CI INCOME FUND – CLASS I

Q1 2020

TABLE OF CONTENTS

CI Financial Corp. & CI Institutional Asset Management, a division of CI Investments Inc.

CI Multi-Asset Management

▪ Investment Team▪ Investment Philosophy and Process

CI Income Fund Overview

Disclaimers

2

CI FINANCIAL – KEY STATS

• Established in 1965• Operates as a holding company• Assets under management ~$112.2B and assets under

advisement ~$43.7B• Over 1,700 employees worldwide• Growing global presence with offices in 10 cities and 4

countries• CI Institutional Asset Management (CIIAM) is a strong

multi-facetted institutional business totaling $12.9B in institutional AUM

Toronto | Montreal | Vancouver | Calgary | Boston Hong Kong | Sydney | Melbourne | Brisbane | San Francisco

CI In-House Portfolio Managers

Other Portfolio Management Relationships

and Associations

Source: CI Investments. As of March 31, 2020

3

CI FINANCIAL CORPFIRM OVERVIEW

CI INSTITUTIONAL ASSET MANAGEMENT (CIIAM)

Strength

• Established in 1965, CI Financial has grown to become one of Canada’s largest independent asset managers withapproximately $112.2 billion in assets under management1

• CI Institutional Asset Management (CIIAM) is a strong multifaceted institutional business with a total of $12.9 billion ininstitutional assets under management1

• Financial Institutions $ 9.0B1

• Pension, Endowment, Foundations, First Nations and Corporations $ 3.9B1

Choice

• We work closely with our clients to identify and understand their needs and challenges. We leverage our multi-boutique,multi-asset class platform to customize the best solution

• Full product suite including customized investment solutions for diverse needs

Vision

• Provide clients with innovative, outcome-oriented investment solutions that deliver on clients’ needs

• A dedicated sales, marketing, and client service team

• Experience and knowledge partnering with and servicing Canadian institutional clients

1 As at March 31, 2020

4

Building Successful Relationships

Client Service via Dedicated Institutional team and Portfolio Managers

Active Reporting & Communications Support

• History: CI Investments Inc. has been managing money for Canadian institutions since 1998

• Integration: We are involved and partner across multiple client channels (Banks, Insurance, Pension, Foundation, etc.)

• Experience: Dedicated sales, marketing, and client service team

• All client interactions are led by an experienced client relationship manager

• A collaborative & holistic approach by the entire team

• Customized service model

• Portfolio managers continuously available to provide updates on their team, portfolio(s) and outlook in both French & English

• Monthly fund reporting, overall attribution, asset class positioning, manager commentary, quarterly reporting and statements

• Proactive communications through newsletters, online podcasts, roadshows and ad hoc reports

• Ongoing discussions, including quarterly calls and formal investment reviews

CIIAM PARTNERSHIP MODEL 5

CI MULTI-ASSET MANAGEMENT 7

2004 $36.5B

64 13

19 3*

Founded Assets Under Management

Years of combined industry experience

Asset classes invested in

Sub-advisor relationships

Awards won for best fund-of-fund

Multi-Asset Focus

Multi-asset framework offers the best opportunity to benefit from imperfect correlations

Power of Partnerships

We use a delegated, multi-manager investment model to benefit from the expertise and specialization of

many different portfolio management teams.

Total Return Approach

We strive to manage all the factors that can influence an investor’s total return, including, but not limited to,

asset allocation, factor exposure, sector weights, market risk and currency exposure.

Source: CI Investments. As at March 31, 2020.*Morningstar Best Fund of Funds in 2011 and 2012 for CI Portfolio Series and in 2013 for CI Portfolio Select Series. For additional information on the awards, please go to http://corporate1.morningstar.com/Morningstar-Awards-Canada/

Alfred Lam, MBA, CFA (20)SVP and Chief Investment Officer

Stephen Lingard, MBA, CFA (25)Senior PM and Head of Research

Marchello Holditch, CFA, CAIA (10)VP and Portfolio Manager

Andrew Ashworth, MBA, CFA (9)Associate Portfolio Manager

Zoe Li, CPA, CMA (5)Portfolio Operations Associate

Investment Committee and Portfolio Construction

Manager Research & Oversight

Geraldo Ferreira, MBA, CFA (25)SVP

Milica Stojanovic (9)Director

Desta Tadesse (7)Senior Analyst

Natalie Karmally (4)Associate

Capital Market Expectations

Investment Solutions Group

50+ investment professionals in Boston, London, Sydney, and

Tokyo

INVESTMENT TEAM 8

Numbers in parentheses represents years of industry experience.

