In the fall of 1987, CI Investments introduced a new concept in tax-efficient investing to the Canadian marketplace. At the time, Canadians had few options for reducing or deferring taxes on their investments, other than their RRSPs.

CI Corporate Class changed the status quo. For the first time, investors found shelter from tax under the CI Corporate Class umbrella. Now they could:

Switch between funds without tax consequences, allowing them to lock in investment gains and take advantage of market opportunities

Receive only tax-efficient capital gains or Canadian dividends from traditional income sources

Defer paying tax on distributions, given the low payout of the fund.

After two and half decades of experience, CI Corporate Class has outgrown similar products, now boasting an asset base of nearly $21 billion and a choice of more than 60 funds covering Canadian and global income, balanced equity mandates.

Why is tax efficiency important?The tax rate applied to different types of income can have a significant effect on returns. The chart below highlights the after-tax value of $10,000 in income from interest, dividends, capital gains and return of capital.

The Benefits of CI Corporate ClassThere are clear benefits to investing with one of the biggest, most diversified and best managed corporate class structures in Canada. These include:

A large asset base and weighting of equities over fixed income. This generally ensures that CI Corporate Class interest income can be easily offset with expenses, and that gains can be balanced with losses. Distributions can be minimized or eliminated, and it allows CI to offer more Corporate Class income solutions than our competitors.

The power of tax-deferred compoundingfor investors who have maximized their registered contributions

Availability on several CI product platforms including T-Class, which can be used to create a tax-efficient month-ly income stream, CI Private Invest-ment Management for high net worth accounts and Portfolio Select Series for managed solutions.

CI’s strong and diverse lineup of award-winning management teams, selected for their strategic focus, consistent discipline and long-term track records. CI’s leading money managers represent a wide range of investment styles and disciplines, all available under the Corporate Class umbrella.

Please visit our website at

www.ci.com/corporateclass,

where you can find a video with

more information about the

benefits of CI Corporate Class,

a case study, details on investor

suitability and a full list of

investment options.

As summer draws to a close and you gear up for the fall season, CI continues to expand its commitment to you and your business. The foundation of our support is an extraordinary lineup of portfolio management expertise and a wide selection of quality products.

A prominent example of our outstanding product platforms is the tax-efficient CI Corporate Class, which marks its 25th anniversary this year and is highlighted on this page. It’s important to remember that not all corporate class structures are equal in their quality and benefits. CI pioneered this category in 1987 and has the most experience in managing the product. And having the largest corporate class by assets allows us to offer not only equity and balanced funds, but a number of fixed- income and diversified income funds.

One of these income solutions is the increasingly popular Select Income Advantage Managed Corporate Class. The fund has successfully established a strong track record of low volatility, attractive yields and stable returns. See the article on page 3 for more information.

For your clients who require the unique benefits of segregated funds, we recently launched SunWise Essential Series 2, in partnership with Sun Life Financial. Details can be found at www.sunwiseessentialseries.com.

We continue to provide you with extensive information about our managers and our products. Our Fall Roadshow takes place October 22 to November 1 and features Signature Global Advisors and Cambridge Advisors. Please see page 3 for the schedule. Regular commentary by our managers is also available through webcasts, podcasts and written comments, which are housed on www.ci.com in the Market Outlook section.

If you need any assistance, please contact your CI Sales Team. Thank you for your support.

Sincerely,

Derek J. GreenPresident CI Investments

Gearing up for an eventful fall season

MONTHLY REVIEW

SEPTEMBER EDITION

2 Queen Street East, Twentieth Floor, Toronto, Ontario M5C 3G7 I www.ci.com

1208-1456_E (09/12)

InterestIncome

DividendIncome

CapitalGains

Return of Capital

$10,000

$8,000

$6,000

$4,000

$2,000

$0

Net after tax Taxes Paid*

$5,360$4,640

$7,343

$2,657

$7,680

$2,320

$10,000

How it all works

Most mutual funds are set up as trusts. Income from capital gains, interest or dividends is matched against the trust’s expenses. The remainder is usually paid out each year to unitholders, who must then pay tax on their earnings.

