EARNING SUSTAINABLE YIELD

Bob Swanson

Principal & Portfolio Manager

Cambridge Global Asset Management

October 2013

WHEN ECONOMIES RECOVER …

'08 '09 '10 '11 '12 '1375

80

85

90

95

100

105

110 Composite Index Of 10 Leading Indicators (2004=100), Index - United States Recession Periods - United States

Source: Factset

Composite index of 10 leading indicators

RATES SHOULD GO HIGHER

2.71

'08 '09 '10 '11 '12 '131.0%1.0%

1.5%1.5%

2.0%2.0%

2.5%2.5%

3.0%3.0%

3.5%3.5%

4.0%4.0%

4.5%4.5%

5.0%5.0%US 10Y Treasury Yield

Source: Factset

U.S. 10-year Treasury yield

WHEN RATES GO HIGHER … “SAFE ASSETS” BECOME LESS SAFE

-16%

-14%

-12%

-10%

-8%

-6%

-4%

-2%

0%

SPRTRE (CdnREIT Index)

SPRTCM (CdnIncome trust

Index)SPTSUT (CdnUtilities Index)

STTELS (CdnTelecom Index)

DEX BONDINDEX

Year-to-date returns to August 28, 2013

Source: Factset

AND EQUITIES BENEFIT

0%

5%

10%

15%

20%

25%

S&P/TSXComposite

Index

SPTXDV*(Cdn

Aristocrats)

S&P500 Index SPHYDA*(S&P500

Aristocrats)

MSCI WorldIndex

MSCI EAFE MSCI ACWIHigh DividendYield Index*

Year-to-date returns to August 30:

*Year-to-date to August 28, 2013Source: Factset, Bloomberg

THE BEGINNING OF THE GREAT ROTATION? THIS WILL SUPPORT EQUITY PRICES

Source: EPFR Global, Citi Research

OVERWEIGHT EQUITIES/UNDERWEIGHT INCOME SUBSTITUTES ACROSS ALL INCOME-ORIENTED MANDATES

High Income Fund Asset Allocation FundGlobal Dividend

Fund

Bonds (investment-grade, high-yield, convertibles) 18 9 0

Preferreds 2 4 0

Real assets – REITs and infrastructure (includes pipes, telcos, utilities)

18 11 0

Total income instruments 38 24 0

Equities 47 60 85

Total equities 47 60 85

Cash 15 16 15

Total 100 100 100

Current positioning:

Source: CI Investments, August 30, 2013

GEOGRAPHIC DIVERSIFICATION WITH SIGNIFICANT EXPOSURE OUTSIDE CANADA

Cash

Canada

U.S.

InternationalCanada

U.S.

Cash

International

Canada

U.S.

Cash

International

Cambridge Canadian Asset Allocation Corporate Class:

Cambridge Global Dividend Fund:

Cambridge High Income Fund:

Source: CI Investments

WHEN INVESTORS ARE CAUTIOUS, DIVIDEND STOCKS DO BEST

S&P 500

S&P Aristocrats

'09 '10 '11 '12 '1340

60

80

100

120

140

160

180 (INDEX) S&P 500 - Price Index (INDEX) S&P 500 Dividend Aristocrats - Price Index

TSX Aristocrats

TSX

'09 '10 '11 '12 '1340

60

80

100

120

140

160

180 (INDEX) S&P/TSX Dividend Aristocrats - Total Return Index (INDEX) Canada S&P/TSX Composite - Total Return Index

Source: Factset

IT’S HAPPENING GLOBALLY

ACWI High Div

Yld

MSCIACWI

'09 '10 '11 '12 '1350

60

70

80

90

100

110

120

130

140

150 (INDEX) MSCI ACWI High Dividend Yield - Total Return Index (INDEX) MSCI Kukje (ACWI ex Korea) - Total Return Index

Source: FactSet

MORE DIVIDEND OPPORTUNITIES EXIST OUTSIDE CANADA

0

50

100

150

200

250

300

350

400

5 years 10 years 25 years

U.S. Europe Canada

# of

com

pani

es

Number of companies with consecutive years of dividend growth

Source: Factset

DIVIDEND GROWERS ARE THE BIG WINNERS

Source: Ned Davis Research

AND PAYOUT RATIOS ARE LOW SO DIVIDENDS HAVE ROOM TO GROW

A SOURCE OF INFLATION PROTECTION: 3M – 54 YEARS OF CONSISTENT DIVIDEND GROWTH

Source: FactSet Fundamentals

BENEFITS OF DIVIDEND GROWTH

• Lower volatility

• Attractive total returns

• Income growth over time – inflation protection

CAMBRIDGE GLOBAL DIVIDEND FUND

• Seeks stable companies with consistent performance

• Focus on dividend growing companies

• Global diversification

• Active currency management to mitigate exchange rate risk and reduce volatility

• A reliable source of monthly income when purchased in the trust structure

GEOGRAPHIC AND SECTOR DIVERSIFICATION

Consumer disc.

