstar Rating QQQ

Investment Objective

Performance as of 03-31-2012

To seek long-term growth through capital appreciation consistent with preservation of capital by investing primarily in a diversified portfolio of equity securities or securities convertible to equity securities of companies around the world involved in or indirectly dependent on the resource industry.

Growth of $10,000 60 Fund

Benchmark A S&P/TSX Composite Index

50 40 30 20 10 0

Volatility Analysis

Performance Quartile (within category over calendar year) Low

Medium

High

Volatility (low-high): The lower the volatility ranking, the lower the risk of the fund. Funds with a volatility ranking of high are the most risky. Best 1 Year Return

Worst 1 Year Return

76.5% 02-28-2009 to 02-28-2010

-52.1% 10-31-2007 to 10-31-2008

Fund Details Class

Load Structure

Currency

Fund Code

A A A F

Back End Charge Front End Charge Low Load Charge No Sales or Redem

CAD CAD CAD CAD

ATL1861 ATL1860 ATL2861 ATL1666

Inception Date MER Minimum Investment Telephone Web Site

Total Assets ($mil)

Fund Category Benchmark A Trailing Returns %

Fund Category Benchmark A

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

YTD

5.5

6.8

8.6

18.1

20.1

27.0

14.1

29.4

50.9

40.0

40.5

— 16.3 -12.4

28.2 31.9 26.7

10.5 23.2 14.5

51.3 37.8 24.1

16.0 16.8 17.3

18.8 13.1 9.8

-46.0 -44.9 -33.0

65.5 53.4 35.1

50.4 31.5 17.6

-30.5 -18.6 -8.7

1.8 0.3 4.4

1 Mth

3 Mth

6 Mth

1Yr

2Yr

3Yr

5Yr

Since Inception

-9.2 -8.4 -1.6

1.8 0.3 4.4

6.9 4.9 8.1

-27.2 -21.8 -9.8

-0.7 2.9 4.2

17.8 15.7 15.6

0.7 -0.3 1.7

12.0 — —

Composition

% Assets

Canadian Equity U.S. Equity International Equity Fixed Income Fixed Inc <1yr to mat Cash Other

59.9 7.2 28.8 0.4 0.6 2.8 0.4

Investment Style Top Ten Holdings

MER as at August 31, 2011. Please refer to the Annual/ Interim Management Reports of Fund Performance for further details.

Portfolio Analysis as of 03-31-2012

888 888 FUND www.renaissanceinvestments.ca

Notes

Calendar Year Returns %

August 2, 2002 3.34% $500

Class F MER: 1.89%

% Assets

Petra Diamonds Limited Athabasca Oil Sands Corp Tiger Resources Limited Papillon Resources Ltd. Talison Lithium Limited

2.9 2.8 2.6 2.6 2.5

Arcan Resources, Ltd. Antrim Energy, Inc. Precision Drilling Corp Rio Tinto PLC ADR Parex Resources, Inc.

2.4 2.3 2.1 2.1 2.1

Total Number of Portfolio Holdings Total Number of Underlying Holdings Total Number of Stock Holdings Total Number of Bond Holdings

91 91 87 0

Market Cap

Large Medium Small

15.5 25.0 59.5

Global Equity Sectors

Utilities Energy Financials Materials Consumer Discretionary Consumer Staples Telecommunication Services Industrials Health Care Information Technology Unclassified Top 5 Countries

Canada Australia United States South Africa Peru

% Equity

0.0 39.0 0.0 57.6 0.0 0.0 0.0 0.7 0.0 0.0 2.7 % Assets

64.1 15.0 7.2 2.9 2.0

©2012. Morningstar Research Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. ™Renaissance Investments is offered by and is a registered trademark of CIBC Asset Management Inc. All fund performance is reported net of fees, benchmark data is reported gross of fees. This may impact a direct comparison between the fund and its benchmark.

S P E C I A LT Y F U N D S

Report created on 04-16-2012

Renaissance Global Resource Fund (Class A) Investment Management Overview Manager Bios

Investment Management Approach

Craig Porter | 08-01-2005 Front Street Capital

Craig Porter has been a Portfolio Manager and resource specialist at Front Street since 2005. Prior to joining he was Portfolio Manager at Natcan Investment Management from 1992 to 2005. He has 17 years' investment experience and had managed Altamira mutual funds since 1992. Other Assets Managed

Since

CIBC Energy CIBC Canadian Resources CIBC Precious Metals

06-01 11-05 10-06

The Fund benefits from the investment expertise of Front Street Capital, one of the most successful resource sector investment managers in Canadian history. Front Street uses a mix of top-down industry analysis and bottom-up stock selection to structure a natural resources equity portfolio. Front Street uses a unique combination of expertise and experience to invest in global stocks within the materials and energy sectors that can be expected to outperform over the short and long-term period. Their primary focus is given to the oil and gas, paper and forest products, metals and minerals, and precious metals and minerals industries. From a top-down perspective, the team

assesses industry fundamentals such as commodity supply and demand levels to determine where the greatest opportunity lies. At the security level, the process centres on accessing the underlying value of the assets, the strength of management and the firm’s future growth prospects. The Fund may invest in small, medium and large-capitalization companies. The result is a well-diversified, higher-turnover global portfolio of resource companies that operate in a sector that should benefit from global commodity demand. The Fund is an excellent complement to a well-diversified portfolio for investors looking for specific exposure to the global resource sector.

Manager Commentary The price of oil rose sharply over the first quarter of 2012, with West Texas Intermediate crude reaching approximately US$110 per barrel. A number of factors contributed to rising oil prices. Global demand reached an all-time high of around 90 million barrels a day, with no overall increase in supply capability. Sanctions against Iranian crude also contributed to higher prices. The manager believes the U.S. may put pressure on the Organization of the Petroleum Exporting Countries (OPEC) to increase production, or may release oil from its own reserves, to help meet demand.

outperforms expectations.

Investor concern about a slowing Chinese economy resulted in a decline in the prices of mining stocks. The manager believes commodity demand will remain strong in 2012, as China moderates its economic growth to control inflation and as the U.S. economy potentially

During the quarter, the manager increased the fund’s position in the energy sector, while decreasing its exposure to the gold sector.