Corporate class funds are set up as a single corporation with multiple share classes that operate as separate mutual funds. The corporate structure is used to reconcile the income and expenses of all share classes together.

Funds that generate little income absorb excess income from other funds.

More highly taxed types of income, including interest and dividends, can be used to pay the corporation’s expenses, leaving lower-taxed capital gains in the corporation.

Losses from one share class can be used to offset capital gains in the other classes.

Investors generally only realize gains or losses when they sell their shares.

Celebrating 25 Years of Tax Efficiency

* Assumes a top marginal tax rate for Ontario of 46.4% for 2011.

Since Cambridge Advisors was formed in 2008, we have emphasized the benefits of our size and flexibility, combined with over 70 years’ experience managing mutual fund portfolios. If there is one Cambridge offering that has exemplified these benefits throughout the market volatility of the last 18 months it is Cambridge Canadian Growth Companies Fund (formerly Castlerock Canadian Growth Companies Fund).

Cambridge Canadian Growth Companies Fund focuses on stocks of all market capitalizations both inside and outside of Canada, with a tilt to small and mid-cap companies. The fund typically holds 25 to 30 names. Its size and open mandate have enabled it to quickly take meaningful positions in otherwise inaccessible names.

For instance, Brick Brewing, with a market cap of just $50 million, has remained a top 10 holding for over a year now. The company brought in new management in 2008 and since has seen impressive top-line growth in a very difficult beer

market in Ontario, while remaining cost conscious. Our team has covered Brick Brewing for a number of years, but only since joining Cambridge have we been able to make it a substantial position in the portfolios.

Another example is Bauer Performance Sports, a $300 million sports equipment company. After a poorly executed IPO, the stock price fell below $6 per share last summer. Because we knew the company well, we were able to quickly build a significant position in that price range. While the stock recently reached a high of $10, we see continued growth and potential for multiple expansion as the company reduces its debt and the value to shareholders increases. Expect Bauer to be a major part of the fund going forward.

Another core holding and strong contributor to performance is Enghouse, a Canadian software company with a market cap of $360 million. After speaking with the CEO (and large shareholder) Stephen Sadler last summer, we invested approximately 5% of the fund’s assets in Enghouse. The stock is up from our initial position and continues to deliver many of the attributes we look for in companies: strong management committed to shareholders, good capital allocation and a surplus of capital (in this case, cash on the balance sheet represents 30% of the market cap and the company

generates significant free cash each year). There are few opportunities out there with this combination.

The fund also owns a number of large- cap stocks that have contributed to performance. These include Alimentation Couche-Tard, Brookfield Infrastructure Partners and Tourmaline. These multiple-billion-dollar companies are large positions in Cambridge Canadian Growth Companies Fund, but are top 10 holdings of the larger Cambridge Canadian Equity fund as well.

Cambridge Canadian Growth Companies Fund tends to offer more sector diversity than many other Canadian small/ mid-cap funds, which will typically have 50% of their portfolios in the

resource sector. While the fund looks very different than the Canadian market, its portfolio offers a very balanced weighting among all sectors, and delivers a better risk-reward ratio. We would rather take the career risk of being different than the benchmark than expose our clients to the lack of diversification the Canadian stock market offers today.

We at Cambridge understand that our job is to deliver absolute performance for clients. Cambridge Canadian Growth Companies Fund demonstrates

the potential returns in these volatile markets when flexibility is coupled with experience and a focus on absolute returns. We will continue to work for our fundholders every day to uncover these opportunities in a difficult market.

2 CI Monthly Review • SEPTEMBER 2012 EDITION

Expert Q&A

Cambridge Monthly Review

Michelle Connolly, CA, CFP, recently joined the CI Investments sales and marketing team as Vice-President, Wealth Planning. Michelle’s focus will be on providing education and communications on tax, estate and general wealth-plan-ning issues, and on helping advisors deliver integrated financial planning solutions to their clients.

[Q] Michelle, please describe your new role with CI Investments.

