Fiscal 2016 Q2 Results

Peter Anderson, CEODoug Jamieson, CFO

August 4, 2016

CI FinancialFiscal 2016 Q2 ResultsImportant Information

This presentation contains forward-looking statements concerning anticipated future events, results, circumstances, performance or expectations with respect to CI and its products and services, includingits business operations, strategy and financial performance and condition. Although management believes that the expectations reflected in such forward-looking statements are based on reasonable assumptions, such statements involve risks and uncertainties. For further information regarding factors that could cause actual results to differ from expectations, please refer to Management’s Discussion and Analysis available at www.cifinancial.com.

This presentation contains several non-IFRS financial measures including adjusted net income, adjusted EBITDA, free cash flow, operating cash flow, asset management margin, and SG&A efficiency margin 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.

Page 1 CI FinancialFiscal 2016 Q2 ResultsQ2 Overview

• Equity markets volatile but generally up

– Gold/oil rally, Brexit vote

• Asset managers’ stock prices generally down

• Industry fund sales down significantly YoY

• CI redemptions partly due to institutional

• Large institutional purchase slated for Q3

Page 2 CI FinancialFiscal 2016 Q2 ResultsFinancial Highlights

(consecutive quarters)

[millions, except per share] Q2-2016 Q1-2016 Change

Average AUM $108,994 $107,321 2%

Net income $128.6 $116.6 10%

per share $0.47 $0.42 12%

Adjusted net income1 $128.6 $126.1 2%

per share1 $0.47 $0.46 2%

Adjusted EBITDA per share1 $0.79 $0.77 3%

Free cash flow $147.5 $143.6 3%

Dividends paid per share $0.335 $0.330 2%

1Q1-2016 adjusted to exclude a $13.0 million ($9.6 million after tax) provision for severance and transition costs.

Page 3 CI FinancialFiscal 2016 Q2 ResultsFinancial Highlights

(year-over-year quarters)

[millions, except per share] Q2-2016 Q2-2015 Change

Average AUM $108,994 $109,750 -1%

Net income $128.6 $138.9 -7%

per share $0.47 $0.50 -6%

Adjusted net income1 $128.6 $142.4 -10%

per share1 $0.47 $0.51 -8%

Adjusted EBITDA per share1 $0.79 $0.86 -8%

Free cash flow $147.5 $151.1 -2%

Dividends paid per share $0.335 $0.320 5%

1Q2-2015 adjusted to exclude a $4.8 million ($3.5 million after tax) provision for a legal settlement.

Page 4 CI FinancialFiscal 2016 Q2 Results

0

20

40

60

80

100

120

140

160

180

200

Q4

2010

Q1 Q2 Q3 Q4

2011

Q1 Q2 Q3 Q4

2012

Q1 Q2 Q3 Q4

2013

Q1 Q2 Q3 Q4

2014

Q1 Q2 Q3 Q3 Q4Q4

2009

Q1 Q2 Q3

2015 2016

Q1 Q1Q2 Q2

Gross Fee

Net Fee

Net Management Fees(Management fees less trailers less DSC as a % of AUM, in bps)

Page 5 CI FinancialFiscal 2016 Q2 Results

50%

45%

40%

35%

30%

41.8%

39.8%

41.5%42.6%

38.8%

40.3%

42.0%42.6%

39.2%

40.9%42.3% 42.5% 42.2%

Q2-13 Q3-14Q1-14 Q2-15 Q1-16Q3-13 Q4-14 Q3-15 Q2-16Q2-14Q4-13 Q1-15 Q4-15

Asset Management Margin(Management fees less trailers, SG&A and DSC as a % of management fees)

Trailing 12 months

Page 6 CI FinancialFiscal 2016 Q2 ResultsTotal SG&A

(as a % of average AUM, in basis points)

46

44

42

40

38

36

34

32

30

28

26

36.236.9

33.8 33.6

38.0

36.3

34.1 34.0

37.0

34.8 34.6 35.436.1

Q2-13 Q3-14Q1-14 Q2-15 Q1-16Q3-13 Q4-14 Q3-15 Q2-16Q2-14Q4-13 Q1-15 Q4-15

Page 7 CI FinancialFiscal 2016 Q2 ResultsSG&A Efficiency Margin

(Management fees less trailers, DSC and SG&A as a percentage of management fees less trailers and DSC)

75%

70%

65%

60%

67.7%

69.0%

71.0%71.9%

71.7%

68.1%

69.6%

71.5%

68.5%

70.3%

71.8%71.3%

70.6%

69.8%

Q2-13 Q3-14Q1-14 Q2-15 Q1-16 Q2-16Q3-13 Q4-14 Q3-15Q1-13 Q2-14Q4-13 Q1-15 Q4-15

Trailing 12 months

Page 8 CI FinancialFiscal 2016 Q2 Results

180

160

140

120

100

80

60

40

20

–

99

124

148151

161

114

123

148

119

138143

151144 147

Q2-13 Q3-14Q1-14 Q2-15 Q1-16 Q2-16Q3-13 Q4-14 Q3-15Q1-13 Q2-14Q4-13 Q1-15 Q4-15

Quarterly Free Cash Flow (in $millions)

Page 9 CI FinancialFiscal 2016 Q2 Results

[in $millions] LTM Q2-2016 Q1-2016

Operating cash flow 647 158 152

Adjustments 19 - 10

Sales commissions (63 ) (10 ) (18 )

Free cash flow 603 147 144

Share buybacks 263 74 64

Dividends 366 92 91

Total 629 165 155

Return to Shareholders

Page 10 CI FinancialFiscal 2016 Q2 ResultsOutlook

• CI Institutional Asset Management

– Pipeline is very strong

– Approx. $1B in institutional commitments to fund over the next several quarters

• Assante Wealth Management

– Growing ahead of peers

– Continue to reinvest

Page 11 CI FinancialFiscal 2016 Q2 ResultsOutlook (cont’d)

• First Asset

– Adding ETFs using CI managers

– New CIBC relationship

– Using products within CI/AWM

• Filling gaps – adding wholesalers

• Approx. 900 advisors to attend fall conference

Thank You