Winter 2010www.ci.com/perspective

Eric BushellMorningstar Fund Manager of the Decade

2 W I N T E R 2 0 1 1 E A R L Y E D I T I O N P E R S P E C T I V E A S A T D E C E M B E R 3 1 , 2 0 1 0

Funds In Focus

Scorecard December 31, 2010

Lead Manager

Y-T-D(%)

1 MTH(%)

6 MTH(%)

1 YR(%)

3 YR(%)

5 YR(%)

10 YR(%) Life (%)

Portfolio Series

Portfolio Series Balanced CI Investments 8.7 2.8 12.3 8.7 1.0 2.5 3.8 7.0 (Nov.‘88)

Portfolio Series Balanced Growth CI Investments 9.3 3.4 13.8 9.3 0.4 2.1 N/A 3.6 (Dec.’01)

Portfolio Series Conservative CI Investments 8.9 2.0 10.0 8.9 2.6 3.1 4.6 4.9 (Dec.‘97)

Portfolio Series Conservative Balanced CI Investments 8.6 2.4 10.9 8.6 1.8 2.6 N/A 4.2 (Dec.’01)

Portfolio Series Growth CI Investments 9.5 3.8 15.0 9.5 -0.7 1.5 N/A 2.9 (Dec.’01)

Portfolio Series Income CI Investments 8.8 1.0 7.8 8.8 4.9 4.1 5.1 5.0 (Dec.‘97)

Portfolio Series Maximum Growth CI Investments 9.9 4.7 17.8 9.9 -2.2 0.9 N/A 2.1 (Dec.’01)

Global Equity Funds

Cambridge Global Equity Alan Radlo 9.1 4.8 19.7 9.1 2.7 N/A N/A 2.7 (Dec.’07)

CI Emerging Markets Pablo Salas 11.5 3.9 21.2 11.5 -2.8 7.5 6.9 7.7 (Sept.’91)

CI Global Sterling / Gigliotti / Beckwitt 6.9 5.7 18.1 6.9 -6.5 -3.6 -4.0 5.0 (Feb.’86)

CI Global High Dividend Advantage Priest / Sappenfield / Welhoelter 6.1 3.3 14.5 6.1 -4.5 N/A N/A -1.1 (Jan.’06)

CI Global Value John Hock 5.4 4.8 14.3 5.4 -2.3 -2.0 -0.8 1.0 (June’96)

CI International Value John Hock 4.1 5.4 15.1 4.1 -3.6 -1.1 -0.1 0.8 (June’96)

Harbour Foreign Equity S. Jenkins / G. Coleman 8.7 6.0 16.3 8.7 -3.9 0.3 N/A 1.1 (Dec’01)

Synergy Global D. Picton / M. Mahoney 8.0 5.1 17.8 8.0 -6.3 -1.6 -1.3 -1.3 (Mar’99)

American Equity Funds

CI American Managers® Multiple Managers 6.3 3.2 15.0 6.3 -2.6 -1.5 -0.2 0.4 (Jul.’00)

CI American Value W. Priest / D. Pearl 5.8 2.8 14.1 5.8 -3.9 -0.4 N/A 0.1 (Aug.’01)

Canadian Equity Funds

Cambridge Canadian Equity Alan Radlo 12.5 5.0 18.7 12.5 2.1 N/A N/A 2.1 (Dec.’07)

CI Canadian Investment Daniel Bubis 13.2 4.8 19.2 13.2 1.6 4.0 8.3 8.6 (Nov.‘32)

Harbour G. Coleman / S. Jenkins 9.5 5.4 17.0 9.5 1.6 5.1 8.0 8.2 (June’97)

Signature Select Canadian Eric Bushell 10.3 5.3 17.8 10.3 1.4 5.4 8.4 10.8 (May’98)

Synergy Canadian David Picton 13.5 3.8 19.5 13.5 -1.8 3.4 5.4 9.6 (Dec.’97)

Balanced Funds

Cambridge Cdn. Asset Allocation Alan Radlo 13.0 4.3 17.3 13.0 3.9 N/A N/A 3.9 (Dec.’07)

Harbour Growth & Income G. Coleman / S. Jenkins 8.0 4.9 14.1 8.0 1.7 3.9 6.7 6.1 (June’97)

Signature Global Income & Growth Eric Bushell 8.9 3.1 13.3 8.9 2.1 N/A N/A -0.6 (Feb.’07)

Signature Income & Growth E. Bushell / J. Dutkiewicz 10.3 3.3 13.6 10.3 3.5 4.9 7.4 7.3 (Nov.’00)

Industry-Specific Funds

Signature Global Energy Scott Vali 11.8 7.0 25.0 11.8 2.0 4.8 12.9 14.0 (June’98)

Signature Canadian Resource Scott Vali 15.4 6.8 28.4 15.4 4.8 11.9 18.1 12.3 (Apr.’97)

Income Funds

Signature Canadian Bond James Dutkiewicz 6.1 0.0 1.6 6.1 4.6 3.7 4.5 6.0 (Aug.’02)

Signature Corporate Bond Dutkiewicz / Shaw / Marshall 9.3 0.5 5.3 9.3 6.6 4.8 N/A 4.3 (Jan.’02)

Signature Diversified Yield D’Angelo / Fitzgerald / Marshall 10.1 1.3 10.9 10.1 N/A N/A N/A 9.4 (Nov.’09)

Signature Dividend Eric Bushell 9.4 3.2 11.7 9.4 3.6 3.2 5.3 6.6 (Oct.’96)

Signature High Income Eric Bushell 15.3 1.1 13.3 15.3 5.7 4.8 10.4 10.0 (Dec.’96)

W I N T E R 2 0 1 1 E A R L Y E D I T I O N P E R S P E C T I V E A S A T D E C E M B E R 3 1 , 2 0 1 0 3

It is traditional at this time of year to refl ect on the past and look ahead to the future. As we consider 2010, we can say that it turned out to be a respectable year for fi nancial markets. After a volatile fi rst half, most global equity markets staged a steady rebound

to post positive returns for the 12 months. The fi xed-income markets also rewarded investors in 2010.

As we enter a new year, the lingering effects of the global credit crisis are still affecting the investment climate, as well as the broader economy. CI’s commitment for 2011 is to provide you with the tools you require to meet the challenges of this uncertain environment. We continue to step up the information, products and expertise we offer to you and your clients.

For portfolio management expertise, we have one of the industry’s best lineups here at CI. Further recognition of the strength of our teams came in December, with Morningstar Canada selecting Eric Bushell, Chief Investment Offi cer of Signature Global Advisors, as Fund Manager of the Decade. Morningstar cited him for the top-ranked long-term performance by many Signature funds, his consistency and risk management, and his accomplishments in building the Signature group into a global investment team. A profi le of Eric has been reprinted on page 4 of this issue.

We are also pleased to have added two other strong portfolio management teams to the CI family – Black Creek Investment Management, led by industry veterans Bill Kanko and Richard Jenkins, and Greystone Managed Investments. These managers will continue to be available through the newly acquired Hartford Investments Canada, which we are operating as a separate and distinct fi rm from CI Investments. The new name of this fi rm and other details will be announced in the near future.

Last year, we launched the Get Connected series of webcasts to keep you informed of our portfolio managers’ views and the positioning of their funds. The webcasts have been so popular that we have now increased the frequency to twice a month, as well as adding manager podcasts. Please check the schedule on the back cover and watch for your e-mail reminders. The webcasts and other commentaries from our portfolio managers are summarized on our website at www.ci.com. Go to “What’s New” and click on “CI Market Outlook.” In addition, we are providing the Get Connected Market Board, a weekly summary of economic developments that is being e-mailed to advisors on Monday mornings.

