1. Take your retirement plan off pause and hit play John Smith November 2014

2. Agenda 2 Realities you face before and during retirement How G5|20 Series addresses retirement risks The benefits and flexibility of G5|20 Series

3. What realities are you facing today, before and during retirement? 3

4. If you are preparing for or are in retirement, you face several risks: Losing a portion of your savings. Outliving your money. The erosion of your buying power caused by inflation. The opportunity cost of staying out of the market. Retirement risks 4

5. 5 Equity exposure is key to positive long-term portfolio performance Historically, equities have been the driver of superior long-term returns. The ideal portfolio would reflect the long-term performance of equity markets without the risk. For the 10 years ending December 31, 2013, the average annual total return of S&P/TSX Composite Index was 8% and 5.2% for DEX Universe Bond Index. Source: Bloomberg

6. Portfolio volatility needs to be managed 6 A low-volatility approach to equity investing contributes to long-term sustainability of your portfolio so your savings are there when you need them most.

7. Investors want the perceived security of bonds or GICs but low yields and after-tax returns negatively affect the sustainability of retirement savings. Interest rates expected to remain at very low levels 7 Source: Bloomberg

8. It’s important to understand the math behind GIC rates Based on average 1-year GIC rate, top marginal tax rate of 46.4% for Ontario and the annual rate of inflation. Source: Bank of Canada, Statistics Canada Taking into consideration taxes and inflation, GICs are netting negative real rates of return, forcing investors to redeem from their savings. 8 1-year GIC After tax After inflation

9. Retirement risk How can you protect your assets from inflation risk? How can you maintain your standard of living? Market risk How do you protect your retirement nest egg from market volatility? How can you draw cash flow and grow your money at the same time? How do you address the current realities and take your retirement plan off pause? 9

10. Regardless of market conditions, if you are preparing for retirement, you require a solution that delivers: Guaranteed cash flow to take you through retirement – similar to a defined benefit pension plan. Capital protection. Participation in the equity market for growth potential. Lower volatility. Liquidity. Protection from loss of purchasing power. How does your retirement strategy address today’s market realities? 10

11. 11

12. Guaranteed20 Years Cash Flow 5% Cash Flow 12

13. Guarantees predictable, sustainable, 5% cash flows to help maintain your lifestyle. Growth potential by participating in equity markets, to offset inflation and portfolio sustainability risks. Low-volatility strategy to reduce large negative market fluctuations on your assets before and during retirement. Optimized performance designed to provide a residual value at the end of the fund’s term. The fund is flexible, allowing you to lock in gains from current portfolio values. G5|20 Series is designed specifically for retirement 13

14. Why G5|20 Series It may be impossible to sustain cash flow without a guarantee. 7.69%7.37% 7.39% 5.00% 14

15. Investors preparing for retirement face these risks: Portfolio volatility – the investment strategy reduces volatility, which benefits you daily in the valuation of the fund. Outliving your money – this risk is offset by guaranteeing 20 years of predictable cash flow. The fund’s equity participation is designed to contribute to a residual amount at the end of the fund’s term. Inflation – the equity exposure provides opportunities for growth, which can minimize inflation’s erosion of your buying power. How G5|20 Series addresses retirement risks 15

16. G5|20 Series: flexible guaranteed cash flow solutions 16 Two funds allowing you to address your specific retirement cash flow requirements: G5|20iG5|20 Investor requirementSecure guaranteed cash flow stream today Secure guaranteed cash flow stream in the future Cash flow availabilityImmediateBegins after a five-year Accumulation Phase Cash flow term5% of GAV over 20 years, guaranteed to never decrease Opportunities to increase through positive fund performance

17. Annual guaranteed cash flow begins after a five-year Accumulation Phase Guaranteed cash flow will equal 5% of the greater of the (1) initial investment, (2) the most recent Guaranteed Asset Value (GAV) during the Accumulation Phase, or (3) the fund value after five years. In the event of positive market performance during the Distribution Phase, there is potential for the Guaranteed Distribution to be increased. Locking in growth, automatically providing higher cash flow: If the fund’s market value is higher than the GAV on any GAV Increase Date, half of the positive gains will be locked in, establishing a new, higher GAV. GAV Increases are automatically applied to provide higher cash flow for you in future years. G5|20: For investors who need cash flow later but want to guarantee the value now 17

18. G5|20: Guaranteed cash flow for 20 years after a 5-year growth period 18 The chart is for illustrative purposes only and assumes there are no fund redemptions. It is not intended to illustrate the performance of any portfolio. Guaranteed cash flow is based on the fund’s Guaranteed Asset Value (GAV). Opportunities for GAV Increases occur midway through the Accumulation Phase and every three years during the Distribution Phase: increases are automatically applied.

