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May 4, 2015

Notification of underlying fund changes to your Clarica Portfolio Segregated Fund investment

Dear Policyholder,
CI Investments seeks to provide investors with a diverse selection of high-quality and efficiently-managed investment products. With that goal in mind, CI is planning a merger of the underlying fund, CI Alpine Growth Equity Fund, into CI Canadian Small/Mid Cap Fund.
As a result, this fund merger affects your Clarica Portfolio segregated fund contract issued by Sun Life Assurance
Company of Canada and managed by CI Investments.
Upon completion of the mutual fund merger, your investment's underlying fund will change and Clarica SF CI Alpine Growth Equity Fund and Clarica SF Growth Fund will invest in units of CI Canadian Small/Mid Cap Fund. These changes will be effective on or about July 10, 2015. Below is a summary of the changes:

Clarica Portfolio Segregated Fund Current Underlying Mutual Fund New Underlying Mutual Fund

Clarica SF CI Alpine Growth Equity Fund

CI Alpine Growth Equity Fund

CI Canadian Small/Mid Cap Fund

Clarica SF Growth Fund

CI Alpine Growth Equity Fund

CI Canadian Small/Mid Cap Fund

No action is required by you as a result of these changes. The benefits under the terms and conditions of your contract, including the management fees and insurance fees charged to the segregated funds, are not affected by the underlying fund change. The principal protection guarantees (maturity and death benefits), which are provided by Sun Life Assurance Company of Canada, remain in place and continue to protect your investments as they were designed to do. Any pre-authorized chequing, automatic withdrawal and systematic transfer plans will continue as before.

This will have a minimal impact on the nature of your investments, since the old underlying fund and the new underlying fund share substantially similar investment objectives.
For additional information about the new underlying fund, please refer to the table below or visit CI's website at www.ci.com.

Current underlying fund - New underlying fund -

CI Alpine Growth Equity Fund CI Canadian Small/ Mid Cap Fund

Investment objective

The fund's investment objective is to provide capital growth through investments in growth industries. The

fund will invest mainly in equity securities of small to medium sized Canadian companies that are expected to profit from future economic growth.

This fund's objective is to provide investors with long-term capital growth through investment in equity securities of small

and medium size companies with above average growth potential. Under normal circumstances, the fund will invest mainly in common stocks of small and medium size Canadian companies, which are

listed for trading on a stock exchange. When considered appropriate, in light of economic and market conditions, the fund may also invest in short-term

debt securities, preferred shares and debt securities convertible into equity securities.

Portfolio advisors

Manulife Asset Management Limited

Picton Mahoney Asset Management, Manulife Asset Management Limited, QV Investors Inc.

If you have any questions, or require additional information, please contact your advisor or the CI Client
Services Segregated Funds Team at 1-800-792-9355. Thank you for investing with us.
Sincerely,

Derek J. Green

President
CI Investments

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