CPBI Pension Investment Forecast 2011

7. US Asset Back Securities – Auto US Asset Back Securities – Credit Card US Leverage Loans US Commercial Mortgage Back Securities Annualized Cdn Bond Correlation Return Volatility Information Ratio Index Source: 1- Government of Canada > 1 yr 2- BarCap Canadian Issue > 300 m Corporate Total Return Index 3- JP Morgan US Aggregate Bond Index Total Return Unhedged USD 4- BarCap ABS Auto Total Return Index Value Unhedged USD 5- BarCap Global Agg Credit Card Total Return Index Value Unhedged USD Period: January 1, 2007 to December 31, 2010 Fixed Income risk categories within the asset class in North America 1.2 0.1 1.4 0.1 100% 80.6% 17.0% 73.9% 4 3 1 2 4.5% 25.3% 4.7% 25.3% 5.2% 3.5% Cdn Government Bonds 0.9 (5.2)% 7 5.2% 4.9% 6.6% 3.5% Canadian Credit 1.1 29.9% 6.8% 7.3% US Credit 0.5 11.8% 13.4% 7.3% 6 5 6- BarCap Global Agg US CMBS Total Return Index Value Unhedged USD 7- Market iBoxx USD Leveraged Loans TRI Basis Fixed Fixed Floating Fixed Floating Fixed/Floating Floating Calculations: Marquest Asset Management Inc.

9. Carnegie Asset Management Bo Knudsen Carnegie Asset Management

11. Large cap quality – stable growth Carnegie Asset Management

12. The big consumption shift in China Carnegie Asset Management

13. HDFC stock-pick

14. Stay focused! Carnegie Asset Management

16. 2011 Pension Investment Forecast Julian Mayo Co-CIO Charlemagne Capital (UK) Ltd 18th January 2011 Canadian Pension and Benefits Institute A Case for Emerging Markets

17. A Case for Emerging Markets Emerging economies as % of total world, 2008-2010 * GDP on PPP basis Source: Merrill Lynch calculations, BP, Goldman Sachs, CIA World Factbook, IMF World Economic Outlook, MSCI, Nov 2010 Emerging markets increasingly dominate 80% of population 73% of foreign exchange reserves 50% of GDP* but only 13% of market capitalisation

18. A Case for Emerging Markets Strong personal balance sheets Personal debt Source: CLSA, August 2010

19. A Case for Emerging Markets Figures are for Brazil, Russia, China, India, Korea and Taiwan Source: UBS, April 2010 Strong finances Fiscal balances as % of GDP Low deficits – can afford to reflate

20. A Case for Emerging Markets Trade between Emerging Markets: e.g. Korea Source: Nomura, CLSA, Oct 2010 Intra-GEM trade increasing

21. A Case for Emerging Markets Consumer story at infant stage Source: IMF, The Economist Intelligence Unit, June 2010 Move from exports to consumption

22. A Case for Emerging Markets Copper consumption per capita Source: ICSG, World Bank, Macquarie Research, April 2010 Kilograms per person Commodity story – years to run

23. Disclaimer Charlemagne Capital (UK) Limited advises funds which are Collective Investment Schemes recognised by the Financial Services Authority (“FSA”) under section 264 of the Financial Services and Markets Act 2000 for marketing to persons in the UK. In relation to such funds this document must not be relied on for the purposes of any investment decisions. Before investing in any fund(s) we recommend that recipients who are not professional investors contact their independent financial adviser and should read all documents relating to the particular fund(s) such as any report and accounts and prospectus, which specifies the particular risks associated with the fund, together with any specific restrictions applying and the basis of dealing. The value of any investments and any income generated may go down as well as up and is not guaranteed. Past performance will not necessarily be repeated. Changes in rates of exchange may have an adverse effect on the value, price or income of an investment. There are additional risks associated with investments (made directly or through investment vehicles which invest) in emerging or developing markets. The information in this document does not constitute investment, tax, legal or other advice and is not a recommendation or, an offer to sell nor a solicitation of an offer to buy shares in the fund(s) which may only be made on the basis of the fund’s prospectus/offering memorandum. Charlemagne Capital (UK) Limited reasonably believe that the information contained herein is accurate as at the date of publication but no warranty or guarantee (express or implied) is given as to accuracy or completeness. The information and any opinions expressed herein may change at any time. Charlemagne Capital (UK) Limited also advises “Unregulated Collective Investment Schemes” (“UCIS”), the promotion of which within the UK or from the UK is severely restricted by statute. Such funds are only made available to Intermediate Customers and Market Counterparties as defined by the FSA and to persons falling within the Financial Services and Markets Act 2000 (Promotion of Collective Investment Schemes) (Exemptions) Order 2001. This document is aimed only at persons with professional experience of participating in unregulated schemes and any other person who receives this document should not rely upon it. This document and shares in the fund(s) shall not be distributed, offered or sold in any jurisdiction in which such distribution, offer or sale would be unlawful and until the requirements of such jurisdiction have been satisfied. The purchase of shares in the fund(s) constitutes a high risk investment and investors may lose a substantial portion or even all of the money they invest in the fund(s). Issued by Charlemagne Capital (UK) Limited - Authorised and Regulated by the FSA. Charlemagne Capital (UK) Limited 39 St. James‘s Street London SW1A 1JD United Kingdom Tel: + 44 (0)20 7518 2100 Fax: + 44 (0)20 7518 2199 www.charlemagnecapital.com [email_address]

25. CPBI Forecasting Conference Confessions of an Optimist T. Scott Nisbet

29. Understanding the Credit Crunch © Contour by Gettyimages.com. The Wire : Anglosaxon capitalism and society are broken

30. Shameful Bull market excess at Baillie Gifford © Fotosearch

32. The Amazing Acceleration in GDP Growth