CONNOLLY: CI created this new role in recognition of the importance of tax and estate planning to a client’s well-being. While choosing the appropriate investment solutions is still of utmost importance to advisors and their clients,

today’s solutions also need to consider tax efficiency and flexibility for tax and estate planning purposes.

As CI’s key technical wealth planning resource, I will work closely with CI Regional Managers and wholesalers to support advisors. The role has a strong emphasis on education and communication. Ultimately, our objective is to educate advisors on tax, estate and other general wealth planning matters so that they can identify opportunities for their clients and prospects. All parties will naturally benefit.

[Q] What experience do you bring to CI?

CONNOLLY: I am a Chartered Accountant,Certified Financial Planner and am currently pursuing my STEP (Society of Trust and Estate Practitioners) designation. For the past 12 years, I have specialized in Canadian taxation, working primarily with high net worth investors and owner-managers.

Since joining a CI affiliate four years ago, I have also worked with a number of Canadian financial advisors, identifying issues and providing wealth planning solutions for their clients. I particularly enjoy educating and helping advisors embrace tax in their practices, so my new

role at CI is a natural fit. Tax is not a four- letter word, and does not need to be shied away from.

[Q] Can you identify some tax saving opportunities Canadian investors should consider?

CONNOLLY: Three often overlooked opportunities include:

• Plugging tax leakage. Canadians who are generating investment income that is not required to support their lifestyle are prepaying tax needlessly, and suffering what I refer to as “tax leakage” from their investment capital

• Putting clients and their advisors in the driver’s seat regarding investment income. By implementing wealth planning and choosing the appropriate investment products such as CI Corporate Class, clients and their advisors can gain more in control over when investment income is generated, and its nature

• Income splitting. Canadians are financially supporting their children, parents and other family members more than ever before. Can wealth planning be used to accomplish this on a more tax- efficient basis?

[Q] How can you help advisors address their clients’ tax issues?

CONNOLLY: Wealth advisors want to deliver value to their clients. Canadians want to trust, and need expertise from their wealth advisors. While not all wealth advisors are tax or legal experts or professionals (nor do they need to be), their clients will appreciate their ability to identify an issue or potential tax problem and to address it by working with other tax or legal professionals.

Initially, I will be focusing on two key areas of communication for the CI advisor network:

• Highlighting a variety of wealth planning topics and, through client scenarios, demonstrating solutions with the use of CI’s award-winning product offerings.

• Providing advisor education and communication pieces on general tax and estate planning matters.

By giving advisors the information they need to address common tax issues, we hope to assist them in fostering or furthering relationships with their clients’ tax and legal professionals. I am a firm believer that a collaborative approach among a client’s wealth, tax and legal advisors significantly benefits the client, and is the best approach for ensuring all planning and relevant documentation provides for the client’s wishes.

Tax expert to focus on education and communication

Michelle Connolly, Vice-President, Wealth Planning, CI Investments

Nimble Cambridge fund delivers performance By Brandon Snow

Top 10 holdings: Country Sector weight

The Westaim Corporation Canada Financials 7.1%

Brick Brewing Co. Canada Consumer staples 4.2%

Alimentation Couche-Tard Canada Consumer staples 4.1%

Metro Inc. Canada Consumer staples 3.7%

DHX Media Ltd. Canada Telecommunications 3.4%

ZCL Composites Inc. Canada Industrials 3.4%

CGI Group Canada Information technology 3.3%

Huntingdon Capital Canada Real estate 3.3%

Enghouse Systems Canada Information technology 3.2%

Bauer Performance Sports Ltd. Canada Consumer discretionary 3.0%

Sector breakdown:

0 5 10 15 20

Consumer staples 18%

Cash & equivalents 11%

Financials 17%

Information technology 13%

Energy 15%

Industrials 16%

6% Consumer discretionary

2% Utilities

2% Materials

“ Tax is not a four- letter word, and does not need to be shied away from.”

