SUCCESS IN MULTI-ASSET CLASS INVESTING

AGENDA

• CI’s multi-manager excellence

• Investment Consulting Team and philosophy

• Performance highlights

• Investment process

• Outlook

MULTI-MANAGER EXCELLENCE

Yoonjai Shin, CFADirector

Fund/manager analysisAsset allocationsCurrency strategy

Fund selectionProject management

Andrew AshworthAnalyst

Fund/manager analysisCash flow managementPerformance reporting

Lewis Harkes, CFASenior Analyst

Fund/manager analysisPerformance reporting

Alfred Lam, CFA

VP & Portfolio Manager

Investment strategy / Asset allocationsFund selection/ Currency strategy

Communications

Marchello Holditch, CFASenior Analyst

Fund/manager analysis

CI INVESTMENT CONSULTING TEAM

$20 billion in assets under management

PORTFOLIO MANAGEMENT

Best Fund of Funds Award - 2011

Best Fund of Funds Award - 2012

Best Global Fixed Income Balanced Award - 2013

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 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. Although Lipper makes reasonable efforts to ensure the accuracy and reliability of the data contained herein, the accuracy is not guaranteed by Lipper. Users acknowledge that they have not relied upon any warranty, condition, guarantee, or representation made by Lipper. Any use of the data for analyzing, managing, or trading financial instruments is at the user’s own risk. This is not an offer to buy or sell securities. Portfolio Series Income Fund (Class A) was named Best Global Fixed Income Balanced Fund in February 2013 for the three and five-year periods ending Oct. 31, 2012, out of a category total of 26 and 19 funds, respectively.

INDUSTRY RECOGNITION

WHAT ARE YOU INVESTING FOR?

For fun?

To get exposure to the markets?

For stability and to grow wealth?

Total return = Asset mix + Alpha + Market Beta + Currency – Tax – Fees

Optimize

Maximize Manage

Manage/Reduce Minimize

Reduce

TOTAL RETURN EQUATION

Price-Earnings MultiplesBased on 12 Month Forward Operating Earnings

Bottom Up Earnings Based on CPMS (TSE) and IBES (S&P) Consensus

26 26

24 24

22 22

20 20

18 18

16 16

14 14

12 12

10 10

8 886 88 90 92 94 96 98 00 02 04 06 08 10 12 14

TSXS&P 500

Source: TD Securities

Overweight US

Cumulative returns fromApril 2011 to August 2013:

S&P/TSX -2.8%S&P 500 C$ +40.4%

FORWARD-LOOKING ASSET MIXES

Weighting (%) 2011Q4

2012Q1

2012Q2

2012Q3

2012Q4

2013Q1

2013Q2 Target

Cash 12 15 21 21 27 34 24 0%

Government & Investment grade debt 49 44 41 41 36 31 44 60%

High yield Corporate Bonds 21 22 19 18 15 13 12 20%

High-dividend Stocks 18 19 19 20 22 22 20 20%

Duration (years) 5.1 4.5 4.2 4.1 4.1 3.3 3.1

Represented by Portfolio Select Series: Select Income Managed Corporate Class [CIG 2265]

DYNAMIC INCOME ASSET MIX TO ACHIEVE SUPERIOR RISK-ADJUSTED RETURNS

Source: CI Investments

Sector Exposure Comparison

0% 5% 10% 15% 20% 25% 30% 35%

Cash

Information Technology

Utilities

Health Care

Consumer Staples

Consumer Discretionary

Telecom Services

Industrials

Materials

Energy

Financials

S&P/TSX Index

Portfolio Select Series

ACTIVE SECTOR AND STOCK SELECTION

Source: CI Investments, Wilshire Associates. Data as of July 31, 2013

CURRENCY MANAGEMENT ALSO SETS US APART

Canadian dollar (US$)

0.70

0.80

0.90

1.00

1.10

Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13

Dynamic hedging introduced

11.7% cumulative added value

50% hedged

30% hedged

10% hedged

70% hedged

30% hedged

Source: Bloomberg, CI Investments

Average yield of Gov’t of Canada bonds with at least 10 years to maturity

18

16

14

12

10

8

6

4

2

01955 1960 1965 1970 1975 1980 1985 1990 1995 2000 2005 2010 2015

Long-term Government of Canada bond yield

INVESTMENT PROCESS

1. Income markets

Source: TD Securities

Implications:• Low expected return:

~2% with 100% fixed income

• Increased volatility and downside

25% equity

75% cashBase case

• higher expected return

• lower volatility

INVESTMENT PROCESS

2. Power of multi-asset class optimization

equity

currencieshigh yield bondsinvestment gradeREITs

• further enhance returns & diversification

• reduce volatility• add-on’s to outperform cash

75%

25%

Select Income Managed - CIG 2265

INVESTMENT PROCESS

3. Add-on’s to cash

Select Income Managed

+

Canadianequity

U.S.equity

EAFEequity

EMequity

INVESTMENT PROCESS

4. Add equity for longer-term horizons

Expected Return %

Volatility

100i

40i6

0e

100e

PE expansion

.. . .

For illustration purposes only; there is no guarantee on results

. Gov’tBonds

GIC

SOLUTION FOR AN INVESTOR

Price-Earnings MultiplesBased on 12 Month Forward Operating Earnings

Bottom Up Earnings Based on CPMS (TSE) and IBES (S&P) Consensus

26 26

24 24

22 22

20 20

18 18

16 16

14 14

12 12

10 10

8 886 88 90 92 94 96 98 00 02 04 06 08 10 12 14

TSXS&P 500

OUTLOOK: CANADA VS. U.S.

Source: TD Securities

-6%

-4%

-2%

0%

2%

4%

6%

07:4

08:3

09:2

10:1

10:4

11:3

12:2

13:1

13:4

14:3

US

Canada

Forecast

Real GDP Growth, Y/ Y % Chg GDP growth forecast

2013 2014

US 2.0% 3.2%

Canada 1.6% 2.4%

OUTLOOK: CANADA VS. U.S.

Source: CIBC

Government of Canada benchmark bond yields - 5 yearGRAPH PERIOD: 1 year ending Sep 10, 2013

Selling

Buying

OUTLOOK: BOND MARKET

Even though overnight rates have not changed, bonds have been volatile

Source: Bank of Canada

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