Gold prices started the period strong, but subsequently fell as a result of a number of factors. European banks became less of an issue, as the eurozone worked to resolve Greece’s sovereign debt concerns, which removed one of the world’s most significant macroeconomic concerns. In addition, improved employment, housing and manufacturing numbers out of the U.S. provided investors with some confidence about that country’s economic recovery.

As at March 31, 2012

©2012. Morningstar Research Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. ™Renaissance Investments is offered by and is a registered trademark of CIBC Asset Management Inc. All fund performance is reported net of fees, benchmark data is reported gross of fees. This may impact a direct comparison between the RENAISSANCE INVESTMENTS 137 fund and its benchmark.

S P E C I A LT Y F U N D S

Report created on 04-16-2012

Renaissance Global Science & Technology Fund (Class A) Fund Category Global Equity

Morningstar Rating QQQ

Investment Objective

Performance as of 03-31-2012

To obtain long-term capital appreciation by investing in a diversified portfolio of global companies involved mainly in telecommunications, biotechnology, computer hardware and software, and medical services and other scientific and technology based companies.

Growth of $10,000 14 Fund

12 10 8 6 4

Volatility Analysis

Low

Benchmark A NASDAQ 100 Index

Medium

High

Volatility (low-high): The lower the volatility ranking, the lower the risk of the fund. Funds with a volatility ranking of high are the most risky.

Performance Quartile (within category over calendar year)

Total Assets ($mil)

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

YTD

102.8

116.1

78.8

52.8

42.2

28.1

16.3

12.5

11.3

9.4

10.7

-49.4 -17.4 -38.1

21.2 10.6 22.0

-5.4 6.4 2.8

2.1 5.8 -1.7

6.6 18.0 6.7

-9.9 -6.6 0.6

-28.0 -29.3 -28.0

36.3 14.3 31.2

7.8 6.5 13.3

-4.7 -7.6 5.0

17.8 10.3 18.8

Calendar Year Returns % Best 1 Year Return

Worst 1 Year Return

258.8% 02-28-1999 to 02-29-2000

-77.8% 09-30-2000 to 09-30-2001

Fund Category Benchmark A Trailing Returns %

Fund Details Class

Load Structure

Currency

Fund Code

A A A F F A A A

Back End Charge Front End Charge Low Load Charge No Sales or Redem No Sales or Redem Back End Charge Front End Charge Low Load Charge

CAD CAD CAD CAD USD USD USD USD

ATL1871 ATL1027 ATL2871 ATL1645 ATL1637 ATL1371 ATL1227 ATL2371

Inception Date MER Minimum Investment Telephone Web Site

Fund Category Benchmark A

Investment Style

Notes Class F MER: 1.97% MER as at August 31, 2011. Please refer to the Annual/ Interim Management Reports of Fund Performance for further details.

3 Mth

6 Mth

1Yr

2Yr

3Yr

5Yr

10Yr

5.9 1.8 6.4

17.8 10.3 18.8

21.0 14.3 23.9

8.0 -0.3 21.1

9.7 3.9 17.6

15.6 10.4 20.9

1.9 -4.3 6.1

-3.0 -0.4 1.7

Portfolio Analysis as of 03-31-2012 Composition

% Assets

Canadian Equity U.S. Equity International Equity Fixed Income Fixed Inc <1yr to mat Cash Other

October 28, 1996 3.00% $500

888 888 FUND www.renaissanceinvestments.ca

1 Mth

Top Ten Holdings

5.1 67.1 25.4 0.0 0.0 2.4 0.0

% Assets

Apple, Inc. Priceline.com, Inc. Visa, Inc. eBay Inc Check Point Software Technologies, Ltd.

9.5 8.3 6.4 5.4 5.1

MasterCard Incorporated Class A Cognizant Technology Solutions Corp Cl A Oracle Corporation Google, Inc. Class A Baidu, Inc. ADR

5.1 5.1 4.7 4.3 4.3

Total Number of Portfolio Holdings Total Number of Underlying Holdings Total Number of Stock Holdings Total Number of Bond Holdings

28 28 26 0

Market Cap

Large Medium Small

85.1 12.1 2.8

Global Equity Sectors

Utilities Energy Financials Materials Consumer Discretionary Consumer Staples Telecommunication Services Industrials Health Care Information Technology Unclassified Top 5 Countries

United States China Canada Israel Denmark

% Equity

0.0 0.0 0.0 0.0 8.5 0.0 0.0 0.0 12.5 73.8 5.2 % Assets

67.1 10.3 7.4 5.1 4.2

Renaissance Global Science & Technology Fund (Class A) Investment Management Overview Manager Bios

Investment Management Approach

Mark Lin | 10-01-2009 CIBC Global Asset Management Inc

Since

CIBC Asia Pacific CIBC European Equity CIBC Global Technology Renaissance European

01-02 04-08 10-09 09-11

The Fund benefits from the investment expertise of Mark Lin and his team from CIBC Global Asset Management, who use a bottom-up growth approach to investing in a diversified portfolio of global scientific and technology based companies. The team seek to capture long-term capital appreciation by buying into the growth of the technology and sciencebased industries. Analysis is carried out on a bottom-up basis with a focus on identifying growth potential. The ability to generate above-average rates of growth is based on: 1) superior product features, extraordinary distribution capability; 2) a unique business model, or other sustainable competitive advantages. Typical

criteria that enter into the decision making process are the following: strong management, unique/marketable technology, access to capital, and participation in high growth areas of these sectors. This results in a well-diversified, higher turnover global portfolio of companies involved mainly in telecommunications, biotechnology, computer hardware and software, and medical services and other scientific and technology based companies. The Fund is an excellent complement to a well div portfolio for investors looking for specific exposure to the science and technology sector.

