CIBC Wood Gundy Investment Consulting Service

Investment Management Expertise From Around The World Investment Consulting Service Investment Managers

CIBC Wood Gundy Investment Consulting Service (“ICS”) is Canada’s leading separately managed account (“SMA”) program 1. By combining the objective guidance and monitoring of the CIBC Asset Management Research team and the investment expertise of many global investment managers, ICS offers investors a customizable investment solution that can help them achieve their long-term financial objectives.

To identify managers whose investment strategies and proven track records make them suitable for ICS, the Investment Management Research team employs a rigorous screening process. As part of this process, the Investment Management Research team conducts extensive interviews with senior members of the investment management organization and on-site visits to appraise investment strategies, portfolios, performance measurement, risk management policies, client servicing and back office operational practices.

Once suitable investment managers are selected, the Investment Management Research team continues to monitor them on both a qualitative and quantitative basis to ensure they retain the underlying qualities of excellence that initially enabled them to become part of ICS.

The Investment Management Research team focuses on four key areas in their evaluation: people, investment process, philosophy and performance.

1 Source: The Fee Based Report, Winter 2014, published by Investor Economics Inc. Investment Management Expertise From Around The World

1 Investment Consulting Service Investment Managers

AllianceBernstein Canada, Inc. 2 Alliance Capital acquired Sanford C. Bernstein in October 2000 to form AllianceBernstein. AllianceBernstein Canada, Inc. (AB) is a subsidiary of AllianceBernstein L.P. AB offers a comprehensive range of research, portfolio management, and wealth management services. Headquartered in New York, it has offices in 46 locations in 22 countries. With offices around the world, it can leverage global capabilities to meet the needs of its clients.

American Century Investment Management, Inc. 2 Established in 1958 and headquartered in Kansas City, Missouri, American Century Investment Management, Inc. (American Century) is a privately held firm that provides fiduciary investment management services to institutional and individual clients. The firm’s actively-managed institutional investment strategies are designed to produce superior risk adjusted returns. The firm’s goal is to construct a portfolio of non-U.S. stocks that are experiencing accelerating growth and are believed to be sustainable over time. Its philosophy of centres on the belief that accelerating growth in earnings and revenues, rather than the absolute level of growth, is more highly correlated to stock price performance.

Ares Management LLC 2 Ares Management LLC (Ares) is a leading investment firm focused on alternative -based strategies including , private debt, real estate and capital markets activities. Headquartered in Los Angeles, Ares has a global presence with offices located across North America, Europe, Asia and Australia.

Baker Gilmore & Associates Inc. 2 Founded in 1988, Baker Gilmore & Associates Inc. (Baker Gilmore) has been a member of CC&L Financial Group since January 2000. The Montreal-based company is a specialty fixed- income manager with a long track record of adding value across a wide range of mandates for a variety of clients, including pension funds, companies, corporations and non-profit institutions. Baker Gilmore believes that markets regularly deviate from fundamentals, allowing a value-driven approach to generate superior returns over a long-term investment horizon.

Barrantagh Investment Management Inc. 2 Barrantagh Investment Management Inc., established in 1995, provides disciplined portfolio management to individual and institutional investors. The firm is committed to a high level of client service provided directly by its experienced partners. It is dedicated to preserving clients’ capital while generating growth through consistent application of the firm’s value- based fundamental investment philosophy. This approach has delivered above-average investment returns while incurring below-average levels of investment risk. Beutel, Goodman & Company Ltd. Founded in 1967, Beutel, Goodman & Company Ltd. (Beutel Goodman) specializes in applying a value approach to the management of equity and fixed income mandates. The firm manages assets on behalf of institutional, as well as individual investors. Beutel Goodman’s equity investment process focuses on companies with sustainable free cash flow and strong balance sheets that are trading below their business value. Their fixed-income investment process is based on duration management, positioning and credit exposure. Beutel Goodman’s in-depth, bottom-up investment approach to fixed income and equity securities leads to a portfolio with less exposure to cyclical companies and lower downside risk.

2 Investment Consulting Service Investment Managers

BlackRock, Inc. BlackRock, Inc. (BlackRock) is an American multinational investment management corporation and the world’s largest asset manager. Headquartered in New York City, BlackRock is a leading provider of investment, advisory, and risk management solutions. The company acquired Barclays Global Investors in December 2009, solidifying its position as the largest investment manager in the world. As of September 30, 2012, BlackRock’s total US$3.67 trillion across equity, fixed income, cash management, , real estate and advisory strategies. Brandes Investment Partners, L.P. Since inception in 1974, Brandes Investment Partners, L.P. (Brandes) has been applying a value-oriented approach to the selection of securities for both equity and fixed income portfolios, pioneered by Benjamin Graham. In applying this approach, Brandes was among one of the first investment firms to bring a global perspective to . The firm seeks to identify and purchase securities trading at discounts to their intrinsic value estimates. To ensure that securities have the opportunity to realize their intrinsic values, Brandes exercises patience and manages holdings from a long-term perspective. Brandywine Global Investment Management, LLC 2 Brandywine Global Investment Management, LLC (Brandywine) is a wholly-owned independent subsidiary of the global asset management holding firm Legg Mason, Inc. The firm offers an array of equity, fixed income and balanced portfolios investing in U.S., international and global markets. Through in-depth research and practical experience, Brandywine Global believes that value investing can potentially provide excellent risk- adjusted returns over full investment cycles. Canso Investment Counsel Ltd. 2 Since its inception in 1997, Canso Investment Counsel Ltd. (Canso) has been solely dedicated to managing corporate bonds. Canso’s investment team is comprised of portfolio managers and credit analysts, who have demonstrated a solid track record for corporate bond mandates. Canso focuses on the fundamental analysis and security selection of corporate bonds and focuses on buying out-of-favour and undervalued bonds. The result is diversified, well-structured portfolios of corporate bonds with a credit range including all investment-grade bonds and some allocation to below-investment-grade issues. Causeway Capital Management LLC 2 Causeway Capital Management LLC (Causeway) is an independent investment management firm founded in June 2001. Causeway takes a bottom-up approach to selecting mid- and large-cap global stocks, seeking to identify under-priced securities that are held until the market recognizes their fair value. The firm’s portfolio managers and research analysts work together to determine expected returns for undervalued securities. This analysis is then refined using tools developed by their quantitative specialists to manage portfolio risk. CIBC Asset Management Inc. 2 CIBC Asset Management Inc. (CAM) is one of Canada’s leading investment managers with one of Canada’s broadest platforms. CAM’s investment philosophy centres on providing clients with strong added value that corresponds to their risk/return profile. The firm believes in depth of research, coordination and teamwork between groups to achieve this. As an innovator in developing new portfolio solutions that correspond to and anticipate changing client needs, the firm offers a broad product range, spanning many asset classes.

3 Investment Consulting Service Investment Managers

Cohen & Steers Capital Management, Inc. 2 Cohen & Steers Capital Management, Inc. has been an innovator in real estate investment management since its founding in 1986. As pioneers in the U.S. REIT industry, Cohen & Steers was also among the first firms to manage global real estate securities portfolios. The firm manages income-oriented equity portfolios with expertise in global real estate securities. It also manages alternative investment strategies, such as hedged real estate securities portfolios and private real estate multi-manager strategies. The firm is headquartered in New York City, with offices in London, Brussels, Hong Kong and Seattle. Congress Asset Management Company Alfred Lagan founded Congress Asset Management Company (Congress) in 1985. The firm’s experienced investment professionals employ a collaborative approach to equity and fixed income investing, ensuring an investment process that benefits from decades of experience. In managing equities, the firm believes that earnings growth is the long-term determinant of a stock’s price. The investment management team employs a fundamental, bottom-up approach to investing, looking specifically for earnings growth that is supported by a strong balance sheet, revenue growth, strong cash flows and a high return on equity.

Connor, Clark & Lunn Investment Management Ltd. 2 Established in 1982, Connor, Clark & Lunn Investment Management Ltd. (CC&L), is one of Canada's leading money management firms dedicated to managing assets for sponsors, capital accumulation plans, corporations, not-for-profit organizations, mutual funds and individual investors. CC&L is wholly owned by its partners and the CC&L Financial Group. The firm has a stable asset base, providing equity, fixed income, balanced and alternative solutions. CC&L also offers one of the longest and most successful quantitative solutions track records in the Canadian equity market. It is a private Canadian company owned by its employees with offices across Canada.

Cornerstone Capital Management, Inc. 2 Established in 1992, Cornerstone Capital Management, Inc. (Cornerstone) is a Minneapolis-based global investment and financial advisory firm for institutions and private clients. The company is a values-driven, customer-centric organization operating at the highest levels of professionalism and integrity, seeking to consistently deliver superior investment performance. Davis Advisors Since being founded in 1969, Davis Advisors (Davis) have followed the same patient, long-term, fundamentals-driven approach to buying durable, well-managed businesses at value prices and holding them for the long term. The firm is wary of investment “fads” and concentrates on the underlying economic and business fundamentals of each investment, and maintains an old fashioned emphasis on rigorous research. The investment management team pays careful attention to the valuation and earning multiples of every company owned or considered for investment. Delaware Investments Delaware Investments, a member of , is a U.S.-based diversified asset management firm. Macquarie Group acquired Delaware Investments in early 2010 as part of Macquarie’s’ strategy to develop a global asset management capability through building a highly regarded team of investment professionals offering an attractive suite of investment products and gaining broader access to the world’s largest market, the United States.

4 Investment Consulting Service Investment Managers

Federated Investment Counseling Federated Investment Counseling (Federated) was founded in 1955 and is a publicly traded company on the . Federated and its subsidiaries have grown to become one of the largest investment management organizations in the U.S. The firm has honed its disciplined investment process over a half-century to deliver style-consistent investment products. The firm’s investment objective is to provide a combination of both income and long-term capital appreciation, while preserving capital in times of down markets and achieving competitive upside performance in up markets.

Foyston, Gordon & Payne Inc. 2 Foyston, Gordon & Payne Inc. (Foyston) was founded in 1980 to provide value-style portfolio management services. When considering investments, Foyston’s primary concern is to select quality companies that are priced conservatively and have good business prospects, financial strength and quality management. The firms employs a a bottom-up assessment of each company’s fundamental position within its industry. The focus is on analyzing companies whose shares are out-of-favour and, therefore, can offer solid long-term opportunities. Franklin Bissett Investment Management For more than twenty years, Franklin Bissett Investment Management (Bissett) has been applying a disciplined team approach to managing equity, income, and balanced portfolios. Following its acquisition by Franklin Templeton Investments in 2000, the company is able to leverage Franklin Templeton’s global capabilities and infrastructure. The investment management team applies a disciplined, bottom-up research approach, identifying well-managed firms that demonstrate sustainable, repeatable growth and the capability to provide steady earnings and dividend growth. Franklin Bissett Investment Management is a trademark of Franklin Templeton Investments Corp.

Greystone Managed Investments Inc. Greystone Managed Investments Inc. (Greystone) was founded in 1988. The privately-owned firm offers a full range of investment services, with in-house teams covering fixed income, Canadian equities, U.S. equities, real estate and mortgages. Greystone is a growth style investment manager and their growth philosophy and style are among their distinguishing features. The firm uses quantitative and qualitative methods to manage their portfolios. The investment management team endeavours to add value through their rigorous, bottom-up security selection.

Guardian Capital LP 2 Founded in 1962, Guardian Capital LP’s (Guardian) philosophy is grounded in the belief that those companies growing faster than the economy, their peers and the market will provide superior returns over time. The firm conducts in-depth, fundamental analysis to identify these companies. They actively seek securities valued at a “reasonable price” while valuation screens then identify whether there is potential for growth, thus providing superior returns over time. By appropriately diversifying, the firm believes they are able to provide portfolios offering lower volatility when compared to the market and peer group.

Harding Loevner, LP 2 Harding Loevner, LP was established in 1989 by former global investment managers for the Rockefeller family, with the goal of managing equity portfolios using a genuinely global research perspective. It offers five equity strategies – Global Equity, International Equity, Emerging Markets Equity, Frontier Emerging Markets Equity, and International Small Companies. The firm serves a global client base from its office in Bridgewater, New Jersey, USA.

5 Investment Consulting Service Investment Managers

INTECH Investment Management LLC 2 INTECH Investment Management LLC (INTECH) unique investment process is based on a mathematical theorem that attempts to capitalize on the random nature of stock-price movements. The firm applies a highly-disciplined investment process using a number of systems that were developed by and remain proprietary to INTECH. The firm has one of the industry’s longer continuous records of mathematically-driven equity investing strategies. J. & W. Seligman & Co. Incorporated Founded in 1864, J. & W. Seligman & Co. Incorporated (Seligman) has a long and distinguished history in the financial services industry and is one of the oldest American financial services firms. The Seligman Value Team is focused on identifying companies with a potential for earnings growth that exceeds peers or market averages. The team selects stocks it believes are trading below fair market value, but whose average earnings have the potential to increase faster than the market. The team employs a bottom-up investment process, placing emphasis on company fundamentals rather than economic modeling or benchmark weightings. Kayne Anderson Rudnick Investment Management, LLC Kayne Anderson Rudnick Investment Management, LLC (Kayne Anderson) was founded in 1984 and began its role as a traditional portfolio manager in 1989. Kayne Anderson follows a philosophy of “Quality at a Reasonable Price”. The Equity Team demonstrates their commitment to this philosophy through their use of a bottom-up, value discipline. The team searches for what they believe are strong companies with under-leveraged balance sheets that grow consistently through a full market cycle. The goal of this discipline is to build a diversified portfolio of the next generation of high-quality, blue chip companies. Lazard Asset Management LLC Lazard Asset Management LLC (Lazard) is a subsidiary of New York-based Lazard Frères & Co. LLC, founded in 1848. Lazard’s relative value investment philosophy is based on value creation through the process of bottom-up stock selection. The firm maintains a disciplined approach to investing with a research-driven investment process focusing on financial productivity and valuation. This process is the key driver of the firm’s value philosophy, allowing the team to identify channels for eventual increased investment value.

Logan Circle Partners, LLC 2 Logan Circle Partners, LLC (Logan Circle) was founded in April 2007 and began managing assets on November 1, 2007. On April 16, 2010, Logan Circle was acquired by Fortress Investment Group LLC, a publicly traded company and a leading global investment management firm, as its traditional asset management arm. Logan Circle announced on April 1, 2013 the launch of a new Growth Equities investment business. The firm believes that this strategic addition of an Equity investment team will broaden Logan Circle’s capabilities without altering their investment focus. Bottom-up, fundamental research will remain the cornerstone of Logan Circle’s investment process across both and Equity strategies. Asset Management Founded in 1897, Manulife Asset Management (Manulife) is the asset management arm of Manulife Financial. With offices across the globe, Manulife leverages its local presence and experience to bring valuable market perspectives to investors. The firm manages equity, fixed income, alternative and asset allocation investment solutions spanning a range of styles. The Growth Equity Team combines themes and sector trends with bottom-up security selection, while the Canadian Fixed Income team focuses on credit analysis, security selection, sector mix, yield curve analysis and interest rate anticipation.

6 Investment Consulting Service Investment Managers

Manulife/Sovereign Asset Management Corporation Sovereign Asset Management Corporation (Manulife/Sovereign) was founded in 1979. On April 28, 2004, Sovereign’s parent company and Manulife Financial Corporation merged creating Manulife/Global Sovereign. The firm builds wealth for clients by solely investing in companies that have raised their dividends each year over the past five years. Companies like these tend to be industry leaders and often have advantages that help them beat the competition. The firm’s portfolios derive long-term investment returns from a combination of appreciation and dividend income. Mawer Investment Management Ltd. Mawer Investment Management Ltd. (Mawer) was established in 1974 to provide independent investment counseling services. The firm is a conservative, value-biased investment manager that systematically creates broadly diversified portfolios of wealth- creating companies bought at a discount. Mawer’s investment approach focuses on four principles: wealth-creating companies, discount to intrinsic value, broadly diversified portfolios, and a systematic process. Through a growth-at-a-reasonable-price investment style, the team focuses on companies that deliver a return on capital greater than their cost of capital over time.

Metropolitan West Capital Management, LLC 2 Metropolitan West Capital Management, LLC (MWCM) is a boutique investment firm, founded in 1997, that is majority owned by Wells Fargo & Company. Its process seeks to minimize risk and optimize long-term returns by first identifying high-quality companies, often with market capitalizations in excess of $2 billion. The firm’s approach is driven by fundamental company research from a global perspective, utilizing a long-term focus that takes advantage of opportunities presented by short-term anomalies in high-quality businesses. What distinguishes MWCM’s approach to value investing is that it looks at quality first and valuation second, before identifying the catalysts that will ultimately unlock value. The firm’s disciplined approach to portfolio construction ensures diversification by sector, economic cyclicality and interest-rate sensitivity, serving to reduce volatility.

Picton Mahoney Asset Management 2 Picton Mahoney Asset Management (Picton Mahoney) is a boutique portfolio-management firm based in Toronto, and is 100 percent employee owned. The firm was founded in 2004 by David Picton and Michael Mahoney and has grown to manage retail, , sub- advisory and institutional accounts. The firm’s process blends the strengths of an advanced quantitative model with predictive insights from the qualitative fundamental analysis to identify positive fundamental change where it has not been fully recognized by the market. The strategy uses earnings and price momentum along with fundamental inputs to identify unexpected growth in the market.

Pzena Investment Management, LLC 2 Pzena Investment Management, LLC (Pzena) is an independent investment management firm that employs a classic value investment approach. Pzena employs a classic value investment philosophy, seeking good businesses at low prices. Intensive fundamental research is applied to these companies in an effort to determine whether the problems that caused the earnings shortfall are temporary or permanent. The team is based at its headquarters in New York City, with a representative office for Business Development and Client Services located in Melbourne, Australia.

7 Investment Consulting Service Investment Managers

RARE Infrastructure Limited 2 RARE Infrastructure Limited (RARE) has one of the world’s most experienced global infrastructure investment management teams, with more than 70 years’ combined global infrastructure expertise. RARE’s objective is to provide investors with regular and predictable income from a portfolio of global infrastructure securities. The firm’s team of specialist global infrastructure investment managers take a bottom-up approach when assessing stocks for investment. They undertake quantitative and qualitative assessments of securities, allowing them to create a concentrated portfolio of stocks from more than 40,000 global listed securities. RiverFront Investment Group RiverFront Investment Group (RiverFront) was established in 2007. RiverFront employs a multi-layered investment process that adds value to client portfolios in multiple ways. The firm believes in broad portfolio mandates, rather than confining portfolio managers to narrow categories. RiverFront enforces a consistent investment discipline that tilts the portfolio mix between market sectors based upon the areas of the market that offer the best relative value. The firm’s portfolios take advantage of a wide range of security types and structures. Its security selection and portfolio construction disciplines move beyond the traditional stock and bond alternatives to embrace exchange-traded funds as a powerful tool to enhance portfolio returns.

RS Investment Management Co. LLC 2 Founded in 1986 as the money management arm of Robertson Stephens & Company, RS Investment Management Co. LLC (RS Investments) is a research-driven investment management firm. Headquartered in San Francisco with offices in New York City; Des Moines, IA; London; Hong Kong; and Singapore, RS Investments offers a core spectrum of investment solutions including wealth creation and preservation strategies to meet the diverse needs of its clients.

Scheer, Rowlett & Associates Investment Management Ltd. Scheer, Rowlett & Associates Investment Management Ltd. (Scheer Rowlett) was founded in 1990 and originally operated as Crown Life Investment Management Inc. In mid-1998, the name changed when investment professionals from Connor, Clark & Lunn Financial Group became partners in the firm. Scheer Rowlett’s investment philosophy is founded on a belief that efficiencies in the equity markets are realized over mid- to long-term periods. Based on this philosophy, the firm seeks to invest in undervalued companies with strong or improving fundamentals, healthy financial positions and proven management. The Equity Team employs a bottom-up, value-oriented portfolio management process that emphasizes a team approach to decision making. Sionna Investment Managers Founded in 2002, Sionna Investment Managers Inc. (Sionna) is a private and independently owned firm. Sionna’s investment philosophy is based on the belief that human nature misprices stocks. Investors and companies overestimate and underestimate the value of stocks, creating price/value schisms. Sionna adheres to a relative value style of investment, which they believe is a more pragmatic approach for the resource-heavy Canadian market. Sionna’s investment process incorporates their proprietary Intrinsic Value Model and fundamental bottom-up research. Their investment process leads to a portfolio that offers protection in a down market.

8 Investment Consulting Service Investment Managers

2 Sustainable Growth Advisers, LP Sustainable Growth Advisers, LP (SGA), a firm wholly owned by its principals and staff, provides investment advice to institutional and individual clients, private investment companies and mutual funds. SGA believes it is possible to generate high relative returns with low relative risk by investing for the long term in the best businesses at reasonable prices. They focus only on those few low-risk businesses that offer predictable, sustainable earnings and cash flow growth over the long term. TD Asset Management Inc. TD Asset Management Inc. (TDAM) is a part of the TD Wealth Management group of companies and a member of TD Bank Financial. TD’s overall investment philosophy is to provide superior, sustainable and consistent long-term, risk-adjusted investment returns. The firm’s investment management team employs a bottom-up approach to investing, emphasing a long-term approach to equity investing that minimizes portfolio turn over and thereby reduces the impact of capital gains taxes. In their fixed income management, the team employs a proprietary quantitative bond model that seeks to add value by taking advantage of anomalies in securities pricing.

Triasima Portfolio Management Inc. 2 Triasima Portfolio Management Inc. (Triasima) is a Canadian investment management firm with a diversified clientele of more than 200 institutional and high net worth clients. The firm is known for its proprietary Three-Pillar Approach, which combines fundamental analysis, quantitative analysis and trend analysis in a rigorous, yet innovative, investment process.

Walter Scott & Partners Limited 2 Walter Scott & Partners Limited (Walter Scott) focuses on managing global and international equity portfolios. The firm has a growth-orientated philosophy, seeking high-quality companies operating in industries enjoying above-average, sustainable growth. Its ‘buy and hold’ approach allows stocks to grow and drive long-term returns. The firm relies solely on its own internal research to select and monitor stocks. Wedgewood Partners, Inc. Wedgewood Partners, Inc. (Wedgewood) was founded in 1988 as an investment advisory and brokerdealer firm. In 1998, CNB Bancshares Inc. purchased Wedgewood, and subsequently in 1999, Fifth Third Bancorp acquired CNB Bancshares. Wedgewood is a boutique investment management firm specializing in large-cap growth equities. The firm is disciplined to be true to long-term investments and their buy and sell strategies. Through a bottom-up approach to investment management, the firm’s equity team strives to build long-term wealth through capital appreciation in up markets and protect wealth in down markets.

Wellington Management Canada LLC 2 Wellington Management Group (Wellington) is an employee-owned private firm. Wellington’s professionals operate within teams. Each focuses on specific investment approaches and conducts research within their own area of expertise, which is shared across teams. The firm covers global equity and fixed income markets and includes multi-strategy, specialty and alternative investment approaches, each with a well-articulated investment philosophy and process. The firm’s most distinctive strength is its proprietary, independent research. Headquartered in Boston, Massachusetts, it has a global presence with offices located across North America, Europe, Asia and Australia.

2 May also be available through various ICS strategies. Please see the individual strategy fact sheet for details. 9 Quick Reference Guide (Listed by Manager Name) Style Asset Class Beutel, Goodman & Company Ltd. Beutel Goodman Canadian Corporate/Provincial Bond** Gov./Corp. Fixed Income – Canadian Beutel Goodman Canadian Bond** Gov./Corp. Fixed Income – Canadian Beutel Goodman Canadian Large-Cap Equity Value ** Traditional Value Canadian Equity – Large-Capitalization Beutel Goodman Canadian Equity Income** Traditional Value Canadian Equity – Equity Income Beutel Goodman North American 70/30 Equity Value** Traditional Value U.S. Equity – North American Beutel Goodman Total Equity Value** Traditional Value Total Equity Beutel Goodman Total Balanced Value** Traditional Value Balanced – Total

Brandes Investment Partners, L.P. Brandes Global Equity Value** Deep Value Global Equity Brandes International Equity Value** Deep Value International Equity Brandes U.S. Large-Cap Equity Value** Deep Value U.S. Equity – Large-Capitalization

Causeway Capital Management LLC Causeway Global Equity Value** Relative Value Global Equity Causeway International Equity Value** Relative Value International Equity

CIBC Asset Management Inc. (ETF Strategies) BRIC Emerging Markets Equity ETF** Core Emerging Markets Equity Canadian Real Return Bond ETF** Real Return Bond Fixed Income – Canadian Gold ETF High Yield Alternative Investments High Yield Corporate Bond ETF** High Yield Fixed Income – Foreign International Small-Cap Equity ETF** Core International Equity U.S. Total Bond Market ETF** Gov./Corp. Fixed Income – Foreign

CIBC Asset Management Inc. (Fund Strategies) Canadian Bond Fund** Gov./Corp. Fixed Income – Canadian Canadian All-Cap Equity Pool Core Canadian Equity – All Capitalization Canadian Bond Pool Gov./Corp./High Yield Fixed Income – Canadian Canadian Equity Income Pool Core Canadian Equity – Equity Income Canadian Growth Fund GARP* Canadian Equity – All Capitalization Canadian Small-Cap Fund GARP* Canadian Equity – Small Capitalization Corporate Bond Fund** Corporate/High yield Fixed Income – Canadian Diversified Managed Futures Pool Multi-Asset Trading Alternative Investments Emerging Markets Equity Pool Core Emerging Markets Equity Floating Rate Income Fund** Corporate/High Yield Fixed Income – Foreign Floating Rate Income Fund Currency Hedged** Corporate/High Yield Fixed Income – Foreign Global Bond Pool** Corporate/High Yield Fixed Income – Foreign Global Infrastructure Fund Traditional Value Global Equity Global Infrastructure Currency Neutral Fund Traditional Value Global Equity Global Real Estate Fund Relative Value Global Equity Global Real Estate Currency Neutral Fund Relative Value Global Equity International Equity Pool Core International Equity Money Market Fund** Gov./Corp. Money Market Short-Term Income Fund** Gov./Corp. Fixed Income – Canadian U.S. Large-Cap Equity Pool Core U.S. Equity – Large Capitalization U.S. Large-Cap Equity Currency Neutral Pool Core U.S. Equity – Large-Capitalization U.S. Large-Cap Equity Income Fund Value U.S. Equity – Large-Capitalization U.S. Dollar Corporate Bond Fund Corporate/High Yield Fixed Income – Foreign

CIBC Asset Management Inc. (Strategies Managed) CAM Canadian Diversified Income** Value Canadian Equity – Diversified Income CAM Canadian Government Laddered Bond** Fixed Income Fixed Income – Canadian CAM Canadian Laddered Bond** Gov./Corp. Fixed Income – Canadian CAM Canadian Large-Cap Equity Value** Relative Value Canadian Equity – Large-Capitalization CAM Canadian-Focused Balanced Value** Relative Value Balanced – Canadian-Focused

Congress Asset Management Company Congress U.S. Large-Cap Equity Growth** GARP* U.S. Equity – Large-Capitalization

*Growth-at-a-reasonable-price continued… **Individual Pension Plan suitable ***Closed to new investors; however, existing clients are permitted to make additional deposits.

10 Quick Reference Guide (Listed by Manager Name) …continued Style Asset Class Connor, Clark & Lunn Investment Management Ltd. Connor, Clark & Lunn Canadian Equity Income** GARP* Canadian Equity – Equity Income Connor, Clark & Lunn Diversified Income** GARP* Canadian Equity – Diversified Income

Cornerstone Capital Management LLC Cornerstone U.S. Large-Cap Equity Growth** Contrarian U.S. Equity – Large-Capitalization

Davis Advisors Davis U.S. Large-Cap Equity Value** Relative Value U.S. Equity – Large-Capitalization

Delaware Investments Delaware U.S. Government Bond** Government Fixed Income – Foreign

Federated Investment Counseling Scheer Rowlett/Federated North American Equity Relative Value U.S. Equity – North American Federated U.S.-Focused Equity** Core U.S. Equity – U.S. Focused

Foyston, Gordon & Payne Inc. Foyston Canadian Balanced Value** Traditional Value Balanced – Canadian Foyston Canadian Large-Cap Equity Value** Traditional Value Canadian Equity – Large-Capitalization Foyston Canadian-Focused Balanced Value** Traditional Value Balanced – Canadian Focused

Franklin Bissett Investment Management Franklin Bissett Canadian Equity Income** Core Canadian Equity – Equity Income Franklin Bissett Canadian Equity Income (ex. U.S.)** Core Canadian Equity – Equity Income Franklin Bissett Canadian Large-Cap Equity Growth** GARP* Canadian Equity – Large-Capitalization Franklin Bissett Canadian Mid-Cap Equity Growth** GARP* Canadian Equity – Small/Mid-Capitalization

Greystone Managed Investments Inc. Greystone Canadian Balanced Growth Earnings Momentum Balanced – Canadian Greystone Canadian Large-Cap Equity Growth** Earnings Momentum Canadian Equity – Large-Capitalization

Guardian Capital LP Guardian Canadian All-Cap Equity Growth** GARP* Canadian Equity – All-Capitalization Guardian Canadian Balanced Growth** GARP* Balanced – Canadian Guardian Canadian Diversified Income** GARP* Canadian Equity – Diversified Income Guardian Canadian Bond** Gov./Corp. Fixed Income – Canadian Guardian Canadian Income Plus** Gov./Corp. Fixed Income – Diversified Income Guardian Canadian Large-Cap Equity SRI** GARP* Canadian Equity – Large-Capitalization Guardian Global Equity Income** Core Global Equity – Equity Income

J. & W. Seligman & Co. Incorporated J. & W. Seligman U.S. Large Cap Equity Value Traditional Value U.S. Equity – Large-Capitalization

Kayne Anderson Rudnick Investment Management, LLC Kayne Anderson U.S. Small-Cap Equity Value** Relative Value U.S. Equity – Small/Mid-Capitalization Kayne Anderson U.S. Small/Mid-Cap Equity Value** Relative Value U.S. Equity – Small/Mid-Capitalization

Lazard Asset Management LLC Lazard Emerging Markets Equity*** Relative Value Emerging Markets Equity Lazard Global Equity** Relative Value Global Equity Lazard International Equity** Relative Value International Equity Lazard U.S. Large-Cap Equity** Relative Value U.S. Equity – Large-Capitalization

Mawer Investment Management Ltd. Mawer Canadian-Focused Balanced Growth** *** GARP* Balanced – Canadian Focused Mawer Canadian-Focused Equity Growth*** GARP* Canadian Equity – Canadian Focused Mawer Tax-Effective Total Balanced Growth*** GARP* Balanced – Total Mawer Tax-Effective Total Equity Growth*** GARP* Total Equity

Manulife Asset Management Manulife Canadian Bond** Gov./Corp. Fixed Income – Canadian Manulife Canadian Large-Cap Equity Growth** Earnings Momentum Canadian Equity – Large-Capitalization

*Growth-at-a-reasonable-price continued… **Individual Pension Plan suitable ***Closed to new investors; however, existing clients are permitted to make additional deposits. 11 Quick Reference Guide (Listed by Manager Name) …continued Style Asset Class Manulife/Sovereign Asset Management Corporation Manulife /Sovereign U.S. Large-Cap Equity Core Core U.S. Equity – Large-Capitalization

Pzena Investment Management, Inc. Pzena Global Equity Value** Deep Value Global Equity Pzena U.S. Large-Cap Equity Value** Deep Value U.S. Equity – Large-Capitalization

RiverFront Investment Group RiverFront Global Balanced Tactical ETF Portfolio Strategy Tactical Global Balanced RiverFront Global Equity Tactical ETF Portfolio Strategy Tactical Global Equity

Scheer, Rowlett & Associates Investment Management Ltd. Scheer, Rowlett Canadian Large-Cap Equity Value Relative Value Canadian Equity – Large-Capitalization Scheer, Rowlett / Federated North American Equity Relative Value U.S. Equity – North American

Sionna Investment Managers Inc. Sionna Canadian Large-Cap Equity Value** Relative Value Canadian Equity – Large-Capitalization

Sustainable Growth Advisers, LP SGA Global Equity Growth** Sustainable Growth Global Equity SGA U.S. Large-Cap Equity Growth** Sustainable Growth U.S. Equity – Large-Capitalization

TD Asset Management Inc. TDAM Canadian Large-Cap Equity** Core Canadian Equity – Large-Capitalization TDAM Canadian Government Bond** Government Fixed Income – Canadian

Triasima Inc., Portfolio Management Triasima Canadian All-Cap Equity** Core Canadian Equity – All-Capitalization

Walter Scott & Partners Limited Walter Scott Global Equity Growth** GARP* Global Equity Walter Scott International Equity Growth** GARP* International Equity

Wedgewood Partners, Inc. Wedgewood U.S. Large-Cap Equity Growth** Sustainable Growth U.S. Equity – Large-Capitalization

*Growth-at-a-reasonable-price **Individual Pension Plan suitable ***Closed to new investors; however, existing clients are permitted to make additional deposits.

12 Quick Reference Guide (Listed by Asset Class) Style Strategy Investment Manager Canadian Balanced Traditional Foyston Canadian Balanced Value ** Foyston, Gordon & Payne Inc. Value Earnings Greystone Canadian Balanced Growth Greystone Managed Investments Inc. Momentum GARP* Guardian Canadian Balanced Growth** Guardian Capital LP Canadian Diversified Core CAM Canadian Diversified Income ** CIBC Asset Management Inc. Income GARP* CC&L Canadian Diversified Income ** Connor, Clark & Lunn Investment Management Ltd. GARP* CC&L Canadian Equity Income ** Connor, Clark & Lunn Investment Management Ltd. GARP* Guardian Canadian Diversified Income ** Guardian Capital LP Canadian Equity – Traditional Beutel Goodman Canadian Equity Income Beutel, Goodman & Company Ltd. Large-Capitalization Value Traditional Beutel Goodman Canadian Large-Cap Equity Beutel, Goodman & Company Ltd. Value Value ** Relative Value CAM Canadian Large-Cap Equity Value ** CIBC Asset Management Inc. Traditional Foyston Canadian Large-Cap Equity Value** Foyston, Gordon & Payne Inc. Value Core Franklin Bissett Canadian Equity Income ** Franklin Bissett Investment Management Core Franklin Bissett Canadian Equity Income Franklin Bissett Investment Management (ex. U.S.)** GARP* Franklin Bissett Canadian Large-Cap Equity Franklin Bissett Investment Management Growth ** Earnings Greystone Canadian Large-Cap Equity Growth ** Greystone Managed Investments Inc. Momentum GARP* Guardian Canadian Large-Cap Equity SRI ** Guardian Capital LP Earnings Manulife Canadian Large-Cap Equity Growth ** Manulife Asset Management Momentum Relative Value Scheer Rowlett Canadian Large-Cap Equity Scheer, Rowlett & Associates Investment Value ** Management Ltd. Relative Value Sionna Canadian Large-Cap Equity Value ** Sionna Investment Managers Inc. Core TDAM Canadian Large-Cap Equity** TD Asset Management Inc. Canadian Equity – GARP* Canadian Small-Cap Fund CIBC Asset Management Inc. Small/Mid-Capitalization GARP* Franklin Bissett Canadian Mid-Cap Equity Franklin Bissett Investment Management Growth ** Canadian Equity – GARP* Guardian Canadian All-Cap Equity Growth ** Guardian Capital LP All-Capitalization Core Triasima Canadian All-Cap Equity ** Triasima Inc., Portfolio Management Canadian Fixed Income Gov./Corp. Beutel Goodman Canadian Bond** Beutel, Goodman & Company Ltd. Gov./Corp. Beutel Goodman Canadian Corporate/Provincial Beutel, Goodman & Company Ltd. Bond ** Government CAM Canadian Government Laddered Bond ** CIBC Asset Management Inc. Gov./Corp. CAM Canadian Laddered Bond ** CIBC Asset Management Inc. Gov./Corp. Guardian Canadian Bond ** Guardian Capital LP Gov./Corp. Guardian Canadian Income Plus ** Guardian Capital LP Gov./Corp. Manulife Canadian Bond ** Manulife Asset Management Government TDAM Canadian Government Bond ** TD Asset Management Inc. Canadian-Focused Relative Value CAM Canadian-Focused Balanced Value ** CIBC Asset Management Inc. Balanced Traditional Foyston Canadian-Focused Balanced Value** Foyston, Gordon & Payne Inc. Value GARP* Mawer Canadian-Focused Balanced Mawer Investment Management Ltd. Growth** *** Canadian-Focused Equity GARP* Mawer Canadian-Focused Equity Growth*** Mawer Investment Management Ltd. Emerging Markets Relative Value Lazard Emerging Markets Equity*** Lazard Asset Management LLC

*Growth-at-a-reasonable-price continued… **Individual Pension Plan suitable ***Closed to new investors; however, existing clients are permitted to make additional deposits.

13 Quick Reference Guide (Listed by Asset Class) …continued Style Strategy Investment Manager Exchange-Traded Core BRIC Emerging Markets Equity ETF ** CIBC Asset Management Inc./BlackRock, Inc. Fund (ETF) Core International Small-Cap Equity ETF ** CIBC Asset Management Inc./BlackRock, Inc. Strategies High Yield High Yield Corporate Bond ETF ** CIBC Asset Management Inc./BlackRock, Inc. Real Return Canadian Real Return Bond ETF** CIBC Asset Management Inc./BlackRock, Inc. Bond Physical Gold ETF CIBC Asset Management Inc./BlackRock, Inc. Gov./Corp. U.S. Total Bond Market ETF ** CIBC Asset Management Inc./BlackRock, Inc. Fund Strategies Core Canadian All-Cap Equity Pool CIBC Asset Management Inc./Connor, Clark & Lunn Investment Management Ltd./ Foyston, Gordon & Payne Inc./ Picton Mahoney Asset Management/ Triasima Inc., Portfolio Management Gov./Corp. Canadian Bond Fund** CIBC Asset Management Inc. Gov./Corp./ Canadian Bond Pool AllianceBernstein Canada, Inc./Baker Gilmore High Yield & Associates/Canso Investment Counsel Ltd. Core Canadian Equity Income Pool CIBC Asset Management Inc./ Connor, Clark & Lunn Investment Management Ltd./Guardian Capital LP/ Barrantagh Investment Management Inc. GARP* Canadian Growth Fund CIBC Asset Management Inc./Connor, Clark & Lunn Investment Management Ltd./ Guardian Capital LP/Picton Mahoney Asset Management Corp./High Corporate Bond Fund** CIBC Asset Management Inc. Yield Core Emerging Markets Equity Pool Pzena Investment Management, Inc./ Harding Loevner, LP/ RS Investment Management Co. LLC Corp./High Floating Rate Income Fund ** CIBC Asset Management Inc./ Yield Ares Capital Management, LLC Corp./High Floating Rate Income Fund Currency Hedged ** CIBC Asset Management Inc./ Yield Ares Capital Management, LLC Gov./Corp./ Global Bond Pool ** Brandywine Global Investment Management, High Yield LLC/Wellington Management Canada LLC Traditional Global Infrastructure Currency Neutral Fund CIBC Asset Management/ Value RARE Infrastructure Limited Traditional Global Infrastructure Fund CIBC Asset Management Inc./ Value RARE Infrastructure Limited Relative Value Global Real Estate Currency Neutral Fund CIBC Asset Management Inc./ Cohen & Steers Capital Management, Inc. Relative Value Global Real Estate Fund CIBC Asset Management/ Cohen & Steers Capital Management, Inc. Core International Equity Pool Causeway Capital Management LLC/ Walter Scott & Partners Limited/ American Century Investment Management, Inc./INTECH Investment Management LLC/ Pzena Investment Management, Inc. Gov./Corp. Money Market Fund ** CIBC Asset Management Inc. Gov./Corp. Short-Term Income Fund ** CIBC Asset Management Inc. Corp./High U.S. Dollar Corporate Bond Fund CIBC Asset Management Inc./ Yield Logan Circle Partners, LLC Core U.S. Large-Cap Equity Currency Neutral Pool CIBC Asset Management Inc./ Cornerstone Capital Management LLC/ INTECH Investment Management LLC/ Metropolitan West Capital Management, LLC/ Pzena Investment Management, Inc./Sustainable Growth Advisers, LP Relative U.S. Large-Cap Equity Income Fund CIBC Asset Management Inc./American Value Century Investment Management Inc.

*Growth-at-a-reasonable-price continued… **Individual Pension Plan suitable 14 ***Closed to new investors; however, existing clients are permitted to make additional deposits. Quick Reference Guide (Listed by Asset Class) …continued Style Strategy Investment Manager Fund Strategies Core U.S. Large-Cap Equity Pool CIBC Asset Management Inc./ (continued) Cornerstone Capital Management LLC/ INTECH Investment Management LLC/ Metropolitan West Capital Management, LLC/ Pzena Investment Management, Inc./ Sustainable Growth Advisers, LP Alternative Investments Trading Diversified Managed Futures Pool CIBC Asset Management Inc./Man Investments Global Balanced Tactical RiverFront Global Balanced Tactical ETF Portfolio RiverFront Investment Group Strategy Global Equity Deep Value Brandes Global Equity Value ** Brandes Investment Partners, L.P. Relative Value Causeway Global Equity Value ** Causeway Capital Management LLC Core Guardian Global Equity Income ** Guardian Capital LP Relative Value Lazard Global Equity ** Lazard Asset Management LLC Deep Value Pzena Global Equity Value ** Pzena Investment Management, Inc. Tactical RiverFront Global Equity Tactical ETF Portfolio RiverFront Investment Group Strategy Sustainable SGA Global Equity Growth ** Sustainable Growth Advisers, LP GARP* Walter Scott Global Equity Growth ** Walter Scott & Partners Limited International Deep Value Brandes International Equity Value ** Brandes Investment Partners, L.P. Equity Relative Value Causeway International Equity Value ** Causeway Capital Management LLC Relative Value Lazard International Equity ** Lazard Asset Management LLC GARP* Walter Scott International Equity Growth ** Walter Scott & Partners Limited North American Traditional Beutel Goodman North American 70/30 Beutel, Goodman & Company Ltd. Equity Value Equity** Relative Value Scheer Rowlett/Federated North American Equity Scheer, Rowlett & Associates Investment Management Ltd. Total Balanced Traditional Beutel Goodman Total Balanced Value ** Beutel, Goodman & Company Ltd. Value GARP* Mawer Tax-Effective Total Balanced Growth*** Mawer Investment Management Ltd. Total Equity Traditional Beutel Goodman Total Equity Value ** Beutel, Goodman & Company Ltd. Value GARP* Mawer Tax-Effective Total Equity Growth*** Mawer Investment Management Ltd. U.S. Equity – Deep Value Brandes U.S. Large-Cap Equity Value ** Brandes Investment Partners, L.P. Large- GARP* Congress U.S. Large-Cap Equity Growth ** Congress Asset Management Company Capitalization Contrarian Cornerstone U.S. Large-Cap Equity Growth ** Cornerstone Capital Management LLC Relative Value Davis U.S. Large-Cap Equity Value ** Davis Advisors Core Federated U.S.-Focused Equity ** Federated Investment Counseling Traditional J. & W. Seligman U.S. Large-Cap Equity Value J. & W. Seligman & Co. Incorporated Value Relative Value Lazard U.S. Large-Cap Equity ** Lazard Asset Management LLC Core Manulife/Sovereign U.S. Large-Cap Equity Core Manulife/Sovereign Asset Management Corporation Deep Value Pzena U.S. Large-Cap Equity Value ** Pzena Investment Management, Inc. Sustainable SGA U.S. Large-Cap Equity Growth** Sustainable Growth Advisers, LP Growth Sustainable Wedgewood U.S. Large-Cap Equity Growth ** Wedgewood Partners, Inc. Growth U.S. Equity – Relative Value Kayne Anderson U.S. Small-Cap Equity Value ** Kayne Anderson Rudnick Investment Small/Mid- Management, LLC Capitalization Relative Value Kayne Anderson U.S. Small/Mid-Cap Equity Kayne Anderson Rudnick Investment Value ** Management, LLC U.S. Fixed Income Government Delaware U.S. Government Bond ** Delaware Investments

*Growth-at-a-reasonable-price **Individual Pension Plan suitable ***Closed to new investors; however, existing clients are permitted to make additional deposits.

15 Investment Consulting Service

The information contained in this document is deemed to be reliable at the time of print. 0 0 8

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Some investment managers may be situated outside of Canada and may not be registered as an advisor C I 5 in Canada. Consideration of individual circumstances and current events is critical to sound investment 1 0 2 /

planning. All investments carry a certain degree of risk. Clients are advised to seek advice regarding their 4 0 particular circumstances from their tax and legal advisors. CIBC Wood Gundy is a division of CIBC World Markets Inc., a subsidiary of CIBC and a Member of the Canadian Investor Protection Fund and Investment Industry Regulatory Organization of Canada. ™ CIBC Asset Management is a registered trademark of Canadian Imperial Bank of Commerce – CIBC Asset Management Inc. licensee.