1. “At Cardinal Capital we don’t want Advisors to partner with us because of our exceptional returns, we want advisors to work with us because we provide a solution that is right for their practice and their clients.” Timothy E. Burt, CFA President & C.E.O. Discretionary Management – The Cornerstone to Building High Value Relationships

2. The thing we hear most from advisors is that they want to grow their practices, strengthen their client relationships and have peace of mind that they are providing the best financial advice and solutions possible.

3. Simply put… INCREASING assets under administration while DECREASING the number of client accounts Results in… Having more time to work on the aspect of client management that matters most… building the client relationship

4. INCREASING assets under administration while DECREASING the number of clients Requires advisors to…  Acquire  Retain and  Grow High Net Worth Clients

5. More and more, high net worth individuals are demanding more planning, greater access to experts, solutions customized to their specific needs – their own personal CFO! Investment advice and portfolio management top the list of “most valued services”.

6. Warren Buffet

7. Timothy E. Burt

8. You may not be planning on changing anything in your financial planning practice, but the industry has other plans for you.

10.  The projected growth rate of the HNW marketplace is nearly 88% over the next seven years  HNW households control about $1.3 trillion of $3.2 trillion in Canada or more than half of the overall financial wealth market of $2.3 trillion

11.  When it comes to the primary advisors to Canada’s HNW households, full service brokers currently take the lead at 37%; while 22% of households use investment counsellors; and 21% opt for financial planners.  Bederman says a big challenge is that more than half of the HNW households that use a financial planner are not satisfied.  Only 48% of these households believe their advisor is exceeding expectations, compared to a much higher satisfaction rate for brokers (56%) and 67% for investment counsellors.

12. “It doesn’t necessarily mean that financial planners are out of the game, but it means that the nature of financial planning and what particular advisors do will have to change.”

13. Brugger Wealth Management Ltd. The Managed Money Continuum Fee based programs level of investable assets/degree of customization $0 - $24,999 AIM/Trimark Investments – (MER 2.14 – 2.90) Mackenzie Financial Corp. – MER 2.20 – 2.91) Standard Life Mutual Funds – (MER 1.97 – 2.47) Franklin Templeton – (MER 2.41 – 2.98) DEGREE OF CUSTOMIZATION LEVEL OF INVESTABLE ASSETS $25,000 - $99,999 Franklin Templeton Quotential – (MER 2.07 – 2.74) SEI LifePath – (MER 2.55) AGF Harmony – (MER 2.79 – 3.05) Mackenzie Financial Symmetry – (MER 2.26 – 2.79) $100,000 - $249,999 SEI Portfolios – (MER 1.95 – 2.32) Standard Life Eclipse – (MER 2.00 – 2.50) AIM/TRIMARK Dialogue – (MER 1.97 2.61) $250,000 - $499,999 Tapestry Pooled Portfolio Management – (MER 1.93 – 2.55) Standard Life Legends – (MER – 1.55 – 2.05) SEI Pooled Portfolio – (MER – 1.82 – 2.21) $500,000+ Cardinal Capital Management – (MER 1.50) Hemisphere Capital – (MER 1.50) Bissett Private Portfolio Management – (MER – 1.50 – 1.80) Connor Clark & Lunn – (MER 1.50)

14. Over time, cumulative dividends offer a similar benefit to traditional fixed income investments Assuming a $30,000 Initial Investment - RBC The Power of Dividends $20,314$21,750 ASSUMPTION: No dividend re-investment

15. The Tale of the Numbers Assets Under Administration Assets with Cardinal 1998 1999 2000 $11.519 Million $0 $19.998 Million $36.688 Million $0

16. Assets Under Administration Assets with Cardinal 2003 2005 May 2007 $46.444 Million$3.982 Million $64.615 Million $14.145 Million $84.688 Million$19.758 Million The Tale of the Numbers

17. Number of Family Units with Over $1 Million of Investable Assets 2000 2007 0 31

18. Conclusion  Change, or evolution, is not just an option:  it is a fact of life for all businesses  Change is all about people and it takes time  You have it within your reach to take your practise to the next level of performance Thank You

19. Market Outlook

20.  Low unemployment rate  Good job growth  Increasing personal income  Strong corporate sector  Weak housing sector bottoming out in U.S.  Bank credit still accessible  Interest rates still low for now Stronger Than Expected Economy

21.  Higher energy costs  Higher food costs  Increasing wage rate pressures  Higher minimum wage  Higher rental costs  Higher industrial commodity costs Inflation Concerns Will Worsen

22.  Hedge funds  Private equity firms  Strong corporate balance sheets  OPEC money  Cheap credit  Increasing M.& A. Activity High Financial Liquidity

23.  Many stocks still selling below their 1998-2000 highs  Corporate profit growth is still good  Many stocks still sell at historically low p/e’s  Low bond yields make stocks more attractive  Companies are still raising dividends and buying back stock  Increasing scarcity of high quality stocks due to takeovers Stock Valuations Are Reasonable

24.  Last bear market was in 2006 – bear markets occur every 4 yrs.  Next bear market in 2010 – bull market peak in 2009  Last recession was in 2001 – recessions occur every 8-9 yrs.  Next recession in 2010  Eventually steadily higher interest rates in 2008 and 2009 will cool off the global stock markets  Conclusion – stock markets will move higher in 2007 and 2008 due to a stronger than expected economy and better than expected corporate profits Stock Market Outlook

25. Bond Market Outlook  Stronger than expected GDP Growth  Higher than expected CPI Rates  World central banks will gradually tighten monetary policy  Yield curve will become positive – sloped again  Bond investors will demand higher inflation risk premium and higher credit risk premium  Conclusion - rising bond yields and falling bond prices for 2007 and 2008

26.  Canadian dollar will strengthen against the U.S. dollar towards $0.95 U.S. by end of 2007 and towards $1.00 U.S. by end of 2008  Canadian dollar will weaken against the euro  Large U.S. budget and trade deficits will eventually take its toll on the U.S dollar  The U.S. will become increasingly protectionist with Democratic Congress and likely Democratic President in 2009  Higher energy prices and commodity prices will keep the Canadian dollar strong against the U.S. dollar  Political uncertainty in Canada is becoming less of a concern to global investors Canadian Dollar Outlook