GLOBAL INVESTING

Name

TitleCompany

DATE

IS IT TIME TO RELOCATE SOME OF YOUR PORTFOLIO?

AGENDA

HAVING A GLOBAL PERSPECTIVE

THE BACKYARD BIAS

2.

3.

1.

GLOBAL GROWTH OPPORTUNITIES

THE BACKYARD BIAS

CANADIANS HAVE A BACKYARD BIAS

CANADIANS HAVE THE MAJORITY OF THEIR ASSETS INVESTED IN CANADA

Source: IFIC mutual fund assets, as of June 30, 2011. Includes Equity, Balanced and Fixed Income Mutual Fund Assets.

OutsideCanada

38%

OutsideCanada

38% Canada62%

Canada62%

0

20

40

60

80

100

120

140

160

180

200

Jan-00

Oct-00

Jul-01

Apr-02

Jan-03

Oct-03

Jul-04

Apr-05

Jan-06

Oct-06

Jul-07

Apr-08

Jan-09

Oct-09

Jul-10

Apr-11

YOU CAN’T BLAME THEM

World

Canada

CANADA HAS OUTPERFORMED THE WORLD MARKET OVER THE PAST 10 YEARS

Source: Morningstar, Canada as represented by the S&P/TSX Total Return Index, World as represented by MSCI World Index in Canadian Dollars. January 3rd, 200 to December 1, 2011. The chart above is for illustrative purposes only.

CANADA’S STRONG PERFORMANCE

CONCENTRATION IN 3 SECTORS HAS HELPED PERFORMANCE OVER THE PAST 10 YEARS

-20% -10% 0% 10% 20% 30% 40%

Energy

Materials

Financials

Industrials

Consumer Discretionary

Consumer Staples

Health Care

Information Technology

Telecom. Services

Utilities

3 SECTORS: • 78% of Canadian

market

Source: Morningstar, as of November 30th, 2011.

Source: Yahoo Finance. Bank of CanadaDecember 31, 2001 to December 23, 2011

0

0.2

0.4

0.6

0.8

1

1.2

12/31/2001 12/12/2002 11/27/2003 11/10/2004 10/26/2005 10/31/2006 10/26/2007 10/10/2008 9/25/2009 9/10/2010 8/25/2011

0

2000

4000

6000

8000

10000

12000

14000

16000

Canadian Dollar

S&P/TSX

CANADA’S STRONG PERFORMANCE

RISE IN DOLLAR HAS MIRRORED RISE IN MARKET

PEFORMANCE FACTORS CHANGE

Source: Morningstar, as of November 23rd, 2011.

CANADIAN CONCENTRATION IN 3 SECTORS HAS HURT PERFORMANCE.

-60% -40% -20% 0% 20% 40%

Energy

Materials

Financials

Industrials

Consumer Discretionary

Consumer Staples

Health Care

Information Technology

Telecom. Services

Utilities

-60% -40% -20% 0% 20% 40%

4 SECTORS: • 9% of Canadian

market• 43% of U.S.

market• Positive

performance YTD

YTD: -6.9% YTD: +1%

3 SECTORS: • 78% of Canadian

market • Negative

performance YTD

Sector Weight Sector Performance

0.0

0.2

0.4

0.6

0.8

1.0

1.2

Jan-10

Feb-10

Mar-10

Apr-10

May-10

Jun-10

Jul-10

Sep-10

Oct-10

Nov-10

Dec-10

Jan-11

Feb-11

Mar-11

May-11

Jun-11

Jul-11

Aug-11

Sep-11

Oct-11

Nov-11

PEFORMANCE FACTORS CHANGE

Source: Bank of Canada as of January 4th, 2010 to December 1st, 2011.

CANADIAN DOLLAR HAS STABILIZED

-20%

-15%

-10%

-5%

0%

5%

10%

15%

1974 1976 1978 1980 1982 1984 1986 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010

LONG TERM TREND

CANADA OUTPERFORMS

WORLD OUTPERFORMS

HISTORICALLY CANADIAN OUTPEFORMANCE LED TO LONGER LARGER GLOBAL OUTPERFORMANCE

Difference between S&P/TSX Total Return Index and MSCI World Index ($Cdn) rolling 5 year periods, as of November 30, 2011Source: Morningstar, S&P/TSX Total Return Index and MSCI World Index ($Cdn). The S&P / TSX Total Return Index and MSCI World Index is unmanaged and unavailable for direct investment. Assumes reinvestment of capital gains and dividends and no taxes. Index past performance is not indicative of future results. For illustrative purposes only.

HAVING A GLOBAL PERSPECTIVE

TALE OF TWO WORLDS

WORLD BASED ON GEOGRAPHIC SIZE

WORLD BASED ON ECONOMIC SIZE

Source: As of 2008, CIA Factbook for GDP data. Economic size based on GDP Growth Rate. Natural Earth website for shapefiles of the world.

CANADA’S SMALL GLOBAL FOOTPRINT

CANADA2%

CANADA2%

SMALL PERCENTAGE OF THE WORLDS LARGEST AND MOST RECOGNIZABLE COMPANIES BASED ON THE FORTUNE GLOBAL 500 LIST ARE IN CANADA

Source: Fortune Global 500, 2011.