9TOTAL RETURN = BETA + ALPHA (MACRO/MICRO)

Macro Alpha(Top Down Allocation)

Micro Alpha(Bottom Up Selection)

Beta

Asset Class• Stocks• Rates• Credit• Cash• Commodities• Currency

Region• Canada• U.S.• International• Emerging

Markets

Factor• Low vol• Momentum• Quality• Growth• Value• Size

Sector• Cyclicals• Defensives

Strategic Asset Allocation

• Capital market expectations

• Asset mix optimization

Active Security Selection

• Fundamental• Quantitative• Systematic• Discretionary

+ +

10PROCESS

Portfolio construction

Strategy selection

Best-in-class fundamental active pools/funds

-Complementary passive and

smart beta

Asset allocation

Strategic asset allocation-

Tactical asset allocation

Risk management

Stress testing-

Hedging

Look-through exposures -

Position sizing

STRATEGIC ASSET ALLOCATION

Source: CI Multi-Asset Management. For illustrative purposes only

Long Term Expected Returns

11

LONG TERM EQUITY EXPECTED RETURNS

Expected Return = EPS growth + dividends + P/E expansion

EPS Growth

Dividends

P/E Expansion

Total expected return

Component Contribution

4%

2%

2%

8%

Source: CI Multi-Asset Management. For illustrative purposes only

12

Current yield

Change in expected yield

Credit spread

Total expected return

Component Contribution

1.7%

1.0%

1.3%

4.0%

Expected return = current yield + change in expected yield + credit spread

Source: CI Multi-Asset Management. For illustrative purposes only

LONG TERM FIXED INCOME EXPECTED RETURNS 13

14

INVESTMENT COMMITTEE MACRO ALPHA RESEARCH

Alfred LamInvestment Committee Chair

Macro EquitiesFixed Income &

CurrencyAlternative

Investments

Internal Support Andrew Ashworth, Zoe Li, TBD

10+ broker and independent research providersExternal Support

Research LeadsAlfred Lam

Stephen LingardMarchello Holditch

Stephen Lingard Alfred Lam Marchello Holditch

PORTFOLIO CONSTRUCTION 15

Credit

Cash

FX

Stocks Canada Momentum Consumer Discretionary

Rates U.S. Dividend Yield Communication Services

Europe excluding U.K. Quality

U.K. Size

Japan Low Volatility

Growth

Consumer Staples

Value

Health Care

Materials

Real Estate

Region Factor Sector

Energy

Financials

Industrials

Commodities

Pacific excluding Japan

Emerging Markets

Utilities

Information Technology

Asset Class

16RISK MANGEMENT

-16.7%

-15.1%

-14.7%

-13.5%

-11.9%

-11.9%

-11.1%

-10.7%

-10.4%

-9.9%

-18.4%

-16.1%

-18.3%

-17.7%

-10.9%

-10.9%

-11.9%

-8.8%

-10.3%

-9.1%

-20.0% -18.0% -16.0% -14.0% -12.0% -10.0% -8.0% -6.0% -4.0% -2.0% 0.0%

2007 - 2009 Subprime and Credit Crisis

2008 Lehman Bust

2008 - 2009 Global Financial Crisis

2000 - 2003 Tech Crash & Recession

MSCI World 2 Standard Deviation Correction

MSCI Europe 2 Standard Deviation Correction

1987 Market Crash

S&P/TSX Composite 2 Standard Deviation Correction

MSCI Japan 2 Standard Deviation Correction

S&P 500 2 Standard Deviation Correction

Worst Case Scenarios - Portfolio Performance vs. Benchmark

Source: MSCI Barra, For illustrative purposes only

STRATEGY REVIEW: CI INCOME FUND

Inception Date: October 5, 2010 (Class I)

