Outstanding performance Exceptional portfolio management 9 Over the long-term, our three in-house teams have performed well and their share of our overall assets under management  has increased. Today, their share stands at about 75% of total. We continue to invest in building the expertise of our in- house teams, and the example of Cambridge Advisors illustrates the success of our approach. Cambridge was founded  in January 2008 under the direction of veteran portfolio manager Alan Radlo and has offices in Boston and Toronto.  Mr. Radlo was joined by senior Portfolio Managers Robert Swanson and Brandon Snow in 2011. In just fi ve years, the team  has established an excellent track record of performance and attracted over $6 billion in assets. The potential for growth  in the Cambridge family remains outstanding, in both the retail and institutional channels.  In conjunction with providing a wide selection of product platforms and fund mandates, CI follows a strategy of providing  a broad choice of portfolio management teams offering a variety of investment approaches and specialties. CI has  relationships with 18 portfolio management teams, of which three are in-house – Signature, Cambridge and Harbour – and  the remainder are sub-advisors. CI holds minority interests in three – Altrinsic Global Advisors of Greenwich, Connecticut,  and Toronto-based alternative asset managers Red Sky Capital Management, which focuses on North American equities,  and Lawrence Park Capital Partners, which boasts a unique approach to fixed-income investing. CI Investment Consulting,  an in-house group of analysts, monitors the portfolio management teams, and oversees our managed solutions. In addition, CI Investments was one of the three top firms in the 2012 Brendan Wood International Canadian investment  rankings, with seven of our professionals being named “TopGun Investment Minds.” TopGun status recognizes investment  professionals “who on a competitive basis ranked highest for investment wisdom and professionalism.” As we noted earlier, the solid performance of our funds is a crucial factor in our sales and CI has provided consistent,  above-average returns. At December 31, 2012, 60% of our long-term assets under management were first or second quartile  over one year and 81% were in the top two quartiles over 10 years. This strength is seen across our portfolio management  lineup, from teams such as Signature Global Advisors, Cambridge Advisors, Harbour Advisors and Black Creek Investment  Management. Notable highlights in 2012 include Cambridge Canadian Growth Companies Fund and Cambridge Pure  Canadian Equity Fund, which were up 40.5% and 34.3%, respectively, and Black Creek International Equity Fund, which  gained 30.5% (all Class A versions). CI’s performance continues to be recognized by industry awards. CI was the recipient of two 2012 Morningstar Canadian  Investment Awards, with Portfolio Series winning Best Fund of Funds for the second consecutive year and Signature High  Income Fund winning its fourth trophy. CI and its portfolio managers have taken home 33 Morningstar Canadian Investment  Awards over the past 10 years. CI funds also earned eight Lipper Fund Awards in 2012 and another seven in 2013. CI has  received 46 Lipper Fund Awards, which recognize funds that have excelled in delivering consistently strong risk-adjusted  performance relative to peers, since the start of the program in Canada in 2007. 