Capital International — U.S. EquityPortfolio manager conference callMarch 27, 2014Series A: CIF 847 / Series F: CIF 827

Capital International — U.S. EquityThe fund was subject to material changes1 on January 31 and is now patterned after The Investment Company of America (ICA)2, one of the largest funds in the U.S.

A focus on U.S. companies with growing dividends

The fund emphasizes well-established blue chip companies; can invest up to 15% outside the U.S.

Competitive MERs

Our new premium pricing (householding) program helps more investors qualify for our lowest MER series:

• Series A: 2.05%; Series E: 2.00% (Trailer fee series)

• Series F: 0.90%; Series H: 0.80% (Fee-based series)

Estimates only; fi nal MERs subject to change. See the fund page on our website for other series.

Portfolio managers

• Christopher D. Buchbinder 18 years of experience San Francisco

• Barry S. Crosthwaite 17 years of experienceSan Francisco

• Mark Hickey13 years of experienceLos Angeles

Experience as of December 2013.

More information at:thecapitalgroup.com/ca.

Finding growing dividendsConference call replay:

(888) 203-1112, Code: 7683601

(Replay available through April 2014)

During the week of March 24, 2014, there were 23 Capital Group investment professionals in Toronto doing research. This investment cluster is affectionately called the “Yield DOGS” (Dividends Oughta Grow). Capital International – U.S. Equity portfolio managers Chris Buchbinder and Barry Crosthwaite were part of that group of investment professionals focused on fi nding growing dividends. Chris and Barry joined advisors on a conference call to share their views about the U.S. market. Highlights from the call are below.

The run-up in U.S. stocks“U.S. stocks have had an amazing 40% run over the last two years. It wouldn’t surprise me to see a correction of 10% or more. I carry a little more cash than I normally would, but I still feel good about the market over the medium term. That’s based on valuations, which are not extreme given the slow economic cycle and the fact that funds are fl owing back into equities.

“As the U.S. economy starts to normalize, we’re getting away from this environment where macro is so important to driving results. Stock picking is becoming more important.”

A framework for evaluating the health of equity markets“When I look at any market around the world, I focus on fundamentals, valuations and fl ows. All three look reasonable for the U.S. market:

1. Deleveraging might even become a tailwind “U.S. economic growth has been very slow since 2008, which is unusual after an economic recession. Typically, since World War II, you’d see post-recession growth in the 4-8% range. The reason for this slow growth has been the amount of leverage that was built up in the U.S. economy between 1980 and 2007. Now, the big deleveraging headwind has stopped, and banks are willing to loan. Consumers are starting to take on more debt; businesses are starting to borrow. There are no excesses built up in the U.S. economy, and there’s no reason for the Fed to start raising rates and halt a recovery.”

2. Valuations are not extreme “The U.S. equity market is at about 16 times earnings, not far from average. The sweet spot for P/E ratios is when the long bond is between 3.5% and 5.5%. You go above or below that, and P/Es start to compress. You usually get a P/E in that period at about 15 to 20 times, or call it 17½ times. So if we have a gradual economic expansion and a gradual increase in rates, it would not surprise me to see P/Es actually go up modestly.

“Small cap stock P/Es are over 20, which is high relative to history, and mid cap stocks as well. But large cap U.S. stocks — which is primarily what the U.S. Equity Fund is looking at — have pretty reasonable valuations, so I think there’s value there.”

For advisor use only. Not for use with investors.

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c.1Effective January 31, Capital International - U.S. Equity was subject to material changes, which included changes to the fund’s investment objective and subadvisor, as well as portfolio manager changes.

2The Investment Company of America is not available in Canada.

