Mr. Jason Weyeneth reports

CI FINANCIAL CORP. COMMENCES TENDER OFFERS FOR THREE SERIES OF DEBENTURES

CI Financial Corp. is offering to purchase for cash, in three separate offers, a targeted aggregate principal amount of up to $1-billion of the outstanding debentures of the three series set forth in the attached table, on the terms and conditions set forth in the offer to purchase dated May 11, 2023. Unless specified otherwise, financial references are to the Canadian dollar.

Offers

CI is offering to purchase the debentures set forth in the attached table.

The consideration for each series of debentures payable per each $1,000 principal amount of such series of debentures validly tendered for purchase will be based on the fixed spread specified in the attached table for such series of debentures, plus the yield of the specified Canadian reference security in the attached table for such series of debentures. The consideration does not include the applicable accrued and unpaid interest payment, which will be payable in cash in addition to the applicable consideration. See "description of the offers -- determination of the consideration" in the offer to purchase. The offers are not contingent upon the tender of any minimum principal amount of debentures and the amount of each series of debentures that is purchased in the offers will be determined by CI, in its sole discretion. The offers may be subject to proration as described in the offer to purchase.

Provided that all relevant conditions to the offers described in the offer to purchase are satisfied or waived by the offeror by the expiration date, which is 5 p.m., Toronto time, on May 18, 2023, the offers are scheduled to expire on expiration date, unless extended or earlier terminated by the offeror. Holders of debentures described in the attached table may withdraw their validly tendered debentures any time at or prior to 5 p.m., Toronto time, on May 18, 2023, unless extended or earlier terminated by the offeror. In order to receive the applicable consideration, holders must tender and not withdraw their debentures at or prior to the expiration date.

The settlement date is expected to be May 24, 2023, subject to satisfaction or waiver of the conditions to the offers described in the offer to purchase.

Upon the terms and subject to the conditions set forth in the offer to purchase, holders whose debentures are accepted for purchase in the offers will receive the consideration described in the attached table for each $1,000 principal amount of such debentures in cash on the settlement date. On the price determination date, unless extended with respect to any of the offers, the offeror will issue a news release specifying, among other things, the consideration for each series of debentures validly tendered and accepted.

In addition to the consideration, holders whose debentures are accepted for purchase will receive a cash payment equal to the accrued coupon payment, representing accrued and unpaid interest on such debentures up to but excluding the settlement date.

Interest will cease to accrue on the settlement date for all debentures accepted in the offers.

Terms of the offers

The offeror's obligation to accept for payment and to pay for debentures of any series validly tendered in the offers is subject to the satisfaction or waiver of the conditions described in the offer to purchase. The offeror reserves the right, subject to applicable law, to: (i) waive any and all conditions to the offers; (ii) extend or terminate any or all of the offers; (iii) increase or decrease the maximum purchase amount; or (iv) otherwise amend the offers in any respect.

Debentures accepted for purchase pursuant to each offer will be accepted only in minimum principal amounts equal to $1,000 and integral multiples of $1,000 in excess thereof. No alternative, conditional or contingent tenders will be accepted.

Holders are advised to check with any bank, securities broker or other intermediary through which they hold any of the debentures listed above as to when such intermediary needs to receive instructions from a holder in order for that holder to be able to participate in, or, where revocation is permitted, timely revoke their instruction to participate in the offers. The deadlines set by each clearing system for the submission and withdrawal of tender instructions will also be earlier than the relevant deadlines specified herein and in the offer to purchase, as applicable.

RBC Dominion Securities Inc. is acting as the dealer manager for the offers. For additional information regarding the terms of the offers, please contact RBC at 877-381-2099 (toll-free) or 416-842-6311 (collect Canada). Computershare Investor Services Inc. is acting as the tender agent for the offers. Questions or requests for assistance related to the offers or for copies of the offer to purchase may be directed to Computershare Investor Services at 1-800-654-6253 or 514-982-7555 (toll-free in North America). You may also contact your broker, dealer, commercial bank, trust company or other nominee for assistance concerning the offers.

None of the offeror, its board of directors, the dealer manager, the tender agent or the trustee with respect to any series of debentures is making any recommendation as to whether or not holders should tender or refrain from tendering all or any portion of their debentures in response to the offers. Holders are urged to evaluate carefully all information in the offer to purchase, consult their own investment and tax advisers, and make their own decisions whether to tender debentures in the offers, and, if so, the principal amount of debentures to tender.

Advisers

Stikeman Elliott LLP and Skadden, Arps, Slate, Meagher & Flom LLP are acting as legal counsel to CI and Torys LLP is acting as legal counsel to the dealer manager.

About CI Financial Corp.

CI Financial is a diversified global asset and wealth management company operating primarily in Canada, the United States and Australia. Founded in 1965, CI has developed world-class portfolio management talent, extensive capabilities in all aspects of wealth planning and a comprehensive product suite. CI manages and advises on approximately $391.1-billion in client assets (as at March 31, 2023).

We seek Safe Harbor.