Mr. Jason Weyeneth reports

CI FINANCIAL RENEWS NORMAL COURSE ISSUER BID AND AUTOMATIC SECURITIES PURCHASE PLAN

The Toronto Stock Exchange has accepted CI Financial Corp.'s notice of intention to make a normal course issuer bid and automatic securities purchase plan (ASPP).

CI intends to purchase up to 15,205,008 of its common shares by way of a normal course issuer bid, through the facilities of the TSX and/or alternative Canadian trading systems or by such other means as may be permitted by the applicable securities regulator. Common shares may be purchased by CI or purchased by a trustee to satisfy obligations under equity-based compensation or employee share purchase plans for CI. All common shares purchased by CI (but not those purchased by such a trustee or non-independent broker) will be cancelled. The 15,205,008 common shares represent 10 per cent of the total public float for CI (152,050,082). As of June 7, 2023, there were 175,995,423 issued and outstanding common shares of CI.

It is expected that the purchases under the normal course issuer bid may commence on June 20, 2023, and will terminate on June 19, 2024, or on such earlier date as CI completes its purchases or provides notice of termination. Purchases will be effected through the facilities of the TSX at prevailing market prices, or such other means as may be permitted by the Ontario Securities Commission or Canadian Securities Administrators, and through alternative Canadian trading systems. CI is permitted to purchase up to 180,677 common shares daily, being 25 per cent of the average daily trading volume of the common shares for the six months ended as of May 31, 2023 (722,709).

CI believes that the market price of the common shares may, at certain times throughout the duration of the normal course issuer bid, be undervalued based on CI's financial performance and prospects, and accordingly, the board of directors is of the opinion that the purchase of common shares is an appropriate use of funds in order to increase shareholder value.

Under its current normal course issuer bid, CI obtained approval to purchase up to 16,828,703 of its common shares, of which CI, the trustee and non-independent broker purchased 16,828,703 common shares at a weighted average price of $13.31 per common share between June 20, 2022, and June 12, 2023, through the facilities of the TSX and alternative Canadian trading systems.

CI has entered into an ASPP with National Bank Financial Inc. (NBF) to allow for the purchase of common shares under the NCIB at times when CI would ordinarily not be permitted to purchase its common shares due to regulatory restrictions or self-imposed blackout periods.

Pursuant to the ASPP, prior to entering into a blackout period, CI may, but is not required to, instruct NBF to make purchases under the NCIB in accordance with the terms of the ASPP. Such purchases will be determined by NBF in its sole discretion based on parameters established by CI prior to the blackout period in accordance with the rules of the TSX, applicable securities laws and the terms of the ASPP. The ASPP has been precleared by the TSX and will be implemented effective June 20, 2023.

Outside of the predetermined blackout periods, common shares may be purchased under the NCIB based on the discretion of CI's management, in compliance with TSX rules and applicable securities laws. All repurchases made under the ASPP will be included in computing the number of common shares purchased under the NCIB.

About CI Financial Corp.

CI 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 $394.9-billion in client assets (as at April 30, 2023).

We seek Safe Harbor.