Navigating Emerging Markets Matthew Strauss Vice-President, Portfolio Management and Portfolio Manager

Emerging markets Emerging markets (EM) investments: longer-term perspective – An integral part of a fully diversified equity portfolio, not only for the strong of heart Risk and return – Containing volatility within emerging markets without sacrificing all of the upside Outlook – Taking advantage of the diversified nature of emerging markets and moving beyond Brazil, Russia, India and China (BRICs)

Increasing economic importance Source: IMF & World Bank 1&2 Purchasing Power Parity

A market that can’t be ignored Equity market capitalization Source: World Bank

Reaping the benefits Higher returns but with higher volatility Source: Bloomberg * YTD – 31 Aug

Signature’s approach to EM investments The inconvenient EM truths – Cyclical – deal with it – Less transparent – cry me a river – More political – ask Obama about Putin Signature’s approach – It’s a team – 9 global sector specialist PMs (and 8 analysts), 3 macro strategists (and 2 EM analysts) Explore all sources of risks and return – Active stock, sector, country and currency management – Cross-asset class expertise (e.g. rates, FX, credit, commodities, equity, property) Regulatory/policy & political risks – Beyond the headlines – Country visits – Expanding EM fixed-income capabilities Analyzing companies – the importance of quality – Must go beyond financials analysis and company reports (e.g. strong balance sheets, sustainability of margins, and returns on invested capital) – Meeting management (e.g. corporate governance, strength, track record, accounting principles, direction) – Discussions with competitors, holding companies, and subsidiaries (e.g. barriers to entry, market share, corporate governance and respect)

Absolute returns & focusing on volatility CI Signature Emerging Markets Fund

EM outlook, part I of II * Aug YTD* return - Emerging: 10.7% - Developed : 7.3% - S&P 500: 9.9%

EM outlook, part II of II BRICs Business cycle Politics – Russia/Ukraine – Middle East – Turkey – China EM fund – fully engaged – China, India, Philippines and Mexico over Brazil & Russia – Selective cyclical over over-priced defensives – Financials, health care and industrials over telecom and energy

Panel Discussion

FOR ADVISOR USE ONLY – NOT FOR DISTRIBUTION TO CLIENTS Thank you Commissions, trailing commissions, management fees and expenses may be associated with mutual fund investments. Please read the prospectus before investing. Unless otherwise indicated and except for returns for periods less than one year, the indicated rates of return are the historical annual compounded total returns including changes in security value. All performance data assume reinvestment of all distributions or dividends and do not take into account sales, redemption, distribution or optional charges or income taxes payable by any securityholder that would have reduced returns. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated. ®CI Investments, the CI Investments design, are registered trademarks of CI Investments Inc. Signature Global Asset Management is a trademark of CI Investments Inc. 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.