Finally, I would like to announce an important new development in our support for advisors. In May 2011, CI will be hosting its fi rst Leadership Forum – an exclusive event for 500 advisors to be held in Las Vegas. The conference will feature great speakers and other top-notch and timely educational content, as well as opportunities to meet and socialize with your peers and colleagues from CI – all against the glamorous backdrop of the Entertainment Capital of the World. We expect to announce further details soon.

I thank you for your support in 2010 and we look forward to working with you this year. If you need any assistance, please contact your CI Sales Team.

Sincerely,

Derek J. GreenPresidentCI Investments

“ In May 2011, CI will be hosting its first Leadership Forum – an exclusive event for 500 advisors to be held in Las Vegas.”

Dear Advisor,

Winter 2011

4 W I N T E R 2 0 1 1 E A R L Y E D I T I O N P E R S P E C T I V E A S A T D E C E M B E R 3 1 , 2 0 1 0

Bushell, winner of the 2010 Morningstar Fund Manager of the Decade award and vice president and chief investment offi cer with Signature Global Advisors, a division of Toronto-based CI Investments Inc., leads a team that oversees almost $28 billion in mutual fund and institutional assets that have produced stellar returns over the past decade.

For example, the $4-billion CI Signature Select Canadian Fund posted an average annual return of 7.9% for the 10-year period ended Sept. 30, 2010, compared with a gain of 4.1% for the S&P/TSX total return index.

Bushell, 42, says his success can be attributed to his different management style and a distinctive team structure: “We have rejected the traditional asset-management conventions in relation to investment style and other constraints, which restrict our fl exibility. We have turned the whole framework relating to style — such as ‘growth’ and ‘value’ — upside down and believe in common sense and fl exibility, which is a core dimension of our style.”

Bushell argues that “narrow investment mandates, such as single style, single sector and single country, end up hurting clients.” He adds: “Flexibility is required within any strategy to manage valuation risks, liquidity risks and credit risks.”

Bushell fi rmly believes “in interconnectivity of six main markets — commodities, foreign exchange, interest rates, equities, property and credit” and that “developments in any one market affect all the others.” This approach is different from “most asset managers,” he says, “[who] are narrowly focused and have a ‘silo’ problem, presenting them with challenges in a world that is increasingly interconnected.”

Bushell also credits his team approach for his success: “Global sector specialists are responsible for all funds across all geographies.” Information is shared across all sectors to assist in decision-making and to provide “early warning” system.

Bushell believes that the 2008 fi nancial crisis marked “a shift in the centre of global economic power, which will ultimately lead to a change in fi nancial, political and military power.” This shift, he adds, will result in a “leadership change as we move from a G7 to a G20 world; the G7 has become an anachronism.”

Bushell is optimistic about emerging markets and favours companies that can latch on to growth in these countries. Capital migration from the developed to the developing world is growth-seeking; and corporations as well as portfolio investments are fl owing into emerging economies — and will continue to do so, he says, until growth constraints result in infl ationary challenges.

Bushell favours equities that produce solid yields; corporate bonds, which he believes are becoming less risky; and real property, which is experiencing a price recovery due to low interest rates.

Says David O’Leary, Morningstar Canada’s director of fund analysis: “The [Fund Manager of the Decade] award is not only based on solid, long-term performance but also on stewardship of unitholder capital and the ability to mitigate risk and volatility in both up and down markets. Some portfolio managers have better absolute returns; but Bushell manages billions of dollars for several mandates, to the benefi t of a large pool of unitholders.”

Eric Bushell’s approach to money management could be seen as a bit unorthodox – at least, when compared with his peers. But regardless of how you describe Bushell’s strategy, it has paid big dividends.

Investment Executive Article Reprint

Off the beaten pathEric Bushell rejects traditional asset-management conventionsBy Dwarka Lakhan

Reprinted with permission from Investment Executive – 2011 Canadian Investment Guide.

CI Investments congratulates Eric Bushell, Chief Investment Officer of Signature Global Advisors, for being named Morningstar Fund Manager of the Decade at the 2010 Canadian Investment Awards.

Morningstar chose Eric for his long-term outperformance, consistency, ability to manage risk and for “the architecture of a

strong, credible team” in Signature Global Advisors. Signature manages over $25 billion in a broad range of global and Canadian income, balanced and equity mandates. Under Eric’s direction, the team has developed significant expertise in all global sectors and asset classes.

Over the past decade, Signature has won an exceptional 13 Canadian Investment Awards, as well as five Lipper Fund Awards in the last four years. Find out how you can benefit from the skill of the Fund Manager of the Decade and the Signature team, at www.ci.com.

6 W I N T E R 2 0 1 1 E A R L Y E D I T I O N P E R S P E C T I V E A S A T D E C E M B E R 3 1 , 2 0 1 0

Signature Global Advisors is responsible for more than $25 billion in equity, balanced and fi xed-income portfolios. Signature’s competitive advantages include its large roster of portfolio managers and analysts who are specialists in their asset classes and sectors on a global basis, and their ability to collaborate in sharing information and developing new investment opportunities and insights.

James Dutkiewicz, Vice-President, Portfolio Management and Portfolio Manager, leads Signature’s fi xed-income team and is lead manager of Signature Canadian Bond Fund, which was launched in January 1993. He also is a lead manager of Signature Corporate Bond Fund, which was launched a year earlier.

After stocks posted 30% to 50% recoveries coming out of the March 2009 equity market bottom, Mr. Dutkiewicz says, investors might have expected government bonds would have moved into an all-out bear market.

“I believe one of the reasons that didn’t happen was that the V-shaped equity rebound, by the end of 2009 or early 2010, was really just getting us back to where we were in 2007, before the collapse,” he explains. “The government bond market wasn’t too frazzled because there was still a lot of slack in the economy, especially in the U.S., with high unemployment and a low capacity utilization rate. These things provide a certain amount of comfort for government bond investors because at the end of the day, the reason why a yield curve is upward sloping is to defend against future infl ation.

Spotlight on James DutkiewiczSignature Global Advisors

Spotlight James Dutkiewicz

W I N T E R 2 0 1 1 E A R L Y E D I T I O N P E R S P E C T I V E A S A T D E C E M B E R 3 1 , 2 0 1 0 7

Spotlight James Dutkiewicz

With infl ation relatively subdued and, if anything, on a downward trajectory in the last six to nine months of 2010, and with the U.S. Federal Reserve anchoring the short end at 25 basis points, two-year bonds aren’t going to trade much past 75-100 basis points in 2011.”

With interest rates likely drifting higher in 2011, Mr. Dutkiewicz expects government bonds to generate returns of about 3%, compared to about 6% seen in 2010.

“We’ll probably end 2011 with interest rates up 25 to 75 basis points across the curve depending upon what part of the yield curve you’re looking at,” says Mr. Dutkiewicz.

He noted that in December 2010, two-year U.S. government bonds were yielding about 60 basis points, with 10-year bonds at roughly 3.25%. Corresponding Canadian government bonds were yielding approximately 160 basis points and 320 basis points, respectively.

A sustained cyclical recovery“We believe we’re in the midst of a sustained cyclical recovery, and that we have been for 18 months,” says Mr. Dutkiewicz. “Interest rates are low, monetary policy’s accommodative and stimulative. Fiscal policy will be a drag on growth, in our opinion, but a modest, manageable drag. We’ve got a for-profi t capitalistic economy that’s growing.”