Consumer staples

Energy

FinancialsHealthcare

Industrials

Tech & Telecom

Materials

Utilities

Cash

Canada

Americas

Europe/Asia

Sector allocation: Geographic allocation:

Source: CI Investments

As at August 30, 2013:

FUND CHARACTERISTICS

Cambridge Global DividendTop holdings

as of August 31, 2013

Roche Holding 4.5%

Croda International 4.4%

Volkswagen 4.0%

Modern Times Group 3.4%

Johnson & Johnson 3.2%

Brinker 3.0%

Smith & Nephew 2.9%

Becton Dickinson 2.9%

Ahold 2.9%

Cap Gemini 2.7%

Total 33.9%

Source: CI Investments

CONSISTENT OUTPERFORMANCE WITH CAMBRIDGE

Year-to-date 1 year 2012 3 year 5 year Since inception

Cambridge Canadian Asset Allocation Corporate Class 11.7% 14.3% 3.5% 9.8% 4.4% 4.5%*

Cambridge Income Fund 6.5% 8.4% n/a n/a n/a 6.8%***

Cambridge High Income 4.1% 7.0% 6.2% 8.7% 7.5% 10.1%****

Cambridge Canadian Equity Corporate Class 17.1% 25.5% 16.7% 16.1% 6.3% 6.6%*

Cambridge Global EquityCorporate Class 19.8% 26.0% 15.1% 12.4% 4.0% 4.9%*

Cambridge Canadian Growth Companies Fund 25.0% 41.5% 40.5% n/a n/a 27.0%†

Cambridge American Equity Corporate Class** 25.1% 28.1% 8.2% 13.5% 3.4% -4.2%**

Source: RBC Dexia, August 31, 2013

*December 31, 2007***January 9, 2012

****July 2, 2004†February 15, 2011

**Cambridge Global Asset Management took over management of Cambridge American Equity Corporate Class in June 2011, inception date of fund is February 24, 2000**

FundFund Code

Assets(million)

Foreign Content

Cambridge Canadian Equity Corporate Class CIG2321 $2,461.7 maximum 49%

Cambridge Canadian Asset Allocation Corporate Class CIG2322 $1,141.9 maximum 49%

Cambridge Global Equity Corporate Class CIG2323 $1,158.5 no restrictions

Cambridge Income Corporate Class CIG2261 $423.4 no restrictions

Cambridge Income Fund CIG635 $168.7 no restrictions

Cambridge High Income Fund CIG6803 $476.1 no restrictions

Cambridge American Equity Corporate Class* CIG294 $508.0 no restrictions

Cambridge American Equity Fund* CIG 212 $152.0 no restrictions

Cambridge Canadian Growth Companies Fund CIG11108 $365.5 maximum 49%

Cambridge Canadian Pure Fund CIG11109 $47.4 maximum 10%

* Effective June 5, 2011 funds were renamed from CI American Equity Corporate Class and CI American Equity Fund.

Source: RBC Dexia at August 31, 2013

CAMBRIDGE OFFERS A VARIETY OF MANDATES

EXPANDING THE CAMBRIDGE TEAM

FROM $2 BILLION TO $8 BILLION IN JUST TWO YEARS

• Added two Canadian equity mandates that are now two of the best performing funds in Canada

• Launched Cambridge Income Fund and subsequently adopted Cambridge High Income Fund to satisfy investor demand for income

• Added numerous mandates outside of Canada to diversify asset base including Cambridge American Equity Fund and Cambridge Global Dividend Fund

• Expanded the team, which now consists of nine members • Successful on the macro and micro level

– Bonds vs. equities– Commodities – U.S. equity market

Thank you

FOR ADVISOR USE ONLY

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. Cambridge Global Asset Management is a business name of CI Investments Inc. used in connection with its subsidiary, CI Global Investments Inc. Certain portfolio managers of Cambridge Global Asset Management are registered with CI Investments Inc.