Mr. Murray Oxby 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 April 2, 2024.

Based on the preliminary count by Computershare Investor Services Inc., the depositary for the Offer (the "Depositary"), a total of 12,586,530 common shares of CI Financial ("Shares") were properly tendered and not properly withdrawn, including 115,210 Shares that were tendered through notices of guaranteed delivery.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 below). Based on the preliminary count by the Depositary, CI Financial expects to take up and purchase for cancellation 4,857,142 Shares at the purchase price of $17.50 per Share for an aggregate purchase price of approximately $85 million. The Shares expected to be purchased under the Offer represent approximately 3.11% of the issued and outstanding Shares at the time that the Offer was commenced. Immediately following completion of the Offer, CI Financial anticipates that 151,383,085 Shares will be issued and outstanding.

As the Offer was oversubscribed, shareholders are expected to have approximately 38.17% 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The number of Shares properly tendered and not properly withdrawn, the number of Shares expected to be purchased and the aggregate purchase price are all preliminary and subject to verification by the Depositary as well as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 aggregate 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 February 26, 2024, 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 the System for Electronic Data Analysis and Retrieval+ ("SEDAR+") at www.sedarplus.com.

This news release is for informational purposes only and is not intended to and does not constitute an offer to purchase or the solicitation of an offer to sell Shares.

About CI Financial

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 $465.9 billion in client assets (as at February 29, 2024). CI Financial operates in three segments:

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

Canadian Wealth Management, which includes the operations of CI Assante Wealth Management, Aligned Capital Partners, CI Private Wealth, Northwood Family Office, Coriel Capital, 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 Financial is headquartered in Toronto and listed on the Toronto Stock Exchange (TSX: CIX). To learn more, visit CI Financial's website or LinkedIn page.

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

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