Mr. Dutkiewicz says equities appear to be cheap based on earnings projections, and Signature anticipates that asset class will likely produce returns in the 10% to 15% range in 2011. Signature’s bullishness on equities is seen in the asset mix of the Signature Income & Growth Fund – which is currently about 65% equities, 20% high-yield bonds, 10% investment-grade bonds and the rest in cash. The asset mix responsibilities of the fund, launched in November 2000, are shared by Mr. Dutkiewicz and Signature Chief Investment Offi cer Eric Bushell.

Mr. Dutkiewicz said the credit freeze of 2008 and into 2009 created investment opportunities that the Signature team seized by making signifi cant shifts into the corporate bond market.

“In our asset mix decisions two years ago, we felt much more comfortable with credit over equities. We said, ‘Until credit thaws, equities have no hope.’ When credit did begin to thaw in the spring of 2009, the stage was set for equities to perform very well. We shifted some of our balanced fund assets into equities, to benefi t from the fact that many investors were still in a state of denial that we could get a cyclical rebound. Equity markets were still very uncertain, but we were much more bullish because we looked at the credit markets and said, ‘Hey, the credit markets have opened up. We are going to get a cyclical recovery. This recovery is going to happen because inventories are exceedingly low.’ We saw that inventories were low only because of a lack of credit – not a lack of demand.”

Signature Canadian Bond FundThe Signature Canadian Bond Fund has recently been trading with a short duration of fi ve and a half years versus about six years for the benchmark DEX Universe Bond Index.

“We’ve also had a curve fl attening trade on – where we’ve been underweight the front end of the yield curve because we thought the Bank of Canada would tighten, which it did,” says Mr. Dutkiewicz. “So tactically, we have more emphasis on the 10-year sector. Also, we’ve been fairly aggressively long in credit. We added credit in 2009 and in 2010.”

James Dutkiewicz has 15 years of experience in analyzing and trading bonds. He joined CI Investments’ Signature team in 2003 from YMG Capital Management Inc., where he was a corporate bond analyst and part of a team that managed $7.5 billion in fi xed-income investments. Prior to that, he worked on the bond desk at Merrill Lynch Canada. He holds the Chartered Financial Analyst designation and a BA in economics from Wilfrid Laurier University.

8 W I N T E R 2 0 1 1 E A R L Y E D I T I O N P E R S P E C T I V E A S A T D E C E M B E R 3 1 , 2 0 1 0

About 43% of the fund is corporate credit, versus roughly 26% for the benchmark. All of the credits in the mandate are investment grade. The fund is rounded out with 38% in federal government securities, 15% in provincial government bonds and the balance in cash.

“In terms of the corporate credits, we own a fair amount of U.S. fi nancials,” Mr. Dutkiewicz points out. “We hold the U.S banks, J.P. Morgan, Wells Fargo, and Bank of America Merrill Lynch. Also, recently, we’ve been buying a lot of the grocery store chains, including Loblaw. We didn’t own any of it two years ago.”

Signature Corporate Bond FundSignature Corporate Bond Fund is a blend of asset classes. It can invest in investment-grade bonds across the maturity spectrum, based on Mr. Dutkiewicz’s direction, or it can invest in high-yield corporate bonds, under the direction of Geof Marshall, who heads Signature’s high-yield team. The fund’s third lead manager is John Shaw, who concentrates on international credit analysis, corporate bonds and preferred shares.

In terms of positioning, the fund began 2010 with a 60% allocation to investment grade and 40% in high yield.

“It’s currently fl ipped around. It’s now 60% high yield and just under 40% in investment grade,” says Mr. Dutkiewicz. “That refl ects our growing confi dence about the recovery. When we lend money to companies in the high-yield space we get a greater yield than investment grade. Our average rating in the high-yield portion of the portfolio is single B high to double B low, slightly higher quality than the high-yield benchmark. Our modus operandi in high yield is to buy good companies. We don’t buy distressed debt. We don’t try to catch falling knives or falling pianos. We want to buy companies that we think are going to be successful.”

And by shifting exposure away from investment grade, Mr. Dutkiewicz says, Signature is reducing duration or interest rate risk. The average maturity of the corporate bond fund is less than fi ve years.

Spotlight James Dutkiewicz

W I N T E R 2 0 1 1 E A R L Y E D I T I O N P E R S P E C T I V E A S A T D E C E M B E R 3 1 , 2 0 1 0 9

About CI Corporate Class …

CI Corporate Class provides many of the benefi ts that can be found with TFSAs or registered accounts, including the ability to defer tax on

investment income and capital gains. This allows for increased compound growth over the long term and the ability to make

investment decisions such as rebalancing, without worrying about the tax consequences. Corporate Class also

allows clients to draw tax-effi cient cash fl ow from their investments.

CI Corporate Class is an ideal choice for all non-registered investments.

www.ci.com/corporateclass

Coming soon … new website for

As part of our commitment to provide useful information and tools for you and your clients, we are pleased to bring you our new Corporate Class website.

1 0 W I N T E R 2 0 1 1 E A R L Y E D I T I O N P E R S P E C T I V E A S A T D E C E M B E R 3 1 , 2 0 1 0

Global outlook

Eric BushellSenior Vice-President,Portfolio Managementand Chief Investment Offi cer

We exited the third quarter believing that fears of a double-dip recession were overstated and that the bond market, where defensive investors had been hiding since the credit crisis began, had become fully valued. Since then, the U.S. Federal Reserve took out added insurance in November against the possibility of defl ation by embarking on a US$60 billion Treasury purchase program. The dollar weakness associated with this second round of quantitative easing (or “QE2”) propelled commodities higher, led by gold, as printing of the world’s reserve currency can have that effect. Moves higher for economically sensitive commodities like copper, oil and coal were underpinned by real demand and supply disruptions. In our diversifi ed funds, we prefer to emphasize commodities with real uses ahead of gold. Infl ation expectations have risen and global real interest rates have headed higher since QE2.

In Europe, the temporary fund set up to ensure fi nancial stability fund was made permanent as the European Central Bank pushed Ireland to become the fi rst nation to accept a bailout. Nonetheless, discussions over private sector losses on government bonds and bank refi nancing challenges elevated concerns among investors.

The Republican victory in the U.S. mid-term elections was good news for business, which continued with the Obama administration’s agreement to extend Bush-era income tax cuts and add further tax incentives for business. We believe these measures will be effective in unlocking pent-up hiring and capital expenditure activity in coming quarters. Food and wage infl ation pressures throughout developing economies also emerged in the fourth quarter, marking an end to the era of global disinfl ation. Overall, 2011 should see a recovery in bank lending, consumption and business investment. In short, it should be a good year for global growth, and equities should outperform as they did in 2010.

Global outlook

Drummond BrodeurVice-President,Portfolio Managementand Global Stategist

The outlook for global equity markets in 2011 is attractive. While many structural challenges remain – such as sovereign debt in developed economies and rising infl ation in emerging economies – our belief is that these issues will be trumped by the unfolding cyclical recovery.

All signs are that the U.S. economy has re-accelerated and should continue to see strong private sector-led growth through 2011, as companies invest and hire to meet growing demand. Meanwhile, policymakers have made it clear they will not tighten prematurely. The Federal Reserve remains committed to quantitative easing until June, while the necessary fi scal austerity has been deferred to 2012 at the earliest with the extension of the Bush tax cuts and other measures to support employment.