Manager Commentary Technology-related equities outperformed the broader market over the first quarter of 2012. This was largely in response to a number of technology companies delivering strong profit growth in 2011 and an investor willingness to increase their portfolio weightings in what are generally perceived as “riskier” assets. These positive trends were partially driven by improved U.S. economic results and the orderly restructuring of Greece’s sovereign debt. The manager initiated a new position in QUALCOMM Inc. The manager believes this company should benefit from the accelerating growth of the mobile device markets. Mobile devices overtook personal computers in

unit sales for the first time in 2011. The purchase of QUALCOMM was funded by reductions in the fund’s positions in Apple Inc.; Varian Medical Systems, Inc.; and Sohu.com Inc. At the end of the period, the fund’s largest positions were Apple, Priceline.com Incorporated, Visa Inc. and MasterCard International Incorporated. The manager’s investment strategy remains unchanged: to hold companies that exhibit consistently profitable growth profiles in the highly profitable software and fast-growing internet sectors. As at March 31, 2012

©2012. Morningstar Research Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. ™Renaissance Investments is offered by and is a registered trademark of CIBC Asset Management Inc. All fund performance is reported net of fees, benchmark data is reported gross of fees. This may impact a direct comparison between the RENAISSANCE INVESTMENTS 139 fund and its benchmark.

S P E C I A LT Y F U N D S

Report created on 04-16-2012

Renaissance Investments

Fund Essentials Front-End Load MONEY MARKET FUND Renaissance Money Market Fund Renaissance Money Market Fund – Premium Class Renaissance Canadian T-Bill Fund Renaissance U.S. Money Market Fund (US$) FIXED INCOME FUNDS Renaissance Short-Term Income Fund Renaissance Short-Term Income Fund – Premium Class Renaissance Canadian Bond Fund Renaissance Canadian Bond Fund – Premium Class Renaissance Real Return Bond Fund Renaissance Corporate Bond Capital Yield Fund Renaissance Corporate Bond Capital Yield Fund – Premium Class Renaissance High-Yield Bond Fund Renaissance Global Bond Fund BALANCED FUND Renaissance Canadian Balanced Fund Renaissance Optimal Income Portfolio Renaissance Optimal Income Portfolio – Select Class Renaissance Optimal Income Portfolio – Elite Class Renaissance Optimal Income Portfolio – Class T6 Renaissance Optimal Income Portfolio – Select-T6 Class Renaissance Optimal Income Portfolio – Elite-T6 Class Renaissance Optimal Income Portfolio – Class T8 Renaissance Optimal Income Portfolio – Select-T8 Class Renaissance Optimal Income Portfolio – Elite-T8 Class EQUITY INCOME FUNDS Renaissance Canadian Dividend Fund Renaissance Canadian Monthly Income Fund Renaissance Diversified Income Fund Renaissance Millennium High Income Fund CANADIAN EQUITY FUND Renaissance Canadian Core Value Fund Renaissance Canadian Growth Fund Renaissance Canadian All-Cap Equity Fund Renaissance Canadian Small-Cap Fund U.S. EQUITY FUND Renaissance U.S. Equity Value Fund Renaissance U.S. Equity Value Fund (US$) Renaissance U.S. Equity Growth Fund Renaissance U.S. Equity Growth Fund (US$) Renaissance U.S. Equity Growth Currency Neutral Fund Renaissance U.S. Equity Fund Renaissance U.S. Equity Fund (US$) GLOBAL EQUITY FUNDS Renaissance International Dividend Fund Renaissance International Equity Fund Renaissance International Equity Currency Neutral Fund

