1. Redefining Active Management Yoonjai Shin, CFA Director, CI Investment Consulting

2. Agenda • CI Investment Consulting team • Redefining active management • Market outlook

3. CI Investment Consulting Team Alfred Lam, CFA VP & Portfolio Manager Investment strategy / Asset allocations Fund selection/ Currency strategy Communications Lewis Harkes, CFA Senior Analyst Fund/manager analysis Performance reporting Yoonjai Shin, CFA Director Fund/manager analysis Asset allocations Currency strategy Fund selection Project management Andrew Ashworth Analyst Fund/manager analysis Cash flow management Performance reporting Marchello Holditch Senior Analyst Fund/manager analysis

4. What do we manage? $20 billion in assets under management

5. Industry recognition Best Fund of Funds Award -2011 Best Fund of Funds Award -2012 Best Global Fixed Income Balanced Award -2012 Best Global Fixed Income Balanced Award -2013

6. The new normal • Bond return expectation is very low • Equity returns are more attractive but have high volatility Investors can either take more risks or demand from their portfolio manager to work harder

7. Redefining Active Management Manage/ Reduce Optimize Minimize Total return = Asset mix + Alpha + Market Beta + Currency – Tax – Fees Maximize Manage Reduce

8. Access to managers under one roof

9. Solution for every investor Expected Return % . . PE expansion . . . Gov’t Bonds GIC Volatility 100i 100e 40i60e For illustration purposes only; there is no guarantee on results

10. Strong performance 2013*20122011 PSS 40i60e 9.2 9.2 -2.9 PS Balanced 8.3 8.1 -2.8 Quotential Balanced Growth Portfolio 5.4 6.4 -4.5 Fidelity Balanced Portfolio 5.0 8.1 -2.8 Dynamic Edge Balanced Portfolio 5.0 6.0 -3.7 AGF Elements Balanced Portfolio 4.6 6.8 -3.0 40% DEX, 60% TSX 1.9 5.2 -1.4 *May 31, 2013

11. Why are we out-performing? • Superior income allocation • Overweight US equity • Currency hedges did not cost us even though CAD has depreciated in general • Strong performance from Cambridge and QV (PSS only)

12. Price-Earnings Multiples Based on 12 Month Forward Operating Earnings 26 26 TSX S&P 500 24 24 22 22 20 20 18 18 16 16 14 14 12 12 10 10 8 8 86 88 90 92 94 96 98 00 02 04 06 08 10 12 14 Bottom Up Earnings Based on CPMS (TSE) and IBES (S&P) Consensus Outlook: US vs. Canada Overweight US Source: TD Securities

13. Outlook: US vs. Canada GDP growth forecast 20132014 US 2.0% 3.2% Canada 1.6% 2.4% Source: CIBC

14. Outlook: continued monetary easing Source: Rudebusch (FRBSF Economic Letter, 2010), Haver Analytics, Federal Reserve, CIBC

15. Outlook: volatile bond markets Volatility in bond markets leading to tactical opportunities Government of Canada benchmark bond yields - 10 year GRAPH PERIOD: 28 May 2012 - 28 May 2013 Source: Bank of Canada

16. Outlook: Canadian dollar Canadian dollar is 17% overvalued based on Purchasing Power Parity Source: Bloomberg