investment management expertise from around the world

CIBC Wood Gundy

Investment Consulting Service

Investment Management ExpertiseFrom Around The World

CIBC Wood Gundy Investment Consulting Service (“ICS”) is Canada’s leading separately

managed account (“SMA”) program1. By combining the objective guidance and monitoring of the CIBC

Asset Management Investment Management Research team and the investment expertise of many global

investment managers, ICS offers investors a customizable investment solution that can help them achieve

their long-term financial objectives.

To identify managers whose investment strategies and proven track records make them suitable for

ICS, the Investment Management Research team employs a rigorous screening process. As part of this

process, the Investment Management Research team conducts extensive interviews with senior members

of the investment management organization and on-site visits to appraise investment strategies,

portfolios, performance measurement, risk management policies, client servicing and back office

operational practices.

Once suitable investment managers are selected, the Investment Management Research team continues

to monitor them on both a qualitative and quantitative basis to ensure they retain the underlying

qualities of excellence that initially enabled them to become part of ICS.

The Investment Management Research team focuses on four key areas in their evaluation:people, investment process, philosophy and performance.

1 Source: The Fee Based Report, Winter 2014, published by Investor Economics Inc.

I n v e s t m e n t C o n s u l t i n g S e r v i c e Investment Managers

Investment Management Expertise From Around The World

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AllianceBernstein Canada, Inc.2Alliance Capital acquired Sanford C. Bernstein in October 2000 to form AllianceBernstein.AllianceBernstein Canada, Inc. (AB) is a subsidiary of AllianceBernstein L.P. AB offers acomprehensive range of research, portfolio management, and wealth management services.Headquartered in New York, it has offices in 46 locations in 22 countries. With officesaround the world, it can leverage global capabilities to meet the needs of its clients.

American Century Investment Management, Inc.2Established in 1958 and headquartered in Kansas City, Missouri, American CenturyInvestment Management, Inc. (American Century) is a privately held firm that providesfiduciary investment management services to institutional and individual clients. The firm’sactively-managed institutional investment strategies are designed to produce superior riskadjusted returns. The firm’s goal is to construct a portfolio of non-U.S. stocks that areexperiencing accelerating growth and are believed to be sustainable over time. Its philosophyof growth investing centres on the belief that accelerating growth in earnings and revenues,rather than the absolute level of growth, is more highly correlated to stock price performance.

Ares Management LLC2

Ares Management LLC (Ares) is a leading investment firm focused on alternative credit-basedstrategies including private equity, private debt, real estate and capital markets activities.Headquartered in Los Angeles, Ares has a global presence with offices located across NorthAmerica, Europe, Asia and Australia.

Baker Gilmore & Associates Inc.2Founded in 1988, Baker Gilmore & Associates Inc. (Baker Gilmore) has been a member ofCC&L Financial Group since January 2000. The Montreal-based company is a specialty fixed-income manager with a long track record of adding value across a wide range of mandates fora variety of clients, including pension funds, insurance companies, corporations and non-profitinstitutions. Baker Gilmore believes that markets regularly deviate from fundamentals, allowinga value-driven approach to generate superior returns over a long-term investment horizon.

Barrantagh Investment Management Inc.2Barrantagh Investment Management Inc., established in 1995, provides disciplined portfoliomanagement to individual and institutional investors. The firm is committed to a high levelof client service provided directly by its experienced partners. It is dedicated to preservingclients’ capital while generating growth through consistent application of the firm’s value-based fundamental investment philosophy. This approach has delivered above-averageinvestment returns while incurring below-average levels of investment risk.

Beutel, Goodman & Company Ltd. Founded in 1967, Beutel, Goodman & Company Ltd. (Beutel Goodman) specializes in applying a value approach to the management of equity and fixed income mandates. The firm manages assets on behalf of institutional, as well as individual investors. BeutelGoodman’s equity investment process focuses on companies with sustainable free cash flowand strong balance sheets that are trading below their business value. Their fixed-incomeinvestment process is based on duration management, yield curve positioning and creditexposure. Beutel Goodman’s in-depth, bottom-up investment approach to fixed income andequity securities leads to a portfolio with less exposure to cyclical companies and lowerdownside risk.


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BlackRock, Inc. BlackRock, Inc. (BlackRock) is an American multinational investment managementcorporation and the world’s largest asset manager. Headquartered in New York City,BlackRock is a leading provider of investment, advisory, and risk management solutions.The company acquired Barclays Global Investors in December 2009, solidifying its positionas the largest investment manager in the world. As of September 30, 2012, BlackRock’sassets under management total US$3.67 trillion across equity, fixed income, cashmanagement, alternative investment, real estate and advisory strategies.

Brandes Investment Partners, L.P. Since inception in 1974, Brandes Investment Partners, L.P. (Brandes) has been applying avalue-oriented approach to the selection of securities for both equity and fixed incomeportfolios, pioneered by Benjamin Graham. In applying this approach, Brandes was amongone of the first investment firms to bring a global perspective to value investing. The firmseeks to identify and purchase securities trading at discounts to their intrinsic valueestimates. To ensure that securities have the opportunity to realize their intrinsic values,Brandes exercises patience and manages holdings from a long-term perspective.

Brandywine Global Investment Management, LLC 2Brandywine Global Investment Management, LLC (Brandywine) is a wholly-ownedindependent subsidiary of the global asset management holding firm Legg Mason, Inc. The firm offers an array of equity, fixed income and balanced portfolios investing in U.S.,international and global markets. Through in-depth research and practical experience,Brandywine Global believes that value investing can potentially provide excellent risk-adjusted returns over full investment cycles.