Many emerging economies have enjoyed robust recoveries and have begun to tighten fi scal and monetary policy in response to rising infl ation. Nevertheless, we do not see this as a threat to their still strong growth. While we believe Europe recognizes the need to fi nd solutions to its debt problems, we are less certain that the same realization exists in the U.S., the world’s largest debtor nation. The key challenge facing the global economy in the next few years will be addressing the imbalances between the U.S. and its creditors, led by China. We will be monitoring developments as the world strives to develop a new set of rules for international economic engagement.

Market Roundup

Signature Market Roundup

Signature Market Roundup

W I N T E R 2 0 1 1 E A R L Y E D I T I O N P E R S P E C T I V E A S A T D E C E M B E R 3 1 , 2 0 1 0 1 1

Interest rates

James DutkiewiczVice-President,Portfolio Managementand Portfolio Manager

In early 2011, global interest rate markets are likely to see a continuation of recent trends. Yields rose rather dramatically in the fourth quarter in response to improved economic data and renewed fi scal and monetary stimulus in the United States. Consumer spending over the holidays was up 5% over the previous year, job growth is rebounding and commercial and industrial loan growth has turned positive. These are signs of a strengthening cyclical expansion that has led to a signifi cant increase in consensus 2011 GDP forecasts. However, both core and headline infl ation data continue to trend lower. Furthermore, the Federal Reserve at its December meeting indicated that economic growth would have to meet a high hurdle rate before it would curtail the $600 billion Treasury buying program.

This presents a dilemma for bond investors. Where should long-term yields be when overnight borrowing rates are fi xed at 0.25%, the central bank is buying bonds and there is no infl ation, but growth is rebounding and equities look attractive? We expect that 10-year U.S. yields will range between 3.25% and 4.0% over the next few months and that levels below 3.0% are highly unlikely. Canadian bond yields should track the same general pattern as the Canadian economy recovers from its third quarter swoon.

Real estate and income trusts

Ryan FitzgeraldVice-President,Portfolio Managementand Portfolio Manager

With the passing of 2010, we fi nally say goodbye to the income trust. The income trust model required constant access to capital markets, something that was severely impaired following Federal Finance Minister Jim Flaherty’s 2006 announcement that trust distributions would be taxed at corporate tax rates beginning in 2011. What did not change was investors’ need for yield, especially following the precipitous decline in interest rates with the 2008 fi nancial crisis. This resulted in massive fund fl ows into a select group of income trusts that market participants deemed would be able to sustain their distributions after becoming taxable. Typically, these were the best companies to start with, companies with very stable, long-dated cash fl ows. Favoured sectors such as pipeline operators, renewable power generators, and REITs (which are not affected by the new trust rules) benefi ted from this fund fl ow and, in some cases, saw valuations rise to all-time highs.

In 2011, we expect more of the same. The small set of “winners” will continue to be favoured by investors who have limited options for achieving high yields elsewhere. This creates an environment ripe for overvaluation. Currently, our holdings are concentrated in these favoured sectors, but we are selectively taking profi ts and looking to re-deploy capital outside of Canada, where valuations are more reasonable.

1 2 W I N T E R 2 0 1 1 E A R L Y E D I T I O N P E R S P E C T I V E A S A T D E C E M B E R 3 1 , 2 0 1 0

Signature Market Roundup

Financials

John HadwenVice-President,Portfolio Managementand Portfolio Manager

We felt strongly that U.S. banks were well positioned for 2010 with strong capital positions, suffi cient credit reserves, and a view that credit costs would trend lower. Regulatory risks represented a concern but undemanding valuations seemingly provided room to absorb punitive taxes and higher capital requirements. Our positioning served us extremely well in the fi rst quarter of the year, as the market began to recognize signifi cant credit improvement and capital strength in the sector.

In April 2010, however, things took a turn for the worse, as the SEC fi led a complaint against Goldman Sachs. This development and the subsequent rhetoric contributed to the passage of a Financial Reform Bill with higher capital requirements and tough restrictions related to proprietary trading, hedge funds, private equity funds, debit interchange, and derivatives activities. The bill’s design was quite damaging for the fi nancial sector with direct revenue hits and added structural costs. There is also concern that the new Consumer Financial Protection Agency presents an unpredictable new risk.

Outside of the U.S., industry and regulators were focused on the design and implementation of the Basel III international banking standards. It was well recognized that the quantity

and quality of bank capital would be trending higher, but to what degree and timeline? The fi nal capital structure for banks will have signifi cant impact on leverage and thus return on equity and valuation. The Basel proposals entertained challenging (perhaps ridiculous) liquidity requirements and asset/liability matching that could make certain traditional banking services uneconomic. This confusion resulted in signifi cant debate about future bank valuation. In addition, regulators and politicians pushed the capital debate to a new level with the view that new measures were needed to protect governments from future bank bailout expenses.

The sovereign debt crisis added to the sector’s woes in 2010, given that any losses on Portuguese, Irish, Greek and Spanish government bonds would have a signifi cant impact.

Over the past two years, regulatory changes and potential regulatory changes have had a much greater impact on bank valuations. This ongoing uncertainty has depressed investor confi dence in the sector, which is why it remains signifi cantly undervalued on a global basis. We expect global fi nancial equities to perform well in 2011 as sector earnings, dividends and capital levels continue to recover.

Signature Market Roundup

W I N T E R 2 0 1 1 E A R L Y E D I T I O N P E R S P E C T I V E A S A T D E C E M B E R 3 1 , 2 0 1 0 1 3

Health care

Rui CardosoVice-President,Portfolio Managementand Portfolio Manager

The health care sector continued to lag the overall market in closing out 2010 and it fi nished the year as the worst performer among the S&P 500 industry groups, as more economically sensitive sectors outperformed. Despite a late-year rally, medical device companies were the weakest sub-group in the health care universe because of fears of lower health care utilization and pricing pressures from hospital and insurance groups in the U.S. and fears of reimbursement cuts in Europe. Pharmaceutical stocks fared better, but still lagged the market, while drug distributors and life science tool companies were the best-performing groups.

Looking into 2011, we maintain a positive outlook for the sector due to historically low valuation levels, reduced headline risk related to health care reform, and improving prospects stemming from maturing drug pipelines for big pharma. We expect that investors will increasingly focus on the sector’s emerging markets exposure and its high dividend yields provide added income potential for patient investors waiting for valuation levels to normalize.

Technology, media & telecommunications

Malcolm WhiteVice-President,Portfolio Managementand Portfolio Manager

The technology sector started the year with a bang at the Consumer Electronics Show. The focus this year is the growth of the tablet market, pioneered by Apple but now becoming more mainstream as players such as RIM, Microsoft and others launch their product offerings. This is exciting because tablets are a key component of a larger structural revolution that is occurring as we shift to a cloud-based computing paradigm.

The focus of the media sector in 2011 will undoubtedly be the impact of social media in the advertising market. Discussion has heated up as Facebook has now surpassed Google in terms of Web traffi c and in light of a potential IPO from Facebook this year or next.

On the telecommunications side, the sector continues to offer attractive dividend yields in a low interest rate environment. Growth is coming from an explosion of data as more people adopt smartphones that offer more utility than simple voice. We are especially excited about the acceleration of data usage in emerging markets as new next-generation wireless data networks are deployed.

1 4 W I N T E R 2 0 1 1 E A R L Y E D I T I O N P E R S P E C T I V E A S A T D E C E M B E R 3 1 , 2 0 1 0

Signature Market Roundup

Natural resources

Scott ValiVice-President,Portfolio Managementand Portfolio Manager

Energy and materials markets rallied into year-end on the back of favourable economic growth indicators and disruptive supply dynamics. Australia was hit with severe fl ooding in key thermal and coking coal producing regions, disrupting supply and causing major producers to declare force majeure. These disruptions have once again reminded the world that supply is very tight with multiple infrastructure bottlenecks. Supply from this region is likely to be constrained at least until the end of January.

