Signature Global Advisors Eric Bushell, Chief Investment Officer Geof Marshall, Portfolio Manager

1. Signature Global AdvisorsEric Bushell, Chief Investment OfficerGeof Marshall, Portfolio Manager Global Investing from a Canadian Perspective

2. Signature overview Facts Global investment team based in Canada 33 person investment team – one of the largest in Canada Core investment style, with diversified portfolios of large cap securities Specialize in broad flexible mandates $35 billion in AUM–ample scale to compete for talent, research and trading *Cash & cash equivalents: commercial paper, floating rates, bonds (in money market) and government (in money market) 1 As at June 30, 2010

3. Deep, specialized investment team CHIEF INVESTMENT OFFICER ERIC BUSHELL, CFA (18) GLOBAL INVESTMENT STRATEGISTS Drummond Brodeur, CFA (22) Eric Bushell, CFA (18) Matthew Strauss, CFA (17) GLOBAL SECTOR/ ASSET CLASS SPECIALISTS Tech, Media, Telecom Industrials, Transport High Yield Investment Grade Malcolm White, CFA (16) Joe D'Angelo, CFA (14) Geof Marshall, CFA (15) John Shaw, CFA (21) Jeremy Yeung, CFA (10) Yvonne Lau, CFA (9) Kevin McSweeney, CFA (11) Paul Simon, CFA (10) Brad Benson, M.A. (13) Leanne Ongaro, CFA (4) Financials Income Trusts/REITS Carlton Ling, CFA (8) Jonathan Chew (1) John Hadwen, CFA (18) Ryan Fitzgerald, CFA (7) Darren Arrowsmith, CFA (12) Derek Tucker, CFA (11) Goshen Benzaquen (10) Joshua Varghese (1) Shelly Ghai, M.B.A. (7) Aero, Auto, Defence, Utilities Consumer Rates and Foreign Exchange Preferreds Massimo Bonansinga, M.B.A. (21) Stephane Champagne (16) Eric Bushell, CFA (18) John Shaw, CFA (21) Gorlen Zhou (2) Henry Kwok (11) Paul Simon, CFA (10) Matthew Strauss, CFA (17) Energy & Materials Health Care Scott Vali, CFA (15) Rui Cardoso, CFA (14) Hoa Hong, CFA (10) Sara Shahram, CFA (9) TRADING PROFESSIONALS Shawna McIntee (7) Aldo Sunseri (26) Connie Lee (10)

4. Global Road Map

5. Will the private sector bite?

6. Developed markets: Running out of policy bullets Fiscal Fiscal C.Bank C.Bank Europe LTRO OMT US QE1 QE2 Twist QE3 400 pt drop in Fed funds

7. A non-deflationary deleveraging recipe Add ingredients in equal measure Debt paydown Default Positive growth Inflation Apply low interest rates to support asset prices. Ensure banks and credit markets function. Stir for 7-10 years.

8. Deleveraging and the economy Government sector balance sheet Household sector balance sheet Banking sector balance sheet Corporate sector balance sheet Deleveraging delayed Deleveraging ending Deleveraging ending Deleveraging completed Bottom line:Private sector deleveraging began in 2008 and has been the key reason why the U.S. recovery has been so weak over the past couple of years. We are now approaching the end of the deleveraging cycle.

9. Financial repression Bernanke

10. Financial repression

11. Do not ignore valuations Source: TD Securities

12. Income trust redux Financial repression: negative real rates High payout financial structures Cost of capital advantage for high payout model Capital flows Accretive acquisitions & earnings growth Dilemma: convert or be left behind

13. Massive inflows? Sell-side justification of valuations? New products? Hard for fundamentals to get any better? Spread compression between ratings? Increased leverage and credit risk? Income opportunities – caution The progression of the yield trade – technical indicators

14. Income opportunities – caution The progression on the yield trade – structural changes

15. Signature flexibility Continue to invest in good, risk-adjusted securities Continue to invest in securities and asset classes set to benefit from deleveraging Will not simply invest in higher-yielding, higher-risk securities that have not yet run up in price Seek maximum diversification and remain cautious of common themes that can creep into portfolios Take full advantage of fund flexibility to manage downside risk

16. Signature positioning • Cash & gold • Cautionary holdings; overweight • Government bonds • Negative real returns; underweight • Investment-grade bonds • Specific opportunities; market weight • High-yield bonds • Still finding value; overweight • Equities • Strong, less economically sensitive, quality; slight underweight

17. Signature Diversified Yield Portfolio Snapshot, as at Sept. 30, 2012

18. Signature Solutions Source: “PalTrack”, as at Sep. 30, 2012

19. Conclusion Policy actions will continue to dominate markets Real interest rates will be low or negative for some time Financial repression changes the rules for investors Canadian investors need to be positioned to take advantage of global trends Global yield story has legs Signature has the personnel, process, and solutions to gives investors a real advantage in uncertain market

