1. Dividend Growth Investing Cambridge Style
Stephen Groff
Principal & Portfolio Manager
Bob Swanson
Principal & Chief Market Strategist

2. Manager checklist ETF Manager 1 Manager 2 Manager alignment
Net worth and compensation aligned
Active share
88-98%
Upside / downside capture
See upcoming slide
CRM II and the impact on their business
Why we are a trusted & aligned partner to help manage through the transition
Why we are actually different (active share & quality of returns)

3. The Cambridge philosophy
Active management
Conviction in what we own and why we own it
Not index focused
Nearly 100 years of diversified investment experience on the team
Absolute return, downside focused
Primary focus is understanding what can go wrong
If you invest in good companies the upside takes care of itself
Avoiding big losses is the best way to grow wealth over time
We are personally aligned
Significant holders of our funds
We lose money, our pay goes down
Focus on absolute returns
- Why we are different, summarize what we offer. 3

4. The Cambridge suite of products
Small/mid-cap equity
Cambridge Canadian Growth Companies
Cambridge Growth Companies
Cambridge Pure Canadian Equity
Equity
Cambridge Canadian Equity
Cambridge American Equity
Cambridge Global Equity
Dividend income
Potential risk
Cambridge Canadian Dividend
Cambridge U.S. Dividend
Cambridge Global Dividend
Diversified income & balanced
Cambridge High Income
Cambridge Canadian Asset Allocation
Potential return 4

5. Macro outlook and insights
Summary
Continued appetite for income and safety
Equities are your new yield investment
We favour U.S. equity and U.S.-dollar exposure

6. U.S. 10-year bond yields
Source: FactSet

7. TSX dividend yields and Canadian 10-year bond yields
Source: FactSet

8. S&P 500 dividend yields and U.S. five-year bond yields
Source: FactSet

9. Fund flows: stocks vs. bonds
Source: FactSet

10. People have been chasing yield
High-dividend stocks are the same value as the index for the first time in history

11. High yield vs. a better company
AGF
CI Financial
9.1%
Dividend yield
3.5%
118%
5-year average payout ratio
70% 1%
5-year average dividend growth 8%
-0.2%
5-year average change in share count
-2.7% 5%
5-year total return
111% 4%
Dividend Aristocrats Index weighting
Not in the index
Source: Bloomberg, September 2014

12. Not just about ‘high yield’
Source: ISI Group

13. Where to find quality dividend candidates
Number of companies with consecutive years of dividend growth
Number of companies
Source: FactSet, August 2014

14. USD index long-run waves: get long the $
U.S. Federal Reserve’s broad real trade-weighted dollar index since Bretton Woods
17 years
16 years
Source: Federal Reserve, Bloomberg, BMO FX Strategy
The USD has had about 2.5 cycles in 40 years of floating rates
The apparent bottom of the last cycle was 32 months ago and since then the USD has risen a mild 6%
The index spending two to four years ‘bumping along the bottom’ before accelerating higher is consistent with previous dollar cycles

15. Yield  today’s reality
Past Future
Yield investing was “easy” It won’t be as easy going forward
Falling interesting rates  Rising interest rates
Compressing spreads  Spreads / defaults at historical lows
Rising payout ratios  Elevated payout ratios
Rising valuation  High valuations
But your clients still need income … so what is the solution? 15

16. Cambridge investment philosophy
Core holdings
Management aligned with shareholders
Strong capital allocation
Competitive advantage
Allison Transmission
First Republic
Grainger
Home Depot
Norfolk Southern
Thomson Reuters
US Bancorp
Non-core holdings
Information edge
Cyclical recovery
Emerging profitability
Thematic investing
Swift Transportation
Fluor
Cash
Attractive risk/reward 16

17. How we think about a business
Know your business
Reinvest in the business
Buybacks
Dividends
Supports future growth
“Total shareholder yield”

18. Different geographies + same philosophy = consistent results
Gross returns of Canadian and U.S. underlying holdings in Cambridge Canadian Equity
Corporate Class relative to index returns
65.3%
63.0%
50.0%
30.9%
29.4%
23.4%
14.4%
10.3%
Source: CI Investments, February 2014

19. Managing the downside is critical
Rolling one-year returns of underlying holdings in Cambridge Canadian Equity Corporate Class vs. TSX, April 2011 to March 2014
Frequency (as percent of total)
Downside protection
Source: CI Investments

20. How we find and analyze potential investments
Screens
Conferences
Company meetings
Sell side discussions
Analyze
Public filings (10Ks, Proxies etc.)
Transcripts and presentations
Site visits
In-house management meetings
Conferences
Financial modelling and analysis
Competitor / supplier discussions
It is a time-intensive process to vet business models and build relationships with management teams.
Our relationships and consistent investment process is a competitive advantage. 20