Canso Investment Counsel Ltd.2Since its inception in 1997, Canso Investment Counsel Ltd. (Canso) has been solelydedicated to managing corporate bonds. Canso’s investment team is comprised of portfoliomanagers and credit analysts, who have demonstrated a solid track record for corporatebond mandates. Canso focuses on the fundamental analysis and security selection ofcorporate bonds and focuses on buying out-of-favour and undervalued bonds. The result isdiversified, well-structured portfolios of corporate bonds with a credit range including allinvestment-grade bonds and some allocation to below-investment-grade issues.

Causeway Capital Management LLC2

Causeway Capital Management LLC (Causeway) is an independent investment managementfirm founded in June 2001. Causeway takes a bottom-up approach to selecting mid- andlarge-cap global stocks, seeking to identify under-priced securities that are held until themarket recognizes their fair value. The firm’s portfolio managers and research analysts worktogether to determine expected returns for undervalued securities. This analysis is thenrefined using tools developed by their quantitative specialists to manage portfolio risk.

CIBC Asset Management Inc.2CIBC Asset Management Inc. (CAM) is one of Canada’s leading investment managers with one of Canada’s broadest platforms. CAM’s investment philosophy centres on providingclients with strong added value that corresponds to their risk/return profile. The firm believesin depth of research, coordination and teamwork between groups to achieve this. As aninnovator in developing new portfolio solutions that correspond to and anticipate changingclient needs, the firm offers a broad product range, spanning many asset classes.

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Cohen & Steers Capital Management, Inc.2Cohen & Steers Capital Management, Inc. has been an innovator in real estate investment management since its founding in 1986. As pioneers in the U.S. REIT industry, Cohen &Steers was also among the first firms to manage global real estate securities portfolios. Thefirm manages income-oriented equity portfolios with expertise in global real estate securities.It also manages alternative investment strategies, such as hedged real estate securitiesportfolios and private real estate multi-manager strategies. The firm is headquartered inNew York City, with offices in London, Brussels, Hong Kong and Seattle.

Congress Asset Management Company Alfred Lagan founded Congress Asset Management Company (Congress) in 1985. The firm’sexperienced investment professionals employ a collaborative approach to equity and fixedincome investing, ensuring an investment process that benefits from decades of experience. In managing equities, the firm believes that earnings growth is the long-term determinant of a stock’s price. The investment management team employs a fundamental, bottom-upapproach to investing, looking specifically for earnings growth that is supported by a strongbalance sheet, revenue growth, strong cash flows and a high return on equity.

Connor, Clark & Lunn Investment Management Ltd.2Established in 1982, Connor, Clark & Lunn Investment Management Ltd. (CC&L), is one ofCanada's leading money management firms dedicated to managing assets for pension fundsponsors, capital accumulation plans, corporations, not-for-profit organizations, mutualfunds and individual investors. CC&L is wholly owned by its partners and the CC&L FinancialGroup. The firm has a stable asset base, providing equity, fixed income, balanced andalternative solutions. CC&L also offers one of the longest and most successful quantitativesolutions track records in the Canadian equity market. It is a private Canadian companyowned by its employees with offices across Canada.

Cornerstone Capital Management, Inc.2Established in 1992, Cornerstone Capital Management, Inc. (Cornerstone) is aMinneapolis-based global investment and financial advisory firm for institutions andprivate clients. The company is a values-driven, customer-centric organization operating atthe highest levels of professionalism and integrity, seeking to consistently deliver superiorinvestment performance.

Davis AdvisorsSince being founded in 1969, Davis Advisors (Davis) have followed the same patient, long-term, fundamentals-driven approach to buying durable, well-managed businesses atvalue prices and holding them for the long term. The firm is wary of investment “fads” andconcentrates on the underlying economic and business fundamentals of each investment,and maintains an old fashioned emphasis on rigorous research. The investment managementteam pays careful attention to the valuation and earning multiples of every company ownedor considered for investment.

Delaware InvestmentsDelaware Investments, a member of Macquarie Group, is a U.S.-based diversified assetmanagement firm. Macquarie Group acquired Delaware Investments in early 2010 as part ofMacquarie’s’ strategy to develop a global asset management capability through building ahighly regarded team of investment professionals offering an attractive suite of investmentproducts and gaining broader access to the world’s largest market, the United States.


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Federated Investment Counseling Federated Investment Counseling (Federated) was founded in 1955 and is a publicly tradedcompany on the New York Stock Exchange. Federated and its subsidiaries have grown tobecome one of the largest investment management organizations in the U.S. The firm hashoned its disciplined investment process over a half-century to deliver style-consistentinvestment products. The firm’s investment objective is to provide a combination of bothincome and long-term capital appreciation, while preserving capital in times of downmarkets and achieving competitive upside performance in up markets.

Foyston, Gordon & Payne Inc.2Foyston, Gordon & Payne Inc. (Foyston) was founded in 1980 to provide value-style portfoliomanagement services. When considering investments, Foyston’s primary concern is to selectquality companies that are priced conservatively and have good business prospects, financialstrength and quality management. The firms employs a a bottom-up assessment of eachcompany’s fundamental position within its industry. The focus is on analyzing companieswhose shares are out-of-favour and, therefore, can offer solid long-term opportunities.

Franklin Bissett Investment Management For more than twenty years, Franklin Bissett Investment Management (Bissett) has been applying a disciplined team approach to managing equity, income, and balancedportfolios. Following its acquisition by Franklin Templeton Investments in 2000, thecompany is able to leverage Franklin Templeton’s global capabilities and infrastructure. The investment management team applies a disciplined, bottom-up research approach,identifying well-managed firms that demonstrate sustainable, repeatable growth and thecapability to provide steady earnings and dividend growth.Franklin Bissett Investment Management is a trademark of Franklin Templeton Investments Corp.

