Variable Return

The Variable Return calculation is the formula used to determine the Variable Return on the Notes at the Maturity Date. The Variable Return, if any, on a Note is linked to the performance of the Portfolio and is calculated as follows:

‘‘NAVFINAL’’ means, at any time (expressed pro rata per Note), an amount equal to: (i) the proceeds from the liquidation of the Fund Account; plus (ii) the maturity value of the Bond Account as calculated by the Calculation Agent; minus (iii) repayment of the Loan and any accrued and unpaid Loan interest and Program Fees. 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 (October 29, 2007) and has changed as noted below:

Monthly Coupons

Monthly Coupons 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 Coupon on the Notes, the aggregate amount of such payment will be deducted from the Distribution account. The Distribution Account will, from time to time, hold the aggregate amount of the Distributions credited thereto from and including the last occurring Monthly Coupon Payment Date (or the Issue Date where the first Monthly Coupon has not yet become payable). Program Fees and Loan interest will not be deducted from the Distribution 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 Coupons 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 $1.00 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 Coupons on their Notes and will receive their $100 of Principal per Note and a Variable Return of $1.23, for total proceeds of $101.23 at the Maturity Date, which is October 29, 2015.

Fund Performance

Fund Units	Weight	Initial Unit NAV	Month End Unit NAV	Change %	Lock-in Date
CI Global Dividend Advantage Fund	100.00%	$9.95	$7.48	-24.82%	10/06/2008
Overall Return				-24.82%

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.

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