Fee Agreement and Client Disclosure Statement

Role of CI Direct Investing

As a registered portfolio manager under the securities laws of your jurisdiction, CI Direct Investing is authorized to act as your discretionary investment manager. CI Direct Investing will construct portfolio(s) of appropriate investments for your Account and manage the portfolio(s) based on the KYC Information that you have provided to CI Direct Investing, as updated by you to reflect material changes to your KYC Information.

CI Direct Investing does not collect commissions from the products it sells. In order to maintain objectivity when advising on your Account, we charge the clients directly a percentage of assets under CI Direct Investing's management (the "Management Fee"). CI Direct Investing will charge you an annual management fee equal to 0.40%. 

Management Fees will be calculated and accrued on a daily basis, and will be debited monthly plus applicable taxes in the jurisdiction in which the Client resides. If there were any commissions paid to CI Direct Investing as a result of products held in the Client's name, the commissions would be rebated to the account on a pro-rata basis, based on the holdings in the account and the time the security was held by the Client during the billing period. 

The management fee calculation will start following the account opening date. The account opening date will be defined as the date of the initial deposit. Accounts that are redeemed prior to the end of the billing period will be charged on the pro-rata basis for the amount of days it was under CI Direct Investing's management.

What does your fee pay for?

CI Direct Investing's Management Fee will be inclusive of the following additional cost incurred by Client's accounts.

• Custodial Fees
• Trading Fees incurred by rebalancing.
• Annual account admin fees
• Registration fees (for TFSA and RRSP, Spousal RRSP, LIRA, RIF & LIF subject to account minimum)
• Deregistration fees (for deregistration of registered plans such as TFSA, RRSP, etc.)

What your fee does not pay for?

Certain accounts, services and products such as, but not limited to Group RRSP plans, etc., may be excluded from our standard fees calculated based on assets under management as described above. These accounts, services and products will be charged separately providing the Client with such details.

Management Expense Ratio of investment products (the "MER")

CI Direct Investing does not control the costs and the MERs of the products it provides and as such does not include that fee in its Management Fee.

Account closure and transfer out/partial transfer out fees

CI Direct Investing's Management Fee also does not include account closure and transfer out fees, except in circumstances where CI Direct Investing caused such transaction in a regular course of managing the Client's account. 

Role of Your Representative

Your representative (your “Representative”) introduced you to CI Direct Investing. Your Representative is not involved in any services provided by CI Direct Investing under the Agreement. CI Direct Investing provides discretionary investment management services to you, not to your Representative.

You have entered into a separate Service Fee Agreement with your Representative under which you have agreed to pay your Representative a service fee calculated as a percentage of the aggregate net asset value of your assets in the Account (the “Service Fee”). In the Service Fee Agreement, you have acknowledged and agreed that CI Direct Investing will withdraw the Service Fee, plus applicable taxes, from your Account as of the last business day of each month and pay the Service Fee, plus applicable taxes, to your Representative's sponsoring firm by no later than 45 days after month-end.

If you terminate the Service Fee Agreement, or otherwise terminate your relationship with your Representative, you need to notify CI Direct Investing in writing as soon as possible so that CI Direct Investing knows to stop debiting and processing the Service Fee from your Account. If you switch to a new Representative and enter into a new Service Fee Agreement with the new Representative, you need to notify CI Direct Investing in writing as soon as possible so that CI Direct Investing can adopt the new fee processing arrangement for your Account. 

Disclosure of Personal Information

In your Service Fee Agreement, you authorize and direct CI Direct Investing to disclose all information to your Representative regarding your assets invested in the Account, including information related to investment performance, transfers, account expenses, beneficiaries, deposits and withdrawals.

You may withdraw this consent at any time by providing written notice to CI Direct Investing. Notwithstanding such withdrawal of consent, Service Fees will continue to be debited from your Account and paid to your Representative unless you notify CI Direct Investing that the Service Fee Agreement has been terminated as described above under “Role of Your Representative”.

Additional information about how CI Direct Investing protects your privacy and shares certain information with third parties can be found in CI Direct Investing’s privacy policy available online.

Conflicts of Interest

The possibility of a conflict of interest may arise in any arrangement where a firm and its representatives have a financial interest in introducing you to another firm. CI Direct Investing and your Representative have entered into a Representative Service Agreement which provides a mechanism for your Representative to collect Service Fees directly from your Account with CI Direct Investing, in accordance with your authorization under the Service Fee Agreement and in recognition of the services your Representative is providing you outside of your account with CI Direct Investing. The existence of the Representative Service Agreement may have impacted your Representative’s decision to introduce you to CI Direct Investing.

CI Direct Investing is not affiliated with[1], nor makes any representations regarding your Representative or his/her firm. Each of CI Direct Investing, your Representative, and his/her firm have their own policies and procedures which govern conflicts of interest. More information on conflicts of interest can be found in the CI Direct Investing Conflicts of Interest Disclosure.