Client Guide

Effective November 1, 2016, Fiera Capital assumed responsibility for the funds’ risk management overlay strategy. CI has

appointed Fiera Capital to replace HRS Capital (“HRS”) following a change in business model at HRS and the transfer of the

key risk management overlay managers from HRS to Fiera Capital. As a result, the team that was responsible for the G5|20

risk management overlay strategy at HRS will continue to manage the strategy at Fiera Capital. They have been responsible

for the G5|20 risk management overlay strategy since November 2014.

Please note that in the following document any reference to HRS Capital should be treated as a mention of Fiera Capital.

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For many people, retirement is a goal or reward for a lifetime of hard work. Whether relaxing or travelling the world, retirement dreams vary for everyone. To fund this retirement dream, traditionally emphasis has been placed on solutions to accumulate wealth. However, if you are retired or preparing to retire, the focus needs to shift to planning how you will receive predictable cash flow from your savings.

What will your retirement reality look like? How will the market perform over the years that you will be retired? How long will you live?

G5|20 Series is the first mutual fund of its kind in Canada that addresses retirement cash flow specifically. It takes into account the new realities of heightened market fluctuations, near-record low interest rates and declining government and employer support.

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Take your retirement plan off pause and hit play

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With retirement already here or close at hand, you may be less comfortable with market volatility than you once were, especially after returns have been negative for an extended period. You’ve worked hard to build your nest egg and naturally want to protect it from shifting markets. Yet if you stay out of the market completely, avoiding any equity exposure, you could miss out on future opportunities for portfolio rebuilding and growth.

Consider an example close to home. The S&P/TSX Composite Index, a measure of the Canadian equity market, generated an 8.0% average annual return over the 10-year period ending December 31, 2013. In contrast, the return from bonds over the same period, as represented by the DEX Universe Bond Index, was 5.2%. With interest rates having little room to fall from current levels, the likelihood that bonds will perform as well over the next 10 years is low. Of course, the higher historical returns of equities have come with significant volatility, which is why it is important to have an approach that guarantees a portion of your future retirement cash flow.

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Why you should be invested in the market

Long-term performance: Equities outperform bonds

$0

$50,000

$100,000

$150,000

$200,000

$250,000

Jun-04 Dec-04 Jun-05 Dec-05 Jun-06 Dec-06 Jun-07 Dec-07 Jun-08 Dec-08 Jun-09 Dec-09 Jun-10 Dec-10 Jun-11 Dec-11 Jun-12 Dec-12 Jun-13 Dec-13

10-year average return: 8.0%

10-year average return: 5.2%

TSX/S&P Composite Index

DEX Universe Bond Index

Valu

e of

$10

0,00

0

Source: Bloomberg

Why managing market volatility is important

Volatility can have a significant positive or negative effect on your portfolio. If you experience large losses right before or soon after you retire, your savings may never recover. Furthermore, if you are withdrawing cash flow from your portfolio, it is much more difficult to recoup losses from a market downturn because that money would no longer be available to benefit from a market recovery. Developing a source of guaranteed cash flow for retirement is especially important if you do not have a company pension plan.

Consider the time it takes to recover from a major market downturn. In 2008, the S&P 500 Index lost almost 40%; it would take 13 years to recover from a 40% loss, assuming returns of 4% per year.

You may need your money to last longer than you assume

Longevity – The longer you live, the greater your chance of outliving your money during retirement. Today, there is almost a one-in-two chance that a 65-year-old man will survive until he is 85; for a woman of the same age, the odds are greater than one in two.

Inflation – Although currently low, inflation can have a severe effect on your income over time. Many people will face a retirement of at least 20 years, so it’s important to keep your savings growing to help protect your purchasing power. Assuming a 2% annual inflation rate, an individual with $100,000 in annual expenses today will need nearly $150,000 after 20 years to pay for those same expenses.