Greystone Managed Investments Inc.Greystone Managed Investments Inc. (Greystone) was founded in 1988. The privately-ownedfirm offers a full range of investment services, with in-house teams covering fixed income,Canadian equities, U.S. equities, real estate and mortgages. Greystone is a growth styleinvestment manager and their growth philosophy and style are among their distinguishingfeatures. The firm uses quantitative and qualitative methods to manage their portfolios. Theinvestment management team endeavours to add value through their rigorous, bottom-upsecurity selection.

Guardian Capital LP2

Founded in 1962, Guardian Capital LP’s (Guardian) philosophy is grounded in the belief thatthose companies growing faster than the economy, their peers and the market will providesuperior returns over time. The firm conducts in-depth, fundamental analysis to identifythese companies. They actively seek securities valued at a “reasonable price” while valuationscreens then identify whether there is potential for growth, thus providing superior returnsover time. By appropriately diversifying, the firm believes they are able to provide portfoliosoffering lower volatility when compared to the market and peer group.

Harding Loevner, LP2

Harding Loevner, LP was established in 1989 by former global investment managers forthe Rockefeller family, with the goal of managing equity portfolios using a genuinelyglobal research perspective. It offers five equity strategies – Global Equity, InternationalEquity, Emerging Markets Equity, Frontier Emerging Markets Equity, and InternationalSmall Companies. The firm serves a global client base from its office in Bridgewater, New Jersey, USA.

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INTECH Investment Management LLC2

INTECH Investment Management LLC (INTECH) unique investment process is based on amathematical theorem that attempts to capitalize on the random nature of stock-pricemovements. The firm applies a highly-disciplined investment process using a number ofsystems that were developed by and remain proprietary to INTECH. The firm has one of theindustry’s longer continuous records of mathematically-driven equity investing strategies.

J. & W. Seligman & Co. Incorporated Founded in 1864, J. & W. Seligman & Co. Incorporated (Seligman) has a long anddistinguished history in the financial services industry and is one of the oldest Americanfinancial services firms. The Seligman Value Team is focused on identifying companies with a potential for earnings growth that exceeds peers or market averages. The team selectsstocks it believes are trading below fair market value, but whose average earnings have thepotential to increase faster than the market. The team employs a bottom-up investmentprocess, placing emphasis on company fundamentals rather than economic modeling orbenchmark weightings.

Kayne Anderson Rudnick Investment Management, LLC Kayne Anderson Rudnick Investment Management, LLC (Kayne Anderson) was founded in 1984 and began its role as a traditional portfolio manager in 1989. Kayne Anderson follows a philosophy of “Quality at a Reasonable Price”. The Equity Team demonstrates theircommitment to this philosophy through their use of a bottom-up, value discipline. The teamsearches for what they believe are strong companies with under-leveraged balance sheetsthat grow consistently through a full market cycle. The goal of this discipline is to build adiversified portfolio of the next generation of high-quality, blue chip companies.

Lazard Asset Management LLC Lazard Asset Management LLC (Lazard) is a subsidiary of New York-based Lazard Frères &Co. LLC, founded in 1848. Lazard’s relative value investment philosophy is based on valuecreation through the process of bottom-up stock selection. The firm maintains a disciplinedapproach to investing with a research-driven investment process focusing on financialproductivity and valuation. This process is the key driver of the firm’s value philosophy,allowing the team to identify channels for eventual increased investment value.

Logan Circle Partners, LLC2

Logan Circle Partners, LLC (Logan Circle) was founded in April 2007 and began managingassets on November 1, 2007. On April 16, 2010, Logan Circle was acquired by FortressInvestment Group LLC, a publicly traded company and a leading global investmentmanagement firm, as its traditional asset management arm. Logan Circle announced onApril 1, 2013 the launch of a new Growth Equities investment business. The firm believesthat this strategic addition of an Equity investment team will broaden Logan Circle’scapabilities without altering their investment focus. Bottom-up, fundamental research willremain the cornerstone of Logan Circle’s investment process across both Fixed Income andEquity strategies.

Manulife Asset ManagementFounded in 1897, Manulife Asset Management (Manulife) is the asset management arm of Manulife Financial. With offices across the globe, Manulife leverages its local presenceand experience to bring valuable market perspectives to investors. The firm manages equity,fixed income, alternative and asset allocation investment solutions spanning a range ofstyles. The Growth Equity Team combines themes and sector trends with bottom-up securityselection, while the Canadian Fixed Income team focuses on credit analysis, securityselection, sector mix, yield curve analysis and interest rate anticipation.


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Manulife/Sovereign Asset Management CorporationSovereign Asset Management Corporation (Manulife/Sovereign) was founded in 1979. OnApril 28, 2004, Sovereign’s parent company and Manulife Financial Corporation mergedcreating Manulife/Global Sovereign. The firm builds wealth for clients by solely investing incompanies that have raised their dividends each year over the past five years. Companies likethese tend to be industry leaders and often have advantages that help them beat thecompetition. The firm’s portfolios derive long-term investment returns from a combination of appreciation and dividend income.

Mawer Investment Management Ltd. Mawer Investment Management Ltd. (Mawer) was established in 1974 to provideindependent investment counseling services. The firm is a conservative, value-biasedinvestment manager that systematically creates broadly diversified portfolios of wealth-creating companies bought at a discount. Mawer’s investment approach focuses on fourprinciples: wealth-creating companies, discount to intrinsic value, broadly diversifiedportfolios, and a systematic process. Through a growth-at-a-reasonable-price investmentstyle, the team focuses on companies that deliver a return on capital greater than their costof capital over time.

Metropolitan West Capital Management, LLC2

Metropolitan West Capital Management, LLC (MWCM) is a boutique investment firm,founded in 1997, that is majority owned by Wells Fargo & Company. Its process seeks tominimize risk and optimize long-term returns by first identifying high-quality companies,often with market capitalizations in excess of $2 billion. The firm’s approach is driven byfundamental company research from a global perspective, utilizing a long-term focus thattakes advantage of opportunities presented by short-term anomalies in high-qualitybusinesses. What distinguishes MWCM’s approach to value investing is that it looks atquality first and valuation second, before identifying the catalysts that will ultimately unlockvalue. The firm’s disciplined approach to portfolio construction ensures diversification bysector, economic cyclicality and interest-rate sensitivity, serving to reduce volatility.

