Mr. Kurt MacAlpine reports

CI FINANCIAL REPORTS FINANCIAL RESULTS FOR THE THIRD QUARTER OF 2023

CI Financial Corp. has released financial results for the quarter ended Sept. 30, 2023.

"The benefits of CI's ongoing strategic transformation are demonstrated in our results and in the successful execution of important initiatives across our business lines," said Kurt MacAlpine, CI Chief Executive Officer.

"The Canadian wealth management business is making increasingly meaningful contributions to our earnings. The conversion of the Aligned Capital assets to the CI Investment Services custody platform in late July has had an immediate impact, with this segment's adjusted EBITDA1 attributable to shareholders increasing 24 per cent from the previous quarter.

"Also this month, we completed the acquisition of Coriel Capital of Montreal," Mr. MacAlpine said. "Coriel complements our Northwood Family Office and CI Private Wealth businesses, giving us an even stronger presence in the Canadian ultra-high-net-worth wealth management sector.

"Our U.S. wealth management segment continues to show steady growth in revenues and earnings, reflecting the strength of that business. We continue to make selected acquisitions, adding high-quality businesses while expanding our geographic reach.

"The rebranding of CI Private Wealth U.S. to Corient this summer was very well received and was an important step in integrating those operations and positioning Corient for continued growth as one of the largest private wealth firms in the U.S.," Mr. MacAlpine said.

"Our Canadian asset management business is achieving exceptional investment performance. For the three and five years ending Sept. 30, 2023, 75 per cent and 80 per cent of assets under management, respectively, delivered above-average results. This is the best relative performance over these key time periods in the last several years and is a convincing validation of the changes we have made to transform our investment management function into a single, integrated, globally focused team.

"We repurchased 8.8 million shares in the third quarter, with the result that we have repurchased virtually all of the shares allowed under our normal course issuer bid, which expires in June 2024," Mr. MacAlpine said. "Therefore, today we are announcing a substantial issuer bid, under which CI will offer to purchase up to $100-million of its outstanding common shares. We are taking this step because we believe that CI shares remain drastically undervalued."

Financial highlights

Third quarter net loss attributable to shareholders was $12.4-million compared to net income attributable to shareholders of $51-million in the second quarter of 2023. Excluding non-operating items, adjusted net income attributable to shareholders1 was $132.8-million in the third quarter, down 2.4compared with from the second quarter.

Third quarter total net revenues decreased 20.6 per cent to $616.5-million in the quarter from $776.1-million in the second quarter of 2023. Excluding non-operating items, adjusted total net revenues1 grew 2.3 per cent to $669.6-million, driven by growth in the U.S. Wealth Management segment due to acquisitions during the quarter, as well as by the Canadian Wealth Management segment due to higher average assets. Asset Management segment revenues declined driven by lower interest income and other gains/(losses).

Third quarter total expenses decreased 10.2 per cent to $595.9-million in the quarter from $663.6-million in the second quarter of 2023. Excluding non-operating items, adjusted total expenses1 were up 1.3 per cent to $445.8-million, reflecting higher SG&A due to U.S. segment acquisitions during the quarter as well as higher stock-based compensation.

Capital allocation

In the third quarter of 2023, CI repurchased 8.8 million shares at a cost of $145.3-million, for an average cost of $16.52 per share, and paid $30.5-million in dividends at a rate of $0.18 per share. The annual dividend rate of $0.72 per share represented a yield of 5.3 per cent on CI's closing share price of $13.64 on November 8, 2023.

The Board of Directors of CI (the "Board") declared a quarterly dividend of $0.20 per share, payable on April 15, 2024 to shareholders of record as of March 28, 2024. As announced in August 2023, the Board declared a $0.02 increase to the quarterly dividend to $0.20 per share, payable on January 15, 2024 to shareholders of record as of December 29, 2023.

Substantial issuer bid

The Board has approved the commencement of a substantial issuer bid (the "Offer"), pursuant to which CI will offer to purchase up to $100-million in value of its outstanding common shares from holders for cash, at a single price per share (not less than $13.64 per share and not more than $15.28 per share).

The Offer will proceed by way of a "modified Dutch auction". Shareholders wishing to tender to the Offer will be entitled to do so pursuant to: (i) auction tenders in which they will specify the number of shares being tendered at a price of not less than $13.64 and not more than $15.28 per share in increments of $0.25 per share other than an increment from $13.64 to $13.78, or (ii) purchase price tenders in which they will not specify a price per share, but will rather agree to have a specified number of shares purchased at the single purchase price determined by the modified Dutch auction.

