CI MULTI-ASSET MANAGEMENT

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ASSETS UNDER MANAGEMENT

$41.02004B I L L I O NFOUNDED EXPERIENCE

YEARSOF COMBINEDI N D U S T R Y64

ASSETINVESTED INCLASSES13 19SUB-ADVISOR

RELATIONSHIPS won for best fund-of-fund3*AWARDS

Source: CI Investments. As at September 30, 2019

*Morningstar Best Fund of Funds in 2011 and 2012 for CI Portfolio Series and in 2013 for CI Portfolio Select Series. For additional information on the awards, please go to http://corporate1.morningstar.com/Morningstar-Awards-Canada/

“ We view active management as a process that strives to identify and manage all the variables that can influence an investor’s total return, with the goal of obtaining the best long-term results. Active management is not simply about stock selection. There is also opportunity to generate incremental excess returns from active asset allocation and risk management.”

Alfred Lam, Senior Vice-President and Chief Investment Officer

CI MULTI-ASSET MANAGEMENT

1

ASSETS UNDER MANAGEMENT

$41.02004B I L L I O NFOUNDED EXPERIENCE

YEARSOF COMBINEDI N D U S T R Y64

ASSETINVESTED INCLASSES13 19SUB-ADVISOR

RELATIONSHIPS won for best fund-of-fund3*AWARDS

Source: CI Investments. As at September 30, 2019

*Morningstar Best Fund of Funds in 2011 and 2012 for CI Portfolio Series and in 2013 for CI Portfolio Select Series. For additional information on the awards, please go to http://corporate1.morningstar.com/Morningstar-Awards-Canada/

“ We view active management as a process that strives to identify and manage all the variables that can influence an investor’s total return, with the goal of obtaining the best long-term results. Active management is not simply about stock selection. There is also opportunity to generate incremental excess returns from active asset allocation and risk management.”

Alfred Lam, Senior Vice-President and Chief Investment Officer

OUTCOME ORIENTED

• Our philosophy is centred on delivering predictable outcomes through a disciplined portfolio construction process.

• We take a controlled risk budgeting approach which aims to generate consistent returns to satisfy the financial objectives of our clients within their investment horizons.

• Our ultimate goal goes beyond beating the benchmark or peers; we aim to get clients on the route to their financial destination with the highest probability of success.

MULTI-ASSET FOCUS

• In our view, investing using a multi-asset framework offers the best opportunity to benefit from imperfect correlations and create an all-weather, full-cycle solution for clients based on their unique needs.

• Our team has more than 15 years of experience assembling portfolios using equity, fixed income and alternative asset classes from around the globe with the objective of maximizing risk-adjusted returns.

POWER OF PARTNERSHIPS

• We believe that a strategy which includes diversification on multiple levels, including amongst the underlying managers who pick stocks and bonds, will maximize the likelihood of investment success.

• We use a delegated, multi-manager investment model that allows our clients to benefit from the expertise and specialization of many different portfolio management teams in a single solution.

TOTAL RETURN APPROACH

• We believe active management stretches beyond the practice of stock selection. We also strive to identify and manage all the factors that can influence an investor’s total return, including but not limited to asset allocation, factor exposure, sector weights, market risk and currency exposure.

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OUR PHILOSOPHY

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INVESTMENT PROCESS

ASSET ALLOCATION

• We use strategic asset allocation derived from long-term capital market expectations as a starting point to construct each portfolio. Our team leverages capital market and portfolio optimization research from State Street Global Advisors (SSGA), a global investment manager with over $2.5 trillion in assets under management.

• Within the long-term strategic asset mix, we attempt to capitalize on tactical opportunities across four levers: asset class, region, factor and sector. We view tactical asset allocation as a process to systematically add value when markets are dislocated.

STRATEGY SELECTION

• Once the asset allocation is set, our team selects the appropriate active, smart beta or passive strategy for each asset class, region and investment style.

• Each allocation we make is based on a rigorous due diligence process to ensure that the underlying strategies are well positioned to execute on their stated investment objective. CI Multi-Asset Management draws on the manager oversight and research expertise of CI Investment Management, a division of CI Investments, to assist with the selection and ongoing monitoring of internal and external active managers.

PORTFOLIO CONSTRUCTION

• To ensure our portfolios are not assuming any undue risks, we analyze how the different strategies we have selected interact with one another.

• In the portfolio construction phase, strategy weights are analyzed on a look-through basis and augmented to ensure that the portfolios are getting the benefits of multi-level diversification across region, investment style and sector.

RISK MANAGEMENT

• Currency management – We view foreign currency as a meaningful source of portfolio risk which is best managed using a disciplined, valuation-based framework.

• Stress testing – Our team runs best and worst case scenarios to ascertain that our portfolios will meet their objectives in extreme scenarios.

• Hedging – We use a discretionary overlay to implement hedges on the portfolio if we believe that additional downside protection is needed.

OUTCOME ORIENTED

• Our philosophy is centred on delivering predictable outcomes through a disciplined portfolio construction process.

• We take a controlled risk budgeting approach which aims to generate consistent returns to satisfy the financial objectives of our clients within their investment horizons.

• Our ultimate goal goes beyond beating the benchmark or peers; we aim to get clients on the route to their financial destination with the highest probability of success.

MULTI-ASSET FOCUS

• In our view, investing using a multi-asset framework offers the best opportunity to benefit from imperfect correlations and create an all-weather, full-cycle solution for clients based on their unique needs.

• Our team has more than 15 years of experience assembling portfolios using equity, fixed income and alternative asset classes from around the globe with the objective of maximizing risk-adjusted returns.

POWER OF PARTNERSHIPS

• We believe that a strategy which includes diversification on multiple levels, including amongst the underlying managers who pick stocks and bonds, will maximize the likelihood of investment success.

• We use a delegated, multi-manager investment model that allows our clients to benefit from the expertise and specialization of many different portfolio management teams in a single solution.

TOTAL RETURN APPROACH

• We believe active management stretches beyond the practice of stock selection. We also strive to identify and manage all the factors that can influence an investor’s total return, including but not limited to asset allocation, factor exposure, sector weights, market risk and currency exposure.

2

OUR PHILOSOPHY

3

INVESTMENT PROCESS

ASSET ALLOCATION

• We use strategic asset allocation derived from long-term capital market expectations as a starting point to construct each portfolio. Our team leverages capital market and portfolio optimization research from State Street Global Advisors (SSGA), a global investment manager with over $2.5 trillion in assets under management.

• Within the long-term strategic asset mix, we attempt to capitalize on tactical opportunities across four levers: asset class, region, factor and sector. We view tactical asset allocation as a process to systematically add value when markets are dislocated.

STRATEGY SELECTION

• Once the asset allocation is set, our team selects the appropriate active, smart beta or passive strategy for each asset class, region and investment style.

• Each allocation we make is based on a rigorous due diligence process to ensure that the underlying strategies are well positioned to execute on their stated investment objective. CI Multi-Asset Management draws on the manager oversight and research expertise of CI Investment Management, a division of CI Investments, to assist with the selection and ongoing monitoring of internal and external active managers.

PORTFOLIO CONSTRUCTION

• To ensure our portfolios are not assuming any undue risks, we analyze how the different strategies we have selected interact with one another.

• In the portfolio construction phase, strategy weights are analyzed on a look-through basis and augmented to ensure that the portfolios are getting the benefits of multi-level diversification across region, investment style and sector.

RISK MANAGEMENT

• Currency management – We view foreign currency as a meaningful source of portfolio risk which is best managed using a disciplined, valuation-based framework.

• Stress testing – Our team runs best and worst case scenarios to ascertain that our portfolios will meet their objectives in extreme scenarios.

• Hedging – We use a discretionary overlay to implement hedges on the portfolio if we believe that additional downside protection is needed.

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Portfolio Series is a family of seven strategic multi-asset class portfolios that fit a wide range of distinct investor profiles, from income to maximum growth. The portfolios achieve their objectives by investing in a mix of mutual funds, exchange-traded funds (ETFs) and liquid alternatives, providing diversification by portfolio manager, asset class, region and sector.

Portfolio Select Series provides a choice of nine multi-manager, multi-asset class portfolios built from four institutional investment pools designed for concentrated security selection and diversification by asset class, region and investment style. Portfolio Select Series allows for convenient flexibility to customize the chosen portfolio, resulting in a portfolio that is fully tailored to an investor’s individual investment objectives. Portfolio Select Series uses the CI Corporate Class platform for increased tax efficiency.

CI Mosaic ETF Portfolios offers access to a diverse selection of ETFs through five active, multi-asset portfolios that fit a wide range of investor profiles. The portfolios use a blend of active, smart beta and passive ETFs to deliver asset allocation and risk management.

CI LifeCycle Portfolios are sophisticated multi-asset class, multi-manager, target date retirement funds offered exclusively by CI Institutional Asset Management as an option for pension plan sponsors and members. Established in 2012, each of the 10 funds combines the portfolio construction and currency management expertise of CI Multi-Asset Management and the skill of CI’s portfolio managers to create an effective retirement solution.

OUR SOLUTIONSTHE CI MULTI-ASSET MANAGEMENT TEAM

Alfred Lam, CFA Senior Vice-President and Chief Investment Officer

Alfred leads the CI Multi-Asset Management team and has over 18 years of experience specializing in portfolio design, asset allocation, manager and fund selection, and risk management. While at CI, Mr. Lam has brought unique ideas and processes to the management of the team’s multi-asset strategies, including a mean-reversion currency management strategy, the concept of investing in concentrated and benchmark-agnostic portfolios, and a new approach to risk management. In addition to the CFA designation, Mr. Lam holds an MBA from York University’s Schulich School of Business and is a member of the CFA Institute and the Toronto CFA Society.

Stephen Lingard, CFA Senior Portfolio Manager and Head of Investment Research

Stephen has over 24 years of industry experience, including more than a decade as a senior portfolio manager at another diversified global asset manager, where he managed multi-asset portfolio programs. For most of his career, Mr. Lingard has specialized in tactical asset allocation research, investment strategy selection, manager oversight, portfolio construction and risk management. He also has related investment experience in Europe, Asia and the United States. Mr. Lingard holds a bachelor of science degree from Western University, an MBA from EU Business School, the CFA designation, and is a member of the Toronto Society of Financial Analysts.

Marchello Holditch, CFA, CAIA Vice-President and Portfolio Manager

Marchello oversees CI’s multi-manager, multi-asset investment programs. He is responsible for managing CI’s institutional and private client multi-asset portfolios and is a member of the CI Multi-Asset Investment Committee. Previously, Mr. Holditch led CI’s portfolio manager research and oversight function, where he was responsible for evaluating the investment managers of all CI funds. Prior to joining CI, Mr. Holditch worked at a major global consulting firm, where he assisted a wide variety of institutional clients with risk budgeting and asset liability modelling, as well as investment manager research and selection. He holds an Honours Bachelor of Mathematics degree in actuarial science from the University of Waterloo and is a CFA charterholder.

CI MOSAIC ETF PORTFOLIOS™

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Portfolio Series is a family of seven strategic multi-asset class portfolios that fit a wide range of distinct investor profiles, from income to maximum growth. The portfolios achieve their objectives by investing in a mix of mutual funds, exchange-traded funds (ETFs) and liquid alternatives, providing diversification by portfolio manager, asset class, region and sector.

Portfolio Select Series provides a choice of nine multi-manager, multi-asset class portfolios built from four institutional investment pools designed for concentrated security selection and diversification by asset class, region and investment style. Portfolio Select Series allows for convenient flexibility to customize the chosen portfolio, resulting in a portfolio that is fully tailored to an investor’s individual investment objectives. Portfolio Select Series uses the CI Corporate Class platform for increased tax efficiency.

CI Mosaic ETF Portfolios offers access to a diverse selection of ETFs through five active, multi-asset portfolios that fit a wide range of investor profiles. The portfolios use a blend of active, smart beta and passive ETFs to deliver asset allocation and risk management.

CI LifeCycle Portfolios are sophisticated multi-asset class, multi-manager, target date retirement funds offered exclusively by CI Institutional Asset Management as an option for pension plan sponsors and members. Established in 2012, each of the 10 funds combines the portfolio construction and currency management expertise of CI Multi-Asset Management and the skill of CI’s portfolio managers to create an effective retirement solution.

OUR SOLUTIONSTHE CI MULTI-ASSET MANAGEMENT TEAM

Alfred Lam, CFA Senior Vice-President and Chief Investment Officer

Alfred leads the CI Multi-Asset Management team and has over 18 years of experience specializing in portfolio design, asset allocation, manager and fund selection, and risk management. While at CI, Mr. Lam has brought unique ideas and processes to the management of the team’s multi-asset strategies, including a mean-reversion currency management strategy, the concept of investing in concentrated and benchmark-agnostic portfolios, and a new approach to risk management. In addition to the CFA designation, Mr. Lam holds an MBA from York University’s Schulich School of Business and is a member of the CFA Institute and the Toronto CFA Society.

Stephen Lingard, CFA Senior Portfolio Manager and Head of Investment Research

Stephen has over 24 years of industry experience, including more than a decade as a senior portfolio manager at another diversified global asset manager, where he managed multi-asset portfolio programs. For most of his career, Mr. Lingard has specialized in tactical asset allocation research, investment strategy selection, manager oversight, portfolio construction and risk management. He also has related investment experience in Europe, Asia and the United States. Mr. Lingard holds a bachelor of science degree from Western University, an MBA from EU Business School, the CFA designation, and is a member of the Toronto Society of Financial Analysts.

Marchello Holditch, CFA, CAIA Vice-President and Portfolio Manager

Marchello oversees CI’s multi-manager, multi-asset investment programs. He is responsible for managing CI’s institutional and private client multi-asset portfolios and is a member of the CI Multi-Asset Investment Committee. Previously, Mr. Holditch led CI’s portfolio manager research and oversight function, where he was responsible for evaluating the investment managers of all CI funds. Prior to joining CI, Mr. Holditch worked at a major global consulting firm, where he assisted a wide variety of institutional clients with risk budgeting and asset liability modelling, as well as investment manager research and selection. He holds an Honours Bachelor of Mathematics degree in actuarial science from the University of Waterloo and is a CFA charterholder.

CI MOSAIC ETF PORTFOLIOS™

IMPORTANT DISCLAIMERS

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.

Certain statements in this document are forward-looking. Forward-looking statements (“FLS”) are statements that are predictive in nature, depend upon or refer to future events or conditions, or that include words such as “may,” “will,” “should,” “could,” “expect,” “anticipate,” “intend,” “plan,” “believe,” or “estimate,” or other similar expressions. Statements that look forward in time or include anything other than historical information are subject to risks and uncertainties, and actual results, actions or events could differ materially from those set forth in the FLS. FLS are not guarantees of future performance and are by their nature based on numerous assumptions. Although the FLS contained herein are based upon what CI Investments Inc. and the portfolio manager believe to be reasonable assumptions, neither CI Investments Inc. nor the portfolio manager can assure that actual results will be consistent with these FLS. The reader is cautioned to consider the FLS carefully and not to place undue reliance on FLS. Unless required by applicable law, it is not undertaken, and specifically disclaimed that there is any intention or obligation to update or revise FLS, whether as a result of new information, future events or otherwise.

State Street Global Advisors (“SSGA”) is the investment management division of State Street Corporation and provides research and recommendations to CI Multi-Asset Management, through its Investments Solutions Group. The team, supported by currency specialists and economists, analyzes each asset class from both a top-down perspective (economic variables, trends, historical relationships) and from a bottom-up perspective (fundamental variables). There are no guarantees regarding the achievement of investment objectives, target returns, portfolio construction, allocations or measurements such as alpha, tracking error, stock weightings and other information ratios. SSGA is not affiliated with CI Investments Inc. or any of its affiliates.

Morningstar Awards © 2019 Morningstar, Inc. All Rights Reserved. For additional information on the awards, please go to: http://corporate1.morningstar.com/Morningstar-Awards-Canada/

CI Mosaic ETF Portfolios are managed and advised by CI Multi-Asset Management, a division of CI Investments Inc. The CI Multi-Asset Management design and logo are trademarks of CI Investments Inc. © CI Investments Inc. 2019. All rights reserved. CI Investments® and the CI Investments design and logo are registered trademarks of CI Investments Inc. Portfolio Series, Portfolio Select Series, CI Mosaic ETF Portfolios, and “Trusted Partner in Wealth™” are trademarks of CI Investments Inc.

Published December 3, 2019. 1912-2644_E (12/19)