140 RENAISSANCE INVESTMENTS

ATL FUND CODES Back-End Load Low Load

Class F

ATL1025 ATL1200 ATL922 ATL974

ATL1125 n/a ATL643 ATL363

ATL2125 n/a ATL681 ATL762

n/a n/a n/a n/a

ATL1021 ATL1206 ATL1022 ATL1204 ATL251 ATL1002 ATL1202 ATL908 ATL1028

ATL1121 n/a ATL1122 n/a ATL291 ATL1102 n/a ATL823 ATL1872

ATL2121 n/a ATL2122 n/a ATL267 ATL2102 n/a ATL667 ATL2872

ATL1630 n/a ATL1631 n/a ATL010 ATL016 n/a ATL015 ATL1646

ATL508 ATL048 ATL2401 ATL2404 ATL053 ATL2407 ATL2410 ATL056 ATL2413 ATL2416

ATL507 ATL050 ATL2403 ATL2406 ATL055 ATL2409 ATL2412 ATL058 ATL2415 ATL2418

ATL517 ATL049 ATL2402 ATL2405 ATL054 ATL2408 ATL2411 ATL057 ATL2414 ATL2417

ATL019 ATL051 n/a n/a n/a n/a n/a n/a n/a n/a

ATL294 ATL910 ATL247 ATL1879

ATL211 ATL859 ATL271 ATL1880

ATL266 ATL668 ATL204 ATL2880

ATL014 ATL155 ATL017 ATL1650

ATL901 ATL902 ATL1023 ATL905

ATL853 ATL843 ATL1123 ATL852

ATL671 ATL669 ATL2123 ATL670

ATL020 ATL022 ATL068 ATL023

ATL502 ATL743 ATL913 ATL973 ATL1250 ATL911 ATL797

ATL501 ATL742 ATL833 ATL733 ATL1252 ATL855 ATL799

ATL515 ATL744 ATL661 ATL761 ATL1251 ATL662 ATL798

ATL024 ATL025 ATL026 ATL027 ATL1253 ATL028 ATL097

ATL914 ATL1868 ATL1240

ATL856 ATL1869 ATL1242

ATL677 ATL2869 ATL1241

ATL032 ATL1644 ATL1243

Renaissance Investments

Fund Essentials Front-End Load GLOBAL EQUITY FUNDS (continued) Renaissance Global Markets Fund Renaissance Optimal Global Equity Portfolio Renaissance Optimal Global Equity Portfolio – Select Class Renaissance Optimal Global Equity Portfolio – Elite Class Renaissance Optimal Global Equity Portfolio – Class T4 Renaissance Optimal Global Equity Portfolio – Select-T4 Class Renaissance Optimal Global Equity Portfolio – Elite-T4 Class Renaissance Optimal Global Equity Portfolio – Class T6 Renaissance Optimal Global Equity Portfolio – Select-T6 Class Renaissance Optimal Global Equity Portfolio – Elite-T6 Class Renaissance Optimal Global Equity Portfolio – Class T8 Renaissance Optimal Global Equity Portfolio – Select-T8 Class Renaissance Optimal Global Equity Portfolio – Elite-T8 Class Renaissance Optimal Global Equity Currency Neutral Portfolio Renaissance Optimal Global Equity Currency Neutral Portfolio – Select Class Renaissance Optimal Global Equity Currency Neutral Portfolio – Elite Class Renaissance Optimal Global Equity Currency Neutral Portfolio – Class T4 Renaissance Optimal Global Equity Currency Neutral Portfolio – Select-T4 Class Renaissance Optimal Global Equity Currency Neutral Portfolio – Elite-T4 Class Renaissance Optimal Global Equity Currency Neutral Portfolio – Class T6 Renaissance Optimal Global Equity Currency Neutral Portfolio – Select-T6 Class Renaissance Optimal Global Equity Currency Neutral Portfolio – Elite-T6 Class Renaissance Optimal Global Equity Currency Neutral Portfolio – Class T8 Renaissance Optimal Global Equity Currency Neutral Portfolio – Select-T8 Class Renaissance Optimal Global Equity Currency Neutral Portfolio – Elite-T8 Class Renaissance Global Value Fund Renaissance Global Growth Fund Renaissance Global Growth Currency Neutral Fund Renaissance Global Focus Fund Renaissance Global Focus Currency Neutral Fund Renaissance Global Small-Cap Fund Renaissance European Fund Renaissance Asian Fund Renaissance China Plus Fund Renaissance Emerging Markets Fund SPECIALTY FUNDS Renaissance Optimal Inflation Opportunities Portfolio Renaissance Optimal Inflation Opportunities Portfolio – Select Class Renaissance Optimal Inflation Opportunities Portfolio – Elite Class Renaissance Global Infrastructure Fund Renaissance Global Infrastructure Currency Neutral Fund Renaissance Global Real Estate Fund Renaissance Global Real Estate Currency Neutral Fund Renaissance Global Health Care Fund Renaissance Global Resource Fund Renaissance Global Science & Technology Fund Renaissance Global Science & Technology Fund (US$)

ATL FUND CODES Back-End Load Low Load

Class F

ATL1029 ATL1902 ATL2419 ATL2422 ATL2425 ATL2434 ATL2437 ATL2428 ATL2440 ATL2443 ATL2431 ATL2446 ATL2449 ATL1265 ATL1270 ATL1273 ATL1276 ATL1285 ATL1294 ATL1279 ATL1288 ATL1297 ATL1282 ATL1291 ATL1300 ATL1030 ATL504 ATL1235 ATL510 ATL1245 ATL1040 ATL917 ATL1512 ATL1050 ATL920

ATL1873 ATL1903 ATL2421 ATL2424 ATL2427 ATL2436 ATL2439 ATL2430 ATL2442 ATL2445 ATL2433 ATL2448 ATL2451 ATL1267 ATL1272 ATL1275 ATL1278 ATL1287 ATL1296 ATL1281 ATL1290 ATL1299 ATL1284 ATL1293 ATL1302 ATL1031 ATL503 ATL1237 ATL509 ATL1247 ATL1041 ATL163 ATL1519 ATL1051 ATL858

ATL2873 ATL2903 ATL2420 ATL2423 ATL2426 ATL2435 ATL2438 ATL2429 ATL2441 ATL2444 ATL2432 ATL2447 ATL2450 ATL1266 ATL1271 ATL1274 ATL1277 ATL1286 ATL1295 ATL1280 ATL1289 ATL1298 ATL1283 ATL1292 ATL1301 ATL2031 ATL516 ATL1236 ATL511 ATL1246 ATL2041 ATL673 ATL2519 ATL2051 ATL675

ATL1647 ATL1652 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a ATL1268 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a ATL1625 ATL034 ATL1238 ATL036 ATL1248 ATL1626 ATL030 ATL1639 ATL1627 ATL029

ATL2452 ATL2466 ATL2469 ATL059 ATL1230 ATL1255 ATL1260 ATL1161 ATL1860 ATL1027 ATL1227

ATL2454 ATL2468 ATL2471 ATL061 ATL1232 ATL1257 ATL1262 ATL1162 ATL1861 ATL1871 ATL1371

ATL2453 ATL2467 ATL2470 ATL060 ATL1231 ATL1256 ATL1261 ATL2162 ATL2861 ATL2871 ATL2371

ATL2455 n/a n/a ATL062 ATL1233 ATL1258 ATL1263 ATL1635 ATL1666 ATL1645 ATL1637

RENAISSANCE INVESTMENTS 141

Renaissance Investments

Fund Essentials MERs (%)

INVESTMENT MANAGERS

Class A

COMMISSIONS (%) Front- BackEnd End Low Load Load Load

FrontEnd Load

TRAILERS4 (%) Back-End Load Low Load 1-6 7+ 1-3 4+ years2 years2 years3 years3

Renaissance Money Market Fund

CIBC Global Asset Management Inc.

0.48

0-5

5.00

3.00

0.10

Renaissance Money Market Fund – Premium Class

CIBC Global Asset Management Inc.

0.37

0-5

n/a

0.15

n/a

Renaissance Canadian T-Bill Fund

CIBC Global Asset Management Inc.

0.43

0-5

5.00

3.00

0.10

Renaissance U.S. Money Market Fund (US$)

CIBC Global Asset Management Inc.

0.16

0-5

5.00

3.00

0.05

Renaissance Short-Term Income Fund

CIBC Global Asset Management Inc.

1.42

0-5

5.00

3.00

0.50

0.25

0.50

0.25

0.50

Renaissance Short-Term Income Fund – Premium Class

CIBC Global Asset Management Inc.

0.805

0-5

n/a

0.50

n/a

Renaissance Canadian Bond Fund

CIBC Global Asset Management Inc.

1.52

0-5

5.00

3.00

0.50

0.25

0.50

0.25

0.50

Renaissance Canadian Bond Fund – Premium Class

CIBC Global Asset Management Inc.

0.805

0-5

n/a

0.50

n/a

Renaissance Real Return Bond Fund

CIBC Global Asset Management Inc.