The Offer will not be conditional upon any minimum number of shares being tendered, but will be subject to other conditions and CI will reserve the right, subject to applicable laws, to withdraw or amend the Offer, if, at any time prior to the payment for deposited shares, certain events occur as will be described in the formal offer to purchase and issuer bid circular and other related documents (the "Offer Documents") .

Details of the Offer, including instructions for tendering shares to the Offer and the factors considered by the Board in making its decision to approve the Offer, will be included in the Offer Documents. The Offer is expected to commence and the Offer Documents are expected to be mailed to shareholders and filed on SEDAR+ at www.sedarplus.com, on or about November 10, 2023. Shareholders should carefully read the Offer Documents prior to making a decision with respect to the Offer.

CI has engaged National Bank Financial Inc. ("NBF") to act as dealer manager and financial advisor in connection with the Offer. CI has also engaged Computershare Investor Services Inc. to act as depositary for the Offer.

None of CI, its Board, NBF or the depositary makes any recommendation to any shareholder as to whether to deposit or refrain from depositing shares under the Offer, or in the case of auction tenders, at what price to deposit shares under the Offer. Shareholders are urged to evaluate carefully all information in the Offer, consult their own financial, legal, investment and tax advisors, and make their own decisions as to whether to deposit shares under the Offer, and, if so, how many shares to deposit and at what price(s). The disclosure in this press release regarding the Offer is for informational purposes only and does not constitute an offer to buy or the solicitation of an offer to sell shares. The solicitation and the offer to buy shares will only be made pursuant to the Offer Documents.

Third quarter business highlights

• Effective August 1, 2023, CI rebranded CI Private Wealth (U.S.) as Corient, which is derived from "client oriented." The Corient brand better reflects the firm's extensive capabilities as a national integrated private wealth company and is being used by all company offices across the U.S. Corient is the trade name for Corient Private Wealth LLC.
• CI acquired Intercontinental Wealth Advisors, LLC, a registered investment advisor ("RIA") with offices in San Antonio, Texas and Ft. Lauderdale, Florida. The transaction, which closed in July 2023, added approximately $2.3 billion in assets to the Corient business.
• In July 2023, CI converted client assets at Aligned Capital Partners to the CI Investment Services ("CIIS") custody and clearing platform. The conversion increased custody assets at CIIS to $23.4 billion as at Sept. 30, 2023 from $9.1 billion as at June 30, 2023.
• CI Global Asset Management ("CI GAM") introduced two private markets investment solutions, providing access to accredited investors to this important asset class through convenient one-ticket investments. The two mandates, a growth fund and an income fund, provide Canadian investors with access to global best-in-class alternative asset managers.
• CI GAM's other product enhancements during the quarter included a series of changes to simplify and strengthen the competitiveness of its lineup of money market funds, including launching two money market ETFs.

Following quarter-end:

• CI acquired Coriel Capital Inc., a Montreal-based wealth management firm serving ultra-high-net-worth Canadians. The woman-led firm manages approximately $1.3 billion in client assets. The transaction was announced in August 2023 and closed on November 1, 2023.
• In October 2023, CI acquired Windsor Wealth Management Inc., an Indianapolis-based RIA providing comprehensive financial planning and investment managements services to high-net-worth clients. It has approximately $1.9 billion in assets under management.
• CI GAM introduced the First Home Savings Account, a registered plan that allows first-time homebuyers to save and invest, on a tax-free basis, for the down payment on a home, subject to certain limits.

Analysts' conference call

CI will hold a conference call with analysts today at 9:00 a.m. EST, led by Mr. MacAlpine and Chief Financial Officer Amit Muni. A live webcast of the call and slide presentation can be accessed here, or through the Investor Relations section of CI's website.

Alternatively, investors may listen to the discussion through the following numbers (access code: 331926):

Canada toll-free: 1-833-950-0062

United States toll-free: 1-833-470-1428

All other locations: 1-929-526-1599.

A recording of the webcast will be archived on CI's Investor Relations site.

About CI Financial

CI Financial Corp. 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 operates in three segments:

Asset Management, which includes CI Global Asset Management, which operates in Canada, and GSFM Pty Ltd., which operates in Australia.

Canadian 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 Corient Private Wealth, an integrated wealth management firm providing comprehensive solutions to ultra-high-net-worth and high-net-worth clients across the United States.

CI is headquartered in Toronto and listed on the Toronto Stock Exchange (TSX: CIX). To learn more, visit CI's website or LinkedIn page.

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