Portfolio Manager(s) CI Multi-Asset Management

AUM: $5.71 billion as at March 31, 2020

Strategy: Diversified Income

Characteristics of Strategy: The objective of this strategy is to provide exposure to a diversified portfolio of income-generating securities in a manner that is similar to holding multiple income-generating funds. The fund invests primarily in investment grade fixed income securities issued by governments and corporations in Canada and globally. The fund may also invest up to 25% in other income generating securities such as preferred shares, common shares and real estate investment trusts.

Approximate Gross Portfolio Yield: 3.3%

Benchmark: FTSE Canada Universe Bond Total Return Index

Investment Strategy: • Objective is to generate stable absolute returns that exceed the rate of inflation

• The CI Multi-Asset Management team monitors volatility, optimizes asset mix and tactically manages currency.

• Security selection is managed by Signature Global Asset Management, Cambridge Global Asset Management, Marret Asset Management, and 1832 Asset Management.

• The portfolio has exposure to recession and recovery themes to offset risks from either outcome

Currency Hedging: Tactical overlay strategy

STRATEGY OVERVIEW 18

• Active Management by CI Multi-Asset Management: 14 unique strategies including cash, treasuries, corporate credit, equity income, foreign currencies, etc.

• Manager Selection: CI MAM selects the underlying managers based on risk adjusted performance and correlation to ensure style neutrality.

• Multi-Manager Excellence: draws upon the security selection expertise of three of CI’s active managers: Signature Global Asset Management, Cambridge Global Asset Management, Marret Asset Management, and 1832 Asset Management.

• Interest Rate Risk Management: 6.1 years duration (8.1 years for the Bond Universe)¹

• Aims for Low Volatility and High Consistency2: 4.22% standard deviation over 3 years (4.08% for FTSE Canada Universe Bond) and CI Income Fund had more positive months (70%) since inception compared to the FTSE Canada Universe Bond (62%)2.

1 As of March 31, 20202 The comparison presented is intended to illustrate the Mutual Fund’s historical performance as compared with the historical performance of widely quoted market indices or a weighted blend of widely quoted market indices. There are various important differences that may exist between the Mutual Fund and the stated indices that may affect the performance of each. The objectives and strategies of the Mutual Fund result in holdings that do not necessarily reflect the constituents of and their weights within the comparable indices. Indices are unmanaged and their returns do not include any sales charges or fees. It is not possible to invest directly in market indices.

WHY CI INCOME FUND? 19

Optimize Asset Mix Currency ManagementMonitor Volatility

Security selection

Gov’t & Investment Grade

High Yield

High-Dividend Stocks

REITs & Infrastructure

CI INCOME FUNDMANAGEMENT PROCESS 20

Gross of fees, as of March 31, 2020Source: Morningstar Direct

CI INCOME FUND3-YEAR ROLLING RETURNS VS. INDICES (c$) 21

R2: Relatively low correlation to traditional equity and fixed income indices

S&P/TSX S&P 500 MSCI World FTSE Canada U.

CI Income Fund 0.53 0.33 0.39 0.64

Standard Deviation: Lower volatility than traditional indices

S&P/TSX S&P 500 MSCI World FTSE Canada U.

Fund

14.24 12.35 11.62 4.13 4.35

Sharpe Ratio: Strong risk-adjusted returns

S&P/TSX S&P 500 MSCI World FTSE Canada U.

Fund

-0.23 0.46 0.26 0.56 0.24

Beta: Less volatile than traditional markets

S&P/TSX S&P 500 MSCI World FTSE Canada U.

