Clearly, the divisions in our industry are growing ever larger as sales are increasingly concentrated with a smaller number  of fi rms. CI has anticipated this and other trends highlighted by the Investor Economics report for over a decade and our  strategic direction has ensured that CI remains an industry leader. As we described in this letter, we continue to build on  our competitive advantages, which include: Our exceptional sales and asset growth in 2012 and the first three months of 2013 is a testament to the validity of our  long-term strategy and the strength of our position within the industry. CI has never been better equipped to compete.  We are operating at a high level across all aspects of our business and providing incredible value to our clients. CI remains  Canada’s premier independent wealth management company, and we see many opportunities for continued growth at  your company. In closing, we thank our employees and portfolio managers for their dedication, and our fund investors, advisors and our  shareholders for their support. Sincerely,  An exceptional portfolio management lineup  Outstanding fund performance  Economies of scale $_{ }$ Financial strength  Extensive and experienced sales and marketing operations  Strong and diverse distribution relationships  Increasing brand awareness  An entrepreneurial corporate culture. William T. Holland  Chairman  Stephen A. MacPhail President and Chief Executive Offi cer  MARCH 31, 2013 14