ENERGY AND INFRASTRUCTURE: WHAT A DIFFERENCE FIVE YEARS MAKES. Greg Dean, CFA Analyst & Portfolio Manager

SO MUCH FOR PEAK OIL … +80% since 2008 Source: Tudor Pickering

SLOWLY REDUCING OUR RELIANCE ON THE MIDDLE EAST Crude oil imports peaked in June 2005 (-35% since!) Source: Tudor Pickering

U.S. IS THE GLOBAL LEADER IN OIL SUPPLY GROWTH Grew 40% more than Saudi Arabia in 2012 Canada + U.S. = 1 million barrels / day of oil growth in respectively Essentially illegal to export crude oil from the U.S. … so now what? Source: EIA, Peters & Co.

IMPORTS OF LIGHT CRUDE WILL SOON BE ELIMINATED 3 years ago we were importing > 2mm bbl/d Now < 700k bbl/d At this pace we could be net exporters by February! Source: Tudor Pickering

IF WE CAN’T EXPORT, WHERE WILL IT GO?

WE NO LONGER HAVE ESTABLISHED ROUTES TO MARKET Examples: - Crude-by-rail (east/west coasts and Gulf of Mexico) - Reversing/building pipelines (Seaway, Energy East, others) - Manitoba project (OmniTRAX)

WHAT ABOUT DEMAND FOR OIL? Not growing as fast as supply (~1%/year or 900k bbl/d): China not growing as fast as many expected (+4%/ 360k bbl/d) Cars are 30% more fuel efficient today Source: IEA

Two main reasons: SO WHY HAS THE PRICE OF OIL BEEN SO STRONG? 1. Seasonally strong demand of crude by refiners 2. Higher than normal outages for maintenance Source: Kessler Energy

SO HOW DO WE MAKE $$ IN ENERGY? By remaining disciplined and flexible … – Energy infrastructure companies – Select exploration and production companies (price x volume) – Refiners

RAGING RIVER EXPLORATION – CASE STUDY Was spun out of Wildstream Exploration in late 2011 / early Management/board own ~14% of the company - 100% focused on light oil in the Viking (Saskatchewan) - Clean balance sheet (debt to cashflow < 1x) - We are up > 100% in 18 months June Producing ~1,700 barrels / day June Producing ~4,400 barrels / day Source: Bloomberg

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

GROWING THE TEAM

CAMBRIDGE BLOG Have you seen our blog? Visit and sign up for our frequently updated blog at: "Our job is to find a few intelligent things to do, not to keep up with every damn thing in the world." - Charlie Munger

DOWNSIDE PROTECTION IS THE FOCUS Source: RBC Dexia As of August 31, 2013 *December 31, 2007 †February 15, 2011 **Cambridge Global Asset Management took over management of Cambridge American Equity Corporate Class in June 2011, inception date of fund is February 24, 2000** Year-to-date1 year20123 year5 year Since inception Cambridge Canadian Asset Allocation Corporate Class11.7%14.3%3.5%9.8%4.4%4.5%* Cambridge Canadian Equity Corporate Class17.1%25.5%16.7%16.1%6.3%6.6%* Cambridge Global Equity Corporate Class19.8%26.0%15.1%12.4%4.0%4.9%* Cambridge Canadian Growth A25.0%41.5%40.5%n/a 27.0%† Cambridge American Equity Corporate Class**25.1%28.1%8.2%13.5%3.4%-4.2%**

CAMBRIDGE IS NOT BENCHMARK FOCUSED Cambridge Pure Canadian Top holdings August 31, 2013 Shoppers Drug Mart6.2% Sylogist5.8% Alimentation Couche-Tard5.1% Kelt Exploration4.8% CGI Group4.4% George Weston4.4% Tourmaline Oil4.3% Intact Financial4.1% TransForce Inc.3.5% Artek Exploration3.2% Total45.8% Cambridge Canadian Equity Top holdings as at August 31, 2013 Intact Financial5.8% Alimentation Couche-Tard5.4% Shoppers Drug Mart5.4% CGI Group5.0% George Weston4.7% Tourmaline Oil4.6% Brookfield Infrastructure Partners3.8% Loblaw3.7% Brookfield Asset Management3.0% Keyera2.9% Total44.3% Source: CI Investments

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