Earning Income in a Zero Interest Rate Environment

October 1, 2010 Calgary

Global low interest rate policies are creating hardship for a large number of
savers who rely on investment income to fund retirement.

In this environment, savers are searching beyond traditional GICs for ways to
generate income. The issue becomes how to do this without taking
disproportionate risk as rates on high quality corporate bonds are also at historic
lows.

Fortunately, it is not always necessary to lend to companies with poor credit

when searching for higher yield. The asset back lending market (“ABL”) and in
particular high-yield private lending funds that focus on non-real estate borrowers
may offer useful risk-adjusted yield for investors for a number of reasons:

 Competition: Reduced presence of chartered bank competitors in the

high-yield lending market = yields up, borrower quality unchanged
 Yields: Market generally has higher absolute yields than traditional lending
 Diversification: Funds can produce yield unrelated to typical real-estate
debt securities
 Collateral: Funds loan ortfolios are often backed by sound cash flow
positive businesses and/or valuable underlying collateral.

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alternative asset classes and investment opportunities in exempt market
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