MANAGEMENT’S REPORT TO SHAREHOLDERS Management of CI Financial Corp. [“CI”] is responsible for the integrity and objectivity of the consolidated fi nancial  statements and all other information contained in this document. The consolidated financial statements have been  prepared in accordance with International Financial Reporting Standards and are based on management’s best information  and judgment. In fulfilling its responsibilities, management has developed internal control systems and procedures designed to provide  reasonable assurance that CI’s assets are safeguarded, that transactions are executed in accordance with appropriate  authorization, and that accounting records may be relied upon to properly reflect CI’s business transactions. The Audit Committee of the Board of Directors is composed of outside directors who meet periodically and independently  with management and the auditors to discuss CI’s financial reporting and internal control. The Audit Committee reviews  the financial information prepared by management and the results of the audit by the auditors prior to recommending the  consolidated financial statements to the Board of Directors for approval. The external auditors have unrestricted access  to the Audit Committee. Management recognizes its responsibility to conduct CI’s affairs in the best interests of its shareholders.  Douglas J. Jamieson  Chief Financial Offi cer Stephen A. MacPhail  Chief Executive Officer  47