Mr. Brandon Snow reports

CI INVESTMENTS ANNOUNCES PORTFOLIO MANAGEMENT CHANGES FOR THE CAMBRIDGE FUNDS

CI Investments Inc. has made new portfolio management assignments at Cambridge Global Asset Management to reflect the changing responsibilities within the team. The changes were effective July 29. Co-chief investment officer Brandon Snow has been added as portfolio manager of Cambridge Global Equity Corporate Class, joining lead portfolio manager and co-CIO Alan Radlo on the fund. As co-manager, Mr. Snow will direct the continued enhancement of the team's global research coverage. Mr. Snow is also lead portfolio manager of Cambridge Canadian Equity Corporate Class and Cambridge Asset Allocation Corporate Class.

Stephen Groff, CFA, has been named lead portfolio manager of Cambridge Canadian Dividend Fund, Cambridge Global Dividend Fund and Cambridge Global Dividend Corporate Class. The change consolidates responsibility for Cambridge's dividend mandates with Mr. Groff, who is also lead portfolio manager of Cambridge U.S. Dividend Fund, Cambridge U.S. Dividend Registered Fund, Cambridge U.S. Dividend U.S. Dollar Fund, Cambridge American Equity Fund and Cambridge American Equity Corporate Class.

Gregory Dean, CFA, has been named lead portfolio manager of Cambridge Canadian Growth Companies Fund. He is also lead portfolio manager of Cambridge Growth Companies Corporate Class, which has a global mandate, and co-lead portfolio manager of Cambridge Pure Canadian Equity Fund with Mr. Groff. With the change, Mr. Dean has the primary role in managing Cambridge's growth-oriented equity funds.

"Having built out the Cambridge lineup of mandates and grown our team of analysts, the next step was to streamline portfolio management responsibilities," said Mr. Snow. "These changes recognize Greg's focus on our suite of growth funds and Steve's responsibility for our lineup of dividend equity funds. And as co-manager of our global equity fund, I am working with our analysts to continue to expand our research coverage globally in our search for investments that fit with the Cambridge approach and philosophy."

Chief market strategist, Robert Swanson, CFA, continues to focus on the Cambridge income mandates, and on providing guidance on macroeconomic trends, and market and asset allocation strategies to the team. He is lead portfolio manager of Cambridge High Income Fund and co-manager of Cambridge Asset Allocation Corporate Class.

Cambridge was founded in 2008 with three funds under the leadership of Mr. Radlo. In 2011, CI expanded the team with the addition of Mr. Swanson, Mr. Snow, Mr. Dean and Mr. Groff. Today, the team manages over $15-billion, oversees a diverse lineup of funds, and operates from offices in Boston and Toronto.

Cambridge's success has been driven by its strong performance, which has been recognized through various industry awards. These include Lipper Fund Awards for 2014 for Cambridge Pure Canadian Equity Fund, Cambridge Canadian Growth Companies Fund and Cambridge Asset Allocation Corporate Class. In addition, Mr. Snow was selected as one of the top 10 TopGun investment minds in the 2014 Brendan Wood International Canadian investment rankings, while Mr. Dean has achieved TopGun status from 2012 to 2014.

In other changes announced today, Cambridge Canadian Asset Allocation Corporate Class has been renamed Cambridge Asset Allocation Corporate Class to reflect the flexibility of the fund's mandate, which allows for foreign content of as much as 49 per cent.

Cambridge Global Asset Management is a business name of CI used in connection with its subsidiary, CI Global Investments Inc. Certain portfolio managers of Cambridge are registered with CI Investments.

The portfolio management changes noted above and other changes concerning Cambridge are summarized in the attached table.

Fund name                              Portfolio advisers prior to change        Portfolio advisers after change
 
Cambridge American Equity Fund   CI Global Investments and CI Investments                         CI Investments
Cambridge American Equity
Corporate Class                  CI Global Investments and CI Investments                         CI Investments 
Cambridge Canadian Dividend Fund CI Global Investments and CI Investments                         CI Investments
Cambridge Global Dividend Fund                      CI Global Investments                         CI Investments
Cambridge Global Dividend
Corporate Class                                     CI Global Investments                         CI Investments
Cambridge Global Equity                                                                           CI Investments
Corporate Class                                     CI Global Investments              and CI Global Investments
Cambridge U.S. Dividend Fund     CI Global Investments and CI Investments                         CI Investments
Cambridge U.S. Dividend
Registered Fund                  CI Global Investments and CI Investments                         CI Investments 
Cambridge U.S. Dividend
U.S. Dollar Fund                 CI Global Investments and CI Investments                         CI Investments
A portion of Select Canadian            CI Investments, QV Investors Inc., CI Investments, CI Global Investments
Equity Managed Corporate Class             Tetrem Capital Management Ltd.        QV Investors and Tetrem Capital
Canadian Equity Growth Pool      CI Investments and CI Global Investments                         CI Investments
Canadian Equity Growth
Corporate Class                  CI Investments and CI Global Investments                         CI Investments