Board of Governors and Board of Directors of the mutual funds:

The CI Investments Board of Governors was voluntarily established by CI in 1998, making it one of the first such fund governance bodies in Canada.

The Board of Governors acts as an independent governance body of all CI Funds, providing impartial judgment on conflicts of interest with a view to the best interests of the CI Funds and CI Investments investors. The Board of Governors recommends the best course of action to achieve a fair and reasonable result on any conflict of interest issues, and CI takes into account its recommendation in accordance with its fiduciary duty to the CI Funds. All of the members of the Board are independent of CI.

The Board of Governors mandate is set out in a separate charter and reviewed annually by the Board to ensure its mandate conforms to the expectations and requirements of Canadian securities regulators. Along with dealing with conflicts of interest, the mandate provides that the Board acts as an audit committee for the CI Funds for the purpose of reviewing the financial statements of the CI Funds with the auditors of the CI Funds and reviews holdings, purchases and sales by the CI Funds of securities of The Bank of Nova Scotia, CI Financial Corp. and other related companies.

The Board also reviews and discusses on a regular basis matters including compliance of the CI Funds with CI's relevant policies and procedures, approval of the CI Funds' auditors and the fees paid to those auditors and the performance of the Board and its members.

The Board of Governors adheres to the regulations set out by Canadian securities regulators in National Instrument 81-107 Independent Review Committee for Investment Funds, which requires all investment funds in Canada to have independent review committees.

The Board of Governors members are compensated as recommended by the Canadian securities regulators in their draft rule and as set out in its mandate. These expenses are paid by CI and charged to the CI Funds as part of their administration fee.

The members of the Board of Governors are:

• William Harding, Managing Partner, Alpine Asset Advisors AG
  Governor since June 2005
  
  
• Stuart P. Hensman, Corporate Director
  Governor since December 2004
  
  
• Christopher M. Hopper, President, KLQ Mechanical Ltd.
  Governor since May 2007
  
  
• Sharon M. Ranson, President, The Ranson Group
  Governor since December 2004
  

To read the mandate of the Board of Governors, click here.