Copper prices also increased as continued strong demand and incremental supply disruptions focused attention on the expected supply defi cits in 2011. With limited new production and declining head grades at current operations, the copper market should continue to be strong this year. Oil markets also appear to be tightening. With confi dence in global growth returning and increasing North American demand, the markets are anticipating a reduction in spare capacity. The increase in oil prices is leading to a renewal of exploration and exploitation, boosting demand for energy services.

Grain markets are also tight, with disappointing harvests in North America and the ongoing drought in Argentina. However, farm income should continue to be strong, leading to robust fertilizer applications and the restocking of depleted wholesale and retail channels.

Overall, we look for commodities to continue at robust price levels in 2011.

Foreign Exchange

James DutkiewiczVice-President,Portfolio Managementand Portfolio Manager

As expected, the Canadian dollar has traded at and slightly above parity versus the U.S. dollar. Canada has overcome a trade defi cit that is running at an annualized rate of $25 billion in the past four months, which is in sharp contrast to the $40 billion to $50 billion in annualized surpluses in 2007-2008. Net foreign demand for Canadian securities, mostly debt products, has jumped to over $11 billion monthly in the past quarter. This demand, which is easily funding the current account defi cit, and higher commodity prices have contributed to the loonie being one of the strongest currencies in the G10 in the past few months.

The predominant story in foreign exchange markets recently has been the resurgence of the U.S. dollar versus the euro. We increased our hedge against the euro in early November as a precaution to a “buy the rumour, sell the fact” market reaction to the quantitative easing announcement in the U.S. Indeed, the euro has retraced much of its rally from the summer, as Ireland sought fi nancial assistance from the European Union and IMF. The outlook for the euro is problematic in the near term, due to an imposing debt refi nancing schedule for the peripheral nations. That said, we believe the EU will avert a funding crisis. The euro will experience signifi cant volatility, but is unlikely to trade to new lows versus the U.S. dollar.

Signature Market Roundup

W I N T E R 2 0 1 1 E A R L Y E D I T I O N P E R S P E C T I V E A S A T D E C E M B E R 3 1 , 2 0 1 0 1 5

High-yield bonds

Geof MarshallVice-President,Portfolio Managementand Portfolio Manager

With a 15.2% return in 2010, the high-yield bond market has posted the best two-year return in the short history of the asset class. Considering the record amount of new issue supply in 2009 and 2010, this has been astonishing. The market has had extended periods of above-average returns in the past, including 1991-1993, 1995-1997 and 2003-2006. The question then is, can the current rally continue?

While all-in yields are modest, valuations as measured by credit spreads (the difference in the yield between the corporate bond and a Treasury bond of comparable maturity), which are currently at +541 basis points, approximate the historical average of +534 basis points. This average, however, has been skewed by the massive widening of spreads that occurred in 2008, so the 1984-2007 average of +456 basis points provides a better yardstick.

Strong corporate fundamentals and an improving economy should ensure that default rates remain low. This makes valuations even more compelling, with a high likelihood of further spread tightening. Price appreciation gains from spread tightening could face a slight headwind from rising Treasury yields, possibly late in the year. In this case, total returns would be in the high-single-digit range, but lower than the previous year, although we made the same prediction last year. As such, we consider high-yield bonds the most attractive part of the fi xed-income market and they continue to comprise a core component of our income strategies.

1 6 W I N T E R 2 0 1 1 E A R L Y E D I T I O N P E R S P E C T I V E A S A T D E C E M B E R 3 1 , 2 0 1 0

CI Investments offers a comprehensive selection of income funds to meet investor needs. These range from traditional bond funds to diversified income funds that offer enhanced yields by investing in higher-yielding asset classes, such as high-yield corporate bonds, infrastructure, REITs and other real estate-related securities. To assist you in choosing the appropriate funds for your clients, we present this monthly communication featuring highlights of seven key income offerings. This piece is being e-mailed on a monthly basis. Please contact your CI sales team to ensure delivery. We hope you will find it useful and informative in discussions with your clients.

CI Income Opportunities – Fund Highlights

W I N T E R 2 0 1 1 E A R L Y E D I T I O N P E R S P E C T I V E A S A T D E C E M B E R 3 1 , 2 0 1 0 1 7

Income Opportunitiesas at November 30, 2010 (Class A)

SignatureDiversifi ed

Yield

Signature High Income

Signature Corporate

Bond

Signature Income & Growth

PS Income Select Income Advantage Managed

Signature Canadian

Bond

Monthly per unit distribution $0.05 $0.07 Variable $0.025 $0.04 N/A Variable

Annualized distribution payout 5.3% 6.2% Variable 6.4% 4.4% N/A Variable

Portfolio yield (approx.) 6.2% 6.3% 6.8% 3.9% 5.0% 4.4% 3.7%

Dividend characteristics ROC & capital gains

ROC, income & capital gains Income Income &

capital gainsIncome &

capital gains N/A Income

Current asset mix*

Cash 10% 6% 3% 6% 6% 11% 4%

Government and investment grade corporate bonds 6% 6% 36% 11% 38% 49% 96%

High-yield bonds 45% 36% 61% 20% 21% 18% 0%

REITs, trusts, & equities 39% 52% 0% 63% 35% 22% 0%

Duration

In years (bond portion) 3.9 3.4 4.4 3.9 4.9 5.2 6.0

Credit quality

Average credit quality BB BB+ BB+ BBB A- A+ AA-

% under Single B 5% 7% 4% 6% 3% 2% 0%

Currency exposure*‡

CAD 73% 88% 91% 82% 76% 71% 99%

USD 19% 7% 9% 9% 9% 10% 1%

EUR 0% 1% 0% 1% 4% 4% 0%

Other 8% 4% 0% 8% 11% 15% 0%

Management fees

Class A 1.90% 1.25% 1.70% 2.00% 1.65% 1.65% 1.35%

Class F 0.90% 0.75% 0.85% 1.00% 0.90% 0.90% 0.85%

PMA ($500K level)† 0.95% 0.95% 0.95% 0.95% 0.95% 0.70% 0.70%

PMA ($1M level)† 0.85% 0.85% 0.85% 0.85% 0.85% 0.65% 0.65%

Trailer fees

Class A (ISC/DSC) 1.00%/0.50% 0.50%/0.25% 0.50%/0.25% 1.00%/0.50% 0.50%/0.25% 1.00%/0.50% 0.50%/0.25%

Fund codes

Trust Class A FE 619 686 9010 6116 7740 N/A 837

Trust Class A DSC 819 786 9060 6166 7745 N/A 847

Trust Class A LL 1619 1786 1150 1166 1745 N/A 1847

Corp Class FE 2319 2304 2308 2309 N/A 2265 2303

Corp Class DSC 3319 3304 3308 3309 N/A 3265 3303

Corp Class LL 1319 1304 1308 1309 N/A 1465 1303

Source: CI Investment Consulting, RBC Dexia, Wilshire Atlas, Wilshire Axiom* Aggregate exposure may not equal 100% due to rounding.† Includes both management and administration fees.‡ Currency exposure includes the effect of hedging.

