North American Dividend Growth Portfolio

NORTH AMERICAN DIVIDEND GROWTH PORTFOLIO

Healthy Companies produce healthy dividends, and have a tendency to grow those dividends over time. Our investment philosophy places tremendous emphasis on finding companies with positive and rising, free cash flow that can consistently grow their dividends - an approach that has historically helped provide strong, risk-adjusted returns.

2018 DIVIDEND INCREASES

CANADIAN Dividend Previous dividend (annualized) Increase ($) (annualized) Increase (%) Telus Corp. 2.10 0.13 1.97 6.60% Enbridge Inc. 2.68 0.27 2.41 11.37% Suncor Energy Inc. Inc. 1.44 0.16 1.28 12.50% Royal Bank of Canada 3.77 0.29 3.48 8.33% Manulife Financial Corp. 0.91 0.09 0.82 10.98% Dollarama Inc. 0.47 0.04 0.43 9.30% Canadian National Railway 1.82 0.17 1.65 10.30%

US Dividend Previous dividend (annualized) Increase ($) (annualized) Increase (%) Verizon Communications Inc. 2.37 0.05 2.32 2.16% WEC Energy Group 2.21 0.13 2.08 6.25% JP Morgan Chase & Co. 2.72 0.68 2.04 33.33% Bank of America 0.54 0.15 0.39 38.46% Metlife Inc. 1.66 0.06 1.60 3.75% Starbucks Corp. 1.38 0.33 1.05 31.43% Procter & Gamble Co. 2.84 0.10 2.74 3.69% Walt Disney Co. 1.72 0.10 1.62 6.17% McCormick & Co. Inc. 2.13 0.20 1.93 10.36% Johnson & Johnson 3.60 0.28 3.32 8.43% Amgen Inc. 5.28 0.68 4.60 14.78% United Health Group 3.45 0.58 2.88 20.00% FedEx Corp. 2.45 0.55 1.90 28.95% Sherwin Williams Co. 3.44 0.04 3.40 1.18% Waste Management Inc. 1.86 0.16 1.70 9.41% Apple Inc. 2.82 0.36 2.46 14.63% Intel Corp. 1.20 0.12 1.08 11.11% Visa Inc. 0.92 0.23 0.69 33.33%

ANNUAL AVERAGE DIVIDEND INCREASE 13.87%

Note: All dividends are in local currency

Source: Thomson One These dividend rates are subject to change at any time. NORTH AMERICAN DIVIDEND GROWTH PORTFOLIO

2017 DIVIDEND INCREASES

CANADIAN Dividend Previous dividend (annualized) Increase ($) (annualized) Increase (%) Telus Corp. 1.97 0.13 1.84 7.07% Enbridge Inc. 2.41 0.29 2.12 13.68% Fortis Inc. 1.63 0.10 1.53 6.56% Royal Bank of Canada 3.48 0.24 3.24 7.41% Manulife Financial Corp. 0.82 0.08 0.74 10.81% Brookfield Asset Management 0.70 0.03 0.67 4.79% Dollarama 0.43 0.04 0.39 10.26%

US Dividend Previous dividend (annualized) Increase ($) (annualized) Increase (%) Verizon Communications Inc. 2.32 0.05 2.27 2.09% WEC Energy Group 2.08 0.10 1.98 5.05% JP Morgan Chase & Co. 2.04 0.20 1.84 10.87% Metlife Inc. 1.60 0.03 1.58 1.59% Starbucks Corp. 1.05 0.20 0.85 23.53% Procter & Gamble Co. 2.74 0.07 2.67 2.57% Walt Disney Co. 1.62 0.13 1.49 8.72% McCormick & Co. Inc. 1.93 0.17 1.76 9.66% Johnson & Johnson 3.32 0.17 3.15 5.40% Amgen Inc. 4.60 0.60 4.00 15.00% United Health Group 2.88 0.50 2.38 21.05% FedEx Corp. 1.90 0.45 1.45 31.03% 3M Company 4.70 0.26 4.44 5.86% Illinois Tool Works Inc. 2.86 0.46 2.40 19.17% Apple Inc. 2.46 0.23 2.23 10.31% Intel Corp. 1.08 0.04 1.04 3.85% Visa Inc. 0.69 0.11 0.59 17.95%

