1. Investing For a Lifetime TM

3. There is a difference Financial Planning Discipline Requires a focus/discipline Risk Management Financial Plan Asset Allocation Long term focus Scenario approach Customized portfolio Rational expectations Managing Money Arbitrary Focus on reward No plan Performance Driven Responsive to noise Betting on a single outcome Follow the crowd Adaptive expectations Make Money

4. Personal Investment Policy Statement . . . your personal “roadmap” to successful investing. Step 1. The Foundation Investing for a lifetime requires a...

6. Focus and Commitment . . . to help with decision-making in all market conditions Step 2. The Discipline Investing for a lifetime also requires...

7. Principles of Investing Focus On Asset Allocation Staying Invested  Multi-Dimensional Diversification   Realistic Returns  Avoid Performance Chasing  Concentrating Risk  Short Term Noise  The Media Hype 

8. Asset Allocation is the Critical Factor Focus on Portfolios More than 90% of a portfolio’s variability depends on asset mix Market Timing 2.1 % Other Factors 1.8 % Stock Selection 4.6 % Asset Allocation 91.5 % Long-term portfolio performance is most influenced by asset allocation and less influenced by market timing and stock selection Source: Brinson, Singer, Beebower Study; Financial Analysts Journal, Feb. 91

9. Average Holding Period for US Stocks Source: New York Stock Exchange Fact Book Short Term Thinking is Proliferating Average Holding Period For Mutual Funds Has dropped from 5.5 years (in 1996) to 2.5 years (in 2002) * most recent data In 1960 the average holding period of a NYSE-listed stock was more than eight years, versus the current average of 11 months 0 15 30 45 60 75 90 105 1960 1970 1980 1990 2000 2005 Average Holding Period (in months)

10. The First Shall Be Last . . . Reversion to the Mean in Fund Performance Rank Ann.Ret. Rank Ann.Ret. 1998-99 2000-01 Source : Bogle Financial Center 1,413 U.S. Equity funds with $100 million + in assets 1 208% 1413 -71% 2 115% 1408 -49% 3 105% 1406 -43% 4 93% 1401 -36% 5 93% 1395 -34% 6 92% 1402 -37% 7 90% 1341 -26% 8 87% 1309 -24% 9 84% 1370 -29% 10 79% 1347 -27%

11. Top 10 Performing Canadian Equity Funds 5yrs Ago Are Now Some Of The Worst Source: Globe HySales Spectacular Performance is Not Sustainable 100% 1 st Quartile 50% 4 th Quartile

12. The Bottom Line  3.7% cagr  12.3% cagr Chasing hot funds cost the average investor significantly Performance Chasing  Source : Bogle Financial Center (U.S. data) 915 107 Average Stock Fund Average Fund Investor

13. Multi-Dimensional Diversification  Equities Global Specialty Small Cap Growth Fixed Income Domestic Core Large Cap Value Diversification can reduce portfolio volatility... … without reducing return

14. Value of Investment ($) S&P/TSX vs. Sc.McL. Universe Bond Index Fixed Income and Equities Bonds can outperform Equities Source : I.G. Investment Management, Ltd.; Scotia Capital; TSE Annual Returns S&P/TSX Sc.McL. Univ. Bond Index 2001 8.1 1995 1996 1997 1998 1999 14.5 28.3 15.0 -1.6 31.7 20.7 12.3 9.6 9.2 -1.1 2003 26.7 6.7 2000 7.4 10.2 -12.6 -12.4 8.7 2002 2004 14.5 7.2 2005 24.1 6.5

15. Domestic and Global Data to December 31, 2005 Performance of 5 Geographic Markets ($Cdn) Different Markets Outperform Year-to-Year Calendar Returns ($Cdn.) Source : I.G. Investment Management, Ltd.; Bloomberg S&P500 $2,726 MSCI Emrg. Mkts. $1,548 MSCI Asia Pac Free $991 MSCI Europe $2,478 S&P/TSX $3,245

16. Highest Return 1995 1996 1997 1998 1999 2000 Lowest Return Large Cap and Small Cap Cap Size Performance Changes Year-to-Year Source : I.G. Investment Management, Ltd.; Barra 2001 2002 2003 2004 2005 Cdn. Barra Large Cap Growth Cdn. Barra Large Cap Value Cdn. Barra Small Cap Growth Cdn. Barra Small Cap Value LC Value 15.94 LC Value 36.17 LC Value 28.65 LC Value -1.58 LC Value 2.76 LC Value 31.69 LC Value 5.06 LC Value -11.49 LC Value 29.47 LC Value 16.99 LC Value 25.58 LC Growth 2.12 LC Growth 42.81 LC Growth 13.70 LC Growth 22.01 LC Growth 3.99 LC Growth -5.68 LC Growth -21.39 LC Growth -13.08 LC Growth 24.07 LC Growth 12.07 LC Growth 23.44 SC Value 23.48 SC Value 30.03 SC Value 6.91 SC Value 12.18 SC Value -22.79 SC Value 5.25 SC Value 25.24 SC Value 2.07 SC Value 40.23 SC Value 23.52 SC Value 20.41 SC Growth 13.78 SC Growth 33.81 SC Growth 39.21 SC Growth 4.62 SC Growth -19.25 SC Growth 3.43 SC Growth -8.02 SC Growth -12.72 SC Growth 47.79 SC Growth 11.03 SC Growth 15.58