1.67

0-5

5.00

3.00

0.75

0.25

0.75

0.25

0.75

Renaissance Corporate Bond Capital Yield Fund

CIBC Global Asset Management Inc.

1.651

0-5

5.00

3.00

0.75

0.25

0.75

0.25

0.75

Renaissance Corporate Bond Capital Yield Fund – Premium Class

CIBC Global Asset Management Inc.

0.91

0-5

n/a

0.50

n/a

Renaissance High-Yield Bond Fund

CIBC Global Asset Management Inc.

1.98

0-5

5.00

3.00

0.75

0.25

0.75

0.25

0.75

Renaissance Global Bond Fund

Brandywine Global Investment Management, LLC

2.02

0-5

5.00

3.00

0.75

0.25

0.75

0.25

0.75

CIBC Global Asset Management Inc.

2.31

0-5

5.00

3.00

1.10

0.50

1.10

0.50

1.10

Renaissance Optimal Income Portfolio

1.89

0-5

5.00

3.00

1.00

0.50

1.00

0.35

1.00

Renaissance Optimal Income Portfolio – Select Class

1.65

0-5

4.00

2.00

1.00

0.50

1.00

0.35

1.00

1.31

0-5

3.00

1.00

0.75

0.25

0.75

0.25

0.75

1.92

0-5

5.00

3.00

1.00

0.50

1.00

0.35

1.00

1.63

0-5

4.00

2.00

1.00

0.50

1.00

0.35

1.00

Renaissance Optimal Income Portfolio – Elite-T6 Class

1.25

0-5

3.00

1.00

0.75

0.25

0.75

0.25

0.75

Renaissance Optimal Income Portfolio – Class T8

1.94

0-5

5.00

3.00

1.00

0.50

1.00

0.35

1.00

Renaissance Optimal Income Portfolio – Select-T8 Class

1.62

0-5

4.00

2.00

1.00

0.50

1.00

0.35

1.00

Renaissance Optimal Income Portfolio – Elite-T8 Class

n/a

0-5

3.00

1.00

0.75

0.25

0.75

0.25

0.75

MONEY MARKET FUNDS

FIXED INCOME FUNDS

BALANCED FUNDS Renaissance Canadian Balanced Fund

Renaissance Optimal Income Portfolio – Elite Class Renaissance Optimal Income Portfolio – Class T6 Renaissance Optimal Income Portfolio – Select-T6 Class

Brandywine Global Investment Management, LLC, CIBC Global Asset Management Inc., RARE Infrastructure Limited

EQUITY INCOME FUNDS Renaissance Canadian Dividend Fund

CIBC Global Asset Management Inc.

2.47

0-5

5.00

3.00

1.25

0.50

1.25

0.50

1.25

Renaissance Canadian Monthly Income Fund

CIBC Global Asset Management Inc.

1.92

0-5

5.00

3.00

0.75

0.25

0.75

0.25

0.75

Renaissance Diversified Income Fund

CIBC Global Asset Management Inc.

2.50

0-5

5.00

3.00

1.10

0.35

1.10

0.35

1.10

Renaissance Millennium High Income Fund

Morrison Williams Investment Management Ltd.

2.53

0-5

5.00

3.00

0.75

0.25

0.75

0.25

0.75

142 RENAISSANCE INVESTMENTS

Renaissance Investments

Fund Essentials MERs (%)

INVESTMENT MANAGERS

Class A

COMMISSIONS (%) Front- BackEnd End Low Load Load Load

FrontEnd Load

TRAILERS4 (%) Back-End Load Low Load 1-6 7+ 1-3 4+ years2 years2 years3 years3

CANADIAN EQUITY FUNDS Renaissance Canadian Core Value Fund

CIBC Global Asset Management Inc., Wintergreen Advisers, LLC

2.58

0-5

5.00

3.00

1.25

0.50

1.25

0.50

1.25

Renaissance Canadian Growth Fund

McLean Budden Limited

2.61

0-5

5.00

3.00

1.25

0.50

1.25

0.50

1.25

Renaissance Canadian All-Cap Equity Fund

CIBC Global Asset Management Inc.

n/a

0-5

5.00

3.00

1.25

0.50

1.25

0.50

1.25

Renaissance Canadian Small-Cap Fund

CIBC Global Asset Management Inc.

2.57

0-5

5.00

3.00

1.25

0.50

1.25

0.50

1.25

Renaissance U.S. Equity Value Fund

Metropolitan West Capital Management, LLC

2.73

0-5

5.00

3.00

1.25

0.50

1.25

0.50

1.25

Renaissance U.S. Equity Value Fund (US$)

Metropolitan West Capital Management, LLC

2.73

0-5

5.00

3.00

1.25

0.50

1.25

0.50

1.25

Renaissance U.S. Equity Growth Fund

Aletheia Research and Management, Inc.

2.74

0-5

5.00

3.00

1.25

0.50

1.25

0.50

1.25

Renaissance U.S. Equity Growth Fund (US$)

Aletheia Research and Management, Inc.

2.74

0-5

5.00

3.00

1.25

0.50

1.25

0.50

1.25

Renaissance U.S. Equity Growth Currency Neutral Fund

CIBC Global Asset Management Inc. (Aletheia Research and Management, Inc. is the investment manager of the underlying fund)

2.731

0-5

5.00

3.00

1.25

0.50

1.25

0.50

1.25

Renaissance U.S. Equity Fund

INTECH Investment Management LLC

1.93

0-5

5.00

3.00

0.75

0.25

0.75

0.25

0.75

Renaissance U.S. Equity Fund (US$)

INTECH Investment Management LLC

1.93

0-5

5.00

3.00

0.75

0.25

0.75

0.25

0.75

Renaissance International Dividend Fund

Kleinwort Benson Investors

2.36

0-5

5.00

3.00

0.75

0.25

0.75

0.25

0.75

Renaissance International Equity Fund

Walter Scott & Partners Limited

2.81

0-5

5.00

3.00

1.25

0.50

1.25

0.50

1.25

Renaissance International Equity Currency Neutral Fund

CIBC Global Asset Management Inc. (Walter Scott & Partners Limited is the investment manager of the underlying fund)

