CI Global High Dividend Advantage Fund

1. CI Global High Dividend Advantage Fund Epoch Investment Partners, Inc.

2. Table of Contents HighlightsA Case for Global Shareholder YieldPortfolio Characteristics

3. Highlights Actively Managed Portfolio • Exposure to Global Portfolio focused on “Shareholder Yield” comprised of: • High Dividend Paying Securities • MLPs / REITs • Equities • Diversified by company, geography and industry • Proven investment strategy: Epoch Investment Partners

4. Highlights Attractive, tax efficient monthly distributions • 6% annual initial target distribution • Approx. 8.5% pre-tax interest equivalent • Forward structure recharacterizes income into tax-efficient capital gains, return of capital • Benefits of traditional Closed End funds without their drawbacks

5. Details • Price: $10 per unit • Minimum investment: $500 • Target Yield: 6% (8.5% pre-tax equivalent)

6. Epoch Investment Partners, Inc. A Case for Global Shareholder Yield William W. Priest, CFA, CPAChief Executive Officer/Chief Investment Officer Michael A. Welhoelter, CFAManaging Director, Portfolio Manager

7. Backdrop • Financial Economy & Real Economy Are Linked – Role of Inflation and Interest Rates • Changing Order Within Sources of Return Leads to Rising Importance of Yield • Globalization Turbo-Charges Global Real Growth and Enhances Free Cash Flow Growth Rates • Importance of Free Cash Flow Metric for Capital Allocation Options • Dividends and Shareholder Yield • Summary Case for Shareholder Yield

8. Financial Economy and Real Economy are Linked - Role of Inflation and Interest Rates

9. Real and Financial Economy: Directly Connected Real Economy Financial Economy Real GDP P/E Ratio Inflation + Nominal GDP EPS x = StockMarket Level

10. “Following almost 20 years of expanding P/E ratios, interest rates are poised to rise, thereby eliminating P/E ratios as the major driver of total equity returns as was the case over the 1980-2000 period.”* “3.11- A Rate, Not A Date” – Bill Priest * See Bill Priest’s Paper “3.11- A Rate, Not a Date”

11. Sources of Equity Returns: P/E’s, Earnings, & Dividends P/E’s Are Inversely Related to Interest Rates 50.0 15.0 Trailing P/E Ratio 45.0 13.5 40.0 12.0 Long Term Government 35.0 10.5 Bond Interest Rate 30.0 9.0 P/E ratios at year end Interest Rates (%) on 10-year Gov’t Securities 25.0 7.5 20.0 6.0 15.0 4.5 10.0 3.0 5.0 1.5 0.0 0.0 2002 1926 1930 1934 1938 1942 1946 1950 1954 1958 1962 1966 1970 1974 1978 1982 1986 1990 1994 1998 Source: Epoch Investment Partners/Standard & Poors

12. 10.00 5.00 Ln Nominal GDP 9.00 4.00 Ln S&P 500 Earnings Per Share 8.00 3.00 Nominal GDP, LN(GDP) S&P 500 EPS, LN(EPS) 7.00 2.00 6.00 1.00 5.00 0.00 4.00 -1.00 1929 1934 1939 1944 1949 1954 1959 1964 1969 1974 1979 1984 1989 1994 1999 2004 Sources of Equity Returns: P/E’s, Earnings, & Dividends Nominal GDP and Earnings: Long-term History Source: Epoch Investment Partners/Standard & Poors

13. Changing Order Within the Sources of Return Leads to Rising Importance of Yield

14. Sources of Equity Returns • P/E’s • Earnings • Dividends

15. Sources of Equity Returns: P/E’s, Earnings, & Dividends Components of Compound Annual Total Returns for Trailing 10-year Periods(S&P 500 Composite 1926-2004) 20% 15% 10% 5% 0% Combined Effects P/E Expansion -5% Earnings Growth Dividends & Reinvestment Total Return -10% 1992 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 1979 1936 1937 1938 1939 1940 1941 1942 1943 1944 1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 Ending Date of 10-year Period Source: Epoch Investment Partners/Standard & Poors

16. Globalization Turbo-Charges Real Growth and Enhances Free Cash Flow Growth

17. Turbo-Charging Real Economic Growth Through: • Globalization and its Instrument – • The Law of Comparative Advantage • “Volume of tradable goods has doubled in the past five years” • Emergence of new trading paradigms has led to: - Stephen Roach Economist, Morgan Stanley Productivity Inflation Profitability

18. Importance of Free Cash Flow Metric for Capital Allocation Options

19. Importance of Free Cash Flow Analysis for Capital Application Options From an investor’s perspective, “Free cash flow is the cash available for distribution to investors after all planned capital investment and taxes.”* “But, accountants define the cash flow of a company as the sum of net income plus depreciation and other non-cash items that are subtracted in computing net income.”* - too inadequate for financial decisions Free cash flow is emerging as dominant capital allocation driver and hence, that of equity returns as well Rise in Private Capital Firms emphasizing role of free cash flow exclusively “The New Kings of Capitalism” Economist *Valuations for Mergers, Buyouts, and Restructuring , Enrique R. Arzac

20. Free Cash Flow Options Acquisitions Reinvestment in Business Firm Growth Dividends Share repurchase Debt reduction Shareholder Yield

