Capital Growth with Downside Protection Brandon Snow Principal & Portfolio Manager

1. Capital Growth with Downside ProtectionBrandon SnowPrincipal & Portfolio Manager

2. S&P/TSX Total Return (2001-2011) Source: Paltrak 2

3. Comparison S&P 500 & S&P/TSX Total Return Source: Paltrak 3

4. Comparison of returns – indexes plus the median Canadian Equity Fund Source: Paltrak 4

5. Current Environment 5

6. Long-term equity performance Source: Dow Jones. U.S. Census. Stifel Nicolaus format. 6

7. Tech bubble & bust – very similar to the Great Depression Source: Barry Bannister Stifel Nicolaus 7

8. Leverage is an issue Government Plus Financial Debt to GDP 8

9. Leverage = volatility Earnings volatility 9

10. The good news – long-term equities are attractive Source: Stifel Nicolaus 10

11. Dividends attractive vs. bond yields, and dividends grow Source: Deutsche Bank, Bloomberg 11

12. Dividends attractive vs. bond yields, and dividends grow Source: TD Securities 12

13. Dividends attractive vs. bond yields, and dividends grow Source: TD Securities 13

14. Outlook – summary We are more than 10 years into this secular bear market We need to accept slower growth going forward, stocks already are pricing this in in a lot of cases Volatility likely to continue as we work off excess leverage Flexibility and active management are key in this environment 14

15. The Cambridge Opportunity 15

16. Who is Cambridge? Robert Swanson Principal & Portfolio Manager Alan Radlo Chief Investment Officer & Portfolio Manager Brandon Snow Principal & Portfolio Manager Greg Dean Analyst Stephen Groff Analyst Emi Winterer Analyst 16

17. Why invest with Cambridge? Flexibility Nimble asset base Open mandates Focus on absolute returns Big company resources Aligned with fundholders 17

18. The importance of flexibility 5% 1% 23% 28% As at November 30, 2011 18

19. The importance of flexibility SPTSX Dec 31, 1999 SPTSX - Current 5% 1% 28% 23% 19

20. The importance of flexibility Source: Stifel Nicolaus 20

21. Cambridge is not benchmark focused Source: Paltrak, November 30, 2011 21

22. Cambridge is not benchmark focused Source: CI Investments 22

23. Philosophy • Long-term holdings • Management aligned with shareholders • Strong capital allocation • Competitive advantage • Examples: • CN Rail • Enghouse • Couche-Tard • Short-term investments • Information edge • An industry where we have experience • Path to value recognition • Examples: • F5 Networks • Petroleum Geo-Services ASA • Eagle Materials Attractive risk/reward 23

24. Our sell discipline Short-term investments Reaches fair value Thesis was wrong Long-term holdings Valuation becomes excessive Thesis changes We find better opportunities 24

25. What Cambridge offers? Top quartile performance Source: Paltrak As of November 30, 2011 25

26. Cambridge offers a variety of mandates * Effective June 5, 2011 funds were renamed from CI American Equity Corporate Class and CI American Equity Fund. Source: RBC Dexia at November 30, 2011 26

27. Right team, right philosophy, right experience Experienced investment team Focused on capital growth with downside protection With the flexibility to deliver in volatile markets “If everything is coming your way, you’re probably in the wrong lane.” – Warren Buffett 27

28. Cambridge’s recent additions Robert Swanson, Principal and Portfolio Manager, has an investment career spanning 27 years, with extensive experience in managing Canadian and global equity, income and balanced portfolios. Prior to joining CI, he was lead portfolio manager of several mutual funds with combined assets under management exceeding $20 billion. In 2010 and 2011 his funds won seven Lipper Fund Awards. Brandon Snow, Principal and Portfolio Manager, has nearly 10 years of investment management experience. Prior to joining CI, he was portfolio manager of two Canadian-focused equity funds with a total of $1.7 billion in assets. His large-cap fund was the winner of a Lipper Fund Award in 2010. 28

29. Cambridge’s recent additions Greg Dean joined Cambridge Advisors as a research analyst in May 2011. Prior to joining Cambridge, Mr. Dean was a research analyst at a large Canadian mutual fund company from 2008 to 2011. Stephen Groff joined Cambridge Advisors as a research analyst in May 2011. Prior to joining Cambridge, Mr. Groff was a research analyst at a large Canadian mutual fund company from 2007 to 2011, analyzing primarily Canadian equities. 29

30. 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.