CI Global Asset Management Announces Estimated Annual Reinvested Capital Gains Distributions for CI ETFs

NOT FOR DISSEMINATION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES OF AMERICA

TORONTO (December 7, 2020) – CI Global Asset Management (“CI GAM”) announces the estimated annual reinvested capital gains distributions (the “Reinvested Distributions”) for the 2020 tax year for the CI ETFs listed below. Please note that these are estimated amounts as of November 13, 2020 and include certain forward-looking information which may cause the Reinvested Distributions to change before the CI ETFs’ tax year-end on December 15, 2020 and December 31, 2020 depending on whether the ETF is a Trust or is part of CI First Asset Fund Corp., respectively. These estimated amounts are for the Reinvested Distributions only and do not include the ongoing, regular monthly or quarterly cash distribution amounts which are expected to be announced in a separate press release in December 2020.

Each of the CI ETFs is required to distribute net income and capital gains earned during the year.  The Reinvested Distributions will generally consist of capital gains and/or any excess net income at year end. Other than in respect of CI First Asset High Interest Savings ETF, the Reinvested Distributions will not be paid in cash, but will be reinvested and the resulting units immediately consolidated so that the number of units held by each investor will not change.  Investors holding units outside registered plans will have taxable amounts to report and will have an increase in the adjusted cost base of their investment. In all cases, other than CI First Asset High Interest Savings ETF, these distributions will be reinvested on or about December 31, 2020 to unitholders of record on December 30, 2020. With respect to CI First Asset High Interest Savings ETF, the Reinvested Distribution will distribute interest accrued between December 23, 2020 and December 31, 2020 and will be paid in cash on or about January 7, 2021 to unitholders of record on December 31, 2020. The ex-dividend date in each case is December 29, 2020, with the exception of CI First Asset High Interest Savings ETF which has an ex-dividend date of December 31, 2020.

CI GAM expects to announce the final, confirmed Reinvested Distribution amounts (subject to any further revisions to per unit amounts resulting from subscription and redemption activity prior to the record date) on or about December 31, 2020.  The actual taxable amounts of all distributions for 2020, including the tax characteristics of the distributions, will be reported to brokers (through CDS Clearing and Depository Services Inc. or “CDS”) and will be posted on www.firstasset.com in early 2021.

CI GAM provides estimated distributions for information purposes only. These estimates are not intended to be, nor should they construed to be, legal or tax advice to any particular person.

Note 1 – The Corporate Class ETFs have a tax year end of December 31, but none of the Corporate Class ETFs currently anticipate a reinvested distribution for 2020.

Forward-looking Information

This press release contains forward-looking statements with respect to the estimated Special Distributions for the CI ETFs. By their nature, these forward-looking statements involve certain risks and uncertainties that could cause the actual distributions to differ materially from those contemplated by the forward-looking statements.  Material factors that could cause the actual Special Distributions to differ from the estimated Special Distributions between now and the CI ETFs’ tax year-ends include, without limitation: the actual amounts of distributions received by the CI ETFs; the actual amount of capital gains generated from sales of securities; and subscription and redemption activity in the CI ETFs.

About CI Global Asset Management

CI Global Asset Management is one of Canada’s largest investment management companies. It offers a wide range of investment products and services and is on the web at www.ci.com. CI GAM is a subsidiary of CI Financial Corp. (TSX: CIX) (NYSE: CIXX), an independent company offering global asset management and wealth management advisory services with $202.4 billion in total assets as of October 31, 2020.

This communication is intended for informational purposes only and does not constitute an offer to sell or the solicitation of an offer to purchase exchange-traded funds (ETFs) managed by CI Global Asset Management and is not, and should not be construed as, investment, tax, legal or accounting advice, and should not be relied upon in that regard.

Commissions, management fees and expenses all may be associated with an investment in ETFs. You will usually pay brokerage fees to your dealer if you purchase or sell units of an ETF on recognized Canadian exchanges. If the units are purchased or sold on these Canadian exchanges, investors may pay more than the current net asset value when buying units of the ETF and may receive less than the current net asset value when selling them. Please read the prospectus before investing. Important information about an exchange-traded fund (ETF) is contained in its prospectus. ETFs are not guaranteed; their values change frequently and past performance may not be repeated.