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What you require from your retirement money

• Growthforyourassetsandprotectionfrommarketvolatility

You want to continue to grow your retirement assets. Historically low interest rates make it unlikely that sufficient returns can be generated from investments that pay interest income. Yet you are also wary of staying invested in equity because of past periods of market volatility. What you need is a retirement strategy that will let you stay invested in the markets for growth potential – while also protecting your savings and retirement cash flow against future market downturns.

• Apredictable,long-lastingcashflowthatmayincreasebutneverdecrease

Canadians who are getting ready to retire today face risks they may not have anticipated. They have longer life expectancies than past generations, more active lifestyles and rising health care costs.

As well as planning for these expenses, it’s important to consider the impact market volatility can have on retirement assets – particularly when you shift from making contributions to making withdrawals. Weak returns around the time of retirement can add additional risk of running out of money, even with well-constructed portfolios and prudent withdrawal plans.

A new approach to retirement: G5|20 Series

G5|20 Series is a mutual fund designed and managed especially for individuals who require a guaranteed cash flow stream from their retirement savings. It combines valuable investment and protection benefits.

G5|20 Series, part of CI Guaranteed Retirement Cash Flow Series, is guaranteed to distribute annual cash flow amounting to 5% of the Guaranteed Asset Value for 20 years while keeping exposure to equities for growth potential. The guarantee is backed by Bank of Montreal. In positive markets, there is potential for the guaranteed cash flow to be increased.

Hit play

With G5|20 Series you can be comfortable staying in the market

Guaranteed cash flow can only increase

• G5|20 Series guarantees 20 years of cash flow distributions equal to at least 5% of the money you initially invested.

• While the market value of your fund will fluctuate with market conditions, the fund’s Guaranteed Asset Value, from which guaranteed cash flow is determined, may rise but will not fall.

• The Guaranteed Asset Value will be reviewed at least every three years for opportunities to automatically lock in a portion of market gains to increase the guaranteed cash flow.

• Protection against a downturn – even if poor market performance has caused the fund’s value to decline, you will still receive 20 years of guaranteed distributions.

• If markets go down, your cash flow is not affected.

Solutions for pre-retirement and retirement

Enjoy20yearsofguaranteedcashflow–startingnoworlater

There are two versions of G5|20 Series available to you, depending on when you need your guaranteed cash flow to start. If you require cash flow starting now, G5|20i may suit your needs since its guaranteed cash flow begins in the month immediately following the fund’s Issue Period. G5|20 is for investors who need cash flow later but want to guarantee the fund value now – your cash flow starts after a five-year Accumulation Phase.

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Opportunitiestogrowyourretirementsavings

G5|20 Series offers you more than just a guaranteed cash flow stream. It also provides you with many years of market participation – giving you opportunities to grow your retirement savings.

Accesstoyourmoneyatanytime

If needed, you have immediate access to your money by redeeming fund units. Any redemption would be at your fund’s current market value, which may result in you realizing capital gains or loses. If you redeem a portion of your units, this would reduce your future guaranteed cash flow. Your remaining units would continue to participate in the upside potential of the market.

Talk to your financial advisor today to find out how G5|20 Series can fit your retirement strategy.

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For investors who require their cash flow now

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• G5|20iistheimmediatecashflowfund:The annual guaranteed cash flow distribution begins in the month immediately following the Issue Period and will equal 5% of the initial investment.

• Lockingingrowth:If the market value of the fund is higher than the Guaranteed Asset Value (GAV) on any GAV Increase Date, half of those positive gains will be locked in to establish a new, higher GAV for the fund. Each fund’s GAV will be reviewed every three years and can only be increased, automatically providing higher cash flow for you in future years.

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1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20

Distribution Phase = 20 years of guaranteed cash flow

Mar

ket V

alue

Years

Value of G5|20i (assuming positive market performance, net of 5% annual guaranteed distributions).

Guaranteed cash flow

The Guaranteed Asset Value will be reviewed to see if there is an opportunity to increase the guaranteed cash flow in positive markets with half of those gains locked in to establish a new GAV. This occurs every three years during the Distribution Phase.

After receiving guaranteed cash flow over 20 years, the low volatilty investment strategy of G5|20i may leave you with a residual value in the fund that you can take in cash or invest.

Cash flow is guaranteed to be paid out to you over 20 years at 5% of your GAV. Your cash flow cannot be reduced, regardless of fund performance.

The chart is for illustrative purposes only and assumes there are no fund redemptions. It is not intended to illustrate the performance of any portfolio.

G5|20i: How to calculate guaranteed cash flow in a hypothetical positive market scenario

For investors who need cash flow later but want to guarantee the value now

• G5|20isthedeferredcashflowfund:The annual guaranteed cash flow distribution begins after a five-year Accumulation Phase and will equal 5% of the greater of the initial investment, the most recent Guaranteed Asset Value (GAV) during the Accumulation Phase, or the fund value after five years. In the event of positive market performance during the Distribution Phase, there is potential for the Guaranteed Distribution to be increased.

• Lockingingrowth:If the market value of the fund is higher than the GAV on any GAV Increase Date, half of those positive gains will be locked in to establish a new, higher GAV for the fund. Opportunities for GAV Increases occur after 2.5 years (midway through the Accumulation Phase), and every three years during the Distribution Phase. The GAV can only be increased for a fund, automatically providing higher cash flow for you in future years.

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i

Distribution Phase = 20 years of guaranteed cash flowAccumulation Phase

Mar

ket V

alue

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25

Years

G5|20: How to calculate guaranteed cash flow in a hypothetical positive market scenario

Value of G5|20 (assuming positive market performance, net of 5% annual guaranteed distributions).

During the Accumulation Phase, the fund does not distribute guaranteed cash flow, but the GAV is tracked and in positive markets may be increased.

Guaranteed cash flow

The Guaranteed Asset Value will be reviewed to see if there is an opportunity to increase the guaranteed cash flow in positive markets. This occurs at the two-and-a-half-year mark and at the end of the Accumulation Phase and every three years during the Distribution Phase.

After receiving guaranteed cash flow over 20 years, the low volatility investment strategy of G5|20 may leave you with a residual value in the fund that you can take in cash or reinvest.

Cash flow is guaranteed to be paid out to you over 20 years at 5% of your GAV. Your cash flow cannot be reduced, regardless of fund performance.

The chart is for illustrative purposes only and assumes there are no fund redemptions. It is not intended to illustrate the performance of any portfolio.

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CI’s teams of experts offer a straightforward solutionfor today’s retirement needs

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Active Fund Management

Risk Management Overlay

The CI Investment Consulting team manages the asset mix and brings together CI’s top portfolio managers to add value through

day-to-day tactical actions.

Provides investment strategies for long-term growth potential, to reduce volatility and maximize the fund’s residual value.

As Protection Manager and Guarantor, BMO provides a guarantee that ensures sufficient assets remain in the fund to pay all

guaranteed cash flows, no matter how capital markets perform.

The Guarantee

G5|20 Series is distinguished from traditional mutual funds because it focuses specifically on retirement needs. It combines underlying funds managed by CI’s award-winning portfolio managers with a risk management strategy to provide you with growth potential and guaranteed cash flow for retirement.

G5|20 Series offers you the expertise of portfolio managers with proven track records

You benefit from portfolio managers who have won more than 50 Morningstar Awards. Signature Global Asset Management’s Chief Investment Officer Eric Bushell was named Morningstar’s Fund Manager of the Decade in 2010 and Equity Fund Manager of the Year in 2009.

The CI Investment Consulting team selects funds and their portfolio managers for G5|20 Series based on their investment process, proven ability to add value and “fit” into the overall portfolio diversification strategy.

