Renaissance Global Markets Fund David J Winters CEO

Renaissance Global Markets Fund David J. Winters, CEO Wintergreen Advisers, LLC Fall, 2010

Global Value Approach u Wintergreen’s “ABCs of investing”: § Activism and Arbitrage § § § § Bankruptcy Cash and Convertibles Distressed Companies Equities that are Undervalued Financings Global Investments Hedging Integrity of Management 1

The “Trifecta” 1. Solid underlying businesses that generate cash 2. Businesses with rational management who work to create value for their shareholders 3. Available at a compelling price 2

Investment Methodology (Process) Security Screening Analysis & Evaluation Search security markets globally to find opportunities Search out the compelling candidates Read, think, study businesses Information research, i. e. Annual reports, Company visits, Contact with Management, Industry Review Observe global trends Security analysis, operations review, income statement and balance sheet Assessme nt & Valuation Define Valuation Case, i. e. Break-Up or Going Concern Analyze the current and future intrinsic value of the business Portfolio Accumulate compelling situations Sell if security is fully priced or investment case has changed Evaluate management ability and integrity Employ market volatility to accumulate or sell securities Upside and Downside Estimates Monitor on an ongoing basis 3

Investment Objectives u Invest in securities that are available at prices below their intrinsic value u Examine each security separately u Identify the approximate worth of each investment u Buy securities when the risk/reward ratio favors our shareholders u Sell securities when the odds are no longer in the Fund’s favor u Willingness to hold cash when risk-reward is not favorable 4

David J. Winters u Experience and results in global, active value investing u Substantial commitment of personal capital to Wintergreen u Extensive experience building asset management businesses u Founded Wintergreen Advisers, LLC in 2005 after over 18 years experience at the Mutual Series Funds 5

Performance Renaissance Global Markets Fund (Class A) Total Return % (as of September 30, 2010) Data as of September 30, 2010 Source: Morningstar Canada 6

Portfolio Analysis Renaissance Global Markets Fund (Class A) Global Equity Sectors Top Ten Holdings Jardine Matheson Holdings Ltd Japan Tobacco Inc. The Swatch Group AG Schindler Holding AG British American Tobacco PLC Imperial Tobacco Group PLC Berkshire Hathaway Inc. B Genting Malaysia Bhd Nestle Compagnie Financière Richemont SA % Assets 10. 6% 5. 4% 5. 3% 5. 2% 4. 7% 4. 5% 4. 1% Portfolio Composition Data as of September 30, 2010 Source: Morningstar Canada *Cash includes Other Assets 7

Nestle – An Introduction • Nestle is the world’s largest food company with leading market positions in chocolate, infant nutrition, pet food, frozen meals, coffee drinks, ice cream and bottled water. • Aspires to be known as the premier “Nutrition, Health and Wellness” company. • Operates in a mature, competitive industry but management has led the company to above-market growth through a combination of organic growth and strategic acquisitions. Derives over 35% of sales from emerging countries. • Conducts itself in a very shareholder-friendly way, returning large amounts of cash through share repurchases and dividends. • Features an attractive valuation for its core business after stripping out its holdings of L’Oreal. 8

Jardine Matheson u Jardine Matheson (JM), incorporated in Bermuda and listed in Singapore, is a conglomerate focused on the growing Asian consumer. u Jardine’s Core Holdings include: § Dairy Farm: pan-Asian retail group operating 5, 000 outlets including supermarkets, hypermarkets, health and beauty stores, convenience stores, home furnishing stores and restaurants. Dairy Farm stores are present in Hong Kong, China, Taiwan, Singapore, Indonesia, Malaysia, India, Vietnam, Macau and Brunei. § Hongkong Land: property group with 5 million sq. ft. of prime commercial property in CBD of Hong Kong and other grade-A commercial and luxury residential property in SE Asia § Jardine Cycle & Carriage: Singapore-based holding company with just over 50% interest in Astra International, an Indonesian conglomerate that dominates the automobile and motorcycle market in Indonesia 9

