GLOBAL INVESTING Name Title Company DATE IS IT TIME TO RELOCATE SOME OF YOUR PORTFOLIO?

AGENDA GLOBAL GROWTH OPPORTUNITIES HAVING A GLOBAL PERSPECTIVE THE BACKYARD BIAS

Canadians have a backyard bias Source: IFIC mutual fund assets, as of April 30th, 2015 Includes Equity, Balanced and Fixed Income Mutual Fund Assets. Outside Canada 49% Canada 51% CANADIANS HAVE THE MAJORITY OF THEIR ASSETS INVEST IN CANADA

…And we can’t blame them. World Canada CANADA HAS OUTPERFORMED THE WORLD MARKET OVER THE PAST 10 YEARS Source: Bloomberg, Canada as represented by the S&P/TSX Composite TR, World as represented by MSCI World Index in Canadian Dollars. Jan 31, 2001 to December 31, The chart above is for illustrative purposes only. CANADA HAS OUTPERFORMED THE WORLD MARKET OVER THE PAST 15 YEARS

Canada has shown strong performance CONCENTRATION IN 3 SECTORS HAS HELPED PERFORMANCE OVER THE PAST 15 YEARS 3 sectors make up 66% of our market Source: Morningstar, as of December 31 st, 2015.

Long-term trend Difference between S&P/TSX Total Return Index and MSCI World Index ($CAD) as of December 31, Source: Morningstar, S&P/TSX Total Return Index and MSCI World Index ($CAD). The S&P / TSX Total Return Index and MSCI World Index is unmanaged and unavailable for direct investment. Assumes reinvestment of capital gains and dividends and no taxes. Index past performance is not indicative of future results. For illustrative purposes only. Canada outperforms The world outperforms

HAVING A GLOBAL PERSPECTIVE

A tale of two worlds… WORLD BASED ON GEOGRAPHIC SIZE WORLD BASED ON ECONOMIC SIZE THE WORLD BASED ON GEOGRAPHIC SIZE THE WORLD BASED ON ECONOMIC SIZE Source: As of 2008, CIA Factbook for GDP data. Economic size based on GDP Growth Rate. Natural Earth website for shapefiles of the world.

Canada’s small global footprint SMALL PERCENTAGE OF THE WORLDS LARGEST AND MOST RECOGNIZABLE COMPANIES BASED ON THE FORTUNE GLOBAL 500 LIST ARE IN CANADA REST OF THE WORLD CANADA 13% ONLY A SMALL PERCENTAGE OF THE WORLDS LARGEST & MOST RECOGNIZABLE COMPANIES ARE IN CANADA Source: Fortune Global 500, 2015.

A snapshot of the top 10

Canada’s entrance

GLOBAL GROWTH OPPORTUNITIES

Diversify by geography THE BEST PERFORMING COUNTRIES CHANGE FROM YEAR TO YEAR Source: Moringstar. All Indices are represented in Canadian dollars Mexico – BMV IPC. U.S. – S&P 500 Total Return. England – FTSE 100 Total Return. Canada – S&P/TSX Total Return. Germany – FSE DAX Total Return. Brazil – BOVESPA. France - Euronext Paris CAC 40 PR. Japan – Nikkei 225 Average PR. Hong Kong – Hang Seng Hong Kong Composite c 2011 c

CPP has gone global CANADIAN PENSION PLAN INVESTS THE MAJORITY OF THEIR EQUITY PORTFOLIO OUTSIDE OF CANADA Emerging Markets: 67.2% Foreign developed Markets: 13.1% Canadian Equities: 19.7% CANADIAN PENSION PLAN INVESTS THE MAJORITY OF THEIR EQUITY PORTFOLIO OUTSIDE OF CANADA Source: Canadian Pension Plan Annual Report, as of March 31, 2015.

US stocks remain cheap Source: Morningstar, November 30 th 1999 to December 31 st, 2015.

Emerging economies now account for 40% of global revenue Source: McKinsley Global Institute: Playing to Win, The New Global Competition for Corporate Profits, September 2015

FORECASTED GDP GROWTH Source: The Conference Board Global Economic Outlook 2015, January 2015 Update Emerging markets set to drive economic growth

You’re already a Global investor! Volvo Automobile Fiat Mitsubishi Volkswagen Hyundai/Kia Mazda Honda Toyota Nissan Mercedes BMW Ford Chrysler GM Kitchen Miele Siemens Bosch Jenn-Air Kitchenaid Maytag Whirlpool Frigidaire Electrolux Computers eMachines Gateway Acer Dell Apple HP Lenovo Wireless Phone Motorola HTC Nokia Samsung Blackberry Iphone Entertainment Toshiba Yamaha Bose Sharp Sony LG Panasonic Samsung

GOING GLOBAL WITH DYNAMIC

Diversify and balance your portfolio. 1

2 Implement a core- satellite strategy.

3 Replace an index- replicating fund with true active management.

Questions?

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