1. Change Proposal - Intro Reason: Income Fantasy Portfolio contains too many Canadian bank stocks and lacks prudent diversification Too many people’s single stock selections were banks, but we wanted to try and include everyone’s ideas 6% was allocated to TD (2 votes for inclusion) 3% was allocated each of BNS, BMO and Royal The portfolio lacks sector representation in Utilities Although ENB and EIF are in the portfolio… 1

2. Change Proposal - Rationale Leave TD as two members selected it… Look at BNS, BMO and RY and sell the “worst” one Look at PE vs Historical PE band, Dividend Rate, Payout Rate, Dividend Growth Rate, and Simple Moving Averages (40 and 65 days) Pick a Utility from the TSX Composite to replace it to improve diversification 2

3. Change Proposal – Banks 01 Feb DataBNSBMORY PE10.1x11.4x10.8x PE Range7x to 15x6x to 15x7x to 16x Dividend Yield4.96%4.53%4.45% Payout Ratio49%51%35% Div Growth (5yrs)4.6, 6.8, 9.1, 7.1, 6.30, 0.7, 4.3, 4.8, 5.24, 9.6, 11, 12.3, 8.5 SMA (40)Below SMA (65)Below RSI394844 Results (3,2,1)15 points7 points14 points 3 Recommended Sale: Bank Of Montreal (BMO)

4. Change Proposal – Utility Purchase Emera (EMA) Price Earning Ratio is 18.5x Dividend Yield is 4.2% Payout Ratio is 78% of EPS Yield is better than others ATCO: 2.9% Canadian Utilities: 3.6% Fortis: 3.7% Yields on some other utilities scare me… Algonquin Power: 4.7% (Payout Ratio over EPS, but under cash flow) Capital Power: 7.75% TransAlta: 14.63% Avoided Brookfield Renewable I like it; but we already hold BAM.A and BPY.UN in the portfolio, so it didn’t seem like a good diversification choice. 4