19. Guaranteed cash flow will equal 5% of your initial investment In the event of positive market performance during the Distribution Phase, there is potential for the Guaranteed Distribution to be increased. Locking in growth, automatically providing higher cash flow: If the market value of the fund is higher than the Guaranteed Asset Value (GAV) on any GAV Increase Date, half of those positive gains will be locked in to establish a new, higher GAV for the fund. GAV Increases are automatically applied to provide higher cash flow for you in future years. G5|20i: For investors who require cash flow now 19

20. G5|20i: For investors who need cash flow now 20 The fund’s Guaranteed Asset Value will be reviewed every 3 years and can only be increased. Half of any fund gains are automatically locked in. The chart is for illustrative purposes only and assumes there are no fund redemptions. It is not intended to illustrate the performance of any portfolio.

21. CI’s teams of experts offer an integrated solution tailored for today’s retirement needs 21

22. CI Investments G5|20 Series is structured as a mutual fund trust and is actively managed by CI Investment Consulting. CI Investment Consulting is recognized by the investment industry for its expertise in managing diversified portfolios Managed like a tactical balanced fund to take full advantage of market opportunities. Initially, the fund is approximately 70% equity and 30% income. Low-volatility investment strategy is always employed on the fund’s equity exposure. 22

23. Why CI: Access to award-winning portfolio managers 23

24. A long-term investment strategy designed to reduce volatility without sacrificing the upside potential of equity exposure. Historical representation: G5|20 versus 70% S&P 500 + 30% Fixed-income The G5|20 Series strategy: benefits of low-volatility equity exposure 24

25. Strength of G5|20 Series is its structure, flexibility and liquidity Cash flow guarantee is part of the fund’s investment objective, as outlined in prospectus.  No product features can be changed without unitholder approval.  Fees cannot be increased without unitholder approval. Growth potential – in contrast to a GIC. Simplicity of administration and reporting. Liquidity of a mutual fund. 25

26. Key benefits of G5|20 Series 26 20 years of predictable cash flow, guaranteed by Bank of Montreal. Cash flow can increase but never decrease, through automatic locking in of a portion of fund gains. Strategies to capture market gains and protect against downturns.

27. 27 Thank you Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. Except as described below, mutual funds are not guaranteed, their values change frequently and past performance may not be repeated. Bank of Montreal guarantees that at least the original amount you paid for the fund unit will be paid back to you over a 20-year period in equal monthly instalments. This guarantee does not apply to units redeemed before the end of that period. You will receive the net asset value per unit for any unit redeemed early. Mutual fund securities are not covered by the Canada Deposit Insurance Corporation or by any other government deposit insurer. BMO Financial Group and Bank of Montreal are marketing names (also referred to as trade names or brand names) used by Bank of Montreal. “BMO”, “BMO Financial Group”, “BMO (M-bar roundel symbol) Financial Group”, “Bank of Montreal” and “BMO Capital Markets” are trademarks owned by Bank of Montreal. ®CI Investments, the CI Investments design, Cambridge, Harbour Advisors, Harbour Funds and CI Guaranteed Retirement Cash Flow Series are registered trademarks of CI Investments Inc. ™Signature Funds, Signature Global Asset Management, G5|20 Series and the G5|20 Series design are trademarks of CI Investments Inc. Cambridge Global Asset Management is a business name of CI Investments Inc. used in connection with its subsidiary, CI Global Investments Inc. Certain portfolio managers of Cambridge Global Asset Management are registered with CI Investments Inc. Morningstar Awards © Morningstar Inc. All Rights Reserved. Lipper Fund Awards are given by Lipper, Inc. to recognize funds that have provided superior consistency and risk- adjusted returns when compared to a group of similar funds. Awards are given to the fund with the highest value within its category for the time periods of one, three five and 10 years according to the Lipper Leader ratings for Consistent Return, which reflect funds’ historic returns, adjusted for volatility, relative to peers. Lipper Leader ratings change monthly. For more information, see lipperweb.com. The Lipper Fund Awards are part of the Thomson Reuters Awards for Excellence. For more information, visit excellence.thomsonreuters.com.