Lawrence Park Capital Partners

1. Lawrence Park Capital Partners Lawrence Park Credit Strategies Fund

2. Executive summary • Fixed income has traditionally provided investors with a safe haven from stock market volatility. After 30 years of falling interest rates, investors have become accustomed to high-quality returns. • Now, questions abound as to whether the bond bull market is coming to an end. Some analysts are recommending a significant reduction in fixed-income exposure. • Wait! There is an alternative: Alternative fixed-income strategies such as the Lawrence Park Credit Strategies Fund, target fixed income-like returns with downside protection against rising rates.

3. Current markets: volatility and uncertainty The world has become an uncertain place. In the last four years, market volatility has nearly doubled from the previous four. Equity volatility and demographics have pushed Canadian investors towards fixed income. Mutual fund fixed income assets have nearly doubled from $100 billion to over $200 billion since 2008. VIX Average Jan 2004-Jan-2008 14.7% Jan 2008-Jan 2012 27.5% Source: Chicago Board Options Exchange, Insight Industry Review: Jan 2012

4. Current markets: volatility and uncertainty Meanwhile, bond yields have been driven to new lows and offer little or no protection to inflation risks from here. Real rates of return are now negative! Negative real returns! Source: Bloomberg

5. The big picture: A 50-year cycle in bonds Bonds today pay less income than stocks for the first time in over 50 years! 25-year bond bear market 30-year bond bull market Source: TD Newcrest, Dec 2011

6. Traditional fixed income: right for 2012? • Despite the shift to fixed income, there are currently few alternatives to traditional long-only bond funds. • Traditional fixed-income funds are taking a mix of interest rate and credit risk. So far in 2012, that has led to higher volatility and lower returns. Source: Scotia Capital / Internal Analysis

7. Fixed income with a difference The Lawrence Park Credit Strategies Fund is an actively managed fixed-income strategy with three central differences to traditional bond funds. • We hedge the portfolio against rising interest rates • We diversify beyond Canada’s narrow sectoral bias • We take both long and short positions to reduce volatility and generate consistent returns.

8. Credit arbitrage: stable returns through volatile markets • Credit arbitrage is a strategy that takes advantage of pricing inefficiencies of credit instruments in global markets. The Lawrence Park approach is typically described within the hedge fund industry as a credit arbitrage strategy. • HFR, a leading hedge fund industry analyst, began tracking an index of credit arbitrage funds at the end of 2004. Since then, these funds have significantly outperformed traditional asset classes. This graph shows comparative results of the three investment strategies over the past 6 years (as represented by the enumerated indices) and is not representative of the Fund’s past performance or future performance. The Fund was launched on March 1, 2012.

9. Multiple alpha sourcing strategies Credit arbitrage Relative value credit Absolute value trading Low volatility Carry & convergence Single name Long/short Pairs Trading Short & Medium term total return Capital structure arbitrage Single name vs. Index trading Core portfolio liquidity hedges Credit curve arbitrage

10. Trade examples – relative value Buy Cdn Oil Sands 4.5% Apr 2022 USD vs. Sell Encana 3.9% Nov 2021 USD Rationale: Capture COS new issue premium; long oil producer, short natural gas producer Entry spread (March 26): • Buy COS 4.5% at T+235 (new issue) • Short sell ECA 3.9% at T+205 Exit spread (April 20): • Sell COS 4.5% at T+219 • Buy ECA 3.9% at T+216 Price chg: COS +1.30%, ECA -0.86% Total: 2.16% @ 2:1 leverage =4.32% Annualized Return on Capital = 63%* Source: Bloomberg* Carry and borrowing costs estimated at 0.09% /annum

11. Trade examples – credit arbitrage BAC Series L Preferred Shares vs. BAC FRN Perpetual Tier 1 Bonds Rationale: • Capture price differential between similar securities trading in two different markets • Actively trade in and out of position during volatile markets Trade period: Nov 2011-Jan 2012 (60 days) Target entry: 5 point price differential Target exit: 0 point price differential Return: 3 turns at 5% per turn Unlevered return 15% Annualized return on capital: 90%* Source: Bloomberg, *Carry and borrowing costs estimated at 0.75% /annum

12. Lawrence Park: A High quality team… Andrew Torres Chief Investment Officer Former Vice Chair and Global Head of Credit Trading for TD Securities, with 17 years trading experience in London, Toronto and NY David Fry, CFA Chief Executive Officer Former Head of Global Markets for Deutsche Bank Canada, with 18 years fixed-income experience in Toronto, London and NY 65 years combined Fixed Income experience Over 50 years combined International experience John Young, CA, CFA Finance and Operations Former Head of Europe for Fore Research and Management, with 17 years experience in London, NY and Toronto Peter Metcalfe, CFA Portfolio Manager Former Head of US Credit Trading for TD Securities with 13 years experience in NY and London

13. … with the backing of one of Canada’s largest independent asset managers • On February 14, 2012, CI Financial agreed to purchase a minority stake in Lawrence Park Capital Partners Ltd. and to be a founding investor in the Lawrence Park Credit Strategies Fund. • With this transaction, Lawrence Park gained the following: • Significant investment capital to create the launch scale necessary to run a diversified credit strategy. • Branding and validation from one of the best names in the Canadian investment community • Access to one of the largest fund distribution channels in the country. • Use of CI’s best-in-class client interface and back office functions • Strategic focus from CI to help grow the LP Credit Strategies Fund “In Lawrence Park, we have identified an exceptional opportunity for growth and a firm that can benefit from CI’s support. The portfolio managers have used their talent and extensive experience in the income markets to develop a credit-focused fund that is unique in the Canadian marketplace.” – Stephen MacPhail CEO, CI Financial February 14, 2012

14. Summary • Interest rate volatility should be a real concern to fixed income investors. • An actively managed credit portfolio offers a viable diversification from traditional bond funds. • The Lawrence Park Credit Strategies Fund targets consistent returns with an emphasis on capital preservation. • The Lawrence Park team have built their careers around the global fixed income and credit markets.