CI Income Fund 0.22 0.20 0.23 0.84

Upside/Downside Capture Ratio : Strong upside with less of the downside

Upside Downside

22.64% 15.65%

1 Based on gross performance as at March 31, 2020.Source: CI Institutional Asset Management, Bloomberg Finance L.P.

vs. MSCI World

Upside Downside

31.87% 16.11%

vs. S&P/TSX

Upside Downside

20.06% 16.57%

vs. S&P 500

Upside Downside

73.23% 80.50%

vs. FTSE Canada Universe Bond

CI INCOME FUND3-YEAR RISK/RETURN CHARACTERISTICS 1 22

Strategy Characteristics

Inception Date:

Asset Class:

Assets:

Managers:

Benchmark:

October 5, 2010

Diversified Income

$5.71 billion

CI Multi-Asset Management

FTSE Canada Universe Bond

Total Return Index

Top 10 Holdings Asset Allocation

Fund Characteristics

Performance

Portfolio yield: 3.3%

Duration in years (income portion): 6.1

Average credit quality BBB+

% high yield rated under single B: 0.7%

Class I Returns Trailing Periods Calendar Years

As at Mar 31, 2020 (CAD) 3 mo 1 yr 3 yr 5 yr 7 yr SI1 2019 2018 2017 2016 2015 2014

CI Income Fund -4.14 0.78 2.44 2.71 4.14 4.59 9.54 0.45 3.46 5.21 3.68 7.83

FTSE Canada Universe Bond TR 1.56 4.46 3.68 2.66 3.45 3.93 6.87 1.41 2.52 1.66 3.52 8.79

Difference -5.70 -3.68 -1.24 0.05 0.69 0.66 2.67 -0.96 0.94 3.55 0.16 -0.96

1 Inception date of October 5, 2010Portfolio returns are presented using the returns of the Class I units of the fund, which do not include any embedded fees or expenses.The indicated rates of return are historical simple total returns for periods under and including 1 year or average annual compound total returns for periods greater than 1 year. Investment returns will fluctuate. Past performance is not a reliable indicator of future performance.Source: RBC Investor Services, Bloomberg Finance L.P., TripleA, MSCI BarraOne

CI INCOME FUNDAS AT MARCH 31, 2020 23

Cash, 9%

Gov't Bonds, 30%

IG Bonds, 26%

HY Bonds, 11%

REITs, Trusts, and Equities, 20%

Gold, 4%

SPDR Gold Trust ETF 3.58%

United States Treasury 2.0% 15-feb-50 2.50%

Ontario Province 2.6% 02-jun-25 2.17%

Quebec Province 2.5% 01-sep-26 1.65%

Signature Global Dividend Fund Class I 1.49%

CI Munro Alternative Global Growth Fund Class I 1.40%

United States Treasury 2.38% 15-nov-49 1.39%

Mackenzie Floating Rate Income ETF 1.29%

Ontario Province 2.65% 02-dec-50 1.25%

Canada Government 2.75% 01-dec-48 1.24%

DISCLAIMERS

IMPORTANT DISCLAIMERS

Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. The indicated rates of return are the historical annual compounded total returns net of fees and expenses payable by the fund (except for figures of one year or less, which are simple total returns) including changes in security value and reinvestment of all dividends/distributions and do not take into account sales, redemption, distribution or optional charges or income taxes payable by any securityholder that would have reduced returns. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated.

This presentation is intended only as a general overview and is for information purposes only. It has been prepared solely for the use of the person(s) to whom it has been delivered and may not be reproduced or used for any other purpose. It is intended only for institutional investment consultants or institutional investors. It is not meant for the general public. The contents of this piece are not to be used or construed as investment advice or as an endorsement or recommendation of any entity or security discussed. Certain statements contained in this communication are based in whole or in part on information provided by third parties and CI has taken reasonable steps to ensure their accuracy.Certain statements in this document are forward-looking. Forward-looking statements (“FLS”) are statements that are predictive in nature, depend upon or refer to future events or conditions, or that include words such as “may,” “will,” “should,” “could,” “expect,” “anticipate,” “intend,” “plan,” “believe,” or “estimate,” or other similar expressions. Statements that look forward in time or include anything other than historical information are subject to risks and uncertainties, and actual results, actions or events could differ materially from those set forth in the FLS. FLS are not guarantees of future performance and are by their nature based on numerous assumptions. Although the FLS contained herein are based upon what CI Investments Inc. and the portfolio manager believe to be reasonable assumptions, neither CI Investments Inc. nor the portfolio manager can assure that actual results will be consistent with these FLS. The reader is cautioned to consider the FLS carefully and not to place undue reliance on FLS. Unless required by applicable law, it is not undertaken, and specifically disclaimed that there is any intention or obligation to update or revise FLS, whether as a result of new information, future events or otherwise.© 2020 Morningstar Research Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2)