1 8 W I N T E R 2 0 1 1 E A R L Y E D I T I O N P E R S P E C T I V E A S A T D E C E M B E R 3 1 , 2 0 1 0

Signature Diversified Yield Fund November 30, 2010

Fund ManagementGeof Marshall, VP, Portfolio ManagerJoe D’Angelo, VP, Portfolio ManagerRyan Fitzgerald, VP, Portfolio ManagerEric Bushell, SVP, Chief Investment Offi cer

Signature Global Advisors of Toronto, a division of CI Investments Inc., manages $25 billion across all asset classes, including fi xed income and Canadian and global equities. Signature’s advantage is its approach in which portfolio managers and analysts specializing in each asset class and sector combine their research to develop a comprehensive picture of a company and its securities. The team is led by Chief Investment Offi cer Eric Bushell.

Fund CharacteristicsNAV: $10.30Monthly distribution/unit: $0.05Annualized Payout Ratio: 5.8%Portfolio Yield (approx.): 6.3%Distribution characteristics: ROC and Capital Gains

Holdings AnalysisAsset classHigh-yield bonds 45%Real estate 23%Infrastructure 17%Cash & equivalents 10%Gov’t & investment-grade corporate bonds 5%Other 0%

GeographyUnited States 39%Canada 28%Pacifi c Rim 18%Europe 10%Other 5%

Currency exposureCanadian dollar 73%U.S. dollar 19%Other 8%Euro 0%

Bond characteristicsDuration in years 4.1Foreign bonds 42%% of fund rated under B 5%Average credit quality BB

SectorFinancials 35%Industrials 17%Cash & equivalents 10%Consumer discretionary 9%Energy 6%Telecommunications 6%Health care 4%Materials 4%Utilities 3%Consumer staples 2%Technology 2%Other 2%

Key Facts

• Diversifi ed income portfolio by asset class, geography, and region.

• Tax-advantaged monthly distribution.

• High-quality high-yield portfolio.

• Active currency hedging strategy used for both protection and advancement of foreign holdings within the portfolio.

• Also available in tax-effi cient Corporate Class, T-Class, and segregated funds.

W I N T E R 2 0 1 1 E A R L Y E D I T I O N P E R S P E C T I V E A S A T D E C E M B E R 3 1 , 2 0 1 0 1 9

Portfolio Snapshot

PerformanceYTD 1 month 3 months 6 months 1 year

Signature Diversifi ed Yield 8.7% -1.7% 3.3% 10.5% 9.3%

HoldingsReal estate

Top 5 Holdings Country WeightBrookfi eld Asset Management Inc. Canada 4.4%H&R REIT Canada 2.5%Capital Commercial Trust Singapore 2.2%Chartwell Seniors REIT Canada 1.9%Westfi eld Group REIT Australia 1.7%

High-yield bonds

Top 5 Holdings Country WeightCHC Helicopters SA, 9.25%, 15Oct20 Canada 1.2%Harvest Operations Corp., 6.875%, 01Oct17 Canada 1.1%Goodyear Tire and Rubber Co., 10.5%, 15May16 United States 0.9%Lender Processing Services inc., 8.125%, 01Jul16 United States 0.8%CB Richard Ellis, 11.625%, 15Jun17 United States 0.8%

Infrastructure

Top 5 Holdings Country WeightTransurban Group Australia 1.7%Atlantia SpA Italy 1.6%InToll Group Australia 1.5%FraPort AG Germany 1.5%Macquarie Airports Australia 1.1%

Fund Codes

Mutual Fund Corporate Class Class T5 Class T8Class A Class F Class I Class A $US Class F $US Class I Class A Class F Class I Class A Class F Class I

ISC 619 4619 5619 2319 2519 4319 4519 5331 119T5 419T5 519T5 619T8 919T8 019T8

LSC 1619 1319 1519 319T5 819T8

DSC 819 3319 3519 219T5 719T8

2 0 W I N T E R 2 0 1 1 E A R L Y E D I T I O N P E R S P E C T I V E A S A T D E C E M B E R 3 1 , 2 0 1 0

Brian: The SituationBrian, age 40, has just inherited $100,000. Since he has maximized his RRSP and tax-free savings account, he plans to invest this money in a non-registered account. Brian knows that any interest income generated by a non-registered account will be taxed at his top marginal rate. Also, any other distributions he receives – dividends or capital gains – will be taxed in the year they are declared or received.

The challengeTo find an investment solution for Brian that will provide growth and help him to postpone paying tax on his investment gains for as long as possible.

Since Brian is investing for the long term, he wants:

to be able to minimize or defer paying tax on annual distributions

the flexibility to rebalance his investments without causing a taxable disposition

to be able to benefit from tax-free compounding growth, and a wide choice of investments.

Brian plans to use his investment as a source of income when he retires.

The strategyBrian’s advisor suggests investing the $100,000 in CI Corporate Class. His advisor explains that the corporate structure can minimize or eliminate the payment of annual taxable distributions. If he does receive an annual distribution, it will only be a Canadian dividend or a capital gains dividend – both of which receive preferential tax treatment.

Brian and his advisor choose a balanced portfolio that consists of:

$40,000 in CI Short-Term Corporate Class

$20,000 in CI Emerging Markets Corporate Class, and

$40,000 in Harbour Corporate Class.

To illustrate the benefits of Corporate Class, we are going to compare Brian’s portfolio with one made up of the mutual fund trust version of the same funds.

Tax-efficient investing at its best – Case study

W I N T E R 2 0 1 1 E A R L Y E D I T I O N P E R S P E C T I V E A S A T D E C E M B E R 3 1 , 2 0 1 0 2 1

The resultBetween June 1997 and August 2003, Brian’s portfolio performs well. He incurs $2,676 in taxable distributions from his equity funds, but none from the income fund. His total tax bill is $615. By comparison, the trust version of the same portfolio generates more than $17,200 in distributions – about half is highly taxed interest income. The tax bill on the trust portfolio is $5,940.

In September 2003, Brian and his advisor choose to rebalance his portfolio. He switches:

CI Short-Term Corporate Class to Signature Corporate Bond Corporate Class, for a higher potential return

CI Emerging Markets Corporate Class to CI Global Small Companies Corporate Class, for greater diversification, and

Harbour Corporate Class to Signature Select Canadian Corporate Class.

Thanks to the Corporate Class umbrella, Brian is able to make these switches without incurring a taxable event.

In January, 2007, Brian rebalances his portfolio again. He switches:

CI Global Small Companies Corporate Class back to Harbour Corporate Class, and continues to hold Signature Corporate Bond Corporate Class and Signature Select Canadian Corporate Class.

Over the years, Brian’s portfolio of Corporate Class funds has benefited from the power of compounding and outperformed the same portfolio of mutual fund trusts. More of his money stayed invested and he has saved over $26,000 in income taxes. When he retires, Brian can create a regular cash flow with CI’s T-Class, which is based on Corporate Class. T-Class funds make regular payments in the form of non-taxable return of capital, allowing Brian to defer paying tax even longer.

$220,000

$200,000

$180,000

$160,000

$140,000

$120,000

$100,000

$80,000June 97 98 99 00 01 02 03 04 05 06 07 08 09 June 10

Brian’s portfolio$203,407

Trust portfolio$178,750

Corporate Class vs. Trust Performance

Source: Globe HySales, CI Investment ConsultingThis case study is based on the actual performance of CI Corporate Class and trust mutual funds from 1997 to 2010. Switches assume after-tax amount is reinvested in the new fund. Tax rate based on top marginal rate for Ontario of 46%.

