The Changing Landscape of Asset Management

DEREK J. GREENPresident, CI Investments

January 2014

Canada’s Investment Company

CI Financial: record success

CIX +4,486%

Financial Services +1,365%

TSX +410%

21% CAGR

December 2013

June 1994

Total return to December 31, 2013

100

22% CAGR

Industry highlights

* Annualized returns

Sales and Assets

Total industry assets of $986.4B, up 17.8% year over year.

Shift to managed money continues; Mutual Fund of Funds account for 26.6% of AUM, and 81.3% of 2013 YTD net sales.

YTD total industry flow of $39B; equity fund net inflow of $5.4B.

Source: IFIC, as at November 30, 2013

December 31, 2013 ($C) 3 month 1 year 2 years* 3 years* 5 years*

TSX 203.7696936 7.3% 13.0% 10.0% 3.4% 11.9%

Dow Jones 127.9733836 13.7% 38.5% 22.2% 18.3% 13.6%

Nasdaq 65.23796923 14.7% 49.7% 31.3% 20.5% 19.7%

S&P 500 101.8473849 14.1% 41.4% 26.7% 18.8% 14.8%

MSCI World 104.1174703 11.6% 36.2% 24.7% 14.8% 12.7%

Sales & assets by product: YTD

* Managed Solutions is Portfolio Series, Portfolio Select Series, Private Client, Evolution, Optima Strategy and G5/20.

January 1 – December 31, 2013

Managed solutions continue to deliver strong results, consistent with overall industry trends.

Traditional funds continue to see significant flows, along with solid growth in PIM offering.

$M % $M % $M % $M %Managed Solutions 3,187.47 23.00% 1,224.47 12.04% 1,963.00 53.26% 18,313.56 20.14%Traditional Funds 6,949.00 50.15% 5,294.55 52.05% 1,654.45 44.88% 43,785.03 48.15%PIM 1,049.60 7.57% 157.81 1.55% 891.79 24.19% 2,495.31 2.74%Institutional 2,284.57 16.49% 2,507.71 24.65% (223.15) -6.05% 13,115.90 14.42%Segregated Funds 387.01 2.79% 987.10 9.70% (600.09) -16.28% 13,230.29 14.55%Total 13,857.64 100.00% 10,171.64 100.00% 3,686.00 100.00% 90,940.09 100.00%

Purchases Redemptions Net SalesProduct AUM

Maintaining market share is winning

Source: Investor Economics, CI

Independents are getting squeezed out

Banks 17%Banks 23%

Banks 46%

Independents 79% Independents 69%

Independents 44%

CI 4%CI 8% CI 10%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

1994 2002 2012

Maintaining is winning

Source: Company websites, IFIC, Morningstar

CI Mackenzie Templeton AGF Bridgehouse-50%

-40%

-30%

-20%

-10%

0%

10%

20%

30%

40%

50%

40%

4%

-2%

-20%

-40%

CI’s AUM versus other independentsChange in AUM over 5 years ending September 30, 2013

“It is not the strongest of the species that survives, nor the most intelligent, but the one most responsive to change.”

- Charles Darwin

A new client relationship model: NI-103

PreparationRunway

Requirements Implementation Date

Now

• Regular quarterly account statements or monthly if requested• 60 days notice of new or increased operating charges• RDI must contain a complete description of operating and transaction charges

July 15th, 2013

2013• Pre-trade disclosure of all charges• Enhanced content of trade confirmations• Additional Benchmark Information

July 15th, 2014

2014• More thorough account statements• Position cost information July 15th, 2015

2015• DSC information on trade confirmation• Report summary on charges and other compensation• Performance Reporting: money-weighted basis

July 15th, 2016

How to prepare right now

Demonstrate your value Inform your clients

• Re-visit your Value Proposition

• Ensure you are providing a full Wealth Advisory service to your top clients

• Conduct the Value Test on your existing clients

• Prepare a Value Map for each of your clients

• Prepare for a conversation about the changes ahead

• Make clients aware of changes sooner rather than later (face to face, telephone or letter)

• Prioritize your top clients, customize an approach tailored to their communication style

N31-103 / CRM 2 – How to prepare

N31-103 / CRM 2 – What is CI doing?