Picton Mahoney Asset Management2Picton Mahoney Asset Management (Picton Mahoney) is a boutique portfolio-managementfirm based in Toronto, and is 100 percent employee owned. The firm was founded in 2004by David Picton and Michael Mahoney and has grown to manage retail, hedge fund, sub-advisory and institutional accounts. The firm’s process blends the strengths of an advancedquantitative model with predictive insights from the qualitative fundamental analysis toidentify positive fundamental change where it has not been fully recognized by the market.The strategy uses earnings and price momentum along with fundamental inputs to identifyunexpected growth in the market.

Pzena Investment Management, LLC2

Pzena Investment Management, LLC (Pzena) is an independent investment managementfirm that employs a classic value investment approach. Pzena employs a classic valueinvestment philosophy, seeking good businesses at low prices. Intensive fundamentalresearch is applied to these companies in an effort to determine whether the problemsthat caused the earnings shortfall are temporary or permanent. The team is based at itsheadquarters in New York City, with a representative office for Business Development andClient Services located in Melbourne, Australia.

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RARE Infrastructure Limited2

RARE Infrastructure Limited (RARE) has one of the world’s most experienced globalinfrastructure investment management teams, with more than 70 years’ combined globalinfrastructure expertise. RARE’s objective is to provide investors with regular and predictableincome from a portfolio of global infrastructure securities. The firm’s team of specialistglobal infrastructure investment managers take a bottom-up approach when assessingstocks for investment. They undertake quantitative and qualitative assessments ofsecurities, allowing them to create a concentrated portfolio of stocks from more than40,000 global listed securities.

RiverFront Investment GroupRiverFront Investment Group (RiverFront) was established in 2007. RiverFront employs a multi-layered investment process that adds value to client portfolios in multiple ways. The firm believes in broad portfolio mandates, rather than confining portfolio managers to narrow categories. RiverFront enforces a consistent investment discipline that tilts theportfolio mix between market sectors based upon the areas of the market that offer the best relative value. The firm’s portfolios take advantage of a wide range of security types and structures. Its security selection and portfolio construction disciplines move beyond thetraditional stock and bond alternatives to embrace exchange-traded funds as a powerful tool to enhance portfolio returns.

RS Investment Management Co. LLC2

Founded in 1986 as the money management arm of Robertson Stephens & Company, RS Investment Management Co. LLC (RS Investments) is a research-driven investmentmanagement firm. Headquartered in San Francisco with offices in New York City; DesMoines, IA; London; Hong Kong; and Singapore, RS Investments offers a core spectrum of investment solutions including wealth creation and preservation strategies to meet thediverse needs of its clients.

Scheer, Rowlett & Associates Investment Management Ltd.Scheer, Rowlett & Associates Investment Management Ltd. (Scheer Rowlett) was founded in 1990 and originally operated as Crown Life Investment Management Inc. In mid-1998,the name changed when investment professionals from Connor, Clark & Lunn FinancialGroup became partners in the firm. Scheer Rowlett’s investment philosophy is founded on a belief that efficiencies in the equity markets are realized over mid- to long-term periods.Based on this philosophy, the firm seeks to invest in undervalued companies with strong orimproving fundamentals, healthy financial positions and proven management. The EquityTeam employs a bottom-up, value-oriented portfolio management process that emphasizes a team approach to decision making.

Sionna Investment Managers Founded in 2002, Sionna Investment Managers Inc. (Sionna) is a private and independentlyowned firm. Sionna’s investment philosophy is based on the belief that human naturemisprices stocks. Investors and companies overestimate and underestimate the value ofstocks, creating price/value schisms. Sionna adheres to a relative value style of investment,which they believe is a more pragmatic approach for the resource-heavy Canadian market.Sionna’s investment process incorporates their proprietary Intrinsic Value Model andfundamental bottom-up research. Their investment process leads to a portfolio that offersprotection in a down market.


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Sustainable Growth Advisers, LP2

Sustainable Growth Advisers, LP (SGA), a firm wholly owned by its principals and staff,provides investment advice to institutional and individual clients, private investmentcompanies and mutual funds. SGA believes it is possible to generate high relative returnswith low relative risk by investing for the long term in the best businesses at reasonableprices. They focus only on those few low-risk businesses that offer predictable, sustainableearnings and cash flow growth over the long term.

TD Asset Management Inc.TD Asset Management Inc. (TDAM) is a part of the TD Wealth Management group ofcompanies and a member of TD Bank Financial. TD’s overall investment philosophy is to provide superior, sustainable and consistent long-term, risk-adjusted investment returns. The firm’s investment management team employs a bottom-up approach to investing,emphasing a long-term approach to equity investing that minimizes portfolio turn over andthereby reduces the impact of capital gains taxes. In their fixed income management, theteam employs a proprietary quantitative bond model that seeks to add value by takingadvantage of anomalies in securities pricing.

Triasima Portfolio Management Inc.2Triasima Portfolio Management Inc. (Triasima) is a Canadian investment management firmwith a diversified clientele of more than 200 institutional and high net worth clients. The firmis known for its proprietary Three-Pillar Approach, which combines fundamental analysis,quantitative analysis and trend analysis in a rigorous, yet innovative, investment process.

Walter Scott & Partners Limited2

Walter Scott & Partners Limited (Walter Scott) focuses on managing global and internationalequity portfolios. The firm has a growth-orientated philosophy, seeking high-qualitycompanies operating in industries enjoying above-average, sustainable growth. Its ‘buy andhold’ approach allows stocks to grow and drive long-term returns. The firm relies solely onits own internal research to select and monitor stocks.

