Lamar Van Dusen is explaining the Sound and proven philosophy. Lamar Van Dusen is a professional financial services provider in Canada.

1. Sound and proven philosophy
Lamar Van Dusen

2. Agenda
• Team, philosophy and process
• Performance drivers
• Investment outlook
• Q & A

3. 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
Lewis Harkes, CFA
Senior Analyst
Fund/manager analysis
Performance reporting
Alfred Lam, CFA
VP & Portfolio Manager
Investment strategy / Asset allocations
Fund selection/ Currency strategy
Communications
Marchello Holditch, CFA
Senior Analyst
Fund/manager analysis
Investment Consulting team

4. Total return = Asset mix + Alpha + Market beta + Currency – Tax – Fees
Optimize
Maximize Manage
Manage/
reduce Minimize
Reduce
Total return equation

5. Depth and quality of portfolio management
teams

6. Attribution analysis of Evolution models
Please refer to the next page for full performance history
Multiple sources of added value
80i20e 70i30e 60i40e 50i50e 40i60e 30i70e 20i80e 100e
Total Return (net MER) Total Return 7.6% 10.2% 13.4% 15.8% 19.2% 22.1% 25.1% 31.2%
Blended Index (net MER)* Market Return (Beta) 1.8% 4.3% 6.9% 9.4% 12.0% 14.6% 17.1% 22.3%
Added Value Active Management 5.8% 5.9% 6.5% 6.3% 7.2% 7.6% 7.9% 8.9%
Asset mix 4.1% 3.9% 4.0% 3.0% 3.1% 2.7% 2.3% 1.9%
Currency (Total) -0.1% -0.1% -0.2% -0.2% -0.2% -0.3% -0.3% -0.3%
Currency model -0.6% -0.7% -0.9% -1.1% -1.3% -1.5% -1.6% -1.8%
Currency tactics 0.5% 0.6% 0.8% 0.9% 1.0% 1.2% 1.3% 1.5%
Security Selection 1.8% 2.2% 2.6% 3.6% 4.4% 5.1% 5.9% 7.3%
*Blended benchmark is a blended performance of the DEX Universe Bond Index for the income portion and a blend of 50% S&P/TSX Composite Index and
50% MSCI World Index C$ for the equity portion; the same MER charged to our portfolio was deducted from the index performance.

7. Performance of Evolution models
Standard models represent mix of pools and mutual funds recommended by CI Investment Consulting.
Returns are net of fees.
As of September 30, 2013 3m 6m YTD 1y 2y 3y 5y
Evolution 100i 0.7 -0.8 0.7 2.2 4.6 3.6 5.2
Evolution 80i20e 1.2 0.9 4.5 6.5 7.3 5.2 5.4
Evolution 70i30e 1.6 1.9 6.3 8.6 8.6 5.9 5.6
Evolution 60i40e 2.1 3.0 8.4 11.1 10.2 6.6 5.8
Evolution 50i50e 2.6 3.8 10.0 13.2 11.7 7.3 6.1
Evolution 40i60e 3.2 5.1 12.3 15.8 13.5 8.3 6.5
Evolution 30i70e 3.7 6.0 14.2 18.0 15.0 8.9 6.7
Evolution 20i80e 4.1 7.1 16.1 20.3 16.5 9.5 6.8
Evolution 100e 5.1 9.2 19.9 24.6 18.8 10.6 7.2
As of December 31, 2013 3m 6m YTD 1y 2y 3y 5y
Evolution 100i 1.8 2.4 2.5 2.5 4.4 4.4 5.3
Evolution 80i20e 3.0 4.2 7.6 7.6 7.5 5.7 6.9
Evolution 70i30e 3.7 5.4 10.2 10.2 9.2 6.3 7.5
Evolution 60i40e 4.6 6.8 13.4 13.4 11.0 7.1 8.0
Evolution 50i50e 5.3 8.0 15.8 15.8 12.7 7.7 8.9
Evolution 40i60e 6.2 9.5 19.2 19.2 14.7 8.6 10.1
Evolution 30i70e 7.0 10.9 22.1 22.1 16.5 9.2 10.8
Evolution 20i80e 7.7 12.1 25.1 25.1 18.2 9.9 11.4
Evolution 100e 9.4 15.0 31.2 31.2 21.3 11.0 12.5
Multiple sources of added value

8. 14 out of 18 pools outperformed their
benchmarks
Portfolio Advisor
2013 Performance
(Class W) Out-performance
Out-performers:
United Canadian Equity Growth Pool Cambridge 48.6 35.6
United Canadian Equity Small Cap Pool QV Investors 36.6 28.8
United Canadian Equity Alpha Corporate Class QV Investors 30.0 17.0
United Canadian Equity Value Pool Tetrem 29.9 16.9
United International Equity Growth Pool Cambridge & PMAM 38.1 6.2
United US Equity Alpha Corporate Class Tetrem 46.6 4.9
United U.S. Equity Growth Pool Wellington 46.1 4.4
United Canadian Fixed Income Pool Signature & Lawrence Park 0.7 1.9
United International Equity Alpha Corporate Class PMAM 33.5 1.6
United U.S. Equity Value Pool Epoch 43.0 1.3
United Emerging Markets Pool Signature 5.5 1.0
United Real Estate Investment Pool Cohen & Steers 12.6 0.9
United Enhanced Income Pool Signature 10.2 0.8
United Cash Management Pool Signature 1.2 0.2
Under-performers:
United Short Term Income Pool Signature 1.5 -0.3
United International Equity Value Pool Altrinsic 31.3 -0.6
United Global Fixed Income Pool Signature 1.2 -1.0
United U.S. Equity Small Cap Pool Epoch 46.4 -2.1

