Communiqués de presse

CI Investments provides an update on the merger of CI First Asset Global Asset Allocation ETF into CI Global Asset Allocation Private Pool

Toronto, July 14, 2020 - CI Investments Inc. ("CI") announced today that it does not expect CI First Asset Global Asset Allocation ETF (the "Fund") to pay a special distribution on its common units (TSX: CGAA) to unitholders of record on July 17, 2020 in respect of the upcoming merger (the "Merger") of the Fund with CI Global Asset Allocation Private Pool scheduled for after the close of business on July 17, 2020.

Please note that the estimated special distribution is an appraised calculation using performance as of June 30, 2020 and includes certain forward-looking information which may cause the estimated special distribution to change before the record date of July 17, 2020. CI is providing this estimated special distribution value for information purposes only. This estimate is not intended to be, nor should it be construed to be, legal or tax advice to any particular person.

CI expects to announce the final, confirmed special distribution amount (subject to any further revisions to per-unit amounts resulting from subscription and redemption activity prior to the record date) on or about July 20, 2020. The actual taxable amounts of the special distribution, 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 CI's website.

Distributions, if any, will be reinvested in additional units and consolidated such that the number of common units outstanding prior to and immediately following the distribution will not change.

About CI Investments
CI Investments 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 CI is a subsidiary of CI Financial Corp. (TSX: CIX), an independent company offering global asset management and wealth management advisory services with approximately $179.2 billion in fee-earning assets as at June 30, 2020.

This press release contains forward-looking statements with respect to the estimated special distribution for the Fund. 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 distribution to differ from the estimated special distribution between now and the Merger date include, without limitation: the actual amount of dividends received by the Fund; the actual amount of capital gains generated from sales of securities; and subscription and redemption activity in the Fund.

This communication is intended for informational purposes only and does not constitute an offer to sell or the solicitation of an offer to purchase CI ETFs 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 investments in exchange-traded funds (ETFs). Please read the prospectus before investing. ETFs are not guaranteed, their values change frequently and past performance may not be repeated. You will usually pay brokerage fees to your dealer if you purchase or sell units of an ETF on the TSX. If the units are purchased or sold on the TSX, 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.

CI Investments and the CI Investments design are registered trademarks of CI Investments Inc. ©CI Investments Inc. 2020. All rights reserved.

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