South Beach Diet: A Fresh Twist On a Proven Recipe

Tetrem’s Value Investing Framework

Presented by:

Daniel Bubis, CFA Kerry Stirton Alec MacIsaac, CFA Ben Ellis, CFA

Tetrem – Our Diet is North American Value

Winnipeg

Boston Toronto

Tetrem Value Proposition

• Experience: 100+ years collectively

• Proven track record: – Canadian Value: 9.7% annualized since inception, outperforming the S&P/TSX by 2.6%* – US Value: 10.1% annualized since inception, outperforming the S&P 500 by 2.5%* – Canadian Dividend: 8.4% annualized since inception, outperforming the S&P/TSX by 4.8%*

• Differentiated Value Strategy: – Contrarian approach balances growth and momentum styles – Recent results again outperforming

• Aligned incentives: Employee-owned, invested alongside clients

• Fresh Investments in the Business: People, systems, research *Performance is shown gross of fees, as of August 31, 2016. Inception date is January 1, 1997 for Tetrem Canadian Equity Composite and Tetrem US Equity Composite. Inception date for Tetrem Canadian Dividend Composite is April 30, 2011.

Investment Team – The Right Ingredients

Daniel A. Bubis, CFA President &

Chief Investment Officer

Alec MacIsaac, CFA Portfolio Manager

Financials and Staples

Ben Ellis, CFA Vice President

Consumer, Tech, and

Health Care

Kerry Stirton Partner &

Head of Research

Chris Comrie Energy and Utilities

Jay Hedstrom, CFA Consumer, Financials, and

Industrials

Amar Pandya, CFA Consumer, Industrials, and

Materials

Rex Martin Equity Trader

Jonathan McGraw Bentley Portfolio Analyst

VMER™ – Our Fundamental Cookbook

Valuation

Mean Reversion

Economic Moat

Risk

FUNDAMENTALS

PWAP™ – More Sweet Than Sour

$12

$0

$5

$10

$15

$20

$25

$30

Year -2 Year -1 Year 0 Year 1 Year 2 Years 3 - 5

BULL $25 (30% Probabilit y)

BEAR $10 (20% Probabilit y)

BASE $20 (50% Probabilit y)

PWAP $19.50

Probability-Weighted Average Price (PWAP™)

Value on a Hunger Strike, It Can’t Last Forever

3.3%

-10%

-8%

-6%

-4%

-2%

0%

2%

4%

6%

8%

'88 '91 '94 '97 '00 '03 '06 '09 '12 '15

Annualized Trailing 10-Year Relative Total Return Growth vs Value

Russell 1000 Growth - Russell 1000 Value Avg. -2 StDev. +2 StDev.

Source: Strategas. As of July 31, 2016.

Negative Yields are Hard to Digest

$13,875

Source: Strategas. As of September 7, 2016. Excludes inflation linked and callable debt.

Dividends More Nutritious Than Coupons

60% 68%

0%

10%

20%

30%

40%

50%

60%

70%

'90 '92 '94 '96 '98 '00 '02 '04 '06 '08 '10 '12 '14 '16

% of Stocks with Dividend Yields Greater than the 10-Year Treasury Yield

S&P 500 S&P/TSX

Source: Strategas. As of August 16, 2016.

ReFRESHing The Approach

Changes Made

Value stocks remains the Foundation

Unpacked the VMER™ into clearly defined sub-components

Greater emphasis on economic “moat” and earnings stability

Greater weight to dividend profile

Intensified analysis of fundamentals; extra sensitivity to value traps

More concentration in Highest Conviction Ideas

Portfolio Outcomes

Reduced holdings in US portfolio from 42 to 35

Reduced holdings in Canadian portfolio from 44 to 38

Early signs of lower portfolio volatility with better “alpha”

Value Now Getting its Just Desserts

Source: Empirical Research Partners. As of September 7, 2016.

First Taste - US Results Trending Positively

-12.0%

-10.0%

-8.0%

-6.0%

-4.0%

-2.0%

0.0%

2.0%

4.0%

6.0%

8.0%

Q3 2015 Q4 2015 Q1 2016 Q2 2016 QTD

Qu

arte

rly

Ret

urn

s, P

erce

nt

US Value Strategy S&P 500 Ilustrative Trendline

Tetrem Now Ahead of the S&P 500 Year-to-date*

Source: Tetrem & Bloomberg. *US Portfolio, Preliminary data, subject to change. As of September 6, 2016.

Canadian Banks – Portfolio Superfood

P/FE 5 Year EPS Growth*

Indicated Dividend

Yield

Return on Equity

Tetrem’s Canadian Bank Holdings (average)

11.0 9.7% 4.3% 15.9%

S&P/TSX Index 17.3 2.0% 2.9% 3.2%

Tetrem Advantage +6.3 +7.7% +1.4% +12.7%

Source: Bloomberg. As of July 31, 2016. *5 Year Geometric Growth before Extraordinary Items. Canadian Bank Metrics are based on Tetrem’s holdings and are calculated as a simple average.

Canadian Natural Resources – Recipe for Cash Flow

Choice Properties – Super Ingredients

Air Canada – Digesting The Good News

Google – Searching for a Place to Eat

Macy’s – Losing Weight, Getting Thinner

CI Canadian Investment Fund

Source: Fundata, July 31, 2016

CI Canadian Dividend Fund

Source: Fundata, July 31, 2016

United Canadian Equity Value Pool

Source: Fundata, July 31, 2016

United US Equity Value Pool

Source: Fundata, July 31, 2016. Class E.

Products That Tetrem Manages for CI

Funds Solutions

CI Canadian Investment Canada’s Longest Standing Mutual Fund

Select Canadian Equity Managed

CI Canadian Dividend 30 Dividend Paying Companies

Select U.S. Equity Managed

United Canadian Equity Value Since 1993, Value

Synergy Tactical Asset Allocation

United US Equity Alpha Blue-chip Value

Evolution Private Managed Accounts

Thank You

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