Mr. Jason Weyeneth reports

CI FINANCIAL CORP. ANNOUNCES PRELIMINARY RESULTS OF SUBSTANTIAL ISSUER BID

CI Financial Corp. has released the preliminary results of its substantial issuer bid, which expired at 5 p.m. Toronto time on Dec. 18, 2023.

Based on the preliminary count by Computershare Investor Services Inc., the depositary for the offer, a total of 7,998,695 common shares of CI Financial were properly tendered and not properly withdrawn, including 238 shares that were tendered through notices of guaranteed delivery. In accordance with the terms of the offer, CI Financial has informed the depositary that it is taking up shares properly tendered to the offer at the time of expiry, subject to proration (as described herein). Based on the preliminary count by the depositary, CI Financial expects to take up and purchase for cancellation 6,554,502 shares at a purchase price of $15.28 per share for an aggregate purchase price of approximately $100-million. The shares expected to be purchased under the offer represent approximately 4.0 per cent of the issued and outstanding shares at the time that the offer was commenced. Immediately following completion of the offer, CI Financial anticipates that 156,240,227 shares will be issued and outstanding.

As the offer was oversubscribed, shareholders are expected to have approximately 81.81 per cent of their successfully tendered shares purchased by the corporation (other than odd-lot holders, whose shares will be purchased on a priority basis).

The number of shares properly tendered and not properly withdrawn, the number of shares expected to be purchased, and the purchase price are all preliminary and subject to verification by the depositary as well as the proper delivery of all shares tendered (including shares tendered pursuant to guaranteed delivery procedures). Following completion by the depositary of the verification process and the guaranteed delivery period, the corporation will issue a final press release including the final number of shares purchased, the final purchase price, and the estimated paid-up capital per share and specified amount (each for purposes of the Income Tax Act (Canada)). Promptly after such announcement, payment for the shares accepted for purchase will be made in accordance with the terms of the offer, and the depositary will return all other shares tendered and not purchased under the offer.

The full details of the offer are described in the offer to purchase and issuer bid circular dated Nov. 10, 2023, as well as the related letter of transmittal and notice of guaranteed delivery, copies of which were filed and are available under the corporation's profile on SEDAR+.

About CI Financial Corp.

CI Financial is a diversified global asset and wealth management corporation 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 $420.7-billion in client assets (as at Oct. 31, 2023).

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 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.

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