Key Fund Facts (as of August 31, 2012):

Inception: February 2011 (as Castlerock Canadian Growth Companies Fund; renamed in August 2012)

Lead Manager: Brandon Snow

Assets: $38.7 million

Performance YTD 3M 6M 1Y Since Inception

Class A 24.1% 8.3% 12.7% 26.8% 18.4% (Feb. 11)

CI Monthly Review • SEPTEMBER 2012 EDITION 3

Product Spotlight

Signature Sound Bites

Water services a growing opportunity for utilities By Massimo BonansingaWater utilities continue to gain attention from global pension funds and institutional investors looking for growth potential and inflation-protected income. For example, the share price of United Utilities, the largest of three remaining independent water service companies in the U.K., was up about 7% recently on a rumour that a consortium of investors was bidding for the company. United Utilities is a large, well-managed utility with a strong asset base, a regulated operating environment and a stable stream of income.

Signature’s global investment approach allows us to consider investments in companies like United Utilities outside North America, where valuations are more attractive. We also have investments in National Grid of the U.K. and PPL, a Pennsylvania-based utility that has operations in the U.K. These companies are holdings in all of Signature’s yield funds, including Signature Diversified Yield Fund.

PPL is a turnaround story that became a regulated utility. In recent years, the company reduced its merchant assets and diluted its remaining merchant exposure,

purchasing regulated assets in the U.K. and U.S. Expanding abroad spooked a lot of traditional domestic utility investors, but we have been comfortable with its investment strategy because we are familiar with regulation in the U.K. It was easy for us to recognize the value in its acquisitions.

Another overseas holding in the Signature portfolios is Cheung Kong Infrastructure, a large diversified utility based in Hong Kong. The company’s strategy is to invest in stable jurisdictions with established regulatory regimes. CKI has built a strong presence in Australia and the U.K. and continues to look for attractive M&A opportunities. We increased our position in CKI after our latest trip to China and our investment in this low-beta name has made a double-digit gain.

Our next area of interest is regulated networks and utilities in continental Europe. Governments there are looking to raise money by privatizing assets and valuations are extremely attractive in countries such as Spain and Italy. We are a big investor in Snam, a spinoff of Italian energy company Eni. Snam operates gas pipelines and liquid natural gas terminals. We believe the company is currently undervalued and will be of interest to institutional investors when business conditions in Europe improve.

The Signature portfolios are long U.S. utilities, targeting growth and yield. We are underweight Canadian utilities in our portfolios due to valuation concerns, and also certain larger European energy utilities that are struggling with overcapacity, debt and negative government intervention. Our domestic holdings include Enbridge, TransCanada and Capital Power.

Low natural gas price drives production in liquid-rich wellsBy Scott ValiOil prices dipped during the summer months, but have recently rallied and have been trading in the US$80 to $100 per barrel range. The global growth scare that began in the spring now appears to be dissipating. Recent comments from the European Central Bank indicating its firm resolve to contain the region’s sovereign debt crisis has eliminated some of the risks.

The price spread between West Texas Intermediate crude, priced out of land-locked Cushing, Oklahoma, and seaborne Brent crude has widened to about $19 per barrel due to pipeline bottlenecks limiting distribution from Cushing and to the conflict in Syria. This is good for U.S. refiners, who can buy WTI crude at a lower price and sell end product based on the higher Brent crude price. We recently sold our positions in Marathon Petroleum, for example, after gaining about 30% on the stock. We still own Valero Energy Corp.

We are seeing a shift in the nature of exploration and production of natural gas. The low price of gas has driven a shift from dry wells that produce only methane to liquid-rich wells that also produce ethane, propane, butane and condensate. These additional products allow the drilling company to get more value out of the well. Higher production of these liquids has resulted in lower commodity prices that are benefiting U.S. industry. For example, higher ethane production and lower prices are good for petrochemical companies that make plastics, such as Dow Chemical and LyondellBasell. Propane, which is used for

heating and transportation fuel, has also been oversupplied.

As oil prices have drifted lower, there has been a slowdown in natural gas drilling overall. This, combined with higher demand due to hot summer temperatures, has pushed the price of natural gas slightly higher to about US$2.90 per million cubic feet. We expect the price to remain in the $2.50 to $3.00 range for the remainder of 2012 and beyond.