21. Dividends and Shareholder Yield

22. Dividends and Shareholder Yield • Shareholder Yield is a better measure of a firm’s ability to deliver income to investors • Application of free cash flow model clarifies components • Traditional dividend measures fail to capture all shareholder yield contributions • Buybacks and debt reduction are now viewed as important use of cash

23. Dividend Yield to become Shareholder Yield • Dividend Yield will be re-defined as Shareholder Yield with ascendancy of free cash flow metric • Shareholder Yield will rise sharply as corporations more efficiently use their capital Dividends as a Share of Free Cash Flow 11974 Through November 2005 200 180 160 140 120 100 Current 80 60 40 20 0 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 Source: Corporate Reports, Empirical Research Partners Analysis. 1 Largest 1,500 stocks; data smoothed on a trailing one-year basis. Excluding Microsoft's special dividend in 12/2004.

24. Shareholder Yield Shareholder Yield positively affected by emerging compensation policies • Restricted Stock Units

25. Summary Case for Shareholder Yield

26. Summary Case for Shareholder Yield • Interest rates will stay flat or rise for the foreseeable future. • P/E ratios will stay flat or fall. • To the extent that equities deliver positive returns, such positive returns will, out of necessity, be driven by dividends and earnings (the other two contributing sources of total return). • Both dividends and earnings are “real” phenomena as opposed to “pricing multipliers”.

27. Summary Case for Shareholder Yield • Assume overall economy (nominal terms) grows 6%. Assume current dividend yield is 2%. The return to equities will be 8%. • If interest rates rise, P/E ratios will fall. Under such a scenario, equity returns will be less than 8%. • To the extent that equities deliver positive returns, such positive returns will, out of necessity, be driven by dividends and earnings. • A clear opportunity exists by focusing on the sources of real returns.

28. Summary Case for Shareholder Yield • Through the use of a financial metric (free cash flow) rather than an accounting metric (earnings) it is easier to discern those firms most likely to utilize their free cash flow intelligently for shareholder value creation. • If the return on incremental capital to be deployed in the business is equal to or less than the present average return on capital, the capital should be returned to shareholders. • By assembling a portfolio of companies that offer superior dividend levels (direct dividends, share repurchases, debt reductions) and operating earnings growth we will be able to deliver performance superior to that of the broad-based equity market.

29. Portfolio Characteristics • Core Portfolio Process • Current Portfolio Allocation

30. Core Portfolio Process: Fund Competitive Positioning • Exceptional, robust, current yield > 5% Exceeds long bonds Roughly 300 bps greater than global equity indices • Consistent dividend growth • 3% compound annual growth last three years • 85% of companies raised their dividend in the last 12 months • Global participation and diversification • Innovative Portfolio Construction • Stock-specific performance and income risks reduced • Simultaneously allocating portfolio weight, income, and dividend growth • Special Dividend Capture Program

31. Core Portfolio Process: Epoch’s Proprietary Income Screen • Income Security and Growth • Current yield > 4% • 3+ years of monotonically increasing dividends • Cash from operations exceeds dividends (or cash returned) • over trailing three years • Want ample dividend coverage and to avoid liquidating income vehicles • No dividend cancellations in available financial history up to 20 years Dividend is “sacred” • Low incidence of dividend reduction in available history • Company has increased dividend in more than 50% of available history • Positive growth in cash flow from operations over the last 5 years • Liquidity: • Market Capitalization > $250 million U.S. • For lightly traded stocks, prospective position is less than one-day of trading volume

32. Core Portfolio Process: Portfolio Construction • Take candidate stocks ( n ~ 150) • Use quadratic optimizer to maximize the probability of achieving the following portfolio goals: • Conventional Dividend Yield >= 5% • Recent Dividend Growth = 10% (Expected Incremental Yield = 0.50%) • R-squared of security dividend streams > 0.9 for two-thirds of holdings • Seek additional 1.5% of shareholder yield through expected share repurchases and debt reduction • Position Constraints: Maximum assets per security = 2.5% Maximum income contribution per security = 3% Maximum incremental income per security = 5% Minimum position = 0.50%

33. Economic Sectors portfolio weight Citigroup BMI World weight 30% 25% 20% 15% 10% 5% 0% utilities energy materials financials industrials health care telecom services consumer staples information technology consumer discretionary Current Portfolio Allocation

34. Geographic Diversification Portfolio Citigroup BMI World 60% 50% 40% 30% 20% 10% 0% Italy U.S. U.K. Spain Japan Others France Finland Canada Sweden Australia Belgium Germany Singapore Hong Kong Switzerland South Korea Netherlands Current Portfolio Allocation

35. Summary details Minimum Purchase: $500 / Each subsequent investment minimum: $50. RSP Eligibility: 100% eligible for RRSPs, RRIFs, RESPs. Distributions: Paid monthly. Automatically reinvested with the option to receive in cash. Selling Concession: 5.00% upfront plus 0.50% per annum trailer. Liquidity: Daily liquidity. Switches: Clients can switch units of one class of the fund to another class of the fund or to another fund managed by CI subject to any applicable fees. See the Prospectus for more details. Redemption Fees: DSC Withdrawal Privileges: Short-term trading fee may apply if units are sold within 30 business of purchase.

36. Disclaimer Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated. ™CI Investments and CI Investments design are trademarks of CI Investments Inc.

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