1. Hold ’em or Fold ’em: Where are We in the Equity Cycle? Danny Bubis, CFA Alec MacIsaac, CFA Aaron Clark, CFA Ben Ellis, CFA

2. Tetrem – who we are North American equities (Canada and U.S.) Value focus, large-cap bias $5.9 billion assets under management Winnipeg and Boston offices Founded in 2004, employee-owned Personal investments same as clients’

3. Tetrem – who we are Funds managed at CI CI Canadian Investment (since 2006) CI Canadian Dividend (since 2011) United Canadian Equity Value (since 1993) United US Equity Alpha Corp Class (since 2008) Allocations within Portfolio Series and Synergy Tactical Asset Allocation

4. Low P/E Vs. High P/E Market-Adjusted Return One Year After Surprise 1973 - 2010 0% = Market Return (14.8% annually). Source: David Dreman, 2011. Data Sources: Compustat North American Data, Abel/Noser Corp, I/B/E/S, Thomson First Call. Contrarian value – tilt the odds in your favour Invest into low expectations, avoid high expectations

5. Contrarian value – tilt the odds in your favour Low volatility is normal Volatility Index (VIX) January 5, 1990 Through September 5, 2014 Source: Bloomberg.

6. Sell-Side Consensus Indicator Source: BofA Merrill Lynch Global Research US Equity Strategy. As of August 31, 2014. Contrarian value – tilt the odds in your favour Sell-side bearishness is bullish for stocks

7. Large cap – the next hot hand Large caps lining up for outperformance S&P 100 (Mega Caps) VS. Russell 2000 (Small Caps) Source: BofA Merrill Lynch, Bloomberg. As of July 31, 2014.

8. Large cap – the next hot hand Large caps are historically cheap S&P 100 (Mega Caps) VS. Russell 2000 (Small Caps) Relative Valuation: Trailing EV/EBITDA Source: Bloomberg.

9. Source: Empirical Research Partners. As of August 31, 2014. Dividend growth – not a crap shoot Dividend growers are the value opportunity Ratio of Trailing P/E – Highest Quintiles of Dividend Growth and Yield

10. Source: International Energy Agency, Bloomberg, As of June 30, 2014. Oh, Canada! – a full house Global oil demand is up by 25 million barrels a day over the last 20 years

11. World Oil Consumption In 2012 Barrels Consumed Per Capita (1) Source: United States Energy Information Agency, Ned Davis Research. Monthly data. As of September 30, 2013. (2) Series allocated to 100 on December 31, 1993. Oh, Canada! – a full house Developing countries hold the key to growth in oil demand

12. Suncor – dealing with a stacked deck Source: Company reports. Quarterly Dividend Per Share Dividend Growth (Q1/2013 - Q3/2014): 115%

13. Intel – the house always wins Source: Historic figures derived from company reports. Forward looking estimates are from Tetrem Capital Management. As of September 8, 2014. Cumulative Cash Returned to Shareholders Since 2009

14. Manulife – tall stack of blue chips Source: Company reports. As of June 30, 2014. CAGR (Q3/2012 - Q2/2014): 13% Funds Under Management

15. Open Text – a cash flow slot machine Source: Company reports. As of September 3, 2014. Cash Flow 7 Year CAGR: 22%

16. Boeing – flying the high rollers Source: Historic figures derived from company reports. Forward looking estimates are from Tetrem Capital Management. Rolling 5-year average. As of September 5, 2014. Backlog as a % of Same-Year Deliveries (since 1960)

17. Thomson Reuters – coming out of rehab Source: Company reports, Bloomberg. As of September 10, 2014. EBITDA Margin

18. CI Canadian Investment Fund Source: Fundata, August 31, 2014

19. CI Canadian Dividend Fund Source: Fundata, August 31, 2014

20. United Canadian Equity Value Corporate Class Source: Fundata, August 31, 2014

21. United U.S. Equity Alpha Corporate Class Source: Fundata, August 31, 2014

22. Questions?

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