content_image/250073.jpg content_image/250078.jpg
[in thousands of Canadian dollars, except per share amounts] 

December 31, 2012 and 2011 

## 12. CAPITAL MANAGEMENT 

CI’s objectives in managing capital are to maintain a capital structure that allows CI to meet its growth strategies and build long-term shareholder value, while satisfying its financial obligations and meeting its long-term debt covenants. 

CI’s capital is comprised of shareholders’ equity and long-term debt [including current portion of long-term debt]. CI’s senior management is responsible for the management of capital. CI’s Board of Directors is responsible for reviewing and approving CI’s capital policy and management. 

CI and its subsidiaries are subject to minimum regulatory capital requirements whereby sufficient cash and other liquid assets must be on hand to maintain capital requirements rather than using them in connection with its business. Failure to maintain required regulatory capital by CI may result in fines, suspension or revocation of registration by the relevant securities regulator. As at December 31, 2012 and 2011, CI met its capital requirements. 

## CI’s capital consists of the following: 

<img src='content_image/250073.jpg'>

## 13. COMMITMENTS 

## Lease commitments 

CI has entered into leases relating to the rental of office premises and computer equipment. CI has the option to renew certain leases. The approximate future minimum annual rental payments under such leases are as follows: 

<img src='content_image/250078.jpg'>

