Quarterly Investment Review for the quarter ending March 31, 2013

Copyright 2013 United Financial, a division of CI Private Counsel LP

Source: United Financial

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Source: United Financial

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Source: United Financial

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Timeline of Events: Q1 2013

S&P500 closes at all-time high

US consumer confidence dips to lowest since November ‘11

US “Fiscal Cliff” averted

Cyprus bailout uncertainty renews EU fears

Italian election stalemate renews EU fears

Market data source: Standard & Poors

Despite ongoing uncertainties globally, Q1’13 was generally positive.

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1st Quarter 2013 Returns

UK Ireland 8.6% 14.4% Germany France 2.6% 3.1% Italy Greece Spain (7.4%) 17.1% (3.9%)

Canada 2.4% US 10.1%

Egypt (5.1%)

Mexico 0.6%

Russia (1.84%)

India (3.5%)

South Korea (0.3%) China Japan (4.4%) 20.4% Hong Kong 3.3% Philippines 17.2% Indonesia 14.1%

Peru (2.7%)

Brazil (2.8%) Australia 7.3% South Africa (2.4%)

THE WORLD 9.2%

New Zealand 6.3%

Source: MSCI (local currencies)

Market performance was mixed globally in the first quarter of 2013. Still, on average the world gained 9.2% in local currency terms.

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What to Buy: A House or Gold?

Thanks to the specter of rampant inflation and persistent fears of global calamity, gold bugs have pushed prices to record highs.

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US Dividends Hit New Highs

US companies have continued their trend of either offering dividends for the first time or raising dividends to attract and retain investors.

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Dividends Enhancing US Returns

Highlighted names were held in United Financial’s US large-cap equity pools in 1Q’13

Source: FactSet Fundamentals

US companies have continued their trend of either offering dividends for the first time or raising dividends to attract and retain investors.

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US Inflation: Not Happening

30-Yr Fixed Mortgage Rate (October 1981): 18.45%*

30-Yr Fixed Mortgage Rate (March 2013): 3.57%*

*Freddie Mac

St. Louis Federal Reserve

Despite the massive pumping of liquidity in the US since the Credit Crisis, fears of rampant inflation remain unsubstantiated.

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Canada’s Confusing Economy

Statistics Canada

Those watching Canada’s economy in 1Q’13 had reasons to celebrate (income, employment) and cause for concern (housing, manufacturing).

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Canada’s Ongoing Debt Problem

Statistics Canada

Canadian household debt to disposable income has hit a record high of 167%, while debt to GDP is approaching 95%.

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Strong Canadian Pool Returns

UF Canadian Equity Growth Pool S&P/TSX Composite

1Q'13 15.47% 3.40%

1-Yr 31.50% 6.10%

3-Yr 15.90% 4.90%

5-Yr 7.20% 2.10%

10-Yr Since Inception* 12.80% 7.30% 10.00% 4.84% *May 1, 2000

Active management means not looking like an index.

United Financial, CI Investment Consulting. All returns indicated herein are gross of fees and expenses.

United Canadian Equity Growth Pool has performed well by being different from its benchmark. Active stock selection makes the difference.

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Strong Canadian Pool Returns

UF Canadian Equity Alpha Pool S&P/TSX Composite

1Q'13 10.30% 3.40%

1-Yr 17.90% 6.10%

3-Yr Since Inception* 11.60% 9.30% 4.90% 1.40% *Aug. 31, 2008

Active management means not looking like an index.

United Financial, CI Investment Consulting. All returns indicated herein are gross of fees and expenses.

United Canadian Equity Alpha Pool has performed well by being different from its benchmark. Active stock selection makes the difference.

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Russians Bail Out Cyprus

• €10 billion in bailout money • Uninsured Laiki accounts frozen GOOD

BAD

Laiki

Bank of Cyprus Insured accounts (