David J.Winters, CEO, Wintergreen Advisers, LLC

Global Deep-Value ExpertiseFund Details:Renaissance GlobalMarkets Fund

Fund Codes:Front-End Load: ATL1029Back-End Load: ATL1873Low Load: ATL2873Class F: ATL1647

Trailer:Front-End Load: 1.25%

MER (Class A): 2.74%1

Exclusively available in Canada to Renaissance Investments, David J.Wintersbrings his global fund management expertise to the Renaissance GlobalMarkets Fund.

KEY FACTS• Highly regarded deep-value manager with over 20 years of globalinvestment experience

• Seeks out the best value opportunities in the global market• Ability to invest in companies of any size, in any sector or in anygeographic region

• Manager of the Renaissance Global Markets Fund since October 2006

SEARCHING FOR COMPELLING OPPORTUNITIES IN THEGLOBAL MARKETDavid J.Winters employs a deep-value style to managing equities byinvesting in undervalued and distressed companies that are currently out offavour with the broader market, but whose solid prospects demonstrate signsfor a significant return. He may also take advantage of arbitrage opportunitiesand distressed securities in the global market.

FLEXIBILITY IS KEYDavid J.Winters’ stock selection is based on the strength of his convictionwhere he carefully follows companies waiting for their prices to fall to alevel where he believes they are seriously undervalued. In order to provideconsistent returns over the long term, flexibility is key. As a result, MrWintershas the ability to invest in companies of any size, in any geographic regionor sector.

A HIGHLY REGARDED MANAGERDavid J.Winters has over 20 years of investment experience. He held varioussenior positions with Franklin Mutual Advisers, LLC, including fund managerof the Franklin Mutual Discovery Fund, President and Chief Investment Officer,before foundingWintergreen Advisers, LLC in May 2005.

“

”

…one of the

top deep value

investors in the

United States

Levi Folk,February 2008

One of the

World’s Greatest

Investors

Wall Street Journal’sSmart Money, 2008

RISK STATISTICS January 2007 – December 2011

StandardDeviation Alpha R-Squared Sharpe(%) Beta (%) (%) Ratio

Renaissance GlobalMarkets Fund, Class A 13.35 0.86 2.57 71.28 -0.01

MSCI World Index (CDN$) 13.06 1.00 0.00 100.00 -0.24

MSCI World ValueIndex (CDN$) 14.05 1.05 -1.46 94.89 -0.34

Source: Zephyr Associates, Inc.

RISK/RETURN January 2007 – December 2011

10 15 20-8

-7

-6

-5

-4

-3

-2

-1

Volatility (Standard Deviation) (%)

Ret

urn

(%)

� Renaissance Global MarketsFund, Class A

� MSCIWorld Index (CDN$)

� MSCIWorld Value Index (CDN$)

Source: Zephyr Associates, Inc.

NUMBER OF UP/DOWN MONTHSJanuary 2007 – December 2011

Up DownMonths Months

Renaissance Global Markets Fund, Class A 33 27

MSCI World Index (CDN$) 30 30

MSCI World Value Index (CDN$) 28 32

Source: Zephyr Associates, Inc.

MANAGER PERFORMANCE as at December 31, 2011

(%) 1 year 2 years 3 years 4 years 5 years

Renaissance Global Markets Fund, Class A 0.61 8.40 10.41 (3.26) (1.49)

MSCI World Index (CDN$) (2.67) 1.80 4.80 (3.73) (4.41)

MSCI World Value Index (CDN$) (2.57) 0.68 3.21 (4.64) (6.10)

CALENDAR YEAR RETURNS

(%) 2011 2010 2009 2008 2007

Renaissance Global Markets Fund, Class A 0.61 16.80 14.53 (34.91) 5.92

MSCI World Index (CDN$) (2.67) 6.48 11.07 (25.37) (7.08)

MSCI World Value Index (CDN$) (2.57) 4.04 8.45 (24.76) (11.72)

Source: Zephyr Associates, Inc.

UP/DOWN MARKET CAPTURE January 2007 – December 2011

0

20

40

60

80

100

81.16%

Up Market Capture

75.55%

Down Market Capture

Ret

urn

(%)

PROTECTION DURING DOWN MARKETSDates represent the five worst months between January 2007 and December 2011

-12

-10

-8

-6

-4

-2

0

2008

09

2009

01

2009

02

2008

10

2008

06

Ret

urn

(%)

� Renaissance Global MarketsFund, Class A

� MSCIWorld Index (CDN$)

� MSCIWorld Value Index (CDN$)

Source: Zephyr Associates, Inc.

Renaissance Global Markets Fund, Class A

Source: Zephyr Associates, Inc.

PERIODIC RETURNS January 2007 – December 2011

-20

-15

-10

-5

0

5

10

15

20

Q10

7

Q20

7

Q30

7

Q40

7

Q10

8

Q20

8

Q30

8

Q40

8

Q10

9

Q20

9

Q30

9

Q40

9

Q11

0

Q21

0

Q31

0

Q41

0

Q11

1

Q21

1

Q31

1

Q41

1

Ret

urn

(%)

� Renaissance Global Markets Fund, Class A

� MSCIWorld Index (CDN$)

� MSCIWorld Value Index (CDN$)

Source: Zephyr Associates, Inc.

1MER as at August 31, 2011. Please refer to the Annual/Interim Management Reports of Fund Performancefor further details. Commissions, trailing commissions, management fees, and expenses all may beassociated with mutual fund investments. This material was prepared for investment professionals onlyand is not for public distribution. It is for informational purposes only and is not intended to conveyinvestment, legal or tax advice. ™Renaissance Investments is offered by and is a registered trademark ofCIBC Asset Management Inc. The material and/or its contents may not be reproduced or distributedwithout the express written consent of CIBC Asset Management.

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