CI Global Asset Management Announces Fund Name Changes and Mergers

TORONTO (May 3, 2021) – CI Global Asset Management (“CI GAM”) today announced changes to its fund lineup, including two fund name changes and two fund mergers.

Name changes

Effective May 7, 2021:

• First Asset REIT Income Fund will be renamed CI Canadian REIT Fund
• First Asset Canadian Convertible Bond Fund will be renamed CI Canadian Convertible Bond Fund.

The changes remove the legacy First Asset name from the funds and align them with the CI GAM brand.

Fund mergers

CI GAM is proposing the following two fund mergers (the “Mergers”):

• The merger of Cambridge Monthly Income Fund into Cambridge Global High Income Fund
• The merger of Cambridge Monthly Income Corporate Class into Cambridge Global High Income Fund.

The Mergers will result in the termination of Cambridge Monthly Income Fund and Cambridge Monthly Income Corporate Class, while the two funds’ unitholders will receive the equivalent dollar value of securities in the same series of Cambridge Global High Income Fund.

The terminating funds and the continuing fund have similar investment objectives and are managed by the same portfolio managers within CI GAM. The funds also have the same management fee and fixed administration fee rates.

The Merger of Cambridge Monthly Income Fund into Cambridge Global High Income Fund does not require regulatory or unitholder approval and will be implemented on or about July 23, 2021. Unitholders will receive a written notice later this month and no action is required on their part. The Merger will not result in a taxable disposition for unitholders, but the terminating fund may pay a distribution when the Merger takes place.

The Merger of Cambridge Monthly Income Corporate Class into Cambridge Global High Income Fund requires regulatory and unitholder approval, as the Merger will take place on a taxable basis. (The terminating fund also may pay a distribution when the Merger takes place.) A unitholder meeting has been scheduled for July 12, 2021 and, if required, an adjourned meeting will be held on July 19, 2021. Holders of record for each series of securities of the terminating fund on May 27, 2021 will be entitled to receive notice and vote at the meeting. The Notice and Access Document which details the proposal will be mailed to unitholders and the Management Information Circular will be available on www.sedar.com and www.ci.com on or about June 9, 2021. Pending the required unitholder and regulatory approvals, the Merger will be implemented after the close of business on or about July 23, 2021.

CI GAM has proposed the Mergers to reduce duplication in its fund lineup and to create larger, more efficient funds with increased potential for diversification opportunities. The costs and expenses associated with the Mergers are being borne by CI GAM, not the funds.

The Independent Review Committee of the terminating funds has reviewed the Merger proposal with respect to the potential conflict of interest matters and provided its positive recommendation or approval, as applicable, having determined that the Mergers achieve a fair and reasonable result for each terminating fund.

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 approximately $240.6 billion in total assets as at March 31, 2021.

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