Mr. Jason Weyeneth reports

CI FINANCIAL ANNOUNCES COMMENCEMENT OF CONSENT SOLICITATION AND NOTICE OF DEBENTUREHOLDER MEETINGS

CI Financial Corp. has called a meeting of the (i) holders of its 3.759 per cent debentures due 2025 issued under the second supplemental indenture to the trust indenture dated as of July 22, 2019, and (ii) holders of its 3.904 per cent debentures due 2027, issued under the sixth supplemental indenture to the trust indenture dated as of Dec. 16, 2009, and it has also commenced a solicitation of written consents and proxies, to approve certain amendments to both the 2019 second series supplement and the 2009 sixth series supplement.

The proposed amendments seek to remove the covenant contained in Section 2.9 of each supplement, which prevents any subsidiary of the corporation from creating, assuming or otherwise directly incurring certain indebtedness. The proposed amendments would conform the supplements with each other series of debentures the corporation has issued, which do not contain a similar covenant or restriction. The proposed amendments are further described in the joint consent and proxy solicitation statement dated March 6, 2024, a copy of which will be mailed to both the 2025 debentureholders and 2027 debentureholders. Debentureholders are urged to read and carefully consider the information contained in the solicitation statement.

The meeting of the 2025 debentureholders and the meeting of the 2027 debentureholders will be held on April 4, 2024, at 10 a.m. and 10:30 a.m., respectively. The record date for determining 2025 debentureholders and 2027 debentureholders entitled to vote at the respective meetings has been set as 5 p.m. (Toronto time) on March 5, 2024. Debentureholders entitled to vote at the respective meetings as of the record date shall have one vote for every $1,000 of debentures held.

If 2025 debentureholders representing not less than 66-2/3 per cent of the aggregate unpaid principal amount of the 2025 debentures deliver valid consents in favour of the proposed amendment by 5 p.m. (Toronto time) on March 19, 2024, the meeting of 2025 debentureholders will be cancelled. If 2027 debentureholders representing not less than 66-2/3 per cent of the aggregate unpaid principal amount of the 2027 debentures deliver valid consents in favour of the proposed amendment by the consent deadline, the meeting of 2027 debentureholders will be cancelled.

If the proposed amendments to each of the 2019 second series supplement and 2009 sixth series supplement are approved via written consent or at the meetings of 2025 debentureholders and 2027 debentureholders, the corporation will pay (i) the 2025 debentureholders that delivered a valid consent prior to the consent deadline, a consent fee equal to $6.00 per $1,000 aggregate principal amount of 2025 debentures held, and (ii) the 2027 debentureholders that delivered a valid consent prior to the consent deadline, a consent fee equal to $12.50 per $1,000 aggregate principal amount of 2027 debentures held.

No consent fee will be payable to either the 2025 debentureholders and 2027 debentureholders unless both proposed amendments are approved. The 2025 debentureholders and 2027 debentureholders that do not validly deliver a consent before the consent deadline will not receive a consent fee, regardless of whether the amendments are approved or not. CI retains the right to waive or modify the terms and conditions of the consent and proxy solicitation at its sole discretion.

The corporation has retained RBC Dominion Securities Inc. as solicitation agent and Computershare Trust Company of Canada as tabulation agent in connection with the consent and proxy solicitation and meetings. Questions concerning the meetings and the consent and proxy solicitation, or requests for assistance in participating in the meetings or the consent and proxy solicitation, should be directed to RBC.

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 Financial has developed world-class portfolio management talent, extensive capabilities in all aspects of wealth planning, and a comprehensive product suite. CI Financial manages, advises on and administers approximately $450.8-billion in client assets (as at Jan. 31, 2024).

CI Financial is headquartered in Toronto and listed on the Toronto Stock Exchange (TSX: CIX).

CI Global Asset Management is a registered business name of CI Investments Inc., a wholly owned subsidiary of CI Financial.

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