Mr. Jason Weyeneth reports

CI FINANCIAL CORP. ANNOUNCES EXPIRATION OF TENDER OFFERS FOR THREE SERIES OF DEBENTURES

On May 11, 2023, CI Financial Corp. was 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.

The offers expired at 5 p.m. Toronto time on May 18, 2023.

Offers

The offeror offered to purchase the debentures set forth in the attached table. According to information provided by the tender agent (as defined below), an aggregate principal amount of $703,068,000 of debentures were validly tendered in connection with the offers at or prior to the expiration date and not validly withdrawn. The attached table provides certain information about the offers, including the approximate aggregate principal amount of each series of debentures validly tendered and not validly withdrawn prior to the expiration date.

Pricing and settlement

Pricing in respect of each series of debentures that are to be accepted for purchase by the offeror is expected to occur at or around 10 a.m. on May 19, 2023, following which the final acceptance amount, Canadian offer yield and consideration in respect of each series of debentures validly tendered and accepted for purchase pursuant to the offers will be announced by the offeror.

The settlement date in respect of any debentures validly tendered and accepted for purchase pursuant to the offers is expected to be May 24, 2023, subject to satisfaction or waiver of the transaction condition. The offeror will also pay an accrued coupon payment in respect of debentures validly tendered and accepted for purchase pursuant to the offers. Holders whose debentures are accepted for purchase will lose all rights as holder of the tendered debentures, and interest will cease to accrue on the settlement date for all debentures accepted in the offers.

The offeror reserves the right, in its sole discretion and 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.

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 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.

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 Financial has developed world-class portfolio management talent, extensive capabilities in all aspects of wealth planning and a comprehensive product suite. CI Financial manages and advises on approximately $391.1-billion in client assets (as at March 31, 2023).

CI Financial operates in three segments:

• Asset management, which includes CI Global Asset Management, which operates in Canada, and GSFM Pty. Ltd., which operates in Australia;
• Canada wealth management, which includes the operations of CI Assante Wealth Management, Aligned Capital Partners, CI Private Wealth (Canada), Northwood Family Office, CI Direct Investing and CI Investment Services;
• U.S. Wealth Management, which includes CI Private Wealth (U.S.), an integrated wealth management firm providing comprehensive solutions to ultrahigh-net-worth and high-net-worth clients across the United States.

CI Financial is headquartered in Toronto and listed on the Toronto Stock Exchange (CIX).

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