21. Cambridge is not benchmark focused
Sector
Cambridge
Canadian
Dividend
iShares
S&P/TSX
High Dividend
Difference
U.S.
ETF
Cash 10 - 11
Bonds
Financials 21 31
-10 20 7 13
Energy
-18 5 14 -9
Materials 6 1 2 -2
Consumer
discretionary 8 18 4
staples 12 25
-19
Information
technology -3
Telecom
services
-12
Industrials 27 26
Health care 3 19
-16
Utilities 9 -5
As you can see we do take advantage of those opportunities. Walk through sector spreads, absolute very balanced.
Willingness to raise cash when opportunities aren’t there.
Source: Bloomberg, September 2014

22. Dividend investing Cambridge style
Cambridge U.S. Dividend
Fund characteristics
August 2014
Number of holdings 28
Average dividend yield
2.0%
3-year dividend growth
16.0%
Change in shares*
-0.01%
Payout ratio
37.7%
Cambridge Canadian Dividend
Fund characteristics
August 2014
Number of holdings 32
Average dividend yield
2.5%
3-year dividend growth
17.8%
Change in shares*
-0.02%
Payout ratio
51.0%
Cambridge Global Dividend
Fund characteristics
August 2014
Number of holdings 52
Average dividend yield
2.5%
3-year dividend growth
11.2%
Change in shares*
0.0%
Payout ratio
42.8%
*3 or 5 years depending on history, adjusted for M+A
Source: Bloomberg

23. Cambridge is not benchmark focused
Cambridge Canadian Dividend
Top holdings
as at August 31, 2014
Intact Financial
5.3%
Loblaw
4.7%
PrairieSky Royalty
4.4%
US Bancorp
Granite REIT
3.9%
TransForce
3.6%
Thomson Reuters
3.3%
ITC Holdings
3.2%
Microsoft
3.1%
Agrium
3.0%
Total
38.9%
Cambridge U.S. Dividend
Top holdings
as at August 31, 2014
Norfolk Southern
5.3%
US Bancorp
First Republic Bank
5.2%
Thomson Reuters
5.1%
Home Depot
4.5%
Adecco
4.4%
Allison Transmission Holdings
4.0%
Microsoft
3.9%
United Parcel Service
Anheuser-Busch InBev
Total
45.3%
-Same with the top ten. You probably see a number of names you recognize but the top ten is, I believe. very different from your typical manager. Very different from the TSX and TSX 60.
Same with the fund on the right. I will discuss this fund later, it is more small/midcap focused and again, you can see the range of names represented there.
Very unique funds with an eclectic mix of companies.
So we have flexibility and we are willing to take advantage of it. We are not scared to go against the herd and we are not scared to look different from the benchmark.
Source: CI Investments

24. The Cambridge suite of products
Small/mid-cap equity
Cambridge Canadian Growth Companies
Cambridge Growth Companies
Cambridge Pure Canadian Equity
Equity
Cambridge Canadian Equity
Cambridge American Equity
Cambridge Global Equity
Dividend income
Potential risk
Cambridge Canadian Dividend
Cambridge U.S. Dividend
Cambridge Global Dividend
Diversified income & balanced
Cambridge High Income
Cambridge Canadian Asset Allocation
Potential return 24

25. Visit and sign up for our frequently updated blog at:
Have you seen our blog?
Visit and sign up for our frequently updated blog at:

26. Thank you FOR ADVISOR USE ONLY – NOT FOR DISTRIBUTION TO CLIENTS
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 and
Cambridge are registered 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. 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.
In summary, we have a team that I believe is here to work for the clients and is aligned with the fundholders. In a continuously volatile equity environment, active management and the willingness and ability to look different from the bench gives you more opportunity to protect and growth capital for fundholders, which is what we believe is our job.
Thank you for your time, I would like to open it up to questions.

27. Appendix – Cambridge performance
Performance as at August 31, 2014
1 year
3 year
5 year
Since inception
Cambridge Canadian Equity Corporate Class
23.0%
18.9%
15.1%
8.9%*
Cambridge Canadian Asset Allocation Corporate Class
15.9%
9.6%
10.1%
6.2%*
Cambridge Canadian Dividend Fund
27.3%
10.4%
11.4%
8.1%
Cambridge Canadian Growth Companies Fund
30.5%
32.8%
n/a
28.0%**
Cambridge Pure Canadian Equity Fund
39.3%
33.7%
28.3%**
Cambridge Global Dividend Fund
18.0%
16.4%
Cambridge Global Equity Corporate Class
20.3%
17.4%
11.5%
7.1%*
Cambridge High Income Fund
16.8%
10.3%
12.4%
10.7%
Cambridge U.S. Dividend Fund
13.1%
6.1%
Cambridge American Equity Fund
26.6%
18.5%
12.2%
7.1%
*Dec. 31, 2007; **Feb. 15, 2011;  Jul. 31, 2013;   Jul. 2, 2004; May 25, 1989; Feb. 1, 2005; June 14, 2006
Source: RBC Investor & Treasury Services, August 31, 2014