2.871

0-5

5.00

3.00

1.25

0.50

1.25

0.50

1.25

Renaissance Global Markets Fund

Wintergreen Advisers, LLC

2.74

0-5

5.00

3.00

1.25

0.50

1.25

0.50

1.25

Renaissance Optimal Global Equity Portfolio

2.73

0-5

5.00

3.00

1.25

0.50

1.25

0.50

1.25

Renaissance Optimal Global Equity Portfolio – Select Class

2.341

0-5

4.00

2.00

1.25

0.50

1.25

0.50

1.25

n/a

0-5

3.00

1.00

0.90

0.40

0.90

0.40

0.90

2.82

0-5

5.00

3.00

1.25

0.50

1.25

0.50

1.25

n/a

0-5

4.00

2.00

1.25

0.50

1.25

0.50

1.25

n/a

0-5

3.00

1.00

0.90

0.40

0.90

0.40

0.90

Renaissance Optimal Global Equity Portfolio – Class T6

n/a

0-5

5.00

3.00

1.25

0.50

1.25

0.50

1.25

Renaissance Optimal Global Equity Portfolio – Select-T6 Class

2.311

0-5

4.00

2.00

1.25

0.50

1.25

0.50

1.25

Renaissance Optimal Global Equity Portfolio – Elite-T6 Class

n/a

0-5

3.00

1.00

0.90

0.40

0.90

0.40

0.90

U.S. EQUITY FUNDS

GLOBAL EQUITY FUNDS

Renaissance Optimal Global Equity Portfolio – Elite Class Renaissance Optimal Global Equity Portfolio – Class T4 Renaissance Optimal Global Equity Portfolio – Select-T4 Class Renaissance Optimal Global Equity Portfolio – Elite-T4 Class

Aletheia Research and Management, Inc., NWQ Investment Management Company, LLC, RARE Infrastructure Limited, Wellington Management Company, Wintergreen Advisers, LLC

RENAISSANCE INVESTMENTS 143

Renaissance Investments

Fund Essentials MERs (%) Class A

COMMISSIONS (%) Front- BackEnd End Low Load Load Load

FrontEnd Load

TRAILERS4 (%) Back-End Load Low Load 1-6 7+ 1-3 4+ years2 years2 years3 years3

Renaissance Optimal Global Equity Portfolio – Class T8

2.521

0-5

5.00

3.00

1.25

0.50

1.25

0.50

1.25

Renaissance Optimal Global Equity Portfolio – Select-T8 Class

n/a

0-5

4.00

2.00

1.25

0.50

1.25

0.50

1.25

Renaissance Optimal Global Equity Portfolio – Elite-T8 Class

n/a

0-5

3.00

1.00

0.90

0.40

0.90

0.40

0.90

Renaissance Optimal Global Equity Currency Neutral Portfolio

2.85

0-5

5.00

3.00

1.25

0.50

1.25

0.50

1.25

Renaissance Optimal Global Equity Currency Neutral Portfolio – Select Class

n/a

0-5

4.00

2.00

1.25

0.50

1.25

0.50

1.25

Renaissance Optimal Global Equity Currency Neutral Portfolio – Elite Class

n/a

0-5

3.00

1.00

0.90

0.40

0.90

0.40

0.90

Renaissance Optimal Global Equity Currency Neutral Portfolio – Class T4

n/a

0-5

5.00

3.00

1.25

0.50

1.25

0.50

1.25

n/a

0-5

4.00

2.00

1.25

0.50

1.25

0.50

1.25

n/a

0-5

3.00

1.00

0.90

0.40

0.90

0.40

0.90

2.841

0-5

5.00

3.00

1.25

0.50

1.25

0.50

1.25

n/a

0-5

4.00

2.00

1.25

0.50

1.25

0.50

1.25

Renaissance Optimal Global Equity Currency Neutral Portfolio – Elite-T6 Class

2.041

0-5

3.00

1.00

0.90

0.40

0.90

0.40

0.90

Renaissance Optimal Global Equity Currency Neutral Portfolio – Class T8

n/a

0-5

5.00

3.00

1.25

0.50

1.25

0.50

1.25

Renaissance Optimal Global Equity Currency Neutral Portfolio – Select-T8 Class

n/a

0-5

4.00

2.00

1.25

0.50

1.25

0.50

1.25

Renaissance Optimal Global Equity Currency Neutral Portfolio – Elite-T8 Class

n/a

0-5

3.00

1.00

0.90

0.40

0.90

0.40

0.90

0-5

5.00

3.00

1.25

0.50

1.25

0.50

1.25

0-5

5.00

3.00

1.25

0.50

1.25

0.50

1.25

0-5

5.00

3.00

1.25

0.50

1.25

0.50

1.25

INVESTMENT MANAGERS

GLOBAL EQUITY FUNDS (continued)

Renaissance Optimal Global Equity Currency Neutral Portfolio – Select-T4 Class Renaissance Optimal Global Equity Currency Neutral Portfolio – Elite-T4 Class Renaissance Optimal Global Equity Currency Neutral Portfolio – Class T6 Renaissance Optimal Global Equity Currency Neutral Portfolio – Select-T6 Class

CIBC Global Asset Management Inc. (Aletheia Research and Management, Inc., NWQ Investment Management Company, LLC, RARE Infrastructure Limited, Wellington Management Company, Wintergreen Advisers, LLC are the investment managers of the underlying funds)

Renaissance Global Value Fund

NWQ Investment Management Company, LLC

2.80

Renaissance Global Growth Fund

Walter Scott & Partners Limited

2.82

Renaissance Global Growth Currency Neutral Fund

CIBC Global Asset Management Inc. (Walter Scott & Partners Limited is the investment manager of the underlying fund)

2.88

Renaissance Global Focus Fund

Aletheia Research and Management, Inc.

