CAMBRIDGE GLOBAL ASSET MANAGEMENT

Canadian Equities – How About Now?

Stephen Groff and Greg Dean

Canada is volatile and concentrated

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016*

Materials

39.8%

Infotech

48.2%

Cons. Stap.

-6.1%

Financials

45.6%

Health

Care

57%

Health

Care

50.4%

Health

Care

24.7%

Health

Care

72.1%

Cons. Stap.

49.1%

Infotech

15.6%

Materials

62.9%

Infotech

27.3%

Materials

30.3%Utes -20.5%

Infotech

44.3%

Materials

36.5%

Telcos

24.9%

Cons. Stap.

22.6%

Cons. Disc.

43%

Infotech

35.1%

Cons.

Stap.

12.4%

Utes 20.8%

Telcos

20.1%

Telcos

19.9%

Telcos

-24.8%

Energy

39.5%

Cons. Disc.

25.3%

Cons.

Stap. 6.8%

Cons. Disc.

22.1%

Industrials

37.5%

Health

Care

30.3%

Telcos

3.6%

Telcos

19.9%

Financials

19.2%

Utes

11.9%

Industrials

-25.1%TSX 35.1%

Telcos

22.4%Utes 6.5%

Financials

17.6%

Infotech

37.3%

Cons. Disc.

29.1%

Cons. Disc.

-1.5%

Energy

18.8%

TSX 17.3%Industrials

10.5%

Materials

-26.5%

Health

Care

34.4%

Utes 18.4%Industrials

4.2%

Industrials

15.3%

Financials

23.7%

Industrials

21.9%

Financials

-1.7%TSX 14.1%

Cons. Disc.

15.7%TSX 9.8%

Health Care

-30.2%

Materials

34.2%TSX 17.6%

Financials

-2.9%

Telcos

11.5%

Cons.

Stap.

23.6%

Utes 16.1% Utes -3.5%Industrials

13.4%

Industrials

14.7%

Energy

8.2%TSX -33%

Industrials

27%

Industrials

16.9%TSX -8.7% TSX 7.2%

Energy

13.6%

Telcos

15.5%TSX -8.3%

Financials

8.7%

Utes 7%Cons. Disc.

4.2%

Energy

-33.9%Utes 19%

Energy

13.3%

Energy

-9.9%Utes 4%

Telcos

13.1%

Financials

13.8%

Industrials

-11.1%

Cons. Stap.

8.1%

Energy

6.1%

Financials

-1.6%

Cons. Disc.

-35.4%

Cons. Disc.

15.1%

Financials

10.5%

Cons. Disc.

-15.5%

Energy

-0.6%TSX 13% TSX 10.6%

Health

Care

-15.6%

Cons. Disc.

5.7%

Cons.

Stap. 5.5%

Cons.

Stap.

-5.3%

Financials

-36.4%

Cons.

Stap. 8.1%

Cons. Stap.

10.3%

Materials

-21.2%

Infotech

-2.9%

Utes

-4.1%

Materials

-2.6%

Materials

-21%

Infotech

3%

Health

Care

0.7%

Health

Care

-24.2%

Infotech

-54.2%

Telcos

6.6%

Infotech

-11.6%

Infotech

-52.5%

Materials

-5.7%

Materials

-29.1%

Energy

-4.8%

Energy

-22.9%

Health

Care

-70.6%

Source: Bloomberg *as at July 31, 2016

Canada is volatile and concentrated

14% 4% 6%

24%

2% 3%

8%

27% 20%

12%

23%

11%

17% 29%

38%

9%

4% 7%

3% 2%

4% 2% 1% 1% 3% 2% 2%

8% 6% 8%

1999 2011 2016

Industrials

Utilities

Health Care

Consumer Staples

ConsumerDiscretionaryFinancials

Materials

Energy

Commodities

50%

Financials 38%

Source: Bloomberg

Tech &

Telecom

38%

From 2011: Key chart that drove our positioning five years ago

Source: Stifel Nicolaus

Today: Key chart that is driving our positioning today

Source: Stifel Nicolaus

Our approach is different – need to weather storms

*Performance starting on February 14, 2011 for Cambridge Pure Canadian Equity Fund Class F **As at July 31, 2016 Source: Morningstar, CI Investments

The Cambridge philosophy

• ACTIVE management Bottom-up portfolio construction

Experienced, motivated and growing team

Tactical asset allocation (cash is always an option)

• Absolute return, downside focused Primary focus is understanding risks and making sure we get compensated for them