ANNUAL AVERAGE DIVIDEND INCREASE 11.00%

Note: All dividends are in local currency

Source: Thomson One These dividend rates are subject to change at any time. NORTH AMERICAN DIVIDEND GROWTH PORTFOLIO

2016 DIVIDEND INCREASES

CANADIAN Dividend Previous dividend (annualized) Increase ($) (annualized) Increase (%) Royal Bank of Canada 3.24 0.16 3.08 5.19% Toronto Dominion Bank 2.16 0.16 2.00 8.00% Brookfield Asset Management 0.67 0.04 0.63 6.35% Manulife Financial Corp. 0.74 0.07 0.67 10.45% Enbridge Inc. 2.12 0.26 1.86 13.98% Telus Corp. 1.84 0.16 1.68 9.52% Dollarama 0.39 0.04 0.35 11.43% Fortis Inc. 1.53 0.13 1.40 9.29%

US Dividend Previous dividend (annualized) Increase ($) (annualized) Increase (%) Verizon Communications Inc. 2.27 0.05 2.22 2.25% JP Morgan Chase & Co. 1.84 0.16 1.68 9.52% Procter & Gamble Co. 2.67 0.04 2.63 1.52% Starbucks Corp. 0.85 0.20 0.65 30.77% Walt Disney Co. 1.49 0.12 1.37 8.76% Amgen Inc. 4.00 0.84 3.16 26.58% Johnson & Johnson 3.15 0.20 2.95 6.78% Pfizer Inc. 1.20 0.08 1.12 7.14% 3M Company 4.44 0.34 4.10 8.29% FedEx Corp. 1.45 0.50 0.95 52.63% General Electric Co. 0.92 - 0.92 0.00% Apple Inc. 2.23 0.20 2.03 9.85% Intel Corp. 1.04 0.08 0.96 8.33% Visa Inc. 0.59 0.09 0.50 18.00%

ANNUAL AVERAGE DIVIDEND INCREASE 12.00%

Note: All dividends are in local currency

Source: Thomson One These dividend rates are subject to change at any time. NORTH AMERICAN DIVIDEND GROWTH PORTFOLIO

2015 DIVIDEND INCREASES

CANADIAN Dividend Previous dividend (annualized) Increase ($) (annualized) Increase (%) Royal Bank of Canada 3.08 0.24 2.84 8.45% Toronto Dominion Bank 2.00 0.16 1.84 8.70% Manulife Financial Corp. 0.67 0.10 0.57 16.67% Enbridge Inc. 1.86 0.46 1.40 32.86% Telus Corp. 1.68 0.16 1.52 10.53% Dollarama 0.35 0.04 0.31 12.90% Canadian National Railway 1.25 0.25 1.00 25.00% Rogers Communications Inc.* 1.92 0.09 1.83 4.92%

US Dividend Previous dividend (annualized) Increase ($) (annualized) Increase (%) AT&T Inc.* 1.88 0.04 1.84 2.17% Verizon Communications Inc. 2.22 0.07 2.14 3.50% JP Morgan Chase & Co. 1.68 0.12 1.56 7.69% Wells Fargo & Co. 1.48 0.13 1.35 9.26% Procter & Gamble Co. 2.63 0.10 2.53 4.04% Starbucks Corp. 0.65 0.10 0.55 17.27% Walt Disney Co. 1.37 0.22 1.15 19.13% Amgen Inc.* 3.16 0.72 2.44 29.51% Johnson & Johnson 2.95 0.19 2.76 6.88% Pfizer Inc. 1.12 0.08 1.04 7.69% 3M Company 4.10 0.68 3.42 19.88% FedEx Corp. 0.95 0.20 0.75 26.67% Apple Inc. 2.03 0.18 1.85 9.73% Intel Corp. 0.96 0.06 0.90 6.67% Visa Inc. 0.50 0.08 0.42 19.05% Du Pont E I De Nemours & Co. * 1.84 - 1.84 - General Electric Co. * 0.92 0.03 0.89 3.37% Whole Foods Market Inc. * 0.52 0.04 0.48 8.33%

ANNUAL AVERAGE DIVIDEND INCREASE 12.84%

Note: All dividends are in local currency

* January 13, 2015, Amgen Inc. (AMGN-US) & AT&T Inc. (T-US) added to strategy. General Electric Company (GE) removed from strategy. May 27, 2015, Rogers Communications Inc. (RCI.B) removed from strategy. July 29, 2015, EI Du Pont Nemours (DD-US) removed from strategy. October 29, 2015, Whole Foods Market (WFM-US) removed from strategy.