2.88

0-5

5.00

3.00

1.25

0.50

1.25

0.50

1.25

Renaissance Global Focus Currency Neutral Fund

CIBC Global Asset Management Inc. (Aletheia Research and Management, Inc. is the investment manager of the underlying fund)

2.871

0-5

5.00

3.00

1.25

0.50

1.25

0.50

1.25

Renaissance Global Small-Cap Fund

Wellington Management Company, LLP

3.02

0-5

5.00

3.00

1.25

0.50

1.25

0.50

1.25

144 RENAISSANCE INVESTMENTS

Renaissance Investments

Fund Essentials MERs (%)

INVESTMENT MANAGERS

Class A

COMMISSIONS (%) Front- BackEnd End Low Load Load Load

FrontEnd Load

TRAILERS4 (%) Back-End Load Low Load 1-6 7+ 1-3 4+ years2 years2 years3 years3

Renaissance European Fund

CIBC Global Asset Management Inc.

2.80

0-5

5.00

3.00

1.25

0.50

1.25

0.50

1.25

Renaissance Asian Fund

Hamon Investment Management Limited

3.35

0-5

5.00

3.00

1.25

0.50

1.25

0.50

1.25

Renaissance China Plus Fund

Hamon Investment Management Limited

3.29

0-5

5.00

3.00

1.25

0.50

1.25

0.50

1.25

Renaissance Emerging Markets Fund

Pictet Asset Management Limited

3.05

0-5

5.00

3.00

1.25

0.50

1.25

0.50

1.25

Renaissance Optimal Inflation Opportunities Portfolio

CIBC Global Asset Management Inc.

n/a6

0-5

5.00

3.00

1.25

0.50

1.25

0.50

1.25

Renaissance Optimal Inflation Opportunities Portfolio – Select Class

CIBC Global Asset Management Inc.

n/a6

0-5

4.00

2.00

1.25

0.50

1.25

0.50

1.25

Renaissance Optimal Inflation Opportunities Portfolio – Elite Class

CIBC Global Asset Management Inc.

n/a6

0-5

3.00

1.00

0.90

0.40

0.90

0.40

0.90

Renaissance Global Infrastructure Fund

RARE Infrastructure Limited

2.63

0-5

5.00

3.00

1.25

0.50

1.25

0.50

1.25

Renaissance Global Infrastructure Currency Neutral Fund

CIBC Global Asset Management Inc. (RARE Infrastructure Limited is the investment manager of the underlying fund)

2.60

0-5

5.00

3.00

1.25

0.50

1.25

0.50

1.25

Renaissance Global Real Estate Fund

Cohen & Steers, Inc.

2.701

0-5

5.00

3.00

1.25

0.50

1.25

0.50

1.25

Renaissance Global Real Estate Currency Neutral Fund

CIBC Global Asset Management Inc. (Cohen & Steers, Inc. is the investment manager of the underlying fund)

2.70

0-5

5.00

3.00

1.25

0.50

1.25

0.50

1.25

Renaissance Global Health Care Fund

Wellington Management Company, LLP

3.29

0-5

5.00

3.00

1.00

0.50

1.00

0.50

1.00

Renaissance Global Resource Fund

Front Street Investment Management Inc.

3.34

0-5

5.00

3.00

1.25

0.50

1.25

0.50

1.25

Renaissance Global Science & Technology Fund

CIBC Global Asset Management Inc.

3.00

0-5

5.00

3.00

1.25

0.50

1.25

0.50

1.25

Renaissance Global Science & Technology Fund (US$)

CIBC Global Asset Management Inc.

3.00

0-5

5.00

3.00

1.25

0.50

1.25

0.50

1.25

GLOBAL EQUITY FUNDS (continued)

SPECIALTY FUNDS

All MERs as at August 31, 2011. 1 Annualized MER for the period ending August 31, 2011 (as disclosed in each fund’s annual management report of fund performance). Renaissance Investments may have waived fees or absorbed expenses otherwise payable by a fund or portfolio, with the exception of any taxes or new fees introduced by regulators or governments. At the discretion of Renaissance Investments, this practice may continue indefinitely and can be terminated at any time. 2 All units held under the back-end load option on November 1, 2010 will maintain the trailing commission structure that was in place prior to November 1, 2010. Purchases of units under the back-end load option made after November 1, 2010 will be subject to the trailing commission structure detailed above. 3 All units held under the low load option on December 1, 2009 will maintain the trailing commission structure that was in place prior to December 1, 2009. Purchases of units under the low load option made after December 1, 2009 will be subject to the trailing commission structure detailed above. 4 Trailer fees may change at any time without prior notice. 5 Target MER. While Renaissance Investments intends to meet the stated target MER and will waive management fees or absorb certain expenses to do so, we may discontinue this practice at any time. 6 Fund/Class launched September 26, 2011. Select and Elite Class: There will be no automatic transfer into the Select Class (including Select-T6 Class or Select-T8 Class within the Renaissance Optimal Income Portfolio or Select-T4 Class, Select-T6 or Select-T8 Class within the Renaissance Optimal Global Equity Portfolio) or Elite Class (including Elite-T6 Class or Elite-T8 Class within the Renaissance Optimal Income Portfolio or Elite-T4 Class, Elite-T6 or Select-T8 Class within the Renaissance Optimal Global Equity Portfolio) from other Renaissance classes when the minimum investment of the Select classes or Elite classes has been reached. Conversions and switches into the Select classes or Elite classes will be subject to the minimum investment requirements governing each class. As a result, an investor must hold a minimum investment of $250,000 to convert or switch into the Select classes, and $500,000 to convert or switch into the Elite classes. Note: See the Renaissance Investments family of funds Simplified Prospectus for the tax treatment of conversions and switches.

RENAISSANCE INVESTMENTS 145

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146 RENAISSANCE INVESTMENTS

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RENAISSANCE INVESTMENTS 147

live better

small investment

BIG RETURNS

EVEN MINOR CHANGES CAN MAKE A MAJOR DIFFERENCE IN YOUR OFFICE

We spend more waking hours in the office than any other environment, but we devote surprisingly little time to planning and organizing our professional space. While markets may be volatile, your office can always be an oasis of cool professionalism. Boost morale and increase client confidence with a few subtle changes that can turn your office from bland to memorable.

148 RENAISSANCE INVESTMENTS

Small Investment, Big Returns.