2 2 W I N T E R 2 0 1 1 E A R L Y E D I T I O N P E R S P E C T I V E A S A T D E C E M B E R 3 1 , 2 0 1 0

Signature Gold Corporate Class

Gold continues to be appreciated by investors because of its unique characteristics in providing a store of value in times of crisis and a hedge against inflation. Now there is an easy and convenient way to invest in gold through Signature Gold Corporate Class. It provides the benefits of investing in gold, with the added advantages of CI’s tax-efficient Corporate Class structure.

Signature Gold Corporate Class

FOR ADVISOR USE ONLY

W I N T E R 2 0 1 1 E A R L Y E D I T I O N P E R S P E C T I V E A S A T D E C E M B E R 3 1 , 2 0 1 0 2 3

Fund Codes

Class A Class F Class I

ISC DSC LL ISC ISC

Signature Gold Corporate Class 2378 3378 1378 4378 5378

Signature Gold Corporate Class US$ 2379 3379 1379 4379 n/a

ISC DSC LL

Commissions Class A 0-5% 5.0% 2.0%

Annual trailer fees Class A 1.0% 0.5% fi rst 7 years, 0.5% fi rst 3 years, 1.0% thereafter 1.0% thereafter

Management fees Class A: 2.0% Class F: 1.0%

Investment objective: To provide a secure, convenient alternative for investors seeking to hold gold for long-term capital growth. The fund will invest primarily, directly or indirectly, in gold bullion and equity securities. The fund may also invest, directly or indirectly, in silver, platinum and palladium.

Portfolio Advisor: Signature Global Advisors

Lead Portfolio Manager: Scott Vali, CFA, Lead Portfolio Manager of Signature Canadian Resource Fund and Signature Global Energy Corporate Class

Benefi ts• convenient way to gain exposure to gold bullion, with

an initial target of 50% of the portfolio invested in bullion

• diversifi cation because of gold’s low correlation to equity markets

• gold can provide a hedge against infl ation

• part of the tax-effi cient CI Corporate Class structure

• additional diversifi cation through holdings of equity securities of gold producers, with a focus on senior fi rms

• potential additional exposure to bullion in other precious metals (silver, platinum and palladium) and equities of companies producing those metals

• active portfolio management by Signature Global Advisors in determining the mix of investments.

SuitabilityFor investors who:

• seek exposure to the price of gold bullion and other precious metals

• want portfolio diversifi cation through an investment in the gold commodity

• want additional diversifi cation within CI Corporate Class

• are concerned about equity market volatility or infl ation, and want the stability provided by gold.

The Signature Advantage Signature Global Advisors manages core equity, balanced and income-oriented funds, and is CI Investments’ largest in-house portfolio management group. The team of 24 investment professionals, led by Chief Investment Offi cer Eric Bushell, manages over $25 billion. Signature’s expertise has been recognized by 11 Canadian Investment Awards in the past nine years, including awards for Signature Canadian Resource Fund in 2008 and 2009.

Signature Gold Corporate Class

2 4 W I N T E R 2 0 1 1 E A R L Y E D I T I O N P E R S P E C T I V E A S A T D E C E M B E R 3 1 , 2 0 1 0

At a glanceIncome Class

Contract One contract covers all classes - Maximize benefits - Enhance client reporting

Contract maturity & death guarantees 75% at contract maturity (age 100) and 100% at death*

Guaranteed Lifetime Withdrawal Benefit (GLWB)

Withdrawals based on an age-tiered LWA Rate and income stream payment options:One-Life Income Stream – covers life of one individual. Income available at January 1 of the year the designated annuitant turns 65. Starts at 5% of the LWA Base. Two-Life Income Stream – covers lives of an annuitant and spouse, starting January 1 the year the younger spouse turns 65. Starts at 4.5% of LWA Base.

See advisor guide for further information on LWA Rates and treatment of registered plans.

5% Bonus 15 years from the initial investment, plus prorated in the first year

Resets Death benefit – automatic on every third contract anniversary date until the annuitant reaches age 80, with a final reset at age 80.

GLWB resets occur on the third contract anniversary date and may increase the LWA Rate.

Guarantee flexibility Clients may switch classes to meet financial objectives without triggering a taxable disposition, provided underlying fund stays the same. In some cases the guarantees remain in place. Switch between Income and Estate Classes, without affecting the principal protection guarantees.

Funds available 44 funds, including Portfolio Series and SunWise Essential Bundles

Investments up to 70% equity

Ability to bypass probate Yes

Waiving redemption fees upon death Yes

Initial deposit $25,000

Minimum initial deposit per class of a fund

$100 ($50 PAC)

Minimum subsequent deposits $100 ($50 PAC)

Maximum deposits None

CI Private Managed Assets program

Minimum investment of $500,000, with $100,000 per asset class ($5,000 subsequent deposits)

Accounts serviced Open, RRSP, LIRA, LRSP, RRIF, LRIF, LIF, PRIF, RLIF, RLSP, TFSA

Automatic rebalancing Yes

Sales commissions ISC: Up to 5%DSC: 5%

Annual service fees ISC: 0%-0.25% on money market; 0.50% on other Income Funds (except Signature High Income & Signature Diversified Yield); 1.00% on other funds DSC: 0% on money market; 0.25% on other Income Funds (except Signature High Income & Signature Diversified Yield); 0.50% on other funds

Fund switches No charge (switches within 30 business days of deposit may be subject to an early withdrawal fee)

W I N T E R 2 0 1 1 E A R L Y E D I T I O N P E R S P E C T I V E A S A T D E C E M B E R 3 1 , 2 0 1 0 2 5

Investment Class Estate ClassSame as Income Class Same as Income Class

75% at contract maturity (age 100) and 75% at death* 75% at contract maturity (age 100) and 100% at death*

Not available Not available

Not available Not available

Not available Death benefit – automatic on every third contract anniversary date until the annuitant reaches age 80, with a final reset at age 80.

Same as Income Class Same as Income Class

74 funds across all asset classes 47 funds, including Portfolio Series and SunWise Essential Bundles

up to 100% equity up to 70% equity

Yes Yes

Yes Yes

$500 $500

$500 ($50 PAC) $500 ($50 PAC)

$100 ($50 PAC) $100 ($50 PAC)

None None

Same as Income Class Same as Income Class

Same as Income Class Same as Income Class

Yes Yes

Same as Income Class Same as Income Class

Same as Income Class Same as Income Class

Same as Income Class Same as Income Class

2 6 W I N T E R 2 0 1 1 E A R L Y E D I T I O N P E R S P E C T I V E A S A T D E C E M B E R 3 1 , 2 0 1 0

VancouverTEL: 604-681-3346 TOLL-FREE: 1-800-665-6994

Roy Ratnavel Senior Vice-President rratnavel@ci.comSean Hirtle Vice-President shirtle@ci.comVincent Nijjar Vice-President vnijjar@ci.comNeil Rawal Vice-President nrawal@ci.comTim Shrigley Vice-President tshrigley@ci.comJim Tsiakos Vice-President jtsiakos@ci.comVictor Young Vice-President vyoung@ci.comElijah Clare Inside Sales eclare@ci.comEric Mooney Inside Sales emooney@ci.comRosalind Salter Inside Sales rsalter@ci.comKristyne Melbarde Sales Assistant kmelbarde@ci.comJenny Obermeier Sales Assistant jobermeier@ci.comRicki Thal Sales Assistant rthal@ci.com

