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March 31, 2013

Income Review

Cumberland Income Fund First Quarter 2013 Review and Outlook

Cumberland Private Wealth Management Inc. 99 Yorkville Avenue, Suite 300, Toronto, Ontario, Canada M5R 3K5 The Cumberland Income Fund generated a return of +1.8% for the first quarter of 2013. By comparison, the DEX Universe Bond Index generated a return of +0.7% overthe same period. The Fund’s dividend paying equity allocation and income generated from the higher yielding corporate bonds were the main contributors to the performance this quarter.To a lesser extent,the Fund was also a beneficiary of the slight decline in Canadian interest rates that occurred during the quarter.