20. Signature team awards Eric Bushell, Chief Investment Officer, Signature Global Advisors Morningstar Equity Manager of the Year, 2009 Morningstar Fund Manager of the Decade, 2010 Signature High Income Fund– Best Canadian income trust fund, 2004, Best Global Balanced 2010, 2011 Signature Canadian Balanced Fund–Best Canadian balanced fund, 2007, 2009 Signature Canadian Resource Fund–Best natural resource equity fund, 2008, 2009 Signature Dividend Fund–Best dividend fund, 2001, 2002, 2009 Signature Income & Growth Fund–Best global balanced fund, 2008 Signature Select Canadian Fund –Best Canadian equity fund, 2001

21. 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 Signature Global 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.

22. Income opportunities – high yield bonds Value in top tier assets – MGM Resorts: 6.7% Premier resort operator on the Las Vegas Strip with such properties as Bellagio, Mirage, MGM Grand as well as joint ventures CityCenter and MGM Macau. B3/B- rated US$8.625% bonds due 2/1/2019 and numerous secured bonds rated Ba2/B+ Aggressive balance sheet expansion prior to 2008 left MGM exposed during the credit crisis. A rebound in visitation, borrowing on a secured basis against ‘trophy’ assets and dividends from Macau allowed for the refinancing of near-term maturities and ongoing debt reduction. Bellagio, Las Vegas Yield as of October 17, 2012

23. Income opportunities – high yield bonds The Schaeffler Group – European borrower in U.S. dollars: 5.4% Leading supplier of highly-engineered components to the global automotive and industrial sectors. Debt levels increased substantially when the company tendered for shares in tire manufacturer Continental AG in September 2008. Ba3/B+ rated US$8.5% bonds due 2/15/2019 European banks were no longer willing or able to refinance the company’s debt, forcing them into the public bond market; particularly the deep U.S. dollar high yield market. More opportunities like this to follow as the European banking sector shrinks. Schaeffler’s slimline spur gear differential Yield as of October 17, 2012

24. Income opportunities – high yield bonds Barret xPlornet – high yield bonds in Canadian dollars: 9.5% Largest Canadian provider of broadband Internet access to rural households using satellites and terrestial towers. Un-rated C$9% cash coupon and 4% PIK senior secured bonds due 5/15/2017 with warrants Un-served market is 2.5mm households with only ~6% penetration so far compared to ~85% in urban/suburban regions. Projected growth should enable quick deleveraging with government subsidies accelerating business model de-risking. LTV = 60% on subscribers and spectrum. Yield as of October 17, 2012

25. Income opportunities – caution in Europe Select buying opportunities in restructuring plays – Gecina 5.7% Gecina 27% 31% 42% Metrovacesa Former insiders Public 96% Loans Spanish banks Class A Paris office and apartments, leveraged at 40% LTV by YE 2012 Dividend yield well covered at 5.25% and company un-surfacing value through apartment sales and share buybacks Trades at approximately 25% discount to liquidation value Louis Vuitton French headquarters, Paris Yield as of October 17, 2012

26. Income opportunities – real estate Value in unique assets – Hudson Pacific Properties: 2.8% West Coast specialist consolidating assets in top markets such as San Francisco and L.A. Small market cap ($9000m) which means that acquisition and development strategy can dramatically increase cash flow per share. Valuation: valuation trades in line with peer group despite the exposure to superior markets and far better growth prospects. Low dividend yield of 2.5% but set to grow in coming years. Sunset Bronson Studios, Hollywood CA Yield as of October 17, 2012

27. Income opportunities – real estate Value in irreplaceable assets – Whistler Blackcomb: 8.5% Irreplaceable asset that requires little capital expenditures and spins off a tremendous amount of free cash flow. Cash flows have proved very resilient to both weather and recession. Spun out of IntraWest which was taken private by Fortress in a disastrous top-of-the-market deal in 2006. Valuation: 9x 2013 EBITDA. 8% dividend yield and substantial potential for capital gains. Peak to Peak Gondola, Whistler Blackcomb, B.C. Yield as of September 5, 2012

28. Income opportunities – caution in Europe Latin American infrastructure on sale • San Cristobal Tunnel completed in 2008. and operated by Spanish firm ACS and German firm Hochtief. ACS is highly-levered. At the beginning of 2011 they faced €12B in 2012 debt maturities against a market cap of €11B. • ACS began selling assets in 2011, starting with Latin American infrastructure assets. Brookfield Asset Management buys a stake in the Vespicio toll road as well as the San Cristobal tunnel for $291mm. • Conclusion – European deleveraging will createglobalopportunities for capital providers for years to come. San Cristobal Tunnel, Santiago, Chile

29. Canada’s Investment Company Thank you