We believe energy prices have bottomed in North America. Our energy holdings are focused on liquid-rich natural gas producers, which we believe are better positioned than dry gas producers. We also have strong positions in energy service companies, which are starting to see more activity with new international projects. Our natural gas holdings include Range Resources, which we recently added on price weakness, and Devon Energy. Energy services companies we like include National Oilwell Varco and Halliburton.

Chinese demand continues to drive the metals and mining sector, and the economic slowdown in that country is likely to last longer than originally expected. Recent economic data have been weak, so it may be early 2013 before we start to see a recovery. As a result of poor Chinese demand, prices for steel and iron ore continue to fall.

Broadly speaking, the Signature funds are carrying a market weight in energy but are underweight the materials sector. We like the longer-term outlook for energy and company fundamentals are generally sound. Within materials, our holdings are concentrated on gold bullion. We are avoiding gold equities, given the poor track record of managements in many cases.

Select Income Advantage Managed Corporate Class has become an increasingly popular core holding for conservative investors seeking enhanced returns from income sources. The fund, developed by CI to address the current market challenges of low interest rates and elevated volatility, emphasizes a diverse portfolio of fixed-income and higher-yielding equity securities to create consistent, positive absolute returns.

One of the fund’s main advantages is its active management on two levels. As CI’s “manager of managers,” CI Investment Consulting determines Select Income Advantage’s overall mix of Canadian government bonds, global government bonds, investment-grade corporate bonds, high-yield corporate bonds and dividend-paying stocks. CI Investment Consulting also closely monitors the portfolio from a currency and risk management perspective. CI’s award-winning Signature

Global Advisors team, with its extensive experience managing fixed-income, high-yield and equity securities, selects securities within each of the five asset classes.

The fund’s structure provides stability, while at the same time allowing for the managers to add value through asset allocation, security selection and currency hedging. For example, CI Investment Consulting increased the portfolio’s exposure to high-yield bonds and equities in late 2011. Later, in March 2012, gains from these two asset classes were locked in and the proceeds were invested in the U.S. dollar, which rallied for a further gain.

Amid the bond and equity market volatility of the past two years, Select Income Advantage has consistently produced positive returns that have exceeded the rate of inflation. The fund currently yields approximately 3.9% (as of August 31, 2012), and has gained 4.5% for the year-to-date, despite carrying a relatively high cash weighting of more than 20%. The fund was launched and then merged with Select Income Managed Corporate Class in September 2010, and has grown to more than $680 million in assets. The continuous combined performance of the

two funds is first quartile over the one, two, three and five-year periods.

For greater tax efficiency, Select Income Advantage is available as one of more than 60 choices within the CI Corporate Class structure. Within this structure, dividend payouts are minimized and returns accumulate through an increase in the unit price, assuming no dividends are paid. Investors can easily move to other corporate class funds to gain more equity exposure without triggering a taxable event.

The fund is also an integral part of Portfolio Select Series, a managed asset program that can be customized to meet individual investor needs. For income-seeking investors, T-Class or a systematic with-drawal plan can be used to set up a regular income stream in the form of tax-efficient return of capital.

For more information about Select Income Advantage Managed Corporate Class, contact your CI sales team, or visit the Portfolio Select Series website at www.ci.com/portfolioselect.

Select Income Advantage Managed Corporate Class Enhanced yield, low volatility, tax efficiency

CI Fall 2012 Roadshow Meet our managers, October 22 - November 1, 2012 Featuring presentations from the award-winning Cambridge Advisors and Signature Global Advisors teams.

Register at www.ci.com/roadshow.

Date Time City Date Time City Date Time City

October 22 Noon Richmond Hill

October 258:00 a.m. Laval

October 30

8:00 a.m. KitchenerNoon St. John’s Noon Montreal 8:00 a.m. Edmonton

October 23Noon Toronto Noon Ottawa 1:00 p.m. KelownaNoon Moncton October 26 Noon Ste. Foy Noon London

October 24Noon Kingston

October 298:00 a.m. Winnipeg

October 318:00 a.m. Victoria

Noon Halifax 1:00 p.m. Saskatoon 1:00 p.m. VancouverNoon Burlington Noon Mississauga