If you invest in good companies the upside takes care of itself

Grow wealth over time by avoiding impairments to capital

• Ownership mentality Significant holders of our funds

Compensation tied to value creation

Disciplined analysis leads to high conviction in our holdings

Performance

As at August 31, 2016 YTD 1 year 3 year 5 year

Cambridge Pure Canadian Equity Fund F 15.5% 9.1% 13.7% 20.8%

Cambridge Canadian Dividend Fund F* 11.1% 11.5% 15.8% 11.0%

S&P/TSX Composite TR Index 14.4% 8.7% 8.1% 5.9%

*Cambridge took over the mandate from Greystone on December 31, 2013 Source: Morningstar, CI Investments

Real active management

Canadian Pure Canadian

Equity

Cambridge Canadian

Dividend TSX Fund A Fund B Fund C

9

Source: Morningstar, CI Investments, TMX, July 31, 2016

Real active management

Active Share MER

Cambridge Pure Canadian Equity Fund F 93% 1.35%

Cambridge Canadian Dividend Fund F 91% 1.33%

S&P/TSX Composite TR Index 0% 0.18%

Fund A 36% 0.93%

Fund B 54% 0.93%

Fund C 38% 0.94%

Source: Morningstar

Core: ATD

Source: Bloomberg

Core: CP

Source: Bloomberg

Core: GIB

Source: Bloomberg

Opportunistic: PSG

Source: Bloomberg

Top positions

Cambridge Canadian Dividend

Top holdings as at August 31, 2016

Extended Stay American Inc. 4.18%

Walgreens Boots Alliance Inc. 4.07%

Stantec Inc. 3.99%

Brookfield Infrastructure Partners LP 3.62%

TransForce Inc. 3.58%

Canadian Pacific Railway Ltd. 3.45%

Keyera Corp. 3.43%

US Bancorp. 3.08%

Finning International Inc. 3.01%

Stella-Jones Inc. 2.98%

Total 35.4%

Source: CI Investments

Cambridge Pure Canadian Equity

Top holdings as at August 31, 2016

Tourmaline Oil Corp. 5.76%

TransForce Inc. 4.52%

Brookfield Infrastructure Partners LP 4.22%

Restaurant Brands International Inc. 3.91%

Sylogist Ltd. 3.44%

Morguard Corp. 3.38%

Computer Sciences Corp. 3.37%

Walgreens Boots Alliance Inc. 3.31%

PrairieSky Royalty Ltd. 3.21%

Finning International Inc. 3.10%

Total 38.2%

15

Cambridge Canadian Dividend Fund

Based on rolling monthly return data. Source: Morningstar, CI Investments

$80,000

$90,000

$100,000

$110,000

$120,000

$130,000

$140,000

$150,000

$160,000

$170,000

$180,0009

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Growth of $100,000 CI Cambridge Canadian Dividend F

Canada Canadian Dividend & Income Equity

S&P/TSX Composite TR

iShares S&P/TSX Cdn Div Aristocrats Comm $132,950

$142,905

$168,273

$142,721

5 years – August 31, 2016 Return Corr. Beta Alpha Std Dev Sharpe Ratio Upside/downside capture

Cambridge Canadian Dividend Fund Cl F 11.0% 0.80 0.61 6.7% 7.3% 1.4 86% 34%

Canada Canadian Dividend & Equity Income 7.2% 0.91 0.71 2.7% 8.1% 0.8 81% 60%

S&P/TSX Composite TR 5.9% 1.00 1.00 0.0% 9.7% 0.5 100% 100%

iShares S&P/TSX Cdn Div Aristocrats Comm 7.4% 0.82 0.71 2.9% 8.4% 0.8 87% 66%

Cambridge Canadian Dividend Fund

Based on rolling monthly return data – 3 year return as at August 31, 2016

Source: Morningstar, CI Investments

$80,000

$90,000

$100,000

$110,000

$120,000

$130,000

$140,000

$150,000

$160,000

$170,000

$180,0009

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Growth of $100,000 CI Cambridge Canadian Dividend F