Source: Thomson One These dividend rates are subject to change at any time. NORTH AMERICAN DIVIDEND GROWTH PORTFOLIO

2014 DIVIDEND INCREASES

CANADIAN Dividend Previous dividend (annualized) Increase ($) (annualized) Increase (%) Royal Bank of Canada 2.84 0.31 2.53 12.25% Toronto Dominion Bank 1.84 0.22 1.62 13.58% Manulife Financial Corp. 0.57 0.05 0.52 9.62% Enbridge Inc. 1.40 0.14 1.26 11.11% Telus Corp. 1.52 0.16 1.36 11.76% Rogers Communications Inc. 1.83 0.09 1.74 5.17% Dollarama 0.31 0.05 0.27 16.98% Canadian National Railway 1.00 0.14 0.86 16.28%

US Dividend Previous dividend (annualized) Increase ($) (annualized) Increase (%) JP Morgan Chase & Co. 1.56 0.20 1.36 14.71% Wells Fargo & Co. 1.35 0.20 1.15 17.39% Verizon Communications Inc. 2.14 0.06 2.08 3.13% Whole Foods Market Inc. * 0.48 0.08 0.40 20.00% Starbucks Corp. 1.10 0.21 0.89 23.60% Procter & Gamble Co. 2.53 0.16 2.37 6.91% Walt Disney Co. 1.15 0.29 0.86 33.72% Johnson & Johnson 2.76 0.17 2.59 6.56% Pfizer Inc. 1.04 0.08 0.96 8.33% General Electric Co. 0.89 0.10 0.79 12.66% FedEx Corp. * 0.75 0.16 0.59 27.12% 3M Company 3.42 0.88 2.54 34.65% Du Pont E I De Nemours & Co. * 1.84 0.06 1.78 3.37% Intel Corp. 0.90 - 0.90 - Apple Inc. 1.85 0.16 1.69 9.75% Visa Inc. 1.68 0.29 1.39 20.86%

ANNUAL AVERAGE DIVIDEND INCREASE 14.15%

Note: All dividends are in local currency

* March 4, 2014, Bank of Nova Scotia (BNS), Deere & Co. (DE), Int'l Business Machines (IBM); September 3, 2014 Tim Hortons Inc. (THI) removed from strategy. JP Morgan Chase & Co. (JPM), General Electric (GE), 3M Company (MMM) added to strategy.

Source: Thomson One These dividend rates are subject to change at any time. NORTH AMERICAN DIVIDEND GROWTH PORTFOLIO

2013 DIVIDEND INCREASES

CANADIAN Dividend Previous dividend (annualized) Increase ($) (annualized) Increase (%) Royal Bank of Canada 2.53 0.25 2.28 10.96% Bank of Nova Scotia 2.39 0.20 2.19 9.13% Toronto Dominion Bank 3.24 0.35 2.89 12.11% Manulife Financial Corp. 0.52 - 0.52 - Enbridge Inc. 1.26 0.13 1.13 11.50% Canadian National Railway 1.72 0.22 1.50 14.67% Shoppers Drug Mart Corp.* 1.14 0.08 1.06 7.55% Tim Hortons Inc. 1.04 0.20 0.84 23.81% Rogers Communications Inc. 1.74 0.16 1.58 10.13% Telus Corp. 1.36 0.14 1.22 11.48% Dollarama 0.56 0.14 0.42 33.33%

