A contrarian journey to riches

Markets are rear-view mirror driving

What has worked over the past 10 years:

• Currency: Canadian, Australian, Russian

(a commodity trade)

• Real estate: Asia, Toronto, Sydney

• Emerging market stocks

• Bonds: Canadian, Australian, German

Markets are rear-view mirror driving

What hasn’t worked over the past 10 years:

• Real estate: U.S., Irish, Spanish

• Japanese equities

• European banks

• Building materials

• Health care & tech stocks

“As time goes on, I get more and more convinced that the right method in investment is to put fairly large sums into enterprises which one thinks one knows something about and in the management of which one thoroughly believes. It is a mistake to think that one limits one’s risk by spreading too much between enterprises about which one knows little and has no reason for special confidence… One’s knowledge and experience are definitely limited and there are seldom more than two or three enterprises at any given time in which I personally feel myself entitled to put full confidence.”

John Maynard Keynes

Black Creek’s competitive advantages

• Structure: Privately owned-less pressure to conform

• Integrity: Invest own money in funds – interests aligned with investors

• Experience: 50 years’ combined experience, numerous performance awards – seen a lot, already made a lot of mistakes

• Conviction: Concentrated portfolios made up of distinct, proprietary global ideas

• Long-term investment horizon: this makes us different/contrarian

What we deliver

• Focused approach

• Tracking error

• Independent minded

• Bottoms up – company focused

• Long term outperformance

• Low turnover

Black Creek portfolios

• Flexible all-cap go-anywhere mandates allow the managers to avoid areas of high valuation risk

• 20-25 leading companies by market share – each a proprietary idea

• Fewer companies to follow = depth of research/competitive analysis = conviction in our choices

• High deviation from index results in longer term outperformance

• Disciplined BUY/SELL process – replace our least favourite idea with our newest idea

Things happen

How the year felt – why we diversify

What worked – what didn’t

Portfolio performance & positioningtop holdings at March 31, 2012

Castlerock International Equity

Castlerock Global Leaders

Castlerock Global Balanced

Pronova BioPharma Wienerberger AG Wuxi Pharmatech Inc.

Wuxi Pharmatech Inc. Archer Daniels Midland Archer Daniels Midland Co.

Makita Corp. Ebay Inc. Galp Energia

Carnival PLC Adobe Systems Inc. Makita Corp.

Wienerberger AG Carnival Corp. Pronova BioPharma

Hamamatsu Photonics

Hamamatsu Photonics Carnival Corp.

Galp Energia Makita Corp. Micronas Semiconductor

Erste Group Bank AG Galp Energia FTI Consulting Inc.

Randstad Holding Invensys Weinerberger AG

Invensys Northrop Grumman Invensys

1YR

2YR 3YR 5YR 10YR**

Castlerock Global Leaders B -8.9% 1.6% 7.8% -1.4% -0.3%

MSCI World NR (C$) -0.5% 4.7% 8.6% -4.0% 0.2%

Castlerock International Equity B -5.6% 1.4% 8.9% - -

MSCI EAFE NR (C$) -9.0% 0.5% 5.0% -  -

Castlerock Global Balanced B -3.3% 1.4% 6.3% 0.6% -

Global Balanced Index* 3.5%3.5% 5.7%5.7% 5.7%5.7% 0.0%0.0% -

Source: PaltrakFund returns shown are for Series B at April 30, 2012. * 60% MSCI World Index CAD/40% JPM GBI C$.Net Return

** Black Creek Investment Management took over management of Castlerock Global Leaders Fund on June 15, 2006; inception date is May 2000.

Black Creek performance

Looking forward…

Thank you

Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. Unless otherwise indicated and except for returns for periods less than one year, the indicated rates of return are the historical annual compounded total returns including changes in security value. All performance data assume reinvestment of all distributions or dividends 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.

®CI Investments and the CI Investments design are registered trademarks of CI Investments Inc.