Canada Canadian Dividend & Income Equity

S&P/TSX Composite TR

iShares S&P/TSX Cdn Div Aristocrats Comm $132,950

$142,905

$168,273

$142,721

Fund 3 Year 2015 2014

Cambridge Canadian Dividend Fund Class F 15.8% 4.7% 22.2%

Cambridge Pure Canadian Equity Fund

Source: Morningstar, CI Investments

18

$80,000

$100,000

$120,000

$140,000

$160,000

$180,000

$200,000

$220,000

$240,000

$260,000

$280,000

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Growth of $100,000

CI Cambridge Pure Canadian Equity F

Canada Canadian Small/Mid Cap Equity

S&P/TSX Completion TR

iShares S&P/TSX Completion

$257,526

$121,537 $124,408

5 years – August 31, 2016 Return Corr. Beta Alpha Std Dev Sharpe Ratio Upside/downside capture

Cambridge Pure Canadian Equity Fund Cl F 20.8% 0.75 0.69 15.9% 10.3% 1.8 114% 6%

Canada Canadian Small/Mid Cap Equity 7.6% 0.94 0.92 3.4% 12.4% 0.7 95% 71%

S&P/TSX Completion TR 4.5% 1.00 1.00 0.0% 11.2% 0.4 100% 100%

iShares S&P/TSX Completion 4.0% 1.00 1.00 -0.5% 11.1% 0.3 98% 102%

$132,030

Top 10 holdings – Cambridge Pure Canadian Equity Fund

2013 2014 2015 2016

Source: Management Report of Fund Performance, March 31, 2016

Cambridge communication

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20

Cambridge Team

21

Alan Radlo Stephen Groff Brandon Snow Greg Dean Robert Swanson Principal &

Senior Portfolio Manager Principal &

Chief Investment Officer Principal &

Portfolio Manager Principal &

Portfolio Manager Principal &

Chief Market Strategist

Danesh Rohinton Analyst

Grant Connor Analyst

Chris Lichtenheldt Analyst

Jordan McNamee Analyst

Kam Marzoughi Analyst

Ian Turnbull Analyst

Tyler Hildebrand Trader

Diane Burke Operations

Authi Seevaratnam Junior Analyst

Joe German VP Business Development

Derek Cangiano Junior Analyst

Performance as at August 31, 2016

Source: Morningstar

Name YTD 1 Yr. 3 Yr. 5 Yr. 10 Yr. Since

Inception Inception

Date

CI Cambridge Asset Alloc Corporate Class F 5.5 6.4 9.7 8.9 N/A 7.3 12/31/07

CI Cambridge Global High Income Fund F 4.3 5.2 8.8 8.6 7.7 10.6 07/27/04

CI Cambridge Canadian Dividend Fund F 11.1 11.5 15.8 11.0 7.4 8.3 06/14/06

CI Cambridge US Dividend Fund F 3.6 8.7 17.1 18.3 7.6 8.4 06/14/06

CI Cambridge Global Dividend Fund F 5.1 8.4 13.3 N/A N/A 12.9 07/31/13

CI Cambridge Canadian Equity Corporate Class F 11.6 11.7 12.7 14.8 N/A 9.7 12/31/07

CI Cambridge American Equity Fund F 2.8 5.9 15.6 15.7 5.4 0.1 07/17/00

CI Cambridge Global Equity Corporate Class F 5.2 5.5 12.0 14.0 N/A 8.5 12/31/07

CI Cambridge Pure Canadian Equity Fund F 15.5 9.1 13.7 20.8 N/A 19.0 02/15/11

CI Cambridge Canadian Growth Companies Fund F 14.0 11.5 13.0 21.4 N/A 19.7 02/15/11

CI Cambridge Growth Companies Corporate Class F 10.3 11.4 N/A N/A N/A 13.5 07/29/14

Canadian Equity Growth Corp Cl W 16.6 15.9 16.5 20.3 N/A 10.2 10/22/07

International Equity Alpha Corp Cl W -0.5 5.5 13.5 13.0 N/A 11.7 06/01/09

Thank You

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 security

holder that would have reduced returns. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated. This presentation is provided as a

general source of information and should not be considered personal investment advice or an offer or solicitation to buy or sell securities. Every effort has been made to ensure that the

material contained in this commentary is accurate at the time of publication. However, CI Investments Inc. 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. All charts and illustrations in this guide are for illustrative purposes only; they are not intended to predict or project

investment results. This report may contain forward-looking statements about CI funds, future performance, strategies or prospects, and possible future fund action. These statements reflect

the portfolio managers’ current beliefs and are based on information currently available to them. Forward-looking statements are not guarantees of future performance. We caution you not to

place undue reliance on these statements as a number of factors could cause actual events or results to differ materially from those expressed in any forward-looking statement, including

economic, political and market changes and other developments. ®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. Published September 2016.

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