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.This document is confi dential and has been designed for the exclusive use of registered dealers and their representatives. The content may not be reproduced or distributed to any investors, potential investors or to the general investing public. Canadian securities legislation, including National Instrument 81-102 Mutual Funds, prohibits any such distribution. This communication is not intended to be a sales communication within the meaning of that Instrument and accordingly has not been designed to comply with the requirements of that Instrument relating to sales communications. Capital International Asset Management (Canada), Inc. and Capital International portfolios are part of Capital Group, a global investment management fi rm originated in Los Angeles, California in 1931. Capital Group manages equity assets through three investment groups that make investment and proxy voting decisions independently. Fixed-income investment professionals provide fi xed-income research and investment management across the Capital organization; however, for securities with equity characteristics, they act solely on behalf of one of the three equity investment groups. Views expressed regarding a particular company, security, industry or market sector should not be considered an indication of trading intent of any investment funds. These views should not be considered as investment advice or as a recommendation to buy or sell. This document is for informational purposes only and is not intended to provide any tax, legal or fi nancial advice. We assume no liability for any inaccurate, delayed or incomplete information, nor for any actions taken in reliance thereon.The statements expressed herein are informed opinions, speak only to the stated period, and are subject to change at any time based on market or other conditions. This report may contain forward-looking statements. These are based on current expectations and projections about future events and are inherently subject to, among other things, risks, uncertainties and assumptions about the portfolio and economic factors.Forward-looking statements are not guarantees of future performance, and actual events and results could differ materially from those expressed or implied in any forward-looking statements made by the portfolio. We encourage investors to consider these and other factors carefully before making any investment decisions and to avoid placing undue reliance on forward-looking statements.

3. Equity fl ows are positive again

“Flows into U.S. equities between 1995 and 2000 were $1.25 trillion. Fast forward to 2007 to 2012, and $1.25 trillion fl owed into fi xed income, while almost $500 billion fl owed out of equities. 2013 was the fi rst year we had positive fl ows into equities in a number of years, and it’s continuing this year.”

The U.S. Gulf Coast“The U.S. is going from being an importer of refi ned products — gasoline, diesel, natural gas, fertilizers, some chemicals — to an exporter of those products over the next decade. In the next fi ve years or so, the U.S. will spend $100 to $150 billion building chemical plants on the U.S. Gulf Coast. I’m investing in engineering construction companies, in regional banks that are going to benefi t from real estate values, the job market and the income that’s going to be created in that region.”

The transportation fuel chain“The fi ve-fold increase in oil prices has really shocked the global transportation chain. It takes a long time to move to substitute fuels or to higher effi ciency vehicles. In autos, the internal combustion engine is being redesigned to increase mileage. I’m investing in companies that supply high-tech components for those engines. Trucks, trains, marine transport engines that run on diesel fuel today will likely convert to natural gas. Right here in the Great Lakes, Shell Oil is signing contracts to turn ships into LNG vessels.

“This change even impacts airplanes. For example, the Boeing 787 Dreamliner is 25% more fuel effi cient than existing fl eet and airlines are buying them for their fuel effi ciency. I’m investing in the supply chain of component companies that may benefi t from changes like these.”

How rising rates might affect dividend stocks“Companies with growing dividends — not just high yields that do not grow -- can actually do well or better than the market, even in periods where rates are rising. If you were contemplating a period of rising rates and infl ation, you’d want to focus on those companies that have substantial pricing power, such as consumer staples companies that can pass infl ation through to their consumers. That plays into my investment framework right now.”

Capital International - U.S. EquityPortfolio manager conference callMarch 27, 2014Series A: CIF 847 / Series F: CIF 827

Christopher D. Buchbinder is one of the portfolio

managers of Capital

International — U.S. Equity. He

is also an equity investment

analyst covering U.S.

telecommunication services companies. Chris’s

previous coverage as an equity investment

analyst at Capital included autos and auto

parts & equipment companies. He began

his career as a participant in The Associates

Program, a two-year series of work assignments

in various areas of the Capital organization. He

holds a bachelor’s degree in economics and

international relations from Brown University

graduating cum laude. Chris is based in

San Francisco.

Barry S. Crosthwaite is one

of the portfolio managers of

Capital International — U.S.

Equity. He has 17 years of

investment experience, all

with Capital Group. Earlier

in his career at Capital, as an equity investment

analyst, he covered U.S. electrical equipment/

appliances, global energy equipment, and oil

fi eld services & drilling companies, as well as

North American communications & networking

equipment companies. Barry holds an MBA from

Stanford Graduate School of Business and a

bachelor’s degree in chemistry from Occidental

College graduating magna cum laude. Barry is

based in San Francisco.

For advisor use only. Not for use with investors.