November 1 Noon Calgary

CI In

vestm

ents | Fall 2012

Asset Class:

0 5 10 15 20 25 30

Government bonds 29%

Cash & equivalents 22%

High-yield bonds 17%

Corporate bonds 12%

Equity 14%

6% REITs & trusts

Performance YTD 3M 6M 1Y Since Inception

(August 31, 2012) 4.5% 1.0% 2.2% 6.1% 3.6% (SEP. 10)

4 CI Monthly Review • SEPTEMBER 2012 EDITION

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. CI Investments, the CI Investments design, Signature Global Advisors, Harbour Advisors, Harbour Funds and Cambridge are registered trademarks of CI Investments Inc. Portfolio Select Series and the Portfolio Select Series design are trademarks of CI Investments Inc. Cambridge Advisors is the business name of CI Global Holdings Inc. Certain portfolio managers of Cambridge Advisors are registered with CI Investments Inc. App Store and iPad are trademarks of Apple Inc., registered in the U.S. and other countries. ©2011 Morningstar Research Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

CLASS AMutual Fund Trust Corporate Class

Mandate Management Group ISC DSC LL ISC DSC LL$C $US $C $US $C $US $C $US $C $US $C $US

Fixed IncomeSignature Global Bond Signature Global Advisors 624 110 623 540 1623 1540 2302 2502 3302 3502 1302 1512Signature Canadian Bond Signature Global Advisors 837 847 1847 2303 2503 3303 3503 1303 1503Signature Corporate Bond Signature Global Advisors 9010 9060 1150 2308 2508 3308 3508 1308 1508Signature High Yield Bond Signature Global Advisors 634 627 884 877 1234 1627 2262 2662 3262 3662 1262 1662Diversified IncomeCambridge Income Cambridge Advisors 635 637 885 887 1235 1637 2261 2661 3261 3661 1261 1661Select Income Advantage Managed Corp. Class CI Investment Consulting 2265 3265 1465Signature Diversified Yield Signature Global Advisors 619 620 819 820 1619 1620 2319 2519 3319 3519 1319 1419Signature Dividend Signature Global Advisors 610 810 1810 2305 2505 3305 3505 1305 1505Signature Enhanced Yield Signature Global Advisors 11111 11211 11411Signature High Income Signature Global Advisors 686 786 1786 2304 2504 3304 3504 1304 1504Canadian BalancedSignature Income & Growth Signature Global Advisors 6116 6166 1166 2309 2509 3309 3509 1309 1514Cambridge Canadian Asset Allocation Corporate Class Cambridge Advisors 2322 2517 3322 3517 1522 1217Harbour Growth & Income Harbour Advisors 691 891 1891 2310 2513 3310 3513 1310 1518Signature Canadian Balanced Signature Global Advisors 685 785 1785Portfolio SeriesPortfolio Series Income CI Investment Consulting 7740 7745 1745Portfolio Series Conservative CI Investment Consulting 7770 7775 1775Portfolio Series Conservative Balanced CI Investment Consulting 2600 2700 3600 3700 1600 1707Portfolio Series Balanced CI Investment Consulting 7710 7715 1715Portfolio Series Balanced Growth CI Investment Consulting 2601 2701 3601 3701 1601 1708Portfolio Series Growth CI Investment Consulting 2602 2702 3602 3702 1602 1702Portfolio Series Maximum Growth CI Investment Consulting 2603 2703 3603 3703 1603 1704Canadian EquityCambridge Canadian Equity Corporate Class Cambridge Advisors 2321 2516 3321 3516 1521 1216Cambridge Canadian Growth Companies Cambridge Advisors 11108 11208 11408CI Canadian Dividend Tetrem Capital Management 11114 11214 11414CI Canadian Dividend Growth Greystone Managed Investments 11112 11212 11412CI Canadian Investment Tetrem Capital Management 7420 7425 1425 2307 2507 3307 3507 1307 1507Harbour Harbour Advisors 690 890 1890 290 390 790 490 1790 1490Harbour Voyageur Corporate Class Harbour Advisors 2576 2586 3576 3586 1576 1586Signature Select Canadian Signature Global Advisors 677 777 1777 150 164 151 017 1151 1117Synergy Canadian Corporate Class Picton Mahoney Asset Management 6103 2510 6153 3510 1153 1515U.S. EquityCambridge American Equity Cambridge Advisors 212 312 812 612 1812 1612 294 394 794 194 1794 1194CI American Managers Corporate Class CI Investment Consulting 209 309 709 409 1709 1409CI American Value Epoch Investment Partners 7500 7505 1510 510 512 511 513 1511 1513CI U.S. Dividend Growth Greystone Managed Investments 11113 11213 11413Global EquityBlack Creek Global Leaders Black Creek Investment Management 11106 11206 11406 2574 2584 3574 3584 1574 1584Black Creek International Equity Black Creek Investment Management 11118 11218 11418 2575 2585 3575 3585 1575 1585Cambridge Global Equity Corporate Class Cambridge Advisors 2323 2518 3323 3518 1523 1218CI Global High Dividend Advantage Epoch Investment Partners 2810 2811 3810 3811 1610 1611 2311 2514 3311 3514 1311 1519CI International Value Altrinsic Global Advisors 681 181 881 581 1881 1581 205 305 705 405 1705 1405Harbour Foreign Equity Corporate Class Harbour Advisors 2300 2500 3300 3500 1300 1500Signature Select Global Signature Global Advisors 588 589 888 889 1688 1689 2388 2389 3388 3389 1388 1389Global BalancedBlack Creek Global Balanced Black Creek Investment Management 11115 11215 11415 2573 2583 3573 3583 1573 1583Harbour Foreign Growth & Income Corporate Class Harbour Advisors 2306 2506 3306 3506 1306 1506