Wedgewood Partners, Inc.Wedgewood Partners, Inc. (Wedgewood) was founded in 1988 as an investment advisory and brokerdealer firm. In 1998, CNB Bancshares Inc. purchased Wedgewood, and subsequently in 1999, Fifth Third Bancorp acquired CNB Bancshares. Wedgewood is a boutique investment management firm specializing in large-cap growth equities. The firm is disciplined to be true to long-term investments and their buy and sell strategies.Through a bottom-up approach to investment management, the firm’s equity team strivesto build long-term wealth through capital appreciation in up markets and protect wealthin down markets.

Wellington Management Canada LLC2

Wellington Management Group (Wellington) is an employee-owned private firm.Wellington’s professionals operate within teams. Each focuses on specific investmentapproaches and conducts research within their own area of expertise, which is shared acrossteams. The firm covers global equity and fixed income markets and includes multi-strategy,specialty and alternative investment approaches, each with a well-articulated investmentphilosophy and process. The firm’s most distinctive strength is its proprietary, independentresearch. Headquartered in Boston, Massachusetts, it has a global presence with officeslocated across North America, Europe, Asia and Australia.


92 May also be available through various ICS strategies. Please see the individual strategy fact sheet for details.

Quick Reference Guide (Listed by Manager Name)

Style Asset Class

Beutel, Goodman & Company Ltd.Beutel Goodman Canadian Corporate/Provincial Bond** Gov./Corp. Fixed Income – CanadianBeutel Goodman Canadian Bond** Gov./Corp. Fixed Income – CanadianBeutel Goodman Canadian Large-Cap Equity Value** Traditional Value Canadian Equity – Large-CapitalizationBeutel Goodman Canadian Equity Income** Traditional Value Canadian Equity – Equity IncomeBeutel Goodman North American 70/30 Equity Value** Traditional Value U.S. Equity – North AmericanBeutel Goodman Total Equity Value** Traditional Value Total EquityBeutel Goodman Total Balanced Value** Traditional Value Balanced – Total

Brandes Investment Partners, L.P.Brandes Global Equity Value** Deep Value Global EquityBrandes International Equity Value** Deep Value International EquityBrandes U.S. Large-Cap Equity Value** Deep Value U.S. Equity – Large-Capitalization

Causeway Capital Management LLCCauseway Global Equity Value** Relative Value Global EquityCauseway International Equity Value** Relative Value International Equity

CIBC Asset Management Inc. (ETF Strategies)BRIC Emerging Markets Equity ETF** Core Emerging Markets Equity Canadian Real Return Bond ETF** Real Return Bond Fixed Income – CanadianGold ETF High Yield Alternative InvestmentsHigh Yield Corporate Bond ETF** High Yield Fixed Income – ForeignInternational Small-Cap Equity ETF** Core International EquityU.S. Total Bond Market ETF** Gov./Corp. Fixed Income – Foreign

CIBC Asset Management Inc. (Fund Strategies) Canadian Bond Fund** Gov./Corp. Fixed Income – CanadianCanadian All-Cap Equity Pool Core Canadian Equity – All CapitalizationCanadian Bond Pool Gov./Corp./High Yield Fixed Income – CanadianCanadian Equity Income Pool Core Canadian Equity – Equity IncomeCanadian Growth Fund GARP* Canadian Equity – All CapitalizationCanadian Small-Cap Fund GARP* Canadian Equity – Small CapitalizationCorporate Bond Fund** Corporate/High yield Fixed Income – CanadianDiversified Managed Futures Pool Multi-Asset Trading Alternative InvestmentsEmerging Markets Equity Pool Core Emerging Markets EquityFloating Rate Income Fund** Corporate/High Yield Fixed Income – ForeignFloating Rate Income Fund Currency Hedged** Corporate/High Yield Fixed Income – ForeignGlobal Bond Pool** Corporate/High Yield Fixed Income – ForeignGlobal Infrastructure Fund Traditional Value Global EquityGlobal Infrastructure Currency Neutral Fund Traditional Value Global EquityGlobal Real Estate Fund Relative Value Global EquityGlobal Real Estate Currency Neutral Fund Relative Value Global EquityInternational Equity Pool Core International EquityMoney Market Fund** Gov./Corp. Money MarketShort-Term Income Fund** Gov./Corp. Fixed Income – CanadianU.S. Large-Cap Equity Pool Core U.S. Equity – Large CapitalizationU.S. Large-Cap Equity Currency Neutral Pool Core U.S. Equity – Large-CapitalizationU.S. Large-Cap Equity Income Fund Value U.S. Equity – Large-CapitalizationU.S. Dollar Corporate Bond Fund Corporate/High Yield Fixed Income – Foreign

CIBC Asset Management Inc. (Strategies Managed)CAM Canadian Diversified Income** Value Canadian Equity – Diversified IncomeCAM Canadian Government Laddered Bond** Fixed Income Fixed Income – CanadianCAM Canadian Laddered Bond** Gov./Corp. Fixed Income – CanadianCAM Canadian Large-Cap Equity Value** Relative Value Canadian Equity – Large-CapitalizationCAM Canadian-Focused Balanced Value** Relative Value Balanced – Canadian-Focused

Congress Asset Management CompanyCongress U.S. Large-Cap Equity Growth** GARP* U.S. Equity – Large-Capitalization

continued…

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*Growth-at-a-reasonable-price**Individual Pension Plan suitable***Closed to new investors; however, existing clients are permitted to make additional deposits.

