Variable Return

Principal Outstanding equals the Original Principal Amount ($100) less the aggregate of all Monthly Partial Principal Repayments made during the term of the Notes.

The Variable Return, if any, on a Note will be the sum of: (i) the Capital Appreciation and (ii) the Additional Amount, where the Variable Return may not be less than zero.

Capital Appreciation equals the amount, if any, by which NAVFINAL exceeds the Original Principal Amount ($100).

The Additional Amount, which may be positive or negative, is an amount equal to: (i) the Undiscounted Fixed Amount discounted for a term of one year at the 1-year Bankers’ Acceptance Rate prevailing at the Maturity Date; less (ii) the Principal Outstanding at the Maturity Date. The Undiscounted Fixed Amount is a sum in excess of $100 to be established by the Calculation Agent.

Example:

NAVFINAL = $180
Principal Outstanding = $70.00
Total of Quarterly Principal Repayments = $30.00
Undiscounted Fixed Amount = $104.00
1 yr BA CDOR at Maturity = 4.30%

(i) Capital Appreciation = NAVFINAL ($180) - $100 = $80.00

(ii) Additional Amount = $104.00/ (1 + 0.043) - $70.00 = $29.71

(iii) Variable Return = Additional Amount + Capital Appreciation = $29.71 + $80.00

(iv) Maturity Payment Amount = Principal Outstanding + Variable Return
= $70.00 + $109.71 = $179.71

Maturity Payment Amount is in addition to Monthly Principal Payments of $30.00 paid over the term of the Notes.

If the Notes are held to the Maturity Date, the full Original Principal Amount ($100 per Note) will have been paid in total by the Maturity Date (regardless of the performance of the Portfolio and even if NAVFINAL is less than $100 for any reason.) An Investor cannot elect to receive the Variable Return, if any, prior to the Maturity Date and the Notes cannot be redeemed or retracted prior to the Maturity Date. There is a possibility that an Investor may not receive any Variable Return.

Fund Account Exposure

Fund exposure was 132% on the issue date (May 24, 2008) and has changed as noted below:

Monthly Partial Principal Repayments

Monthly Partial Principal Repayments per Note will be payable in Canadian dollars in an amount, if any, equal to 75% of the aggregate Distributions (on a per Note basis) paid on the Units in the Fund Account as of the relevant record date(s) in the relevant month. Upon payment of any Monthly Partial Principal Repayment on the Notes, the aggregate amount of such payment will be deducted from the Principal Repayment Account. If Monthly Partial Principal Prepayments per Note total $99, in the aggregate, during the term of the notes, no further Monthly Partial Principal Repayments will be made. In such event, any further Distributions, if any, made on the Units in the Fund Account will thereafter be reinvested in Units at the then prevailing net asset value per Unit and no amounts corresponding to the amounts of any such Distributions will be credited to the Principal Repayment Account. There can be no assurance that any Distribution will be paid on the Units in the Fund Account during the term of the Notes and, accordingly, there can be no assurance that any Monthly Partial Principal Repayments will be paid on the Notes.

Performance Commentary

As of October 6, 2008 the Variable Return of the Notes is no longer linked to the portfolio of Units notionally held in the Fund Account of the Notes. The NAV of the Notes minus the Floor declined to $1.27 per Note at the close of business on October 6, 2008. In accordance with the terms of the Notes, this resulted in a Protection Event whereby the remaining notional assets in the Fund Account were liquidated and notionally invested in the 0.50% coupon Bond in the Bond Account, following payment of the Loan, any accrued and unpaid Loan interest and any Program Fees. Investors will not receive any further Monthly Partial Principal Repayments on their Notes and will receive their $95.08 of Principal Outstanding per Note and a Variable Return at the Maturity Date, which is May 24, 2015. The Variable Return consists of the amount by which NAVFINAL exceeds the Original Principal Amount, $1.55 per Note, and the Additional Amount. The Additional Amount cannot be calculated until the Maturity Date as it consists of the Undiscounted Fixed Amount discounted for a term of one year at the one year Banker’s Acceptance Rate prevailing at the Maturity Date; less the Principal Outstanding at the Maturity Date.

Fund Performance

Fund Units	Weight	Initial Unit NAV	Month End Unit NAV	Change %	Lock-in Date
CI Signature Income & Growth Fund	100.00%	$5.90	$4.57	-22.54%	10/06/2008
Overall Return				-22.54%

Note: An investment in principal protected notes may not be suitable for all investors. Important information about these investments is contained in the Information Statement of each note. Investors should obtain and carefully read a copy prior to investing, paying particular attention to the associated risks. Past performance is not indicative of future returns. Commissions, trailing commissions, management fees and expenses all may be associated with these investments. Principal is guaranteed at maturity only for products purchased at their issue price and held to maturity. The investment return on the notes, if any, is uncertain in that an investor may not receive more than return of the principal amount at maturity. A person should reach a decision to invest in the notes only after carefully considering with his or her advisor, the suitability of this investment in light of his or her investment objectives and the information set out in the respective Information Statement.

THE CONTENTS OF THIS SITE ARE DIRECTED AT, AND ARE FOR USE BY, RESIDENTS OF CANADA ONLY AND ARE NOT DIRECTED TO OR INTENDED FOR USE BY RESIDENTS OF ANY OTHER COUNTRY OR JURISDICTION. THE CONTENTS OF THIS SITE DO NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY, DIRECTLY OR INDIRECTLY, ANY OF THE NOTES REFERRED TO HEREIN IN ANY JURISDICTION OUTSIDE OF CANADA. THE CONTENTS OF THIS SITE ARE NOT TO BE DOWNLOADED, DISSEMINATED, USED OR RELIED UPON BY PERSONS RESIDENT IN ANY NON- CANADIAN JURISDICTION. NO SECURITIES COMMISSION OR SIMILAR AUTHORITY IN CANADA OR ANY OTHER JURISDICTION HAS IN ANY WAY PASSED ON THE MERITS OF ANY OF THE NOTES OR THE ADEQUACY OF THE DISCLOSURE CONTAINED IN ANY OF THE DOCUMENTS ON THIS SITE.