Growth Investing: Cambridge Style Greg Dean, CFA Principal & Portfolio Manager

The Cambridge philosophy We are personally aligned with you and your clients Significant owners of our funds We lose money, our pay goes down Focus on absolute returns Absolute return, downside focused Primary focus is understanding what can go wrong If you invest in good companies, the upside takes care of itself Avoiding big losses is the best way to grow wealth over time Active management Conviction in what we own and why we own it Not index focused: high active share Nearly 100 years of diversified investment experience on the team

Manager checklist ETFManager 1Manager 2 Manager alignment Net worth and compensation aligned Active share 88-98% Upside / downside capture See slide 4

This fund is evolutionary not revolutionary Core holdings Management aligned with shareholders Strong capital allocation Competitive advantage Examples: Middleby Corp. Priceline Group Inc. Starbucks Corp. Non-core holdings Information edge Emerging profitable business Thematic investing Examples: TripAdvisor Inc. Ocado Group PLC Hargreaves Landsdown PLC Attractive risk/reward

Core philosophical approach Know the business first Reinvest in the businessBuybacksDividend Value creation Total shareholder yield

The Cambridge suite of products Diversified income & balanced Dividend income Equity Small/mid-cap equity Cambridge High Income Cambridge Canadian Asset Allocation Cambridge Canadian Dividend Cambridge U.S. Dividend Cambridge Global Dividend Cambridge Canadian Equity Cambridge American Equity Cambridge Global Equity Cambridge Canadian Growth Companies Cambridge Growth Companies Cambridge Pure Canadian Equity Potential return Potential risk

Different geographies, same philosophy Source: CI Investments $13 billion in assets under management as of August 31, 2014

Gross returns of Canadian and U.S. underlying holdings in Cambridge Canadian Growth Companies Fund relative to index returns Source: CI Investments, February 2014 Different geographies, same philosophy,consistent return 23.4% 41.3% 14.4% 43.4% 50.0% 110.7% 10.3% 116.3%

3-year metrics (August 31, 2014)BetaAlphaStd DevSharpe RatioUpside/downside capture Cambridge Canadian Growth Companies0.66*24.69*9.0% %/-19.5%* Average Cdn Focused Equity Small/Mid MF %1.12- S&P/TSX Composite109.9%0.94- *Versus the S&P/TSX Composite Index, based on quarterly returns over 3-year period Source: Paltrak, CI Investments Risk management and downside protection

You make money by not losing money Rolling one-year returns of underlying holdings in Cambridge Canadian Growth Companies Fund vs. TSX, July 2011 to March 2014 Source: CI Investments Frequency (as percent of total) Downside protection

Building out our “core” Cambridge Growth Companies Corporate Class

Defining the opportunity Sweet spot of $1B to $10B market cap Fantastic management access Undercovered/underfollowed Supernormal growth potential Looking for secular, not cyclical growth Resources are cyclical ~50% of businesses that fit this criteria on S&P/TSX are mining/energy Only 10% for Russell 2000, S&P 500, FTSE 100, FTSE Small cap Highly concentrated fund Ideal size of 35 businesses Canada capped at 10% (2-5 stocks) 10% cash is no cash – expect cash position to be 10% - 25%

What are we looking for? Very high ROIC / operating margins Low balance sheet leverage Demonstrated willingness/ability to inorganically allocate capital

You can profit in this market If you have conviction in what you own We talk to management often Site tours and conferences If you have flexibility Never get married to a thesis or position Open mandates  no sector restrictions By protecting capital Proper diversification No “filler” positions – we hold cash

Cambridge is not benchmark focused Source: Paltrak, August 31, 2014 Sector Cambridge Growth Co. CCMSCI WorldDifference Cambridge U.S. DividendS&P 500Difference Cash Bonds Financials Energy Materials Consumer discretionary Consumer staples Information technology Telecom services Industrials Health care Utilities

