Capital growth with downside protection Cambridge Advisors

Cambridge team Brandon Snow Principal & Portfolio Manager Alan Radlo Chief Investment Officer & Portfolio Manager Emi Winterer Analyst Stephen Groff Analyst Greg Dean Analyst Robert Swanson Principal & Portfolio Manager

Importance of downside protection STARTING $% DECLINE RETURN REQUIRED TO GET BACK TO EVEN $ 100-1% 1.1% $ % 18% $ % 33% $ % 100% Big losses make growing capital much more difficult

Importance of downside protection STARTING $ % DECLINE YEAR 2 RETURNTOTAL $ 100-1% 10% 8.9% $ % 20% 2% $ % 33% 0% $ % 100% 0% Protecting capital should lead to better compound returns

Philosophy Long-term holdings Management aligned with shareholders Strong capital allocation Competitive advantage Examples: CN Rail Enghouse Couche-Tard Short-term investments Information edge An industry where we have experience Path to value recognition Examples: F5 Networks Petroleum Geo-Services ASA Eagle Materials Attractive risk/reward

Our sell discipline Short-term investments Reaches fair value Thesis was wrong Long-term holdings Valuation becomes excessive Thesis changes We find better opportunities

Long-term holding example – Couche Tard Need 20 yr chart for ATD/B CN Equity

Short-term investment – Eagle Materials

Downside protection in a difficult year Source: Paltrak As of April 30, 2012 YTD YearInception Cambridge Canadian Asset Allocation * 3.7%-0.7% 11.9% 3.3% Quartile 21 1 n/a Cambridge Canadian Equity* 7.8%-1.3% 13.3% 2.9% Quartile 11 1 n/a Cambridge Global Equity* 14.4%-12.0% 10.4% 2.0% Quartile 14 1 n/a Castlerock Canadian Growth A** 16.8%n/a 17.9% Quartile 1n/a Castlerock Pure Canadian Equity** 11.9%n/a 10.5% Quartile 1n/a

Why invest with Cambridge? Results Source: CI Investment Consulting

Market outlook

Today’s issues The negatives European debt resolution and austerity measures Slowing growth in China and developing markets U.S. – headwinds from deleveraging and fiscal restraint Canada: personal debt levels and home prices

Today’s issues The positives Current European policymakers more market friendly than predecessors U.S. – economic indicators improving; housing bottoming; unemployment topping

Key takeaways Global growth slowing, but still positive Increasingly confident of European resolution Low interest rates and improving earnings make North American equities attractive Systematic risk still warrants a conservative approach –Large, stable dividend paying stocks –Short to intermediate investment & non-investment grade bonds –Diverse set of income instruments Preferreds Convertible Bonds Infrastructure Selected REITs

The case for equities Source: Stifel Nicolaus

Dividends on high-quality companies exceed yields on high-quality bonds Source: Deutsche Bank, Bloomberg

Why invest with Cambridge?

Flexibility – we aren’t the index –Nimble asset base –Open mandates Conviction in what we own –We talk to management often –Site tours Aligned with fundholders –Focus on absolute returns

The importance of flexibility As at March 30, 2012 SP/TSX - Current 20% 31%

The importance of flexibility SP/TSX Dec 31, 1999SP/TSX - Current 31% 20%

Cambridge doesn’t replicate the benchmark Sector Cambridge Canadian Equity CCS&P/TSXDifference Cambridge Canadian Asset Allocation CC 60 S&PTSX/ 40 DEX UniverseDifference Cash Bonds Financials Energy Materials Consumer Discretionary Consumer Staples Information Technology Telecomm Services Industrials Health Care Utilities Source: Paltrak, March 30, 2012

