Q3-2020 Earnings Call

November 12, 2020

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This presentation contains forward-looking statements concerning anticipated future events, results, circumstances, performance or expectations with respect to CI Financial Corp. (“CI”) and its products and services, including its business operations, strategy and financial performance and condition. Forward-looking statements are typically identified by words such as “believe”, “expect”, “foresee”, “forecast”, “anticipate”, “intend”, “estimate”, “goal”, “plan” and “project” and similar references to future periods, or conditional verbs such as “will”, “may”, “should”, “could” or “would”. Forward-looking statements in this presentation include statements about the potential listing of CI’s common shares on the New York Stock Exchange, the timing and satisfaction of any conditions relating thereto, the potential impact thereof on CI’s investor base, corporate profile, and acquisition strategy. These statements and other forward-looking statements are not historical facts but instead represent management beliefs regarding future events, many of which by their nature are inherently uncertain and beyond management’s control. Although management believes that the expectations reflected in such forward-looking statements are based on reasonable assumptions, such statements involve risks and uncertainties. The material factors and assumptions applied in reaching the conclusions contained in these forward-looking statements include that the investment fund industry will remain stable and that interest rates will remain relatively stable. Factors that could cause actual results to differ materially from expectations include, among other things, general economic and market conditions, including interest and foreign exchange rates, global financial markets, changes in government regulations or in tax laws, industry competition, technological developments and other factors described or discussed in CI’s disclosure materials filed with applicable securities regulatory authorities from time to time. The foregoing list is not exhaustive and the reader is cautioned to consider these and other factors carefully and not to place undue reliance on forward-looking statements. Other than as specifically required by applicable law, CI undertakes no obligation to update or alter any forward-looking statement after the date on which it is made, whether to reflect new information, future events or otherwise.

This presentation contains non-IFRS financial measures that do not have any standardized meaning prescribed by IFRS and may not be comparable to similar measures presented by other companies. However, management uses these financial measures and also believes that most shareholders, creditors, other stakeholders and investment analysts prefer to include the use of these financial measures in analyzing CI’s results. These non-IFRS measures are described and/or reconciled to the nearest IFRS measure in CI’s Management’s Discussion and Analysis available at www.cifinancial.com.

Figures exclude non-controlling interest, where applicable.

Important Information

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Conference Call Participants

Kurt MacAlpineChief Executive Officer

Douglas JamiesonChief Financial Officer

Conference Call Participants

Jason WeyenethV.P. Investor Relations and Strategy

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Topics for Discussion

▪ Q3 highlights and challenges

▪ Q3 financial performance review

▪ Q4 sales update

▪ Corporate strategy update

▪ Q&A

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▪ Closed on acquisitions of Congress Wealth Management LLC and Balasa Dinverno and Foltz LLC (BDF) in Q3, Aligned Capital Partners Inc. and Thousand Oaks Financial Corp. (through wholly owned subsidiary OCM Capital Partners Inc.) in October

▪ Announced agreements to acquire Bowling Portfolio Management LLC, Stavis & Cohen Financial LLC (SCF), Doyle Wealth Management Inc. and The Roosevelt Investment Group Inc.

▪ Rebranding initiative proceeding; rolled out new cifinancial.com in October▪ Applied to cross-list common shares on the New York Stock Exchange▪ CI’s RIA affiliate, Cabana Group, launched a US$1 billion lineup of target drawdown strategy ETFs

Strong financial performance

Net flows

Capitalallocation

Corporate strategy

▪ Earnings per share of $0.62▪ Comparable SG&A expenses down $15.8 million vs. Q3-2019▪ Adjusted EBITDA up $18.3 million quarter-over-quarter

▪ Canadian retail flows flat year-over-year▪ Institutional redemptions of $1.1 billion driven almost exclusively by banks/insurance companies

repatriating assets▪ GSFM flows improve $0.4 billion quarter-over-quarter

▪ Repurchased 4.3 million shares for $78 million during the quarter▪ Repurchased $26 million of debentures (December maturity)▪ Declared quarterly dividend of $0.18 per share, payable in April 2021

Q3 Highlights and Challenges

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Change

All numbers in $millions, except per share

Quarterly Financial Review

Q3-2020 Q2-2020 Q3-2019 QoQ YoY

Core average AUM $124,626 $118,413 $129,426 5% (4%)

Core ending AUM $123,605 $121,286 $129,615 2% (5%)

U.S. ending AUM $4,707 $4,277 $- 10% n/a

Total ending AUM $128,312 $125,563 $129,615 2% (1%)

Wealth management assets $66,127 $53,875 $48,099 23% 37%

Net income $130.6 $120.2 $139.0 9% (6%)

▪ per share $0.62 $0.56 $0.60 11% 3%

Adjusted net income $130.6 $120.2 $139.0 9% (6%)

▪ per share $0.62 $0.56 $0.60 11% 3%

Free cash flow $143.9 $128.3 $144.7 12% (1%)

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SG&AAll numbers in $millions

Asset Management Wealth Management

Q1-2020 Q2-2020 Q3-2020

94.5

Q3-2019 Q4-2019

78.4

84.4 84.9

79.530.1 29.4 30.1 29.5 30.4

Q3-2019 Q2-2020Q4-2019 Q1-2020 Q3-2020

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Free Cash Flow & Return to Shareholders