15. Fund overview

16. Contact us The Lawrence Park Credit Strategies Fund is offered to Accredited Investors in Canada*. Please contact us for full offering documents. Lawrence Park Capital Partners Ltd. 2 Berkeley Street, Suite 304 Toronto, Ontario M5A 4J5 (416) 646-2180 www.lpcapitalpartners.com David A. Fry, MBA, CFAdavid.fry@lpcapitalpartners.com Andrew C. Torresandrew.torres@lpcapitalpartners.com John B. Young, CFA, CA john.young@lpcapitalpartners.com Peter E. Metcalfe, CFApeter.metcalfe@lpcapitalpartners.com *Lawrence Park Capital Partners Ltd. is registered as an Exempt Market Dealer, Portfolio Manager and Investment Fund Manager in Ontario, Quebec, Manitoba, Saskatchewan, Alberta and British Columbia

17. Appendices Manager biographies

18. Our executive team

19. Our advisory board Our advisory board provides guidance and counsel on an ongoing basis. We are grateful to have the support of such prominent members of the Canadian business community.

20. THIS SUMMARY HAS BEEN PREPARED FOR INFORMATIONAL PURPOSES ONLY, SOLELY AS A PRELIMINARY DOCUMENT TO DETERMINE INVESTOR INTEREST REGARDING LAWRENCE PARK CREDIT STRATEGIES FUND (THE “FUND”), WHICH IS DESCRIBED HEREIN. EXCEPT AS OTHERWISE DESCRIBED IN THE FUND’S CONFIDENTIAL PRIVATE PLACEMENT MEMORANDUM (THE “PPM”), DATED FEBRUARY 24, 2012, THIS DOCUMENT MAY NOT BE REPRODUCED FOR ANY PURPOSE OR PROVIDED TO OTHERS IN WHOLE OR IN PART WITHOUT THE PRIOR WRITTEN PERMISSION OF THE FUND MANAGER OF THE FUND (THE “FUND MANAGER”). AN OFFER OR SOLICITATION WILL BE MADE ONLY THROUGH THE PPM, AND WILL BE SUBJECT TO THE TERMS AND CONDITIONS CONTAINED IN THE PPM. THIS SUMMARY DOES NOT CONSTITUTE AN OFFER TO SELL OR BUY ANY SECURITIES. THE INFORMATION SET FORTH HEREIN DOES NOT PURPORT TO BE COMPLETE AND IS INTENDED TO BE READ IN CONJUNCTION WITH THE PPM. ALL INFORMATION AND OPINIONS AS WELL AS ANY FIGURES INDICATED HEREIN ARE SUBJECT TO CHANGE WITHOUT NOTICE. THE INVESTMENT RATES OF RETURN SET FORTH HEREIN DO NOT REFLECT MANAGEMENT FEES, EXPENSES OR CARRIED INTEREST TO BE CHARGED BY THE FUND MANAGER. • THIS PRODUCT WILL BE AVAILABLE TO ACCREDITED INVESTORS AS THAT TERM IS DEFINED UNDER CANADIAN SECURITIES LEGISLATION. IN ONTARIO, IN ORDER FOR INVESTORS TO BE CONSIDERED ACCREDITED INVESTORS, INVESTORS MUST MEET CERTAIN ELIGIBILITY REQUIREMENTS WITH REGARDS TO FINANCIAL ASSETS AND/OR INCOME HISTORY. AN INVESTMENT IN THE FUND WILL INVOLVE SIGNIFICANT RISKS DUE, AMONG OTHER THINGS, TO THE NATURE OF THE FUND’S INVESTMENTS. THE RISK FACTORS WILL BE CONTAINED IN THE PPM. INVESTORS SHOULD HAVE THE FINANCIAL ABILITY AND WILLINGNESS TO ACCEPT RISKS WHICH ARE CHARACTERISTIC OF THE INVESTMENTS DESCRIBED HEREIN. THIS PRESENTATION DOES NOT CONSIDER THE SPECIFIC INVESTMENT OBJECTIVES, FINANCIAL SITUATION OR PARTICULAR NEEDS OF ANY RECIPIENT. NO ASSURANCE CAN BE GIVEN THAT THE FUND’S INVESTMENT OBJECTIVE WILL BE ACHIEVED OR THAT THE INVESTORS WILL RECEIVE A RETURN OF THEIR CAPITAL. ACCORDINGLY, THE PPM SHOULD BE READ IN ITS ENTIRETY AND REVIEWED BY POTENTIAL INVESTORS’ LEGAL AND FINANCIAL ADVISORS.

21. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. Unless otherwise indicated and except for returns for periods less than one year, the indicated rates of return are the historical annual compounded total returns including changes in security value. All performance data assume reinvestment of all distributions or dividends and do not take into account sales, redemption, distribution or optional charges or income taxes payable by any securityholder that would have reduced returns. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated. ®CI Investments and the CI Investments design are registered trademarks of CI Investments Inc. Thank you