CI Fund Codes

YTD 1 Month 3 Month 6 Month 1YR 3YR 5YR 10YR Since Inception

Fixed IncomeSignature Global Bond 1.7 -1.1 -1.1 0.2 0.7 2.1 5.7 1.6 3.9 (AUG. 92)Signature Canadian Bond 2.3 -0.3 0.2 2.0 5.2 5.5 5.2 4.5 6.0 (JAN. 93)Signature Corporate Bond 6.2 0.3 1.9 2.7 8.8 8.1 6.0 4.9 4.6 (DEC. 01)Signature High Yield Bond 2.0 0.3 1.8 1.6 N/A N/A N/A N/A 2.0 (JAN. 12)Diversified IncomeCambridge Income 2.8 -0.3 1.7 1.5 N/A N/A N/A N/A 2.8 (JAN. 12)Select Income Advantage Managed Corp. Class 4.5 -0.5 1.0 2.2 6.1 N/A N/A N/A 3.6 (SEP. 10)Signature Diversified Yield 7.8 0.1 2.7 3.3 9.9 N/A N/A N/A 6.1 (NOV. 09)Signature Dividend 4.9 0.6 3.6 0.8 5.3 5.7 2.2 5.3 6.1 (OCT. 96)Signature Enhanced Yield 8.5 0.0 3.4 4.3 11.3 N/A N/A N/A 4.3 (FEB. 11)Signature High Income 7.3 0.4 4.1 3.8 10.8 12.5 5.7 9.4 9.7 (DEC. 96)Canadian BalancedSignature Income & Growth 5.3 1.0 3.3 0.5 5.1 6.4 2.4 7.0 6.4 (NOV. 00)Cambridge Canadian Asset Allocation Corporate Class 1.2 -0.5 1.7 -3.1 -0.7 6.9 N/A N/A 2.6 (DEC. 07)Harbour Growth & Income 3.8 1.9 3.8 -2.5 1.1 2.8 0.1 5.1 5.1 (JUN. 97)Signature Canadian Balanced 3.2 0.9 2.5 -0.7 2.3 4.7 2.3 6.9 7.3 (JUN. 97)Portfolio SeriesPortfolio Series Income 4.1 -0.2 1.7 1.6 6.0 7.3 4.5 5.3 5.0 (DEC. 97)Portfolio Series Conservative 3.8 0.3 1.5 -0.1 4.5 5.8 2.2 4.9 4.6 (DEC. 97)Portfolio Series Conservative Balanced 4.1 0.4 1.8 -0.4 4.5 5.4 1.4 4.4 3.8 (DEC. 01)Portfolio Series Balanced 4.2 0.5 2.0 -0.9 4.2 5.0 0.5 4.6 6.6 (NOV. 88)Portfolio Series Balanced Growth 4.1 0.7 2.2 -1.5 3.7 4.9 -0.1 3.8 3.0 (DEC. 01)Portfolio Series Growth 4.3 0.9 2.4 -2.1 3.5 4.6 -1.1 3.4 2.3 (DEC. 01)Portfolio Series Maximum Growth 4.6 1.0 2.6 -3.0 2.7 4.0 -2.7 2.9 1.4 (DEC. 01)Canadian EquityCambridge Canadian Equity