Quick Reference Guide (Listed by Manager Name) …continued

Style Asset Class

Connor, Clark & Lunn Investment Management Ltd.Connor, Clark & Lunn Canadian Equity Income** GARP* Canadian Equity – Equity IncomeConnor, Clark & Lunn Diversified Income** GARP* Canadian Equity – Diversified Income

Cornerstone Capital Management LLCCornerstone U.S. Large-Cap Equity Growth** Contrarian U.S. Equity – Large-Capitalization

Davis AdvisorsDavis U.S. Large-Cap Equity Value** Relative Value U.S. Equity – Large-Capitalization

Delaware InvestmentsDelaware U.S. Government Bond** Government Fixed Income – Foreign

Federated Investment CounselingScheer Rowlett/Federated North American Equity Relative Value U.S. Equity – North AmericanFederated U.S.-Focused Equity** Core U.S. Equity – U.S. Focused

Foyston, Gordon & Payne Inc.Foyston Canadian Balanced Value** Traditional Value Balanced – CanadianFoyston Canadian Large-Cap Equity Value** Traditional Value Canadian Equity – Large-CapitalizationFoyston Canadian-Focused Balanced Value** Traditional Value Balanced – Canadian Focused

Franklin Bissett Investment ManagementFranklin Bissett Canadian Equity Income** Core Canadian Equity – Equity IncomeFranklin Bissett Canadian Equity Income (ex. U.S.)** Core Canadian Equity – Equity IncomeFranklin Bissett Canadian Large-Cap Equity Growth** GARP* Canadian Equity – Large-CapitalizationFranklin Bissett Canadian Mid-Cap Equity Growth** GARP* Canadian Equity – Small/Mid-Capitalization

Greystone Managed Investments Inc.Greystone Canadian Balanced Growth Earnings Momentum Balanced – CanadianGreystone Canadian Large-Cap Equity Growth** Earnings Momentum Canadian Equity – Large-Capitalization

Guardian Capital LPGuardian Canadian All-Cap Equity Growth** GARP* Canadian Equity – All-CapitalizationGuardian Canadian Balanced Growth** GARP* Balanced – CanadianGuardian Canadian Diversified Income** GARP* Canadian Equity – Diversified IncomeGuardian Canadian Bond** Gov./Corp. Fixed Income – Canadian Guardian Canadian Income Plus** Gov./Corp. Fixed Income – Diversified IncomeGuardian Canadian Large-Cap Equity SRI** GARP* Canadian Equity – Large-CapitalizationGuardian Global Equity Income** Core Global Equity – Equity Income

J. & W. Seligman & Co. IncorporatedJ. & W. Seligman U.S. Large Cap Equity Value Traditional Value U.S. Equity – Large-Capitalization

Kayne Anderson Rudnick Investment Management, LLCKayne Anderson U.S. Small-Cap Equity Value** Relative Value U.S. Equity – Small/Mid-CapitalizationKayne Anderson U.S. Small/Mid-Cap Equity Value** Relative Value U.S. Equity – Small/Mid-Capitalization

Lazard Asset Management LLCLazard Emerging Markets Equity*** Relative Value Emerging Markets EquityLazard Global Equity** Relative Value Global EquityLazard International Equity** Relative Value International EquityLazard U.S. Large-Cap Equity** Relative Value U.S. Equity – Large-Capitalization

Mawer Investment Management Ltd.Mawer Canadian-Focused Balanced Growth** *** GARP* Balanced – Canadian FocusedMawer Canadian-Focused Equity Growth*** GARP* Canadian Equity – Canadian FocusedMawer Tax-Effective Total Balanced Growth*** GARP* Balanced – TotalMawer Tax-Effective Total Equity Growth*** GARP* Total Equity

Manulife Asset ManagementManulife Canadian Bond** Gov./Corp. Fixed Income – CanadianManulife Canadian Large-Cap Equity Growth** Earnings Momentum Canadian Equity – Large-Capitalization

continued…

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Quick Reference Guide (Listed by Manager Name) …continued

Style Asset Class

Manulife/Sovereign Asset Management CorporationManulife/Sovereign U.S. Large-Cap Equity Core Core U.S. Equity – Large-Capitalization

Pzena Investment Management, Inc.Pzena Global Equity Value** Deep Value Global EquityPzena U.S. Large-Cap Equity Value** Deep Value U.S. Equity – Large-Capitalization

RiverFront Investment GroupRiverFront Global Balanced Tactical ETF Portfolio Strategy Tactical Global BalancedRiverFront Global Equity Tactical ETF Portfolio Strategy Tactical Global Equity

Scheer, Rowlett & Associates Investment Management Ltd.Scheer, Rowlett Canadian Large-Cap Equity Value Relative Value Canadian Equity – Large-CapitalizationScheer, Rowlett / Federated North American Equity Relative Value U.S. Equity – North American

Sionna Investment Managers Inc.Sionna Canadian Large-Cap Equity Value** Relative Value Canadian Equity – Large-Capitalization

Sustainable Growth Advisers, LPSGA Global Equity Growth** Sustainable Growth Global EquitySGA U.S. Large-Cap Equity Growth** Sustainable Growth U.S. Equity – Large-Capitalization

TD Asset Management Inc.TDAM Canadian Large-Cap Equity** Core Canadian Equity – Large-CapitalizationTDAM Canadian Government Bond** Government Fixed Income – Canadian

Triasima Inc., Portfolio ManagementTriasima Canadian All-Cap Equity** Core Canadian Equity – All-Capitalization

Walter Scott & Partners LimitedWalter Scott Global Equity Growth** GARP* Global EquityWalter Scott International Equity Growth** GARP* International Equity

Wedgewood Partners, Inc.Wedgewood U.S. Large-Cap Equity Growth** Sustainable Growth U.S. Equity – Large-Capitalization


12

Quick Reference Guide (Listed by Asset Class)

Style Strategy Investment Manager

Canadian Balanced Traditional Foyston Canadian Balanced Value** Foyston, Gordon & Payne Inc. Value Earnings Greystone Canadian Balanced Growth Greystone Managed Investments Inc.MomentumGARP* Guardian Canadian Balanced Growth** Guardian Capital LP

