Mr. Murray Oxby reports

CI GLOBAL ASSET MANAGEMENT ANNOUNCES SECURITYHOLDER APPROVAL OF FUND MERGERS AND OTHER CHANGES TO ENHANCE PRODUCT LINEUP

CI Financial Corp.'s CI Global Asset Management (CI GAM) has received the required securityholder approval of several proposed changes to its product lineup, including the merger of eight mutual funds and exchange-traded funds into other mandates, and changes to the investment objectives of two other ETFs.

The proposals, which were first announced in December, 2023, were approved at securityholder meetings held on March 5 and 18, 2024, and will be implemented after the close of business on or about April 5, 2024. The changes are part of CI GAM's continuing strategic initiative to modernize, enhance and streamline its product lineup.

Mergers

The details of the proposed mergers are listed herein. CI DoubleLine Core Plus Fixed Income US$ Fund, CI DoubleLine Income US$ Fund and CI DoubleLine Total Return Bond US$ Fund are dual-class mandates, available in both mutual fund and ETF series. All of the ETFs trade on the Toronto Stock Exchange.

The mergers of CI DoubleLine Core Plus Fixed Income US$ Fund, CI DoubleLine Income US$ Fund and CI MSCI Canada Quality Index Class ETF are to be effected on a taxable basis, resulting in a taxable disposition if the funds are held in a non-registered account. The other mergers will be effected on a non-taxable basis.

The costs and expenses associated with the mergers are being borne by CI GAM, not the terminating funds and ETFs. The independent review committee of the terminating funds and ETFs reviewed the proposed mergers with respect to potential conflict of interest matters and provided its positive recommendation, having determined that the mergers achieve a fair and reasonable result for each of the terminating funds and ETFs.

ETF investment objective, index and name changes

Securityholders have approved changes to the investment objectives of CI Yield Enhanced Canada Aggregate Bond Index ETF and CI Yield Enhanced Canada Short-Term Aggregate Bond Index ETF. As a result, the ETFs' underlying indexes and names will change, as described below. Additionally, CI GAM will reduce the management fees of the two ETFs by more than half, to 0.07 per cent from 0.18 per cent. The 0.07-per-cent management fee is among the lowest in the Canadian market for Canadian bond ETFs. The ETF tickers are not changing.

• CI Yield Enhanced Canada Aggregate Bond Index ETF will be renamed CI Canadian Aggregate Bond Index ETF and the new underlying index will be the FTSE Canada Universe Bond Index. The new investment objective seeks to track, to the extent reasonably possible, the price and yield performance of a Canadian investment-grade bond index, before fees and expenses. Currently, the ETF seeks to track the FTSE Canada Universe Bond Index or any successor thereto.
• CI Yield Enhanced Canada Short-Term Aggregate Bond Index ETF will be renamed CI Canadian Short-Term Aggregate Bond Index ETF and the new underlying index will be the FTSE Canada Short Term Overall Bond Index. The new investment objective seeks to track, to the extent reasonably possible, the price and yield performance of a Canadian short-term investment-grade bond index, before fees and expenses. Currently, the ETF seeks to track the FTSE Canada Short Term Overall Bond Index or any successor thereto.

About CI Global Asset Management

CI Global Asset Management is one of Canada's largest investment management companies. It offers a wide range of investment products and services and is on the Web. CI Global Asset Management is a subsidiary of CI Financial, an integrated global asset and wealth management company with approximately $465.9-billion in assets as at Feb. 29, 2024.

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