9. Alpha funds have added alpha
As of December 31, 2013
1-Year 2-Year 3-Year 4-Year 5-Year Inception**
(Annualized) (Annualized) (Annualized) (Annualized) (Annualized)
Cdn Alpha 30.3% 22.8% 14.2% 14.6% 17.3% 11.4%
S&P/TSX Composite Index 13.0% 10.1% 3.4% 6.8% 11.9% 2.8%
US Alpha 46.8% 26.0% 14.9% 13.7% 16.9% 10.8%
S&P 500 Index (C$) 41.7% 26.6% 18.7% 16.2% 14.7% 9.5%
Intl Alpha 33.9% 25.7% 10.4% 11.0% 11.9% 6.7%
MSCI EAFE Index (C$) 31.9% 23.1% 11.0% 8.8% 9.9% 4.5%
Alpha: 1/3 Canada, 1/3 US, 1/3 Intl 37.0% 24.8% 13.2% 13.1% 15.4% 9.6%
Index: 1/3 TSX, 1/3 S&P 500, 1/3 EAFE 28.9% 19.9% 11.0% 10.6% 12.2% 5.6%
Added Value 8.1% 4.9% 2.1% 2.5% 3.2% 4.0%
*Note performances reported above are gross-of-fees
**Inception date was August 31, 2008
Source: Investment Consulting, Dexia, Bloomberg

10. 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
12% cumulative return
$120 million added value
50% hedged
30% hedged
10% hedged
70% hedged
30% hedged
Source: Bloomberg, CI Investments
Currency management also sets us apart
Dynamic hedging introduced
Source: Bloomberg, CI Investments

11. Portfolio Series - Best Fund of Funds Award - 2011
Portfolio Series - Best Fund of Funds Award - 2012
Portfolio Series Income Fund - Best Global Fixed
Income Balanced Award - 2012
Portfolio Series Income Fund - Best Global Fixed
Income Balanced Award - 2013
Portfolio Select Series - Best Fund of Funds Award - 2013
Industry recognition

12.  Sound and proven philosophy
 Solid track record
 Industry recognition
 Strong net flows
To sum it up…

13. For illustration purposes only; there is no guarantee on results
Outlook: Return expectations
Equity Funds
6-8%
Balanced Funds
5-7%
Select Income
3-4%Bond Funds
0-1%
-30
-20
-10
0
10
20
30
40
50
2013
expected range of returns actual returns in 2013

14. Source: TD Securities, CPMS, I/B/E/S
Outlook: Equity market
26 26
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
TSX
S&P 500
Forward Price to Earnings Multiples
Broad markets are reasonably priced; stock selection to matter more

15. 5-Year Government of Canada bond yields
Source: Bank of Canada
Bonds remain challenged but volatility offers opportunities
Outlook: Bond market
1.00
1.25
1.50
1.75
2.00
2.25
Dec-11
Feb-12
Apr-12
Jun-12
Aug-12
Oct-12
Dec-12
Feb-13
Apr-13
Jun-13
Aug-13
Oct-13
Dec-13

16. Represented by Select Income Managed Corporate Class
Source: CI Investments
Weighting (%) 2011
Q4
2012
Q1
2012
Q2
2012
Q3
2012
Q4
2013
Q1
2013
Q2
2013
Q3
2013
Q4 Target
Cash 12 15 21 21 27 34 24 21 22 0%
Government &
IG corporate
49 44 41 41 36 31 44 48 44 60%
High yield
bonds
21 22 19 18 15 13 12 11 14 20%
High-dividend
Stocks
18 19 19 20 22 22 20 20 20 20%
Duration (yrs) 5.1 4.5 4.2 4.1 4.1 3.3 3.7 4.0 3.7
Dynamic income asset mix to achieve
superior risk-adjusted returns

17. FOR INTERNAL USE ONLY
Select Income Managed Corporate Class
Performance as of December 31, 2013
% 3Mth 6Mth YTD 1Yr 3Yr 5Yr
Since
Inception* Risk
Select Income Managed Corporate Class
(Class A)
1.7 2.6 4.0 4.0 4.4 6.1 3.9 2.3
DEX Universe Bond Index 0.4 0.5 -1.2 -1.2 3.9 4.8 n/a 3.1
*November 2005
Performance has met expectations

18. Total: 97 observations (months)
Select Income Managed Corporate Class
Monthly Return Distribution
6%
16%
57%
18%
3%
0%
10%
20%
30%
40%
50%
60%
70%
<-1% -1% to 0% 0% to 1% 1% to 2% >2%
Monthly Return Ranges
Frequency
Controlled volatility

19. Thank you.