Canadian Diversified Core CAM Canadian Diversified Income** CIBC Asset Management Inc.Income GARP* CC&L Canadian Diversified Income** Connor, Clark & Lunn Investment

Management Ltd.GARP* CC&L Canadian Equity Income** Connor, Clark & Lunn Investment

Management Ltd.GARP* Guardian Canadian Diversified Income** Guardian Capital LP

Canadian Equity – Traditional Beutel Goodman Canadian Equity Income Beutel, Goodman & Company Ltd.Large-Capitalization Value

Traditional Beutel Goodman Canadian Large-Cap Equity Beutel, Goodman & Company Ltd.Value Value**Relative Value CAM Canadian Large-Cap Equity Value** CIBC Asset Management Inc. Traditional Foyston Canadian Large-Cap Equity Value** Foyston, Gordon & Payne Inc.Value Core Franklin Bissett Canadian Equity Income** Franklin Bissett Investment Management Core Franklin Bissett Canadian Equity Income Franklin Bissett Investment Management

(ex. U.S.)**GARP* Franklin Bissett Canadian Large-Cap Equity Franklin Bissett Investment Management

Growth**Earnings Greystone Canadian Large-Cap Equity Growth** Greystone Managed Investments Inc. Momentum GARP* Guardian Canadian Large-Cap Equity SRI** Guardian Capital LPEarnings Manulife Canadian Large-Cap Equity Growth** Manulife Asset ManagementMomentum Relative Value Scheer Rowlett Canadian Large-Cap Equity Scheer, Rowlett & Associates Investment

Value** Management Ltd.Relative Value Sionna Canadian Large-Cap Equity Value** Sionna Investment Managers Inc.Core TDAM Canadian Large-Cap Equity** TD Asset Management Inc.

Canadian Equity – GARP* Canadian Small-Cap Fund CIBC Asset Management Inc.Small/Mid-Capitalization GARP* Franklin Bissett Canadian Mid-Cap Equity Franklin Bissett Investment Management

Growth**

Canadian Equity – GARP* Guardian Canadian All-Cap Equity Growth** Guardian Capital LPAll-Capitalization Core Triasima Canadian All-Cap Equity** Triasima Inc., Portfolio Management

Canadian Fixed Income Gov./Corp. Beutel Goodman Canadian Bond** Beutel, Goodman & Company Ltd.Gov./Corp. Beutel Goodman Canadian Corporate/Provincial Beutel, Goodman & Company Ltd.

Bond**Government CAM Canadian Government Laddered Bond** CIBC Asset Management Inc.Gov./Corp. CAM Canadian Laddered Bond** CIBC Asset Management Inc.Gov./Corp. Guardian Canadian Bond** Guardian Capital LPGov./Corp. Guardian Canadian Income Plus** Guardian Capital LP Gov./Corp. Manulife Canadian Bond** Manulife Asset ManagementGovernment TDAM Canadian Government Bond** TD Asset Management Inc.

Canadian-Focused Relative Value CAM Canadian-Focused Balanced Value** CIBC Asset Management Inc.Balanced Traditional Foyston Canadian-Focused Balanced Value** Foyston, Gordon & Payne Inc.

ValueGARP* Mawer Canadian-Focused Balanced Mawer Investment Management Ltd.

Growth** ***

Canadian-Focused Equity GARP* Mawer Canadian-Focused Equity Growth*** Mawer Investment Management Ltd.

Emerging Markets Relative Value Lazard Emerging Markets Equity*** Lazard Asset Management LLC

continued…

13


Quick Reference Guide (Listed by Asset Class) …continued


Exchange-Traded Core BRIC Emerging Markets Equity ETF** CIBC Asset Management Inc./BlackRock, Inc.Fund (ETF) Core International Small-Cap Equity ETF** CIBC Asset Management Inc./BlackRock, Inc.Strategies High Yield High Yield Corporate Bond ETF** CIBC Asset Management Inc./BlackRock, Inc.

Real Return Canadian Real Return Bond ETF** CIBC Asset Management Inc./BlackRock, Inc.BondPhysical Gold ETF CIBC Asset Management Inc./BlackRock, Inc.Gov./Corp. U.S. Total Bond Market ETF** CIBC Asset Management Inc./BlackRock, Inc.

Fund Strategies Core Canadian All-Cap Equity Pool CIBC Asset Management Inc./Connor, Clark & Lunn Investment Management Ltd./Foyston, Gordon & Payne Inc./Picton Mahoney Asset Management/Triasima Inc., Portfolio Management

Gov./Corp. Canadian Bond Fund** CIBC Asset Management Inc.Gov./Corp./ Canadian Bond Pool AllianceBernstein Canada, Inc./Baker GilmoreHigh Yield & Associates/Canso Investment Counsel Ltd. Core Canadian Equity Income Pool CIBC Asset Management Inc./

Connor, Clark & Lunn InvestmentManagement Ltd./Guardian Capital LP/Barrantagh Investment Management Inc.

GARP* Canadian Growth Fund CIBC Asset Management Inc./Connor, Clark & Lunn Investment Management Ltd./Guardian Capital LP/Picton Mahoney AssetManagement

Corp./High Corporate Bond Fund** CIBC Asset Management Inc.YieldCore Emerging Markets Equity Pool Pzena Investment Management, Inc./

Harding Loevner, LP/RS Investment Management Co. LLC

Corp./High Floating Rate Income Fund** CIBC Asset Management Inc./Yield Ares Capital Management, LLCCorp./High Floating Rate Income Fund Currency Hedged** CIBC Asset Management Inc./Yield Ares Capital Management, LLCGov./Corp./ Global Bond Pool** Brandywine Global Investment Management, High Yield LLC/Wellington Management Canada LLCTraditional Global Infrastructure Currency Neutral Fund CIBC Asset Management/Value RARE Infrastructure LimitedTraditional Global Infrastructure Fund CIBC Asset Management Inc./Value RARE Infrastructure LimitedRelative Value Global Real Estate Currency Neutral Fund CIBC Asset Management Inc./

Cohen & Steers Capital Management, Inc.Relative Value Global Real Estate Fund CIBC Asset Management/

Cohen & Steers Capital Management, Inc.Core International Equity Pool Causeway Capital Management LLC/

Walter Scott & Partners Limited/American Century Investment Management,Inc./INTECH Investment Management LLC/Pzena Investment Management, Inc.

