INDEPENDENT AUDITORS’ REPORT TO THE SHAREHOLDERS OF CI FINANCIAL CORP.  We have audited the accompanying consolidated financial statements of  CI Financial Corp.  [“CI”], which comprise the  consolidated statements of financial position as at December 31, 2012 and 2011, and the consolidated statements of income  and comprehensive income, changes in shareholders’ equity and cash fl ows for the years then ended, and a summary of  significant accounting policies and other explanatory information. Management is responsible for the preparation and fair presentation of these consolidated financial statements in  accordance with International Financial Reporting Standards, and for such internal control as management determines  is necessary to enable the preparation of consolidated financial statements that are free from material misstatement,  whether due to fraud or error. Our responsibility is to express an opinion on these consolidated financial statements based on our audits. We conducted  our audits in accordance with Canadian generally accepted auditing standards. Those standards require that we comply  with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the consolidated  financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated  financial statements. The procedures selected depend on the auditors’ judgment, including the assessment of the risks  of material misstatement of the consolidated financial statements, whether due to fraud or error. In making those risk  assessments, the auditors consider internal control relevant to the entity’s preparation and fair presentation of the  consolidated financial statements in order to design audit procedures that are appropriate in the circumstances, but not  for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes  evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by  management, as well as evaluating the overall presentation of the consolidated fi nancial statements. We believe that the audit evidence we have obtained in our audits is sufficient and appropriate to provide a basis for our  audit opinion.  In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of CI as at  December 31, 2012 and 2011, and its fi nancial performance and its cash flows for the years then ended in accordance with  International Financial Reporting Standards. Toronto, Canada February 14, 2013 48 Opinion Auditors’ responsibility Management’s responsibility for the consolidated fi nancial statements