The market for financial advisors is extremely competitive and is increasingly characterized by frequent movement by  financial advisors among different firms. Individual financial advisors of AWM have regular direct contact with clients,  which can lead to a strong and personal client relationship based on the client’s trust in the individual fi nancial advisor.  The loss of a significant number of financial advisors could lead to the loss of client accounts which could have a material  adverse effect on the results of operations and prospects of AWM, and, in turn, CI. Although AWM uses or has used a  combination of competitive compensation structures and equity with vesting provisions as a means of seeking to retain  financial advisors, there can be no assurance that financial advisors will remain with AWM. The success of CI is also dependent upon, among other things, the skills and expertise of its human resources including  the management and investment personnel and its personnel with skills related to, among other things, marketing, risk  management, credit, information technology, accounting, administrative operations and legal affairs. These individuals  play an important role in developing, implementing, operating, managing and distributing CI’s products and services.  Accordingly, the recruitment of competent personnel, continuous training and transfer of knowledge are key activities  that are essential to CI’s performance. In addition, the growth in total assets under management in the industry and the  reliance on investment performance to sell financial products have increased the demand for experienced and high- performing portfolio managers. Compensation packages for these managers may increase at a rate well in excess of  infl ation and well above the rates of increase observed in other industries and the rest of the labour market. CI believes  that it has the resources necessary for the operation of CI’s business. The loss of these individuals or an inability to attract,  retain and motivate a sufficient number of qualified personnel could adversely affect CI’s business. The following tables provide unaudited consolidated financial information for CI, CI Investments and non-guarantor  subsidiaries for the periods identified below, presented with a separate column for: (i) CI; (ii) CI Investments, (iii) the non- guarantor subsidiaries of CI on a combined basis [the “Other Subsidiaries”); (iv) consolidating adjustments; and (v) the total  consolidated amounts. INFORMATION REGARDING GUARANTORS COMMITMENT OF FINANCIAL ADVISORS AND OTHER KEY PERSONNEL  CONSOLIDATED STATEMENTS OF OPERATIONS FOR THE YEARS ENDED DECEMBER 31* (unaudited) *Some comparative fi gures have been reclassed to conform to the presentation in the current year. 43 Total Other Consolidating Consolidated CI Financial  CI Investments  Subsidiaries  Adjustments  Amounts (in millions of dollars) 2012 2011 2012 2011 2012 2011 2012 2011 2012 2011 Revenue  225.3  669.8 1,289.5  1,358.4 389.0  395.7  (446.1)   (927.6) 1,457.7  1,496.3 Net income  211.0  654.4 312.8  380.0 39.3  37.1 (210.9)  (694.6)  352.2  376.9