The portfolio construction skill of CI Investment Consulting is demonstrated through its management of Portfolio Select Series, winner of the Morningstar Award for Best Fund of Funds program in 2013, and Portfolio Series, winner of the same category in 2012 and 2011.

Why CI: Access to award-winning portfolio managers

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CI Investments Inc. is one of

Canada’s largest investment

management companies. It offers a

broad range of investment products

and services, including an

industry-leading selection of

investment funds, and is on the

Web at www.ci.com. CI is a

subsidiary of CI Financial Corp.

(TSX: CIX), an independent,

Canadian-owned wealth

management firm with

approximately $130 billion in

assets as of October 31, 2014.

CI Investment Consulting is the

portfolio management team

responsible for monitoring all

CI funds. The team’s mandate

is centred on portfolio manager

selection and monitoring,

performance analysis and risk

management. In addition,

CI Investment Consulting has direct

oversight of more than $25 billion

in assets in CI’s managed solutions,

including CI Guaranteed Retirement

Cash Flow Series, Portfolio Select

Series and Portfolio Series,

playing the lead role in managing

the portfolios and selecting and

monitoring the portfolio managers.

HR Strategies Inc. is an independent

asset management firm specializing

in innovative portfolio management

solutions for institutional investors

globally. The investment teams

of HRS work closely with pension

plans, insurance companies and

major asset managers to develop

and implement customized

investment solutions ranging from

volatility and risk management

protocols to liability driven

strategies, liquid alternative

investments, multi-manager and

emerging manager programs.

Founded in 1994, HRS is based in

Montreal and has an office in Paris.

Established in 1817 as Bank of

Montreal, BMO Financial Group

(TSX, NYSE: BMO) is a highly

diversified financial services

organization. With total assets of

$587 billion as of July 31, 2014, and

approximately 47,000 employees,

BMO provides a broad range of

retail banking, wealth management

and investment banking products

and solutions. Bank of Montreal’s

senior debt has credit ratings of

Aa3, A+, AA- and AA, respectively,

from Moody’s Investor Service,

Standard & Poor’s, Fitch Ratings

and DBRS.

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CI has put together teams of experts to take you through retirement

Features associated with the calculation of potential increases of guaranteed cash flow are applicable to G5|20 Series funds issued after March 2014.

Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. Except as described below, mutual funds are not guaranteed, their values change frequently and past performance may not be repeated. Bank of Montreal guarantees that at least the original amount you paid for the fund unit will be paid back to you over a 20-year period in equal monthly instalments. This guarantee does not apply to units redeemed before the end of that period. You will receive the net asset value per unit for any unit redeemed early. Mutual fund securities are not covered by the Canada Deposit Insurance Corporation or by any other government deposit insurer.

®CI Investments, the CI Investments design, Cambridge, Harbour Advisors, Harbour Funds and CI Guaranteed Retirement Cash Flow Series are registered trademarks of CI Investments Inc. ™Signature Funds, Signature Global Asset Management, G5|20 Series and the G5|20 Series design are trademarks of CI Investments Inc. 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.

BMO Financial Group and Bank of Montreal are marketing names (also referred to as trade names or brand names) used by Bank of Montreal. “BMO”, “BMO Financial Group”, “BMO (M-bar roundel symbol) Financial Group”, “Bank of Montreal” and “BMO Capital Markets” are trademarks owned by Bank of Montreal.

Morningstar Awards © Morningstar Inc. All Rights Reserved.

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2 Queen Street East, Twentieth Floor, Toronto, Ontario M5C 3G7 I www.ci.comCalgary403-205-43961-800-776-9027

HeadOffice/Toronto416-364-1145 1-800-268-9374

Montreal514-875-00901-800-268-1602

Vancouver604-681-33461-800-665-6994

ClientServicesEnglish: 1-800-563-5181French: 1-800-668-3528

For more information about how G5|20 Series can help meet your retirement requirements,

please consult your advisor or visit www.ci.com/G520.