REST OF THE WORLD

REST OF THE WORLD

6 LARGEST COMPANIES IN THE WORLD ARE LARGER THAN THE ENTIRE CANADIAN MARKET

SMALL GLOBAL FOOTPRINT

MARKET CAPITALIZATION IN 000’S

Source: Morningstar, Financial Times Global 500.Canada’s market cap as of Nov 30, 2011. Companies market caps are as of Oct 31, 2011.

$0

$200,000

$400,000

$600,000

$800,000

$1,000,000

$1,200,000

$1,400,000

$1,600,000

$1,800,000

6 Largest Companies Canada

GLOBAL GROWTH OPPORTUNITIES

IMPORTANCE OF GLOBAL DIVERSIFICATION

THE BEST PERFORMING COUNTRIES CHANGE FROM YEAR TO YEAR2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

Source: Paltrack, Dynamic Funds. All Indices are represented in Canadian dollarsMexico – BMV IPC. U.S. – S&P 500 Total Return. England – FTSE 100 Total Return. Canada – S&P/TSX Total Return. Germany – FSE DAX Total Return. Brazil – BOVESPA. France - Euronext Paris CAC 40 PR. Japan – Nikkei 225 Average PR. Hong Kong – Hang Seng Hong Kong Composite.

Foreign Developed Markets

Canadian Equities

Emerging Markets

CPP HAS GONE GLOBAL

CANADIAN PENSION PLAN INVESTS THE MAJORITY OF THEIR EQUITY PORTFOLIO OUTSIDE OF CANADA

Source: Canadian Pension Plan Annual Report, as of March 31, 2011.

U.S. CORPORATE REVENUE IS DIVERSIFIED

U.S. COMPANIES EARN A SIGNIFICANT AMOUNT OF REVENUE OUTSIDE THE U.S.

OutsideU.S. In the

U.S.

Source: RBC Economics, % of revenue of S&P 500 Companies.

AND GROWING

0

500

1,000

1,500

2,000

2007q1 2007q3 2008q1 2008q3 2009q1 2009q3 2010q1 2010q3 2011q1 2011q3

In b

illio

ns

Source: U.S. Department of Commerce, Bureau of Economic Analysis.

U.S. CORPORATE PROFITS

HOWEVER U.S. STOCKS REMAIN CHEAP

0

5

10

15

20

25

30

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

PRICE TO EARNINGS LEVELS OF THE S&P 500

Source: Morningstar, November 30th 1999 to October 31st 2011.

0

50

100

150

200

250

2010 2020

Source: Euromonitor International “Top 10 largest economies in 2020” July 7, 2010

OPPORTUNITY IN EMERGING MARKETS

MILLIONS

NUMBER OF HOUSEHOLDS IN CHINA WITH DISPOSABLE INCOME ABOVE $10,000 U.S.

THE RISE OF THE DOMESTIC CONSUMER

0

5

10

15

20

25

U.S. India and China

Source: Time Mag. “Your Next Job: Made in India or China” March 17, 2011

MILLIONS

INDIA AND CHINA PURCHASED 70% MORE PASSENGER VEHICLES THAN THE U.S. IN 2010

OPPORTUNITY IN EMERGING MARKETS

Sources: McKinsey & Co. report "Preparing for China's urban billion" March 2009

OPPORTUNITY IN EMERGING MARKETS

CHINA WILL BUILD ENOUGH SKYSCRAPERS TO FILL 10 NEW YORK-SIZED CITIES BY 2025

0

3

6

9

World AdvancedEconomies

Brazil, Russia,India, China

Source: Goldman Sachs Global ECS Research, Dec. 2010

EMERGING MARKETS SET TO DRIVE ECONOMIC GROWTH

2012 FORECASTED GDP GROWTH

YOU’RE ALREADY A GLOBAL INVESTOR

Volvo

Automobile

Fiat

Mitsubishi

Volkswagen

Hyundai/Kia

Mazda

Honda

Toyota

Nissan

Mercedes

BMW

Ford

Chrysler

GM

Kitchen

Miele

Siemens

Bosch

Jenn-Air

Kitchenaid

Maytag

Whirlpool

Frigidaire

Electrolux

Computers

eMachines

Gateway

Acer

Dell

Apple

HP

Lenovo

Wireless Phone

Motorola

HTC

Nokia

Samsung

Blackberry

Iphone

Entertainment

Toshiba

Yamaha

Bose

Sharp

Sony

LG

Panasonic

Samsung

IMPORTANT INFORMATION

Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. The indicated rates of return are the historical annual compounded total returns including changes in units value and reinvestment of all distributions and do not take into account sales, redemption, distribution or optional charges or income taxes payable by any securityholder that would have reduced returns. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated

Views expressed regarding a particular company, security, industry or market sector should not be considered an indication of trading intent of any funds managed by Goodman & Company, Investment Counsel Ltd. These views are not to be considered as investment advice nor should they be considered a recommendation to buy or sell.

This document is not to be distributed or reproduced without the consent of Goodman & Company, Investment Counsel. Dynamic Funds is a division of Goodman & Company, Investment Counsel Ltd.