17. Value and Growth Value Can Outperform Growth Can Outperform Canadian Barra Rolling 12 Month Relative Returns As of February 28, 2006 % Source : I.G. Investment Management, Ltd.; Barra

18. You Can’t Predict Next Year’s Winner The Bottom Line Concentrating Risk 

19. Staying Invested  Don’t Get Caught on the Sidelines 90% of market moves occur in only 10% of trading days Source : I.G. Investment Management, Ltd.; Bloomberg

20. Costly Mistake S&P 500 Index From 01/03/77 Through 12/31/05 Annualized Price-Only Performance Source : I.G. Investment Management, Ltd.; Bloomberg Over 90% of the potential return was lost if you missed less than 1% of the trading days

21. Range of Returns (1956 - 2005) Time Reduces Volatility Source : I.G. Investment Management, Ltd.; Scotia Capital; TSE 1 Year 5 Years 10 Years 20 Years 30 Years 3 Years Holding period to minimize a negative return in the equity market: Just over 5 years

22. 707 One-month periods 696 One-Year periods 672 Three-Year periods 648 Five-Year periods The likelihood of receiving a negative return diminishes as the investment term lengthens. Since 1962, the TSX has had only positive 15 Year returns. In comparison, since 1947, only 60% of the 673 monthly returns were positive. 528 Fifteen-Year periods 588 Ten-Year periods *Past performance is not indicative of future performance TSX Composite Total Return Source: Portfolio Analytics As of May 2006 100 % 100 % 99 % 91 % 9 % 73 % 27 % Positive Returns Negative Returns 39 % 61 %

23. Encouraged Confident Excited Jubilation Agitated Distressed Despair Nauseous Dejected Encouraged Confident Maximum Financial Opportunity Maximum Financial Risk Stay Focused “ I’m brilliant.” “ Sell the farm.” “ No problem. I’ll double down.”

24. Time in the Market creates Wealth The Bottom Line Short Term Noise 

25. Realistic Returns  However, we all have a different propensity for risk We all have the same propensity for return

26. Historical Reference Last 47 Years Annualized Rates (1956-2005) Source : I.G. Investment Management, Ltd.; Bloomberg; Scotia Capital %

27. Focus on - Realistic Expectations Investor expectations are heavily influenced by recent returns. Historical data suggests these expectations are not realistic. Source : I.G. Investment Management, Ltd.; Bloomberg; Scotia Capital 1930’s 0.0 1.4 1.5 5.5 1.4 1940’s 9.2 18.4 11.2 3.8 0.5 1950’s 19.4 16.9 15.6 0.6 2.0 1960’s 7.8 15.5 10.0 2.9 4.5 1970’s 5.8 11.5 10.4 6.1 7.1 1980’s 17.6 15.8 12.2 13.2 11.8 1990’s 18.2 14.9 10.6 11.6 6.2 Avg. 1930-99 11.1 13.5 10.2 6.2 4.8 2000/05 -1.1 10.9 6.8 10.5 3.3 *Returns based on U.S. $ U.S. Large U.S. Small Canadian Canadian Canadian Cap Stocks* Cap Stocks* Stocks Bonds T-Bills

28. Recap of Important Points Have a plan and stick to it Single best determinant of success is the appropriate asset mix Diversification is a guiding principle Time in the market…not market timing creates wealth The challenges are many but none so great as removing the behaviors that negatively impact the decision-making process

29. January 1802 - December 2005 Source : “ Stocks for the Long Run”, by Jeremy J. Siegel (U.S. $) The “ REAL” Opportunity

30. ‘ 90% percent of the game is half mental.’ Yogi Berra

31. Disclaimer This presentation is published by Investors Group. It represents the views of the investment management team at I.G. Investment Management, Ltd. and is provided as a general source of information. It is not intended to provide investment advice or as an endorsement of any investment. Some of the securities mentioned may be owned by Investors Group or its mutual funds. Every effort has been made to ensure that the material contained in the commentary is accurate at the time of publication, however, Investors Group cannot guarantee the accuracy or the completeness of such material and accepts no responsibility for any loss arising from any use of or reliance on the information contained herein. Please read the mutual fund's prospectus before investing. Commissions, trailing commissions, management fees and other expenses may be associated with mutual fund investments. There is no guarantee that the fund will maintain its net asset value or that the full amount of your investment will be returned to you. Past performance may not be repeated. © Copyright 2006 IGM Financial Inc. ™ Trademarks owned by IGM Financial Inc. and licensed to its subsidiary Corporations. Do not reproduce any part of this presentation without permission.