Mr. Jason Weyeneth reports

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

CI Financial Corp. has provided details of the final pricing of its tender offers 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 below, on the terms and conditions set forth in the offer to purchase dated May 11, 2023. Financial references are to the Canadian dollar.

Offers

The attached table sets out the final acceptance amount, the Canadian offer yield and the consideration in respect of each series of debentures validly tendered and accepted for purchase pursuant to the offers.

Settlement

Payment of consideration for the debentures accepted for purchase will be made by the offeror on the settlement date, which is expected to occur on May 24, 2023, subject to satisfaction or waiver of the transaction condition. 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 from and including the immediately preceding interest payment date for such debentures to, but excluding, the settlement date. 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.

Following consummation of the offers, any debentures that are purchased in the offers will be retired and cancelled and no longer remain outstanding. Debentures not purchased in the offers will remain outstanding, and the terms and conditions governing such debentures will remain unchanged.

Following completion of the offers, the offeror will have (i) $66,658,000 aggregate principal amount of 3.215 per cent debentures due 2024 outstanding; (ii) $79,238,000 aggregate principal amount of 3.759 per cent debentures due 2025 outstanding; and (iii) $152,469,000 aggregate principal amount of 3.904 per cent debentures due 2027 outstanding.

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.

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).

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