Cambridge is not benchmark focused Source: CI Investments Cambridge Growth Companies C.C. Top holdings as at August 31, 2014 CGI Group3.6% Signature Bank of New York3.5% Tourmaline Oil3.3% Dollarama3.0% Priceline.com2.9% Cap Gemini2.9% Burger King Worldwide2.8% Kelt Exploration2.7% Encana2.7% Allison Transmission Holdings2.7% Total30.1% Cambridge U.S. Dividend Fund Top holdings as at August 31, 2014 Norfolk Southern5.3% US Bancorp5.3% First Republic Bank5.2% Thomson Reuters5.1% Home Depot4.5% Adecco4.4% Allison Transmission Holdings4.0% Microsoft3.9% United Parcel Service3.9% Anheuser-Busch InBev3.9% Total45.3%

Source: RBC Investor & Treasury Services, August 31, 2014 Cambridge offers a variety of mandates Fund Fund Code Assets (million) Foreign Content Cambridge Canadian Equity Corporate ClassCIG2321$3,690.8maximum 49% Cambridge Canadian Asset Allocation Corporate ClassCIG2322$2,254.9maximum 49% Cambridge Canadian Growth Companies FundCIG11108$755.6maximum 49% Cambridge Pure Canadian Equity FundCIG11109$260.9maximum 10% Cambridge Global Dividend FundCIG2639$199.9no restrictions Cambridge Global Equity Corporate ClassCIG2323$1,752.7no restrictions Cambridge High Income FundCIG6803$702.0no restrictions Cambridge American Equity Corporate ClassCIG294$665.0no restrictions Cambridge American Equity Fund CIG 212$238.0no restrictions

Have you seen our blog? Visit and sign up for our frequently updated blog at: “It’s far better to buy a wonderful company at a fair price than a fair company at a wonderful price.”  Warren Buffet

Commissions, trailing commissions, management fees and expenses may be associated with mutual fund investments. Please read the prospectus before investing. Unless otherwise indicated and except for returns for periods less than one year, the indicated rates of return are the historical annual compounded total returns including changes in security value. All performance data assume reinvestment of all distributions or dividends and do not take into account sales, redemption, distribution or optional charges or income taxes payable by any securityholder that would have reduced returns. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated. ®CI Investments, the CI Investments design and Cambridge are registered trademarks of CI Investments Inc. Cambridge Global Asset Management is a business name of CI Investments Inc. used in connection with its subsidiary, CI Global Investments Inc. Certain portfolio managers of Cambridge Global Asset Management are registered with CI Investments Inc. This communication is published by CI as a general source of information and is not intended to provide personal legal, accounting, investment or tax advice. Facts and data provided by CI and other sources are believed to be reliable when posted; however, CI cannot guarantee that they are accurate or complete or that they will be current at all times. CI and its affiliates will not be responsible in any manner for direct, indirect, special or consequential damages howsoever caused, arising out of the use of this presentation. Thank you FOR ADVISOR USE ONLY – NOT FOR DISTRIBUTION TO CLIENTS

Appendix – Cambridge performance 1 year3 year5 year Since inception Cambridge Canadian Equity Corporate Class23.0%18.9%15.1%8.9%* Cambridge Canadian Asset Allocation Corporate Class15.9%9.6%10.1%6.2%* Cambridge Canadian Growth Companies Fund30.5%32.8%n/a28.0%** Cambridge Pure Canadian Equity Fund39.3%33.7%n/a28.3%** Cambridge Global Dividend Fund18.0%n/a 16.4%  Cambridge Global Equity Corporate Class20.3%17.4%11.5%7.1%* Cambridge High Income Fund16.8%10.3%12.4% 10.7%  Cambridge American Equity Fund26.6%18.5%12.2% 7.1%  Performance as at August 31, 2014 *Dec. 31, 2007; **Feb. 15, 2011;  Jul. 31, 2013;  Jul 2, 2004;  May 25, 1989 Source: RBC Investor & Treasury Services, August 31, 2014