• CI’s Professional Development team is educating advisors about the challenges they face – See upcoming N31-103 / Client Relationship Model Presentation– N31-103 Article in May issue of CI Monthly Review– Participating Spring Roadshow– Webinars

• During the next 6 to 8 months the CI Sales and Marketing Team will be delivering content to help advisors with this transition

Remember…this is a tremendous opportunity for strong advisors that deliver value to their clients

CI Investments

• Experience – Managing money since 1965.

• Size and scale – Resources to invest in top-quality investment management, service and innovative products.

• Financial strength – Parent company CI Financial Corp. (TSX:CIX) is the third-largest investment fund company in Canada.

• Reputation – Well-known brand: “Canada’s Investment Company”.

The industry’s widest selection of investment funds on a variety of platforms

Managed Solutions

Tax-effective Solutions

Guaranteed Solutions

Introducing…

CI’s Corporate Class: An excellent tax-efficient solution

CI Corporate Class:

• Oldest and largest structure in the industry• Over $30 billion in AUM • Over 50 funds offered• Available in T-Class for monthly, tax-efficient cash flow• A strong and diverse lineup of award-winning management teams

Top portfolio management teams lead to best-in-class solutions

Strong fund performance

Consistent outperformance on a risk-adjusted basis relative to index and industry peers

  Returns (%) Globefund quartiles

  YTD 1y 3y 5y 10y 3y 5y 10y

CANADIAN EQUITY                

Cambridge Canadian Equity Corporate Class 24.9 27.3 14.7 15.3 7.5* 1 1 -

Signature Select Canadian Fund 17.4 19.1 7.0 10.6 8.4 2 2 1

CI Canadian Investment Fund 23.7 26.6 6.6 10.7 7.7 2 2 1

Signature Dividend Fund 14.9 16.9 8.9 13.3 6.5 1 1 2

CANADIAN BALANCED

Cambridge Canadian Asset Allocation Corp Cl 17.5 18.7 8.0 11.3 5.2* 1 1 -

Signature Income & Growth Fund 12.7 14.1 7.3 11.2 7.6 2 1 1

Signature Canadian Balanced Fund 11.3 12.3 5.9 8.9 7.5 2 2 1

DIVERSIFIED INCOME

Signature High Income Fund 7.4 9.1 8.3 13.8 8.9 1 1 1

Cambridge High Income Fund 10.2 12.2 8.5 13.5 10.5* 1 1 -

CI Portfolio Series Income Fund 7.9 8.4 6.4 8.8 5.4 1 2 1

GLOBAL EQUITY

Cambridge Global Equity Corporate Class 32.1 33.9 12.0 12.9 6.5* 2 1 -

Black Creek Global Leaders Fund 36.8 42.0 14.1 16.0 4.9* 1 1 -

Black Creek International Equity Fund 35.0 41.9 16.9 17.6 15.1* 1 1 -

GLOBAL BALANCED

Signature Global Income & Growth Fund 16.6 18.5 8.6 12.0 2.8* 1 1 -

Black Creek Global Balanced Fund 23.2 28.5 12.3 13.2 5.3* 1 1 -

CI Portfolio Series Balanced Growth Fund 18.0 19.5 8.3 10.0 5.3 2 2 2

SPECIALTY

CI Global Health Sciences Corp Class 57.9 59.1 29.4 24.5 9.8 1 1 2

Globefund, as at November 30, 2013

*since inception return was used when 10-year was unavailable

CI’s marketing strategy and new initiatives

Brand Marketing

Continue to increase brand awareness for CI Investments and G520

• RSP Media Plan targeting 30 million viewers through CBC, TSN, RDS, BNN, Global and CTV Networks.

• Golf Media Plan targeting 66 million viewers through the four majors, Ryder Cup and 20 PGA tournaments throughout the year on TSN, RDS, Global and regional stations.

Event Marketing

• Digital Roadshow featuring 12 webcasts over three days• CI Leadership Forum in Las Vegas on October 7-10• National Spring Roadshow featuring Signature• Professional Development focused events

Product Highlights

• G520 enhancements: added F, O and LL class, exploring immediate payout option and annual resets

• Launching 3 new mandates with Marret Asset Management– Global High Yield, Short Duration, Strategic Yield

• New Cambridge U.S. Dividend and Canadian Dividend• Private Client 2014 enhancements

Thank you

All charts and illustrations in this guide are for illustrative purposes only. They are not intended to predict or project investment results.

®CI Investments, the CI Investments design and Harbour Advisors are registered trademarks of CI Investments Inc. Commissions, trailing commissions, management fees and expenses all 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 securityholder that would have reduced returns. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated.