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Investment Management Expertise from Around the World Investment Consulting Service Investment Managers

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Investment Management Expertise from Around the World Investment Consulting Service Investment Managers 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 Investment 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 growth investing 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 credit-based strategies including private equity, 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, insurance 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, yield curve 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 assets under management total US$3.67 trillion across equity, fixed income, cash management, alternative investment, 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 value investing. 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
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