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December 31, 2012 and 2011 

## 7. SHARE CAPITAL 

A summary of the changes to CI’s share capital is as follows: 

## [A] AUTHORIZED AND ISSUED 

<img src='content_image/172295.jpg'>

During the year ended December 31, 2012, 1,374,300 shares [2011 - 4,729,800 shares] were repurchased under a normal course issuer bid at an average cost of $22.22 per share [2011 - $20.13 per share] for total consideration of $30,534 [2011 - $95,194]. Deficit was increased by $21,000 [2011 - $62,465] for the cost of the shares repurchased in excess of their stated value. 

## [B] EMPLOYEE INCENTIVE SHARE OPTION PLAN 

CI has an employee incentive share option plan [the “Share Option Plan”], as amended and restated, for the executives and key employees of CI. 

