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

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

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

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

Depth and quality of portfolio management teams

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

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.

14 out of 18 pools outperformed their benchmarks

Alpha funds have added alpha

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

Industry recognition 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 Portfolio Series Income Fund - Best Global Fixed Income Balanced Award - 2012 Portfolio Series Income Fund - Best Global Fixed Income Balanced Award - 2013

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

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

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

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

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

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

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

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