Corporate Class 8.8 0.9 4.3 2.8 8.8 9.3 N/A N/A 2.9 (DEC. 07)Cambridge Canadian Growth Companies 24.1 2.4 8.3 12.7 26.8 N/A N/A N/A 18.4 (FEB. 11)CI Canadian Dividend 2.5 1.9 1.5 -3.0 3.3 5.7 0.5 N/A 4.6 (FEB. 05)CI Canadian Dividend Growth -0.4 -0.6 1.9 -4.4 -1.5 8.0 0.8 N/A 5.9 (FEB. 05)CI Canadian Investment 2.2 1.8 4.0 -6.0 -4.6 2.6 -1.4 6.1 8.3 (NOV. 32)Harbour 6.0 2.8 5.4 -1.4 3.5 4.3 0.4 6.9 7.0 (JUN. 97)Harbour Voyageur Corporate Class 7.6 1.1 4.6 -2.7 10.3 N/A N/A N/A 8.3 (AUG. 11)Signature Select Canadian 3.8 1.8 4.4 -2.5 0.8 3.9 -0.3 7.5 9.1 (MAY 98)Synergy Canadian Corporate Class 1.4 1.5 3.1 -4.6 -1.1 4.6 -2.5 7.4 7.9 (DEC. 97)U.S. EquityCambridge American Equity 7.1 1.3 -0.2 -2.0 3.8 3.6 -6.2 -0.9 5.5 (MAY 89)CI American Managers Corporate Class 7.5 1.5 2.2 -0.5 12.2 6.5 -1.9 2.3 0.9 (JUL. 00)CI American Value 5.6 0.4 1.4 -0.7 12.8 5.5 -1.7 2.4 8.1 (MAY 57)CI U.S. Dividend Growth 6.7 -0.3 0.8 1.7 15.5 7.2 -1.0 N/A 1.2 (JUN. 06)Global EquityBlack Creek Global Leaders 6.6 1.6 0.9 -2.2 -0.5 2.1 -1.2 N/A -0.1 (FEB. 05)Black Creek International Equity 9.0 1.5 1.0 -5.1 0.1 0.9 N/A N/A 6.3 (SEP. 08)Cambridge Global Equity Corporate Class 9.4 1.4 1.1 -1.8 6.7 4.4 N/A N/A 0.9 (DEC. 07)CI Global High Dividend Advantage 4.4 -0.5 5.1 1.9 9.1 7.6 -1.3 N/A 0.7 (JAN. 06)CI International Value 0.9 0.4 4.3 -6.3 -2.5 -0.7 -5.1 0.9 0.2 (JUN. 96)Harbour Foreign Equity Corporate Class 7.2 1.3 5.2 -2.3 8.7 6.1 -3.1 1.5 1.0 (DEC. 01)Signature Select Global 4.6 -0.4 2.8 -1.7 4.7 N/A N/A N/A 3.2 (JUL. 10)Global BalancedBlack Creek Global Balanced 6.3 1.5 0.2 -1.5 2.6 2.5 1.2 N/A 0.2 (FEB. 07)Harbour Foreign Growth & Income Corporate Class 4.2 1.0 4.8 -3.1 6.6 4.5 -1.6 N/A 2.2 (DEC. 02)

Class A Performance as at August 31, 2012