Cambridge Advisors October 2012

1. Cambridge AdvisorsOctober 2012

2. The Cambridge team 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

3. 70 years of combined management experience 12 esteemed investment management awards for consistent outperformance Flexibility and capacity to pursue alpha with no incentive to resemble the index Proven process for long-term holdings and short-term investments Downside protection A focus on absolute return resulting in outperformance The Cambridge advantage

4. Diversified income Cambridge Income Fund/Cambridge IncomeCorporate Class Canadian equity Cambridge Canadian Equity Corporate Class Cambridge Canadian Growth Companies Fund Cambridge Pure Canadian Equity Fund A variety of actively managed portfolios Balanced/asset allocation Cambridge Canadian Asset Allocation Corporate Class Global equity Cambridge American Equity Fund/Cambridge American Corporate Class Cambridge Global Equity Corporate Class

5. Back to Basics Bob Swanson, Principal & Portfolio Manager October 2012

6. No shortage of negative headlines Middle East Uprising US Budget Crisis High Frequency Trading CNBC Talking Heads US Double Dip Recession European Debt Crisis JPM, Knight huge trading losses

7. U.S. and Canadian interest rates are at record lows Canada 10-year Treasury yield Source: Factset

8. High-yield bond prices have risen dramatically Barclay’s Global High Yield Index 110 100 90 80 70 60 50 ’93 ’94 ’95 ’96 ’97 ’98 ’99 ’00 ’01 ’02 ’03 ’04 ’05 ’06 ’07 ’08 ’09 ’10 ’11 ‘12 Source: Factset

9. Bonds are expensive in the U.S. 120 Barclay’s U.S. Aggregate Credit (5 – 10 year) 115 110 105 100 95 90 85 80 ’98 ’99 ’00 ’01 ’02 ’03 ’04 ’05 ’06 ’07 ’08 ’09 ’10 ’11 ‘12 Source: Factset

10. And in Canada Bank of America Merrill Lynch Canadian Broad Market 118 116 114 112 110 108 106 104 102 ’00 ’01 ’02 ’03 ’04 ’05 ’06 ’07 ’08 ’09 ’10 ’11 ‘12 Source: Factset

11. Moment of truth How many of you are still recommending bonds to your clients? How many of you have stopped your clients from reinvesting into bond funds?

12. Record inflows into income funds 1,400,000 1,200,000 1,000,000 800,000 600,000 400,000 200,000 0 ’03 ’04 ’05 ’06 ’07 ’08 ’09 ’10 ’11 ‘12 Source: Factset

13. Equity outflows 700,000 600,000 500,000 400,000 300,000 200,000 100,000 0 -100,000 ’03 ’04 ’05 ’06 ’07 ’08 ’09 ’10 ’11 ‘12 Source: Factset

14. U.S. corporate profits at all-time highs 280 2,200 240 2,000 220 1,800 200 1,600 180 1,400 160 1,200 140 1,000 120 800 ’03 ’04 ’05 ’06 ’07 ’08 ’09 ’10 ’11 ‘12 Source: Factset

15. S&P500 dividends per share 35 30 25 20 15 10 ’99 ’00 ’01 ’02 ‘03 ’04 ’05 ’06 ’07 ’08 ’09 ’10 ’11 ‘12 Source: Factset

16. Valuations remain below average Source: Factset

17. Price to earnings: 11x in 2011; 13x in 2012 Source: Factset

18. Equity performance Source: Factset, September 2012

19. Earnings yields vs. bond yields Source: Factset

20. S&P/TSX dividend yield vs. bonds Source: Factset

21. Dividend yields: aristocrats vs. S&P/TSX 60 Source: Factset

22. S&P/TSX and aristocrats Source: Factset

23. Growth of a dividend: Chevron Source: Factset

24. Bonds are guaranteeing capital losses for clients Bond Metrics* Source: Bloomberg, bonds maturing in 4-6 years

25. Canadian debt issuance Source: Factset

26. Who is buying stocks? The companies! Source: Factset

27. Who is buying stocks? The companies! Dun & Bradstreet announced a $1 billion buyback over two years funded by cash flow and cheap debt. This represented nearly 30% of the market cap at the time of announcement. (8/9/12) Transforce announced an increase in its credit facility to $800 million and a buyback of nearly 10% of shares. (7/27/12) IBM issued a 10-year bond to yield 1.875%, and the company is buying back 5% of the company’s shares each year. (7/25/12) Source: Ned Davis Research Inc.

28. Who is buying stocks? Cambridge Income Fund Cambridge Canadian Asset Allocation Corporate Class Cambridge Canadian Equity Corporate Class Cambridge American Equity Fund Cambridge Global Equity Corporate Class

29. Cambridge Income Fund Combination of global fixed income and high-yielding equities Diversified across regions, sectors and capital structure Focus on income stability, with potential for capital appreciation and inflation protection

30. Representative portfolio structure Yields Investment grade 4.0% Converts 6.0% High-yield bonds 6.5% REITS 5.0% Preferred 6.5% High-yield equity 4.5% Infrastructure 4.5% Utilities 5.0%

31. Outperformance with two-thirds the volatility of the benchmark Source:CI Trade Support, Factset (50%S&P/TSX Total Return / 50%BofA Cad A-AAA Total Return)

32. Cambridge offers a variety of mandates *Effective June 5, 2011 funds were renamed from CI American Equity Corporate Class and CI American Equity Fund. † Effective July 27, 2012 funds were renamed from Castlerock Canadian Growth Companies and Castlerock Pure Canadian Equity Fund Source: RBC Dexia at September 30, 2012

33. 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, CI Investments design and Cambridge are registered trademarks of CI Investments Inc. Cambridge Advisors is the business name of CI Global Holdings 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.