US Dividend Previous dividend (annualized) Increase ($) (annualized) Increase (%) Procter & Gamble Co. 2.37 0.16 2.21 7.08% Johnson & Johnson 2.59 0.19 2.40 7.92% Starbucks Corp. 0.89 0.17 0.72 23.61% Deere & Co. 2.04 0.20 1.84 10.87% Verizon Communications Inc. 2.08 0.06 2.02 2.98% Wells Fargo & Co. 1.15 0.27 0.88 30.68% Visa Inc. 1.39 0.40 0.99 40.40% Intel Corp. 0.90 0.03 0.87 3.45% Pfizer Inc. 0.96 0.08 0.88 9.09% Apple Inc. 11.80 1.20 10.60 11.32% Walt Disney Co. 0.86 0.11 0.75 14.67% Whole Foods Market Inc. * 0.40 0.12 0.28 42.86% Du Pont E I De Nemours & Co. * 1.78 0.08 1.70 4.71% Int'l Business Machines * 3.70 0.40 3.30 12.12% FedEx Corp. * 0.60 0.05 0.55 9.09%

ANNUAL AVERAGE DIVIDEND INCREASE 14.44%

Note: All dividends are in local currency * July 31, 2013, Shoppers Drug Mart Corp. (SC) removed from strategy; Whole Foods Market Inc. (WFM), Du Pont E I De Nemours & Co. (DD), FedEx Corp. (FDX), International Business Machines (IBM) added to strategy.

Source: Thomson One These dividend rates are subject to change at any time. NORTH AMERICAN DIVIDEND GROWTH PORTFOLIO

2012 DIVIDEND INCREASES

CANADIAN Dividend Previous dividend (annualized) Increase ($) (annualized) Increase (%) Royal Bank of Canada 2.28 0.20 2.08 9.62% Bank of Nova Scotia 2.19 0.14 2.05 6.83% Toronto Dominion Bank 2.89 0.28 2.61 10.73% Manulife Financial Corp. 0.52 - 0.52 - Enbridge Inc. 1.13 0.15 0.98 15.31% Canadian National Railway 1.50 0.20 1.30 15.38% Shoppers Drug Mart Corp. 1.06 0.06 1.00 6.00% Tim Hortons Inc. 0.84 0.16 0.68 23.53% Rogers Communications Inc. 1.58 0.16 1.42 11.27% Telus Corp. 2.44 0.24 2.21 10.66% Dollarama 0.42 0.06 0.36 16.67%

US Dividend Previous dividend (annualized) Increase ($) (annualized) Increase (%) Procter & Gamble Co. 2.21 0.15 2.06 7.45% Johnson & Johnson 2.40 0.15 2.25 6.67% Starbucks Corp. 0.72 0.16 0.56 28.57% Deere & Co. 1.84 0.26 1.58 16.46% Verizon Communications Inc. 2.02 0.06 1.96 2.81% Wells Fargo & Co. 0.88 0.40 0.48 83.33% Visa Inc. 0.99 0.32 0.67 47.76% Intel Corp. 0.87 0.09 0.78 11.54% Pfizer Inc. 0.88 0.08 0.80 10.00% Apple Inc. * 10.60 10.60 - - Walt Disney Co. 0.75 0.15 0.60 25.00%

ANNUAL AVERAGE DIVIDEND INCREASE 16.62%

*July 31, 2013, Shoppers Drug Mart Corp. (SC) removed from strategy; Whole Foods Market Inc. (WFM), DuPont E I De Nemours & Co. (DD), FedEx Corp. (FDX), International Business Machines (IBM) added to strategy.

Source: Thomson One

These dividend rates are subject to change at any time. 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. If ou are currently a CIBC Wood Gundy client, please contact your Investment Advisor.

This information, including any opinion, is based on various sources believed to be reliable, but its accuracy cannot be guaranteed and is subject to change. CIBC and CIBC World Markets Inc., their ffiliates, directors, officers and employees may buy, sell, or hold a position in securities of a company mentioned herein, its affiliates or subsidiaries, and may also perform financial advisory services, investment banking or other services for, or have lending or other credit relationships with the same. CIBC World Markets Inc. and ts representatives will receive sales commissions and/or a ead between bid and ask prices if you purchase, sell or hold the securities referred to above. © CIBC World Markets Inc. 2019. These calculations and projections are for demonstration purposes only. They are based on a number of assumptions and consequently actual results may differ, possibly to a material degree.