Gov./Corp. Money Market Fund** CIBC Asset Management Inc.Gov./Corp. Short-Term Income Fund** CIBC Asset Management Inc.Corp./High U.S. Dollar Corporate Bond Fund CIBC Asset Management Inc./Yield Logan Circle Partners, LLCCore U.S. Large-Cap Equity Currency Neutral Pool CIBC Asset Management Inc./

Cornerstone Capital Management LLC/INTECH Investment Management LLC/Metropolitan West Capital Management, LLC/Pzena Investment Management,Inc./Sustainable Growth Advisers, LP

Relative U.S. Large-Cap Equity Income Fund CIBC Asset Management Inc./American Value Century Investment Management Inc.

continued…

14


Quick Reference Guide (Listed by Asset Class) …continued


Fund Strategies Core U.S. Large-Cap Equity Pool CIBC Asset Management Inc./ (continued) Cornerstone Capital Management LLC/

INTECH Investment Management LLC/Metropolitan West Capital Management, LLC/Pzena Investment Management, Inc./Sustainable Growth Advisers, LP

Alternative Investments Trading Diversified Managed Futures Pool CIBC Asset Management Inc./Man Investments

Global Balanced Tactical RiverFront Global Balanced Tactical ETF Portfolio RiverFront Investment GroupStrategy

Global Equity Deep Value Brandes Global Equity Value** Brandes Investment Partners, L.P. Relative Value Causeway Global Equity Value** Causeway Capital Management LLC Core Guardian Global Equity Income** Guardian Capital LPRelative Value Lazard Global Equity** Lazard Asset Management LLC Deep Value Pzena Global Equity Value** Pzena Investment Management, Inc.Tactical RiverFront Global Equity Tactical ETF Portfolio RiverFront Investment Group

StrategySustainable SGA Global Equity Growth** Sustainable Growth Advisers, LPGARP* Walter Scott Global Equity Growth** Walter Scott & Partners Limited

International Deep Value Brandes International Equity Value ** Brandes Investment Partners, L.P.Equity Relative Value Causeway International Equity Value** Causeway Capital Management LLC

Relative Value Lazard International Equity** Lazard Asset Management LLCGARP* Walter Scott International Equity Growth** Walter Scott & Partners Limited

North American Traditional Beutel Goodman North American 70/30 Beutel, Goodman & Company Ltd.Equity Value Equity**

Relative Value Scheer Rowlett/Federated North American Equity Scheer, Rowlett & Associates Investment Management Ltd.

Total Balanced Traditional Beutel Goodman Total Balanced Value** Beutel, Goodman & Company Ltd.ValueGARP* Mawer Tax-Effective Total Balanced Growth*** Mawer Investment Management Ltd.

Total Equity Traditional Beutel Goodman Total Equity Value** Beutel, Goodman & Company Ltd.ValueGARP* Mawer Tax-Effective Total Equity Growth*** Mawer Investment Management Ltd.

U.S. Equity – Deep Value Brandes U.S. Large-Cap Equity Value** Brandes Investment Partners, L.P.Large- GARP* Congress U.S. Large-Cap Equity Growth** Congress Asset Management CompanyCapitalization Contrarian Cornerstone U.S. Large-Cap Equity Growth** Cornerstone Capital Management LLC

Relative Value Davis U.S. Large-Cap Equity Value** Davis Advisors Core Federated U.S.-Focused Equity** Federated Investment Counseling Traditional J. & W. Seligman U.S. Large-Cap Equity Value J. & W. Seligman & Co. Incorporated ValueRelative Value Lazard U.S. Large-Cap Equity** Lazard Asset Management LLCCore Manulife/Sovereign U.S. Large-Cap Equity Core Manulife/Sovereign Asset Management

CorporationDeep Value Pzena U.S. Large-Cap Equity Value** Pzena Investment Management, Inc.Sustainable SGA U.S. Large-Cap Equity Growth** Sustainable Growth Advisers, LP GrowthSustainable Wedgewood U.S. Large-Cap Equity Growth** Wedgewood Partners, Inc. Growth

U.S. Equity – Relative Value Kayne Anderson U.S. Small-Cap Equity Value** Kayne Anderson Rudnick Investment Small/Mid- Management, LLC Capitalization Relative Value Kayne Anderson U.S. Small/Mid-Cap Equity Kayne Anderson Rudnick Investment

Value** Management, LLC

U.S. Fixed Income Government Delaware U.S. Government Bond** Delaware Investments


15

The information contained in this document is deemed to be reliable at the time of print.

Some investment managers may be situated outside of Canada and may not be registered as an advisor in Canada. Consideration of individual circumstances and current events is critical to sound investmentplanning. All investments carry a certain degree of risk. Clients are advised to seek advice regarding theirparticular circumstances from their tax and legal advisors. CIBC Wood Gundy is a division of CIBC WorldMarkets Inc., a subsidiary of CIBC and a Member of the Canadian Investor Protection Fund and InvestmentIndustry Regulatory Organization of Canada. ™CIBC Asset Management is a registered trademark ofCanadian Imperial Bank of Commerce – CIBC Asset Management Inc. licensee.

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