Jardine’s “Trifecta” u The “Trifecta” § Growing portfolio of businesses that stands in the middle of one of the greatest economic trends today: the rise of the Asian consumer § Management that works hard on behalf of shareholders § Stock trading at a significant discount to “look-through” Net Asset Value (NAV) on a market price basis of underlying listed holdings and on an intrinsic value basis of the holdings 10

Wintergreen Advisers, LLC u Established in May 2005 as a registered Investment Adviser with the SEC. u Adviser to Wintergreen Fund, Inc (U. S. Mutual Fund) and other pooled investment vehicles. u Sub-advisor to Renaissance Global Markets Fund 11

Disclaimer THIS IS NOT AN OFFERING OR THE SOLICITATION OF AN OFFER TO PURCHASE AN INTEREST IN THE FUND. ANY SUCH OFFER OR SOLICITATION WILL BE MADE ONLY BY MEANS OF THE FINAL OFFERING MEMORANDUM OF THE FUND AND ONLY IN THOSE JURISDICTIONS WHERE PERMITTED BY LAW. IN THE CASE OF ANY INCONSISTENCY BETWEEN THE DESCRIPTIONS OR TERMS IN THIS SUMMARY AND THE FUND'S OFFERING MEMORANDUM, THE FUND'S OFFERING MEMORANDUM SHALL CONTROL. AN INVESTMENT IN THE FUND IS SPECULATIVE AND INVOLVES A HIGH DEGREE OF RISK. OPPORTUNITIES FOR REDEMPTION AND TRANSFERABILITY OF INTERESTS ARE RESTRICTED, SO INVESTORS MAY NOT HAVE ACCESS TO CAPITAL WHEN IT IS NEEDED. THERE IS NO SECONDARY MARKET FOR THE INTERESTS AND NONE IS EXPECTED TO DEVELOP. THE PORTFOLIO, WHICH IS UNDER THE SOLE TRADING AUTHORITY OF WINTERGREEN ADVISERS, LLC (“WINTERGREEN”), MAY BE CONCENTRATED IN CERTAIN STRATEGIES, ISSUERS OR SECURITIES AND THIS LACK OF DIVERSIFICATION MAY RESULT IN A HIGH DEGREE OF RISK. LEVERAGE MAY BE EMPLOYED IN THE PORTFOLIO, WHICH CAN MAKE INVESTMENT PERFORMANCE VOLATILE. AN INVESTOR SHOULD NOT MAKE AN INVESTMENT, UNLESS IT IS PREPARED TO LOSE ALL OR A SUBSTANTIAL PORTION OF ITS INVESTMENT. THE FEES AND EXPENSES CHARGED IN CONNECTION WITH THIS INVESTMENT MAY BE HIGHER THAN THE FEES AND EXPENSES OF OTHER INVESTMENT ALTERNATIVES AND MAY OFFSET PROFITS. THERE IS NO GUARANTEE THAT THE INVESTMENT OBJECTIVE WILL BE ACHIEVED. MOREOVER, THE PAST PERFORMANCE OF OTHER ACCOUNTS MANAGED BY THE PRINCIPAL OF WINTERGREEN SHOULD NOT BE CONSTRUED AS AN INDICATOR OF FUTURE PERFORMANCE. This material was prepared for investment professionals only and is not for public distribution. It is for informational purposes only and is not intended to convey investment, legal, or tax advice. Renaissance Investments is offered by CIBC Asset Management Inc. ™Renaissance Investments and "invest well. live better. " are trademarks of CIBC Asset Management Inc. 12

Thank You Renaissance Investments is offered by CIBC Asset Management Inc. This material was prepared for investment professionals only and is not for public distribution. It is for informational purposes only and is not intended to convey investment, legal or tax advice. ™Renaissance Investments and “invest well. live better. ” are trademarks of CIBC Asset Management Inc.

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