Mr. Peter Anderson reports

CI FINANCIAL ACQUIRES LEADING INDEPENDENT CANADIAN INVESTMENT FIRM SENTRY INVESTMENTS

CI Financial Corp. and Sentry Investments Corp. have reached an agreement under which CI will acquire Sentry, combining two of Canada's largest independent active asset managers.

Under the agreement, CI will acquire all of the outstanding shares of Sentry and its subsidiary Sentry Investments Inc., for a total of $780-million payable in $230-million in cash and the balance in CI shares. The transaction is expected to close on or about Sept. 29, 2017, subject to regulatory approvals.

"We're very pleased to be adding a firm of this quality to the CI Financial group of companies as it will significantly enhance our position as a Canadian independent global asset manager," said Peter W. Anderson, CI's chief executive officer. "The combined company will enjoy greater scale, which is key to being competitive in the investment industry today."

Sentry manages a diverse lineup of over 45 mutual fund mandates and other investment solutions with approximately $19.1-billion in assets (as of July 31, 2017). Following the completion of the acquisition, Sentry will remain a stand-alone brand and will continue to provide its leading investment products and award-winning portfolio managers to Canadian investors.

"Sentry is excited to join the CI group of companies," said Philip Yuzpe, president and chief executive officer of Sentry. "Sentry will remain a leading Canadian investment management firm, now benefiting from the support of CI's best-in-class investment platform."

The transaction will increase CI's assets under management by 16 per cent to approximately $140-billion, from $120.4-billion at July 31, 2017. Total assets (assets under management plus assets under advisement) will increase to approximately $180-billion.

Sentry's owners are demonstrating their confidence in the combined company and the Canadian asset management industry by taking a large portion of the purchase price in CI shares and becoming significant long-term shareholders in CI.

Moving forward, both Sentry and CI will continue to share and be driven by their commitment to excellence in active investing and working in partnership with financial advisers to help Canadians meet their financial goals.

CIBC Capital Markets and Davies Ward Phillips Vineberg LLP acted as advisers to Sentry, and Blake, Cassels & Graydon LLP acted as exclusive adviser to CI.

Analyst conference call

CI will hold a conference call with analysts today at 11 a.m. Eastern Time, led by Mr. Anderson and chief financial officer Douglas Jamieson, to discuss the transaction and CI's second quarter 2017 results. The call and a slide presentation will be accessible through a webcast at the company's website. Alternatively, investors may listen to the discussion by dialling 416-641-6104 or 1-800-952-5114 (pass code: 5415686 followed by the number sign). A replay of the call will be available until Aug. 24, 2017, at 905-694-9451 or 1-800-408-3053 (pass code: 7326905 followed by the number sign). The webcast will be archived at the company's website.

About Sentry Investments

Sentry Investments is one of Canada's leading independent investment managers, with about $19.1-billion in assets under management as of July 31, 2017. Founded in 1997, Sentry offers a diverse range of investment products and solutions through financial advisers and investment dealers, as well as portfolio management services to a variety of institutional clients.

About CI Financial Corp.

CI Financial is an independent, Canadian-owned wealth management company with approximately $160.5-billion in assets as of July 31, 2017. Its primary operating businesses are CI Investments Inc., one of Canada's largest investment managers, advisory businesses Assante Wealth Management and Stonegate Private Counsel, Grant Samuel Funds Management of Australia, and First Asset Investment Management, a leader in providing actively managed exchange-traded funds to the Canadian marketplace.

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