may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are

responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. Morningstar Awards

©2020 Morningstar, Inc. All Rights Reserved.

DISCLAIMERS

State Street Global Advisors (“SSGA”) is the investment management division of State Street Corporation and provides research and recommendations to CI Multi-Asset Management, through its Investments Solutions Group. The team, supported by currency specialists and economists, analyzes each asset class from both a top-down perspective (economic variables, trends, historical relationships) and from a bottom-up perspective (fundamental variables). There are no guarantees regarding the achievement of investment objectives, target returns, portfolio construction, allocations or measurements such as alpha, tracking error, stock weightings and other information ratios. SSGA is not affiliated with CI Investments Inc. or any of its affiliates.CI Institutional Asset Management is a division of CI Investments Inc, a subsidiary of CI Financial Corp. CI Institutional Asset Management mandates is available to institutional investors such as financial institutions, pension plans, group retirement plans, endowments, foundations and certain individual investors who meet specified investment criteria. The performance of the mandates is not guaranteed, the values change frequently and past performance may not be repeated. Past performance is not a reliable indicator of future performance. You should not rely on past performance to make investment decisions.CI Multi-Asset Management, Harbour Advisors, and Sentry Investment Management are each a division of CI Investments Inc. Sentry Investment Management and the Sentry Investment Management logos are trademarks of CI Investments Inc. Altrinsic Global Advisors, LLC., Black Creek Investment Management Inc., QV Investors Inc., CBRE Global Investors, Munro Partners, Epoch Investment Partners, Inc., Lawrence Park Asset Management Ltd., 1832 Asset Management L.P., Marret Asset Management Inc. are portfolio sub-advisors to certain funds offered and managed by CI Investments Inc. Marret Asset Management Inc., is a majority owned subsidiary of CI Financial Corp. and an affiliate of CI Investments Inc. Cambridge Global Asset Management and Signature Global Asset Management are divisions of CI Investments Inc. Certain funds associated with Cambridge Global Asset Management and Signature Global Asset Management are sub-advised by CI Global Investments Inc., a firm registered with the U.S. Securities and Exchange Commission and an affiliate of CI Investments Inc. CI Financial Corp. holds a minority interest in Altrinsic Global Advisors, LLC. and Lawrence Park Asset Management. GSFM Pty Limited is substantially owned indirectly by CI Financial Corp. WealthBar Financial Services Inc. is a majority owned subsidiary of CI Financial Corp. and an affiliate of CI Investments Inc. Assante is an indirect, wholly-owned subsidiary of CI Financial Corp. (“CI”) Stonegate Private Counsel (“SPC”), Assante Private Client, is a division of CI Private Counsel L.P. CI Private Counsel LP is a subsidiary of CI Investments Inc. BBS Securities Inc. is a wholly owned subsidiary of CI Financial Corp. Virtual Brokers is a division of BBS Securities Inc. CI First Asset Exchange Traded Funds. is a division of CI Investments Inc. (“CI”). CI is a subsidiary of CI Financial Corp., which is listed on the Toronto Stock Exchange under the symbol “CIX”. ®CI Financial is a registered trademark of CI Investment Inc., used under license.CI Investments® and the CI Investments design and logo are registered trademarks of CI Investments Inc. “Trusted Partner in Wealth™” is a trademark of CI Investments Inc.©CI Investments Inc. 2020. All rights reserved. Not to be reproduced or copied without the prior consent of CI Investments Inc.Publication Date: April 28, 2020