Variable Return

The Variable Return calculation is the formula used to determine the Variable Return on the Notes at the Maturity Date. The Variable Return per Note is calculated as follows:

‘‘NAVFINAL’’ means, at any time (expressed pro rata per Note): (i) the notional proceeds from the liquidation of the Equity Account; plus (ii) the maturity value of the Bond Account as calculated by the Calculation Agent; minus (iii) repayment of the Loan and any accrued and unpaid Loan interest and Program Fees. Portfolio Performance will be expressed as a percentage rounded to two decimal places. No Variable Return will be paid unless the NAVFINAL exceeds $100. For any Variable return to be paid to investors, the performance of the Portfolio must exceed all fees and expenses.

Fund Account Exposure

Fund exposure was 121% on the issue date (April 23, 2008) and has changed as noted below:

Performance Commentary

As of October 6, 2008 the Variable Return of the Notes is no longer linked to the portfolio of Units notionally held in the Fund Account of the Notes. The NAV of the Notes minus the Floor declined to $1.03 per Note at the close of business on October 6, 2008. In accordance with the terms of the Notes, this resulted in a Protection Event whereby the remaining notional assets in the Fund Account were liquidated and notionally invested in the 0.50% coupon Bond in the Bond Account, following payment of the Loan, any accrued and unpaid Loan interest and any Program Fees. Investors will receive their $100 of Principal per Note and a Variable Return of $1.16, for total proceeds of $101.16 per Note at the Maturity Date, which is April 11, 2016.

Fund Performance

Fund Units	Weight	Initial Unit NAV	Month End Unit NAV	Change %	Lock-in Date
Dynamic Dividend Fund	33.33%	$6.36	$5.35	-15.88%	10/06/2008
Dynamic Global Discovery Fund	11.11%	$9.00	$7.33	-18.56%	10/06/2008
Dynamic Global Value Fund	11.11%	$7.59	$5.01	-33.99%	10/06/2008
Dynamic Power Canadian Growth Fund	11.11%	$9.42	$5.76	-38.85%	10/06/2008
Dynamic Power Small Cap Fund	22.22%	$10.53	$7.77	-26.21%	10/06/2008
Dynamic Value Fund of Canada	11.11%	$8.81	$6.83	-22.47%	10/06/2008
Overall Return				-23.77%

Note: An investment in principal protected notes may not be suitable for all investors. Important information about these investments is contained in the Information Statement of each note. Investors should obtain and carefully read a copy prior to investing, paying particular attention to the associated risks. Past performance is not indicative of future returns. Commissions, trailing commissions, management fees and expenses all may be associated with these investments. Principal is guaranteed at maturity only for products purchased at their issue price and held to maturity. The investment return on the notes, if any, is uncertain in that an investor may not receive more than return of the principal amount at maturity. A person should reach a decision to invest in the notes only after carefully considering with his or her advisor, the suitability of this investment in light of his or her investment objectives and the information set out in the respective Information Statement.

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