1. CI Investment Consulting Neal Kerr, Senior Vice-President Alfred Lam, Vice-President & Portfolio Manager Yoonjai Shin, Director

2. Agenda Industry trends, CI’s multi-manager excellence Advantages of CI’s managed solutions Challenges in the markets and how to navigate

3. Destination investing Average advisors Focus: Outperformance Value propositions: Fund selection Tactical shifts Risk: Underperformance Successful advisors Focus: Relationship Value propositions: Planning Asset location Behavioural coaching Risk: Capacity

4. CI’s income & balanced (wealth accumulation) solutions Investment Consulting SignatureHarbourCambridgeBlack Creek Diversified Income Portfolio SeriesHigh Income Portfolio Select Series Diversified YieldHigh Income BalancedPortfolio SeriesCanadian Balanced Growth & IncomeCanadian Asset Allocation Global Balanced Portfolio Select Series Income & GrowthGlobal Growth & Income G5|20 SeriesGlobal Income & Growth Assets ($ billion)* (Total = $61.3) $27.7$23.8$5.9$2.9$1.0 * As of August 2014

5. Managed solution landscape Fund companyAssets ($ billion)3-year CAGR (%) RBC4923 CIBC4119 TD3722 CI Investments2434 Scotia2422 BMO2029 Investors Group208 Great-West Life175 Desjardins1517 National Bank1120 Top 10258 (77%)20 Source: Investor Economics, Dec. 2013

6. Multi-manager excellence

7. CI Investment Consulting “We create investment solutions for investors and build relationships with advisors.” – CI Investment Consulting

8. What do we manage? $28 billion in assets under management

9. CI Investment Consulting NameTitleCredentials Years of industry experience Alfred LamVP & Portfolio ManagerCFA, MBA, BComm14 Yoonjai ShinDirectorCFA, BA Economics11 Lewis HarkesSenior AnalystCFA, BA Economics10 Marchello HolditchSenior AnalystCFA, BMath (Honours)5 Andrew AshworthAnalystLevel II CFA, BMOS Finance4 Responsibilities Portfolio managementAlfred, Yoonjai Trading/operationsYoonjai, Nick Asnani, Andrew Manager selectionAlfred, Yoonjai Due diligenceYoonjai, Alfred, Marchello, Lewis, Andrew Performance analysis & reportingLewis, Andrew CommunicationsAlfred, Yoonjai, Marchello Organizational structure

10. Total return = Asset mix + Alpha + Market beta + Currency – Tax – Fees Optimize Maximize Manage Manage/reduce Minimize Reduce Total return equation

11. Portfolio Series, Best Fund of Funds Award – 2011 Portfolio Series, Best Fund of Funds Award – 2012 Portfolio Select Series, Best Fund of Funds Award – 2013 Industry recognition

12. Stock market valuations Source: TD Securities

13. Suppressed volatility

14. Equity market return expectations Equity return = Risk-free return + Risk premium HistoricalToday Risk-free2-4%0-1% Risk premium4-6%4-6% Total return6-10%4-7% Dividends2-3%2-4% Earnings growth4-8%2-5%

15. Implications As long as rates stay low: Incentive for business to grow is less Incentive for business to hire is less Low wage inflation Market volatility is low

16. When will interest rates change? Two years later?! When household and sovereign debts return to normal

17. Extreme volatility in the bond markets 16X p/E 22X p/E Government of Canada benchmark bond yields – 5 Year August 29, 2013 - August 29, 2014

18. Are you compensated for the risks? Yield*Term premium (annualized)(cumulative) 3 month (risk-free)0.94% 1 Year1.01%0.07% 3 Years1.13%0.19%0.57% 5 Years1.52%0.58%2.93% 7 Years1.64%0.70%5.00% 10 Years1.99%1.05%11.01% * As of August 29, 2014

19. Source: CI Investments Weighting (%) 2012 Q3 2012 Q4 2013 Q1 2013 Q2 2013 Q3 2013 Q4 2014 Q1 2014 Q2 Target Cash 212734242122 2518 0% Government & IG corporate 413631444844 4047 60% High-yield bonds 181513121114 15 20% High-dividend Stocks 2022 20 20% Duration (years) 4.1 3.33.74.03.7 3.4 Historical asset allocations Select Income Managed Corporate Class

20. Tracking 105 months; from inception to August 2014 Higher consistency; lower downside Stability first

21. Recap of capital market outlook Record government and household debt levels put a lid on interest rates Low interest rates lead to sub-par growth Equity volatility is suppressed Bond volatility is unusually high with unusually low expected returns

22. Positioning Income allocation to drive alpha Safety is not limited to cash and government bonds Take advantage of low equity market volatility Watch whether growth driven by P/E or earnings Watching emerging market bonds and stocks

23. Commissions, trailing commissions, management fees and expenses may be associated with mutual fund investments. Please read the prospectus before investing. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated. ®CI Investments, the CI Investments design, Cambridge, Harbour Advisors, and Harbour Funds are registered trademarks of CI Investments Inc. ™Portfolio Select Series, Portfolio Series, Signature Funds, G5|20 Series, and the G5|20 Series design are trademarks of CI Investments Inc. Morningstar Awards © Morningstar Inc. All Rights Reserved. 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