1. Investment update from CI Investment Consulting Alfred Lam, MBA, CFA VP and Portfolio Manager CI Investment Consulting

2. 2 Agenda Industry trends, CI’s Multi-Manager Excellence Advantages of CI’s Managed Solutions Challenges in the markets and how to navigate

3. 3 Destination investing Average advisors Focus: Out-performance Value propositions: Fund selection Tactical shifts Risk: Under-performance Successful advisors Focus: Relationship Value propositions: Planning Asset location Behavioural coaching Risk: Capacity

4. 4 CI’s income & balanced solutions Investment Consulting SignatureHarbourCambridgeBlack Creek Diversified Income Portfolio Series High Income Portfolio Select Series Diversified Yield High Income BalancedPortfolio Series Canadian Balanced Growth & Income Canadian Asset Allocation Global Balanced Portfolio Select Series Income & Growth Global Growth & Income G5|20Global Income & Growth Assets ($61.3billion) $27.7$23.8$5.9$2.9$1.0 *As of August 2014

5. 5 Managed solution landscape Fund CompanyAssets $3-year CAGR % RBC4923 CIBC4119 TD3722 CI Investments2434 Scotia2422 BMO2029 Investors Group208 Great-West Life175 Desjardins1517 National Bank1120 Top 10258 (77%)20 Source: Investor Economics, Dec 2013

6. 6 Multi-Manager Excellence

7. 7 CI Investment Consulting “We create investment solutions for investors and build relationships with advisors” CI Investment Consulting

8. 8 Portfolio Management $28 billion assets under management

9. 9 CI Investment Consulting NameTitleCredentials Industry Experienc e Alfred LamVP & Portfolio ManagerCFA, MBA, BComm14 Yoonjai ShinDirectorCFA, BA Economics11 Lewis HarkesSenior AnalystCFA, BA Economics10 Marchello HolditchSenior AnalystCFA, BMath (Honours)5 Andrew AshworthAnalystLevel II CFA, BMOS Finance4 Responsibilities: Portfolio managementAlfred, Yoonjai Trading/operationsYoonjai, Nick Asnani, Andrew Manager selectionAlfred, Yoonjai Due diligenceYoonjai, Alfred, Marchello, Lewis, Andrew Performance analysis & reportingLewis, Andrew CommunicationsAlfred, Yoonjai, Marchello Organizational Structure:

10. 10 What is an investment plan? It’s a four-step process: 1.Discovery 2.Planning 3.Execution (Investments –TR Equation) 4.Review

11. 11 Total return = Asset mix + Alpha + Market beta + Currency – Tax – Fees Optimize MaximizeManage Manage/reduce Minimize Reduce Total Return Equation

12. 12 Portfolio Series, Best Fund of Funds Award – 2011 Portfolio Series, Best Fund of Funds Award – 2012 Portfolio Select Series, Best Fund of Funds Award – 2013 Industry Recognition

13. 13 Stock market valuations Source: TD Securities

14. 14 Suppressed volatility

15. 15 Equity market return expectations Equity return = Risk-free return + Risk Premium Historical Today Risk-free2-4%0-1% Risk Premium4-6%4-6% Total Return6-10%4-7% Dividends2-3%2-4% Earnings Growth4-8%2-5%

16. 16 Implications As long as rates stay low: Incentive for business to grow is less Incentive for business to hire is less Low wage inflation Market volatility is low

17. 17 When will interest rates change Two years later?! When household and sovereign debts return to normal

18. 18 Source: Bank of Canada Outlook: fixed income Bond markets are in a trading range

19. 19 Represented by Select Income Managed Corporate Class Source: CI Investments Weighting (%) 2012 Q1 2012 Q2 2012 Q3 2012 Q4 2013 Q1 2013 Q2 2013 Q3 2013 Q4 2014 Q1 2014 Q2 2014 Q3 Target Cash1521 2734242122 251820 0% Government & IG corporate 4441 3631444844 404745 60% High-yield bonds 2219181513121114 15 14 20% High- dividend Stocks 19 2022 20 21 20% Duration (years) 4.54.24.1 3.33.74.03.7 3.4 Historical asset allocations: Select Income Managed Corporate Class (SIM)

20. 20 FOR INTERNAL USE ONLY Select Income Managed Corporate Class Performance as of October 31, 2014 Performance has met expectations % 3mthYTD1yr2yr3yr5yr Since Inception* 3-yr Standard deviation Select Income Managed Corporate Class (Class A) 0.84.9 4.85.65.34.12.1 FTSE TMX Universe Bond Index 1.06.55.82.83.85.05.13.1 *November 2005

21. 21 Total: 107 observations (months) SIM: controlled volatility

22. 22 High consistency 1 yr2 yr3 yr5 yr7 yrSI (107 mths) Select Income Managed Corporate Class (Class A) 112031496784 TMX Universe Bond Index81523405670 Select Income Managed Corporate Class (Class A) 92%83%86%82%80%79% TMX Universe Bond Index67%63%64%67% 65% Frequency of positive months as at Oct 2014

23. 23 Recap of capital market outlook Record government and household debt levels put a lid on interest rates Low interest rates lead to sub-par growth Equity volatility is suppressed Bond volatility is unusually high; with unusually low expected returns

24. 24 Positioning Income allocation to drive alpha Safety is not limited to cash and government bonds Take advantage of low equity market volatility Watch whether growth driven by p/e or earnings Watching EM bonds and stocks

25. 25 Thank you ®CI Investments and the CI Investments design are registered trademarks of CI Investments Inc. This communication is published by CI. Any commentaries and information contained in this communication are provided as a general source of information and should not be considered personal investment advice. Every effort has been made to ensure that the material contained herein is accurate at the time of publication. However, CI cannot guarantee its accuracy or completeness and accepts no responsibility for any loss arising from any use of or reliance on the information contained herein. Facts and data provided by CI and other sources are believed to be reliable when posted. CI cannot guarantee that they are accurate or complete or that they will be current at all times. Information in this presentation is not intended to provide legal, accounting, investment or tax advice, and should not be relied upon in that regard. 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. You may not modify, copy, reproduce, publish, upload, post, transmit, distribute, or commercially exploit in any way any content included in this presentation. You may download this presentation for your activities as a financial advisor provided you keep intact all copyright and other proprietary notices. Unauthorized downloading, re-transmission, storage in any medium, copying, redistribution, or republication for any purpose is strictly prohibited without the written permission of CI. For advisor use only – not for distribution to clients