Mr. Murray Oxby reports

CI GLOBAL ASSET MANAGEMENT ANNOUNCES SIGNIFICANT FEE REDUCTIONS ON MONEY MARKET FUND LINEUP

CI Financial Corp.'s CI Global Asset Management (CI GAM) has made a series of changes designed to modernize its money market fund lineup, including significant reductions in management fees, fund name changes and two new money market ETFs (exchange-traded funds).

"The increase in short-term interest rates over the past 16 months has generated strong investor interest in money market funds, as higher yields have made them much more effective as a source of income, in addition to their traditional role in preserving capital," said Darie Urbanky, president and chief operating officer of CI GAM and its parent company, CI Financial.

"The significant management fee reductions we are announcing today will boost yields for CI GAM clients and ensure our funds remain competitive and relevant in today's market environment. And by introducing two money market ETFs, we are creating additional choices for investors who prefer the ETF platform.

"These changes both simplify and strengthen our product lineup and are part of CI GAM's ongoing strategy of modernizing its asset management business."

Management fee reductions

Effective today, the management fees charged to CI Money Market Class, CI Money Market Fund, CI U.S. Money Market Fund, CI Short-Term Corporate Class and CI Short-Term U.S.$ Corporate Class have been reduced to 0.14 per cent for Series F and Series P and to 0.39 per cent for Series A. Previously, the management fees charged to the funds ranged from 0.45 per cent to 0.70 per cent for Series F, from 0.25 per cent to 0.75 per cent for Series P and were 0.70 per cent for Series A. CI GAM does not charge administration fees to the funds.

The fee reductions will also enable CI GAM to simplify its lineup by discontinuing other series of the funds with different pricing structures. Effective on or about July 28, 2023, Series E, EF, O, PP, X, Y and Z of the funds, as applicable, will be redesignated Series A, F and P, as appropriate -- ensuring all clients benefit from the new lower fee level. No client will pay a higher fee after the changes. The redesignations are not a taxable event for investors and no action is required by clients as a result of the changes.

Name changes

Effective on or about July 21, 2023, CI Short-Term Corporate Class will be renamed CI Money Market Corporate Class and CI Short-Term U.S.$ Corporate Class will be renamed CI U.S. Money Market Corporate Class. The new names better reflect the mandates of the funds to invest primarily in money market instruments. Additionally, CI U.S. Money Market Fund is being renamed CI U.S. Money Market Fund.

New money market ETFs

CI GAM has filed and obtained a receipt for a preliminary prospectus for CI Money Market ETF and CI U.S. Money Market ETF. CI GAM expects the ETFs to begin trading on the Toronto Stock Exchange on or about July 25, 2023, under the ticker symbols CMNY and UMNY.U, respectively.

The investment objective of the ETFs is to seek to earn income at the highest rate of return that is consistent with preserving capital and maintaining liquidity. CMNY will invest primarily in money market instruments that mature in less than 365 days, while UMNY.U will invest primarily in money market instruments denominated in U.S. dollars that mature in less than 365 days. The management fee of the ETFs is 0.14 per cent.

About CI Financial Corp.

CI Global Asset Management is one of Canada's largest investment management companies. It offers a wide range of investment products and services. CI GAM is a subsidiary of CI Financial, an integrated global asset and wealth management company with approximately $400.9-billion in assets as at May 31, 2023.