145

42

168

41

144

40

128

39

144

39

150 142

104

4778

183

116

144

193

86

Q2-2020 Q3-2020Q3-2019 Q4-2019 Q1-2020

Free cash flow Dividends Buybacks

All numbers in $millions

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Debt

*Reflects EBITDA adjusted for provisions, where applicable

1,341 1,383 1,464 1,374 1,669

1.9 1.8

2.2

2.72.4

1.6 1.6

1.9 1.82.1

0

1,000

5001

1,500

3

0

2

Q3-2020Q2-2020Q3-2019 Q4-2019 Q1-2020

1,962

1,569 1,6041,745

1,988

Net debt Gross debt Net debt to EBITDA Gross debt to EBITDA

All numbers in $millions

2,000

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October net sales ($millions)

Canadian retail (563)

Canadian institutional (249)

Australian 37

Closed business (70)

Total (723)

Canadian retail net sales improvement October-2020 vs. September-2020

Canadian institutional net sales improvementOctober-2020 vs. September-2020

63%

19%

Q4-2020 Sales Update

U.S. RIAs 122

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Corporate Strategy Update

▪ Wealth Management Strategy

▪ Corporate rebranding

▪ Investment platform enhancements

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Modernize assetmanagement

Expand wealthmanagement

Globalize ourcompany

▪ Scale is becoming increasingly important,and difficult to achievein Canada

▪ Investors want to be serviced and supported globally

▪ Talent acquisition from global markets

▪ Role of advisor is more important than ever

▪ Our breadth of capabilities uniquely positions us to be Canada's market leader

▪ Consumers' lives are becoming increasingly complex and digital

▪ Evolving demographics▪ Shifts in investor

preferences▪ Changing expectations for

servicing and support▪ Ongoing regulatory change

Recap: Corporate Strategic Priorities WithAssociated Rationale

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RIA Strategy—Acquisitions to-date

Phoenix/Los AngelesAssets: $0.5B

Los Angeles, CAAssets: $3.1B

Arkansas/TexasAssets: $2.1B

Boston, MAAssets: $3.6B

Chicago, ILAssets: $6.2B

Surevest One Capital Cabana Congress

BDF

Cincinnati, OHAssets: $0.6B

Bowling

Houston, TXAssets: $0.8B

Stavis & Cohen

Tampa Bay, FLAssets: $1.5B

Doyle

*Total assets include indirect acquisitions

Total Assets: $21.9B

• We are the fastest growing RIA platform in the US

• 12 completed or announced transactions year-to-date representing $16.5B USD ($21.9B)

New York, NYAssets: $3.6B

Roosevelt

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Onboarded Advisor AssetsAll numbers in $billions

0.6 1.1 1.0

32.2

20192017 2018 2020 YTD

+$31.2

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Wealth Management ContributionsAll numbers in $millions

• Includes only our current interests in these companies

• Does not include any growth or market assumptions

• Does not include any strategic or cost synergies, asset management product sales, business model improvements, or planned but unannounced transactions

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73

2019 WM EBITDA Current Run-rateWM EBITDA

+387%

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Corporate Rebranding – Update

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CI Global Asset Management – Modernizing our Business

▪ Portfolio Managers on current funds

▪ Mutual fund lineup, no fund closures

▪ Individual investment processes and philosophy of the Portfolio Managers

▪ Diversity of thought unique to each Portfolio Manager

▪ No overarching CIO for the firm

▪ Increased communication and idea sharing across all of CI, not just individual brands

▪ Ability to leverage additional resources and intellectual capital to make more informed investment decisions

▪ Significant increase in depth and breadth of research coverage, leveraging scale across all investment teams

▪ Aligned compensation model across all teams, focused on investment performance

▪ Centralized trading desk and office location for the investment team, fostering better connectivity and collaboration

▪ Adoption of a unified investment brand, reducing complexity for advisors and clients in our lineup

What is not Changing What is Changing

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CI Investments – Current Capabilities

• Canadian Fixed Income• High Yield Fixed Income• Global Bond• Canadian Balanced• Global Balanced• Global Diversified Income• Canadian Divided • Canadian Equity• Global Equity• Global Dividend• Global Infrastructure Equity• Global REITs• Resource Equity• Global Technology Equity• Emerging Market Equity

• Canadian Fixed Income• Global Balanced • Canadian Dividend• Canadian Equity• Canadian Small Cap Equity• U.S. Dividend• International Equity• Global Dividend• Global Equity• Global Small Cap Equity

• Canadian Fixed Income• Global Balanced• Canadian Equity• Canadian Small Cap• U.S. Equity• Precious Metals• Resource Equity

• Canadian Equity• Canadian Dividend• North American Equity• Global Equity

• Global Diversified Income*• Global Balanced* • Canadian Equity*• Canadian Small Cap Equity*• U.S. Equity*• International Equity*• Global Equity*

*Fund of Fund/ETF Portfolios

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MULTI-ASSET MANAGEMENT

EQUITIESEquity Research & Sector ConcentratedPortfolio Management Portfolio Management

CI Global Asset Management – Organizational StructureFIXED INCOME RESEARCH &

ANALYTICSASSET

ALLOCATION

Diversified & Sector Mandates(Thematic, Dividend, Balanced)

▪ Leverages full scale of our investment platform

▪ Expertise aligned by specialization, not by boutique

▪ Better information sharing across the group

▪ Reduced complexity, makes it easier to do business with CI

Technology Industrials

Infrastructure Real Estate

Financials Resources

Healthcare Consumer

Canada Research

EM Asia Research

Small Cap Research

Glo

bal R

esearch C

om

mittee

US Equity

Cdn Equity

Int’l Equity

Global Equity

EM Equity

Small Cap Equity

Systematic Equity

Multi-sector

Corporate Credit

Rates

Asset Allocation

Multi-Manager

Research/ oversight

FX

Macro

Risk Mgt

ESG / SRI

Data / analytics

Question & Answer