The lexicon of calm

Embrace the calm of

feng shui You can create a pleasant, stimulating office environment for both clients and staff without investing in a complete redecoration. Even the most professional-looking office space can use a tweak in the right direction: would that conference table get better light if it were closer to the window? Does my desk light glare in visitors’ eyes? Consider a minor rearrangement of existing objects and furniture to bring out the maximum level of comfort and visual impact. If you need some help, consider applying the principles of feng shui.

It may sound new age, but feng shui’s roots go back thousands of years. Many of its tenets are in-line with modern design principles, with a focus on the way people interact with their environment. At its core, feng shui is the practice of thoughtful placement. Where you place your furniture, your art – as well as your clients – in your office matters more than you realize.

Feng shui has a rich history ...and a dense vocabulary. Here’s a crash course on the main principles so you can sound like a master.

Feng shui Means wind and water, the two elements that flow everywhere on the planet.

Yin Is the term used for passive energy in a room. Sources of yin energy can be warm-coloured office walls.

Yang Yang energy is opposed to yin and essential to feng shui. Yang is the active energy in a room. Art with bold, vibrant colours is a classic example of yang energy.

Qi Is the balance of yin and yang energies in any given space. The goal of feng shui is to find the right balance. Think about the impression you want to make on visitors to your office. An office quietly dominated by passive colours and objects (Yin) can have the calming quality that you may be seeking. While active sources of energy (Yang) enliven the mind, passive sources of energy can sway conversations in an honest and open direction, which is essential to successful client meetings.

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Change the ambience with light 2

Have you ever noticed how a sunny day can instantly lift your mood? Experiments have shown that lighting can have an impact on both mood and cognitive performance. So rethink those overhead fluorescents and consider adding some warmth and ambience with alternative light sources. Light-emitting diodes (LEDs) are the future of lighting. Both long lasting and energy efficient, LEDs are opening up a whole new world of innovative lighting options. LEDs can simulate many kinds of outdoor lighting conditions, including sunlight, and can be adjusted to change from a bright white light to a mellow yellow reminiscent of those beloved but inefficient incandescent light bulbs. What if you could improve your clients’ moods with something as simple as stepping into a warmly lit office on a dark rainy day?

THE ART... OF ART Painting courtesy of Rita Vindedzis. ritavindedzis.com

The art you hang on your walls says a lot about you and the kind of business you run. Hanging paintings that scream “money” and “investing” – like Gordon Gekko would have in his office – might not convey the message you want to deliver, especially in today’s economy. Similarly, something that could be found in a motel hallway probably isn’t right either. Try contemporary paintings, both of nature and abstract. If you’re short on ideas, contact your local art galleries. Some galleries rent paintings, so if you get tired of your choice, just trade in for something better. And, if you want to use your art as a conversation starter, hang something by a local artist. That way if your clients like the painting, you can recommend the artist.

KEEP 4 TIME BY YOUR SIDE

No one wants to rudely check their watch or phone during a meeting, but not knowing the time can put some people on edge. Put the issue to rest by placing a clock in plain sight of every seat in your office. The right clock can add warmth and style to your office, while eliminating a potential conversation-killer (‘Sorry, but do you have the time?’), keeping your meetings both on topic and on schedule.

Turn your office into a living room Sitting across an office desk can be intimidating and is often not the best setting for the sharing of information. In fact, a living room can be more conducive to wealth planning than an office. Swap the impersonal desk for a casual conference or coffee table, add some comfortable chairs and offer a truly stress-free experience for your clients.

Discussions centred on topics like estate planning can be emotional and difficult; put everyone at ease by designing your office for conversations. This means setting up an environment that allows people to forget they are in an office. It’s simple: more comfort equals less stress.

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brain calisthenics Word scramble – Unscramble the following letters to spell words from the Invest Well article on pages 10-11:

Sudoku – Complete the Sudoku puzzle so that each and every row, column and 3x3 box contains the numbers one through nine only once.

1. dpeosti

2. upoexers

3. ilydiqiut

4. sbtdginiitru

3 6

6 1

1 1

5. nidlgohs

6. dicrte

7. iontscnasvore

8. miaomrooeccnc

9. oballg

10. eesgtrtsai

4 8

Source: 4puz.com

Spot the difference – Can you spot the five differences between the pictures below?

Check your answers at www.renaissanceinvestments.ca/magazine/answers/

RENAISSANCE INVESTMENTS 151

To learn more about how Renaissance Investments can help you and your clients invest well and live better, visit www.renaissanceinvestments.ca or call 1-888-888-FUND (3863).

FOR DEALER USE ONLY Renaissance Investments and the Axiom Portfolios are offered by CIBC Asset Management Inc. This material was prepared for investment professionals only and is not for public distribution. It is for informational purposes only and is not intended to convey investment, legal or tax advice. The material and/or its contents may not be reproduced or distributed without the express written consent of CIBC Asset Management Inc. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. The indicated rates of return are the historical annual compounded total returns for the class A units unless otherwise noted, including changes in unit value and reinvestment of all distributions, but do not take into account sales, redemption, distribution or optional charges or income taxes payable by any unitholder that would have reduced returns. For money market funds, the performance data provided assumes reinvestment of distributions only but does not take into account sales, redemption, distribution or optional charges or income taxes payable by any unitholder that would have reduced returns. Mutual fund securities are not covered by the Canada Deposit Insurance Corporation or by any other government deposit insurer, nor are they guaranteed. There can be no assurance that a money market fund will be able to maintain its net asset value per unit at a constant amount or that the full amount of your investment will be returned to you. The values of many mutual funds change frequently. Past performance may not be repeated. †Current yield is an annualized historical yield based on the seven-day period ended on March 31, 2012 and does not represent an actual one-year return. ™ Axiom, Axiom Portfolios, Renaissance Investments and “invest well. live better.” are registered trademarks of CIBC Asset Management Inc.

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Go to www.renaissanceinvestments.ca/oiop This material was prepared for investment professionals only and is not for public distribution. It is for informational purposes only and is not intended to convey investment, legal, or tax advice. Renaissance Investments is offered by CIBC Asset Management Inc. TMRenaissance Investments and “invest well. live better.” are registered trademarks of CIBC Asset Management Inc. 02001E(201204)