C O N N E C T I N G N E E D S W I T H I N V E S T M E N T S O L U T I O N S

CORPORATE PROFILE

Connor, Clark & Lunn Investment Management Ltd. (CC&L) provides professional management of fi nancial assets for pension plan sponsors, capital accumulation plans, governments, corporations, non-profi t organizations, First Nations and is a sub-advisor for retail investors. CC&L was founded by Larry Lunn in 1982 and it has grown into one of the largest and most successful investment management fi rms in Canada. CC&L is a private company owned entirely by its professionals through Connor, Clark & Lunn Investment Management Partnership.

In order to better serve a broader range of client needs CC&L evolved into, and became a part of, the Connor, Clark & Lunn Financial Group, an affi liation of 11 independent investment management fi rms with aggregate assets under management of approximately $79 billion. CC&L is the largest affi liate, with $49.4 billion in assets under management as at December 31, 2019.

The Connor, Clark & Lunn Financial Group is an integral partner, providing non-investment resources, such as business management, sales, marketing and operational support, allowing CC&L to focus exclusively on what it does best: investment management and client service.

CC&L off ers investment solutions spanning public fi nancial markets. These include a range of fi xed income, equity, and multi-asset portfolios along with alternative solutions which include equity extension, multi-strategy market neutral as well as portable alpha strategies. Canadian equities are managed through both fundamental and quantitative approaches. Foreign equity solutions are managed through an integrated quantitative global framework. A fundamental process is used for fi xed income mandates. CC&L employs both quantitative and fundamental techniques for its absolute return strategies.

$29,591$1,021

$3,646

$9,775

$5,382

Pension

Foundations & Endowments

Other Institutional

Retail

Private Client

20%

38%

23%

19%

Fundamental Equity

Quantitative Equity

Fixed Income

Multi-Strategy

MANDATE TYPE(percentage)

CLIENT TYPE($ millions)

ASSETS UNDER MANAGEMENTAs at December 31, 2019

Vancouver2300 - 1111 West Georgia St. Vancouver, BC V6E 4M3604-685-2020

Toronto1400-130 King St. W., P.O. Box 240Toronto, ON M5X 1C8416-862-2020

www.cclinvest.com A CONNOR, CLARK & LUNN FINANCIAL GROUP COMPANY

INVESTMENT APPROACHAt CC&L, our primary goal is to provide industry leading performance and service to our clients. We strive to achieve this goal by creating an environment where our people are enthusiastic and highly motivated about what they do, and work in a culture where ideas are encouraged and shared. The depth of our investment teams and breadth of our organization has fostered an environment of innovation. We work closely with our clients to understand their objectives and ensure our investment solutions are aligned with their needs.

Each of our investment teams is focused on assessing investment opportunity and risk. We follow a disciplined approach to portfolio management based on rigorous fi nancial, economic and fundamental company analysis, incorporating leading edge proprietary risk management tools.

Research is closely integrated with portfolio management at CC&L and is focused on developing and enhancing structured approaches to adding value in the fi nancial markets. Our investment analysis is rooted in fundamental investment disciplines. We conduct very detailed, broad economic analysis as well as specifi c asset class, country, industry and individual security research. Extensive use of in-house databases, systems and proprietary risk models provides rigor and discipline to our decision-making.

PROCESSAt CC&L, risk/reward trade-off s are analyzed and quantifi ed in all fi nancial markets and in each asset class.

CC&L has one of the longest Canadian equity track records in the country. The process is a disciplined, fundamental bottom-up approach to stock selection combining macro insights, in-house research and face-to-face evaluation of a company’s management. The emphasis is to uncover investment opportunities in stocks that off er strong growth prospects at attractive valuations. All stocks in the team’s Canadian equity investable universe are evaluated and a rigorous target-price approach reinforces our buy/sell discipline.

Building on the insight gained through the fundamental management of equities, CC&L also off ers a quantitative (Q)

family of products. CC&L’s family of Q portfolios follows an objective process that uses quantitative techniques to capture informational and behavioural ineffi ciencies across the global equity universe. CC&L also applies its quantitative techniques to active extension (ie: 160/60) and absolute return oriented management, including market neutral equity strategies.

The CC&L fi xed income process maintains a strict focus on disciplined investing by seeking to exploit the opportunity to add value across a number of diverse and uncorrelated strategies within the fi xed income market. The bond team manages core, long-term, short-term and core plus strategies, including high yield and portable alpha strategies, as well as custom duration matching mandates. The team also applies its corporate credit capabilities across a wide range of both traditional bond mandates and alternative investment vehicles.

KEY DIFFERENTIATING FEATURES• Established in Vancouver in 1982

• One of the largest privately owned money management fi rms in Canada

• Strong, stable team of experienced investment professionals

• Extensive in-house research capabilities supported by a major commitment to R&D

KEY CLIENT BENEFITS• Customized investment solutions: CC&L off ers a broad

range of investment products spanning traditional equity and fi xed income as well as absolute return strategies that can be combined to create customized investment solutions.

• Industry-leading client service: CC&L clients have the benefi t of one of the most comprehensive service packages in the industry delivered by a dedicated member of CC&L’s Client Solutions Team.

• Investment insights: CC&L aims to further strengthen its client relationships through timely sharing of ideas and research insights comprising a variety of investment topics that are of value to institutional investors. This is done periodically through seminars as well as individual meetings.

ORGANIZATIONAL STRUCTUREPRESIDENT & CHIEF INVESMENT OFFICER

ClientSolutions

FixedIncome

Fundamental Equity

AssetAllocation ComplianceQuantitative

Equity

RISK MANAGEMENT

COMMITTEE