IGM Financial : announces $600 million offering of debentures

Winnipeg, MB. - January 23, 2017 - IGM Financial Inc. (TSX:IGM) ("IGM Financial") announced today that it has priced the issuance of $600 million principal amount of debentures. The debentures will be offered through a group of agents to be led by BMO Capital Markets and RBC Capital Markets.

The debentures are being offered in two series:

• $400 million principal amount of the debentures will be dated January 26, 2017 and will mature on January 26, 2027. These debentures will bear interest at a rate of 3.44% per annum payable semi-annually in arrears in equal installments on January 26 and July 26 of each year, beginning on July 26, 2017. The debentures have been priced to provide a yield to maturity of 3.448%.

• $200 million principal amount of the debentures will be dated January 26, 2017 and will mature on January 25, 2047. These debentures will bear interest at a rate of 4.56% per annum payable semi-annually in arrears in equal installments (except in respect of the initial interest payment) on January 25 and July 25 of each year, beginning on July 25, 2017. The debentures have been priced to provide a yield to maturity of 4.560%.

The offering of the debentures is expected to close on or about January 26, 2017. The net proceeds will be used by IGM Financial to assist its subsidiary, Mackenzie Financial Corporation, to finance a substantial portion of its previously announced acquisitions of a 10% equity interest and a 3.9% equity interest in China Asset Management Co., Ltd. (together, the "Acquisitions") and for general corporate purposes.

The offering will be made pursuant to a prospectus supplement to IGM Financial's short form base shelf prospectus dated November 29, 2016. The supplement, once filed, will be available on SEDAR at www.sedar.com .

The debentures offered have not been and will not be registered under the Securities Act of 1933 of the United States of America, as amended (the "U.S. Securities Act") or any state securities laws. These securities may not be offered, sold or delivered in the United States or to or for the benefit of U.S. Persons (as defined in Regulation S under the U.S. Securities Act) and this News Release does not constitute an offer to sell or a solicitation of an offer to buy the debentures within the United States.

IGM Financial Inc. is one of Canada's premier personal financial services companies, and one of the country's largest managers and distributors of mutual funds and other managed asset products, with over $140 billion in total assets under management as of December 31, 2016. Its activities are carried out principally through Investors Group, Mackenzie Investments and Investment Planning Counsel.

A MEMBER OF THE POWER FINANCIAL CORPORATION GROUP OF COMPANIES.

Certain statements in this News Release, other than statements of historical fact, are forward-looking statements based on certain assumptions and reflect IGM Financial's and its subsidiaries' current expectations. Forward-looking statements are provided to assist the reader in understanding IGM Financial's financial position and results of operations as at and for the periods ended on certain dates and to present information about management's current expectations and plans relating to the future and readers are cautioned that such statements may not be appropriate for other purposes. These statements may include, without limitation, statements regarding the operations, business, financial condition, expected financial results, performance, prospects, opportunities, priorities, targets, goals, ongoing objectives, strategies and outlook of IGM Financial and its subsidiaries, IGM Financial's sources and use of funds to complete the Acquisitions, the timing of the closing of the Acquisitions, as well as the outlook for North American and international economies, for the current fiscal year and subsequent periods. Forward-looking statements include statements that are predictive in nature, depend upon or refer to future events or conditions, or include words such as "expects", "anticipates", "plans", "believes", "estimates", "seeks", "intends", "targets", "projects", "forecasts" or negative versions thereof and other similar expressions, or future or conditional verbs such as "may", "will", "should", "would" and "could".

By its nature, this information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct and that objectives, strategic goals and priorities will not be achieved. A variety of factors, many of which are beyond IGM Financial's and its subsidiaries' control, affect the operations, performance and results of IGM Financial, and its subsidiaries, and their businesses, and could cause actual results to differ materially from current expectations of estimated or anticipated events or results. These factors include, but are not limited to: the ability of Mackenzie Investments or China Asset Management Co., Ltd. to complete the Acquisitions, the impact or unanticipated impact of general economic, political and market factors in North America and internationally, interest and foreign exchange rates, global equity and capital markets, management of market liquidity and funding risks, changes in accounting policies and methods used to report financial condition (including uncertainties associated with critical accounting assumptions and estimates), the effect of applying future accounting changes, operational and reputational risks, business competition, technological change, changes in government regulations and legislation, changes in tax laws, unexpected judicial or regulatory proceedings, catastrophic events, IGM Financial's and its subsidiaries' ability to complete strategic transactions, integrate acquisitions and implement other growth strategies, and IGM Financial's and its subsidiaries' success in anticipating and managing the foregoing factors. There can be no assurance that the Acquisitions will occur or that the anticipated benefits will be realized. The Acquisitions are subject to various regulatory approvals and the fulfillment of certain conditions, and there can be no assurance that any such approvals will be obtained and/or that any such conditions will be met. The Acquisitions could be modified, restructured or terminated. The reader is cautioned that the foregoing list of factors is not exhaustive of the factors that may affect IGM Financial's forward-looking statements. The reader is also cautioned to consider these and other factors, uncertainties and potential events carefully and not place undue reliance on forward-looking statements. This information is based upon certain material factors or assumptions that were applied in drawing a conclusion or making a forecast or projection as reflected in the forward-looking statements, including the perception of historical trends, current conditions and expected future developments, as well as other factors that are believed to be appropriate in the circumstances. While IGM Financial considers these assumptions to be reasonable based on information currently available to management, they may prove to be incorrect.

Other than as specifically required by applicable Canadian law, IGM Financial undertakes no obligation to update any forward- looking statements to reflect events or circumstances after the date on which such statements are made, or to reflect the occurrence of unanticipated events, whether as a result of new information, future events or results, or otherwise.

Additional information about the risks and uncertainties of IGM Financial's business and material factors or assumptions on which information contained in forward-looking statements is based is provided in its disclosure materials, including its most recent Annual Report, filed with the securities regulatory authorities in Canada and available at www.sedar.com.

For more information contact:

Media Relations: Investor Relations:

Ron Arnst Paul Hancock

204-956-3364 204-956-8103

ron.arnst@igmfinancial.com investor.relations@igmfinancial.com