This Management’s Discussion and Analysis (“MD&A”) dated February 14, 2013 presents an analysis of the fi nancial position  of CI Financial Corp. and its subsidiaries (“CI”) as at December 31, 2012, compared with December 31, 2011, and the results  of operations for the year ended and quarter ended December 31, 2012, compared with the year ended and quarter ended  December 31, 2011 and the quarter ended September 30, 2012. CI’s consolidated financial statements have been prepared in accordance with International Financial Reporting Standards  (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). Amounts are expressed in Canadian dollars. The  principal subsidiaries referenced herein include CI Investments Inc. (“CI Investments”) and Assante Wealth Management  (Canada) Ltd. (“AWM”). The Asset Management segment of the business includes the operating results and fi nancial  position of CI Investments and its subsidiaries, including CI Private Counsel LP (“CIPC”). The Asset Administration segment  includes the operating results and financial position of AWM and its subsidiaries, including Assante Capital Management  Ltd. (“ACM”) and Assante Financial Management Ltd. (“AFM”).  This MD&A contains forward-looking statements concerning anticipated future events, results, circumstances, performance  or expectations with respect to CI and its products and services, including its business operations, strategy and fi nancial  performance and condition. When used in this MD&A, such statements use such words as “may”, “will”, “expect”, “believe”,  and other similar terms. These 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 control. Although management  believes that the expectations reflected in such forward-looking statements are based on reasonable assumptions, such  statements involve risks and uncertainties. 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 under “Risk Factors” or discussed in other materials filed with applicable securities regulatory  authorities from time to time. 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. The reader is cautioned against undue reliance on these forward-looking statements. For a more complete  discussion of the risk factors that may impact actual results, please refer to the “Risk Factors” section of this MD&A and to  the “Risk Factors” section of CI’s Annual Information Form which is available at www.sedar.com. This MD&A includes several 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 believes that most  shareholders, creditors, other stakeholders and investment analysts prefer to include the use of these fi nancial measures  in analyzing CI’s results. These non-IFRS measures and reconciliations to IFRS, where necessary, are shown as highlighted  footnotes to the discussion throughout the document. 21