CalgaryTEL: 403-205-4396 TOLL-FREE: 1-800-776-9027

Roy Ratnavel Senior Vice-President rratnavel@ci.comJodie deMunnik Vice-President jdemunnik@ci.comTravis Jensen Vice-President tjensen@ci.comBill Johnstone Vice-President bjohnstone@ci.comStephen Mantrop Vice-President smantrop@ci.comJames Sturdy Vice-President jsturdy@ci.comBryce Walker Vice-President bwalker@ci.com Scott Brown Inside Sales sbrown@ci.comHassan Chauhan Inside Sales hchauhan@ci.comJonathan Marusiak Inside Sales jmarusiak@ci.comKarla Piper Sales Assistant kpiper@ci.comEileen Soby Sales Assistant esoby@ci.com

Montreal TEL: 514-875-0090 TOLL-FREE: 1-800-268-1602

Patrick Lefrançois Senior Vice-President plefrancois@ci.comJacen Campbell Vice-President jcampbell@ci.comJoseph Gagliano Vice-President jgagliano@ci.comJeremy Gould Vice-President jgould@ci.comOlivier Liard Vice-President oliard@ci.comPeter Papamichalopoulos Vice-President papamichalopoulos@ci.comJacques Prévost Vice-President jprevost@ci.comRoberto Katigbak Inside Sales rkatigbak@ci.comLouis-Philippe Proulx Inside Sales lproulx@ci.comDiane Tremblay Inside Sales dtremblay@ci.comCarine Coursol Sales Assistant ccoursol@ci.comSamira Haikel Sales Assistant shaikel@ci.comMaritza Paredes Sales Assistant mparedes@ci.com

Mike WarusSenior Vice-President

Patrick LefrançoisSenior Vice-President

Roy RatnavelSenior Vice-President

Ontario TEL: 416-364-1145 TOLL-FREE: 1-800-268-9374

Mike Warus Senior Vice-President mwarus@ci.comKevin Bonello Vice-President kbonello@ci.comRon Bowes Vice-President rbowes@ci.comErick Boucher Vice-President eboucher@ci.comJason Capobianco Vice-President jcapobianco@ci.comSean Etherington Vice-President setherington@ci.comJeff Hobson Vice-President jhobson@ci.comRyan Keefe Vice-President rkeefe@ci.comCraig Koenig Vice-President ckoenig@ci.comPierre Lalonde Vice-President plalonde@ci.comAndrew McBain Vice-President amcbain@ci.comPeter Perri Vice-President pperri@ci.comMatthew Rose Vice-President mrose@ci.comAhmad Salehzadeh Vice-President asaleh@ci.comJennifer Sinopoli Vice-President jsinopoli@ci.comTim Skoubouris Vice-President tskoubouris@ci.comAlex Steele Vice-President asteele@ci.comDamon Sutherland Vice-President dsutherland@ci.comDavid Vigilanti Vice-President dvigilanti@ci.comSharad Appadoo Inside Sales sappadoo@ci.comTaylor Barrett Inside Sales tbarrett@ci.comAlexandra Katz Inside Sales akatz@ci.comDevendra Maharajh Inside Sales dmaharajh@ci.comChristopher Matugas Inside Sales smatugas@ci.comSarah Potosky Inside Sales spotosky@ci.comNathan Rothwell Inside Sales nrothwell@ci.comZoe Rutledge Inside Sales zrutledge@ci.comJosh Varghese Inside Sales jvarghese@ci.comCheryl Bemister Sales Assistant cbemister@ci.comTeresa Hasiuk Sales Assistant thasiuk@ci.comMichelle Kang Sales Assistant mkang@ci.comDebra MacPhail Sales Assistant dmacphail@ci.comMagda Mirecki Sales Assistant mmirecki@ci.comAlda Silva Sales Assistant asilva@ci.comMarion Tymburski Sales Assistant mtymburski@ci.com

Halifax TOLL-FREE: 1-800-268-9374 Patrick Lefrançois Senior Vice-President plefrancois@ci.comGreg Giffin Vice-President ggiffin@ci.comAndrew Lacas Vice-President alacas@ci.comCasey Walsh Vice-President cwalsh@ci.comDean Chong Inside Sales dechong@ci.comHeather Kennedy Sales Assistant hkennedy@ci.com

CI Institutional Asset ManagementTEL: 416-364-1145 TOLL-FREE: 1-800-268-9374

Chris Boyle Senior Vice-President cboyle@ci.comDustin Hunt Vice-President dhunt@ci.comMurray Jewell Vice-President mjewell@ci.comLauren Bloom Account Manager lbloom@ci.comErik Brandt Account Manager ebrandt@ci.comSarah Varley Account Manager svarley@ci.comNicolette Cutz Sales Assistant ncutz@ci.com

Derek J. GreenPresident, CI Investments

dgreen@ci.com

CI Sales Team

Head Office 2 Queen Street East, 20th Floor, Toronto, Ontario M5C 3G7

Client Services: E-1-800-563-5181 F-1-800-668-3528www.ci.com

W I N T E R 2 0 1 1 E A R L Y E D I T I O N P E R S P E C T I V E A S A T D E C E M B E R 3 1 , 2 0 1 0 2 7

All commentaries are published by CI Investments Inc., the manager of all the funds described herein. They are provided as a general source of information and should not be considered personal investment advice or an offer or solicitation to buy or sell securities. Every effort has been made to ensure that the material contained in the commentaries is accurate at the time of publication. However, CI Investments Inc. cannot guarantee their accuracy or completeness and accepts no responsibility for any loss arising from any use of or reliance on the information contained herein.

Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. Unless otherwise indicated and except for returns for periods less than one year, the indicated rates of return are the historical annual compounded total returns including changes in security value. All performance data assume reinvestment of all distributions or dividends and do not take into account sales, redemption, distribution or optional charges or income taxes payable by any securityholder that would have reduced returns. Returns are for Class A securities, unless otherwise indicated. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated. Mutual fund securities are not covered by the Canada Deposit Insurance Corporation or by any other

government deposit insurer and there can be no assurances that the CI Money Market Funds will maintain its net asset value per security at a constant amount or that the full amount of your investment in these funds will be returned to you.

Sun Life Assurance Company of Canada, a member of the Sun Life Financial group of companies, is the sole issuer of the individual variable annuity contract -providing for investment in SunWise Essential Series segregated funds. A description of the key features of the applicable individual variable annuity contract is contained in the Information Folder. ANY AMOUNT THAT IS ALLOCATED TO A SEGREGATED FUND IS INVESTED AT THE RISK OF THE CONTRACT HOLDER AND MAY INCREASE OR DECREASE IN VALUE.

®CI Investments, the CI Investments design, Perspective, Signature Global Advisors, Synergy Mutual Funds, Harbour Advisors, Harbour Funds, Global Managers, American Managers, Insight and Insight Program, Legacy Funds and CI Guaranteed Investment Funds are registered trademarks of CI Investments Inc.

™ Cambridge, Portfolio Select Series, Portfolio Series and Signature Funds are trademarks of CI Investments Inc.®SunWise and Clarica are registered trademarks of Sun Life Assurance Company of Canada.

January 26 Eric Bushell & Geof Marshall

Signature Global Advisors

February 9 • Daniel BubisTetrem Capital Management

February 23 • Stephen JenkinsHarbour Advisors

March 9 • David PictonPicton Mahoney

March 30 • Alan RadloCambridge Advisors

FOR ADVISOR USE ONLY

Bringing you information you can use and share with your clients…

With the tremendous popularity of the CI GET CONNECTED webcast series, we are pleased to offer an enhanced lineup in 2011:

• webcasts twice a month with an executive summary the following week.• podcasts twice a month from selected portfolio managers.

CE credits will be available for webcast participants.

Watch for your e-mail invitations. If you are not on our e-mail list and would like to be, please contact your CI Sales Team.

Webcast schedule:

1101

-007

8_E