PROXY VOTING

National Instrument 81-106 Investment Fund Continuous Disclosure requires disclosure of the proxy voting record on an annual basis for the period ending on June 30 of each year. The proxy voting record must be posted on the website no later than August 31 of each year.

Canadian securities law provides that the manager of an investment funds (in this case, CI Global Asset Management ("CI GAM")), acting on behalf of the investment fund, has the right and obligation to vote proxies relating to the investment fund's portfolio securities. As a practical matter, CI GAM delegates this function to the applicable portfolio manager or subadviser, as part of the portfolio manager's or subadviser’s general management of the investment fund assets, subject to oversight by CI GAM. CI GAM generally requires that applicable portfolio managers or subadvisers vote all proxies in the best interest of CI GAM's funds and their securityholders, as determined solely by the portfolio manager or subadviser, and subject to CI GAM's proxy voting policy, the guidelines applicable to the individual portfolio manager or subadviser, and applicable legislation. Portfolio managers and subadvisers are generally expected to vote on any matter for which the investment fund receives proxy materials for a meeting of securityholders of an issuer.