1. Investment Insights from CI Investment Consulting
Yoonjai Shin, CFA
Director, CI Investment Consulting

2. Agenda Team, philosophy and process Performance drivers
Investment outlook
Q & A

3. Marchello Holditch, CFA
CI Investment Consulting team
Alfred Lam, CFA
VP & Portfolio Manager
Investment strategy / Asset allocations
Fund selection/ Currency strategy
Communications
Lewis Harkes, CFA
Senior Analyst
Fund/manager analysis
Performance reporting
Yoonjai Shin, CFA
Director
Fund/manager analysis
Asset allocations
Currency strategy
Fund selection
Project management
Andrew Ashworth
Analyst
Fund/manager analysis
Cash flow management
Performance reporting
Marchello Holditch, CFA
Senior Analyst
Fund/manager analysis

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

5. Depth and quality of portfolio management teams

6. Multiple sources of added value
Attribution analysis of Evolution models
Please refer to the next page for full performance history

7. Multiple sources of added value
Performance of Evolution models
Standard models represent mix of pools and mutual funds recommended by CI Investment Consulting.
Returns are net of fees.

8. 14 out of 18 pools outperformed their benchmarks

9. Alpha funds have added alpha

10. Currency management also sets us apart
12% cumulative return
$120 million added value
10% hedged
30% hedged
30% hedged
50% hedged
70% hedged
Dynamic hedging introduced
Source: Bloomberg, CI Investments

11. Industry recognition
Portfolio Series - Best Fund of Funds Award
Portfolio Series - Best Fund of Funds Award
Portfolio Select Series - Best Fund of Funds Award
Portfolio Series Income Fund - Best Global Fixed
Income Balanced Award
Portfolio Series Income Fund - Best Global Fixed
Income Balanced Award

12. To sum it up… Sound and proven philosophy Solid track record
Industry recognition
Strong net flows

13. For illustration purposes only; there is no guarantee on results
Outlook: Return expectations
2013
expected range of returns
actual returns in 2013
For illustration purposes only; there is no guarantee on results

14. Outlook: Equity market
Broad markets are reasonably priced; stock selection to matter more
Forward Price to Earnings Multiples 26 24 22 20 18 16 14 12 10 8 86 88 90 92 94 96 98 00 02 04 06 08
TSX
S&P 500
Source: TD Securities, CPMS, I/B/E/S

15. 5-Year Government of Canada bond yields
Outlook: Bond market
Bonds remain challenged but volatility offers opportunities
5-Year Government of Canada bond yields
Source: Bank of Canada

16. Dynamic income asset mix to achieve superior risk-adjusted returns
Weighting (%)
2011 Q4
2012 Q1 Q2 Q3
2013
2013Q2
2013Q3
2013Q4
Target
Cash 12 15 21 27 34 24 22 0%
Government & IG corporate 49 44 41 36 31 48
60%
High yield bonds 19 18 13 11 14
20%
High-dividend Stocks 20
Duration (yrs)
5.1
4.5
4.2
4.1
3.3
3.7
4.0
Represented by Select Income Managed Corporate Class
Source: CI Investments

17. Performance has met expectations
Select Income Managed Corporate Class
Performance as of December 31, 2013 %
3Mth
6Mth
YTD
1Yr
3Yr
5Yr
Since
Inception*
Risk
Select Income Managed Corporate Class (Class A)
1.7
2.6
4.0
4.4
6.1
3.9
2.3
DEX Universe Bond Index
0.4
0.5
-1.2
4.8
n/a
3.1
*November 2005
FOR INTERNAL USE ONLY

18. Total: 97 observations (months)
Controlled volatility
Total: 97 observations (months)

19. Thank you. Thank you For advisor use only
®CI Investments and the CI Investments design are registered trademarks of CI Investments Inc. This communication is published by CI. Any commentaries and information contained in this communication are provided as a general source of information and should not be considered personal investment advice. Every effort has been made to ensure that the material contained herein is accurate at the time of publication. However, CI cannot guarantee its accuracy or completeness and accepts no responsibility for any loss arising from any use of or reliance on the information contained herein.
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