Cambridge doesn’t replicate the benchmark Castlerock Growth Companies Top holdings as at April 30, 2012 Alimentation Couche-Tard4.8% Trilogy Energy Corp4.1% Brick Brewing Co.3.9% Bauer Performance Sports3.3% Shoppers Drug Mart3.2% Brookfield Asset Management3.1% Enghouse Systems Ltd2.6% Stewart Info Svcs2.5% ATS Automation Tooling System2.5% Boyd Group Income Fund2.2% Total32.2% Cambridge Canadian Equity Top holdings as at April 30, 2012 Alimentation Couche-Tard6.7% Shoppers Drug Mart4.5% Tourmaline Oil Corp.4.5% Metro Inc3.7% Brookfield Infrastructure LP3.2% Keyera Corp.3.0% Progressive Waste Solutions3.0% Trilogy Energy Corp.2.9% Brookfield Asset Management2.8% MI Development2.6% Total36.9% Source: CI Investments

New fund Cambridge Income Fund

Cambridge Income Fund provides investors with what they are looking for – a stable source of tax-efficient income that will keep them ahead of inflation. Similar to all Cambridge funds, it has low volatility and downside protection built in.

Cambridge Income Fund Combination of global fixed income and high-yielding equities Diversified across regions, sectors and capital structure Focus on income stability, with potential for capital appreciation and inflation protection

Bonds are guaranteeing capital losses for clients Company Dividend Yield Bond Price at Dividend Yield Required Capital Loss Bristol-Myers4.1% % Unilever3.7% % Pfizer3.8% % JNJ3.8% % Merck4.3% % (as at April 27th)(4 to 6 year bond)Compound annual return

Stocks vs. bonds: the Metro story Total value ($) Scenario #1: The bond story: 2.4% annual gross return* Scenario #2: The stock story: 11.9% annual gross return* *$1,000 investment a five-year BBB Metro bond trading at 112% above par Initial coupon payment: 5.0% Annual capital appreciation: -2.2% *Assumes a constant P/E multiple and dividend payout ratio 4.0% organic growth 4.0% share buyback 2.5% dividend yield on principal

Representative portfolio structure Fund target yield: 4.0% Investment grade5.0% Converts6.0% High-yield bonds7.5% REITS5.0% Preferred6.6% High-yield equity4.9% Infrastructure4.5% Utilities5.0% Yields

Cambridge Income Fund Manager: Robert Swanson Available in:Class A, E, F and O Corporate Class, T-Class, E, O and US$ Management fees:Class A – 1.90%; Class F – 0.90% Trailer:1.00% FE; 0.50% DSC Tax-effective monthly distribution: $0.03 (annual targeted yield 4.0%) Mutual Fund: FEL – CIG 635 Corporate Class: FEL – CIG 2261 DSC – CIG 885 DSC – CIG 3261 Low Load – CIG 1235 Low Load – CIG 1261

Right team, right philosophy, right experience Experienced investment team Focused on capital growth with downside protection With the flexibility to deliver in volatile markets “If everything is coming your way, you’re probably in the wrong lane.” – Warren Buffett

FundFund Code Assets (million) Foreign Content Cambridge Canadian Equity Corporate ClassCIG2321$867.5maximum 49% Cambridge Canadian Asset Allocation Corporate ClassCIG2322$831.9maximum 49% Cambridge Global Equity Corporate ClassCIG2323$638.7no restrictions Cambridge Income Corporate ClassCIG2261$26.4no restrictions Cambridge Income FundCIG635$42.0no restrictions Cambridge American Equity Corporate Class*CIG294$220.0no restrictions Cambridge American Equity Fund*CIG 212$51.7no restrictions Castlerock Canadian Growth Companies FundHIC191$13.3maximum 49% Castlerock Pure Canadian FundHIC192$2.0maximum 10% Cambridge multi-asset class, multi-manager * Effective June 5, 2011 Cambridge assumed management of the funds and they were renamed from CI American Equity Corporate Class and CI American Equity Fund. Source: RBC Dexia at April 30, 2012

All charts and illustrations in this guide are for illustrative purposes only. They are not intended to predict or project investment results. ®CI Investments, CI Investments design and Cambridge are registered trademarks of CI Investments Inc. Cambridge Advisors is the business name of CI Global Holdings Inc. Commissions, trailing commissions, management fees and expenses all 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. Thank You