CI Financial receives court approval for conversion plan

    TSX Symbol: CIX.UN

    TORONTO, Dec. 22 /CNW/ - CI Financial Income Fund ("CI" or the "Fund")
today announced that the Ontario Superior Court of Justice has issued a final
order approving its plan of arrangement under which the Fund will convert to a
corporation.
    The conversion will be completed on January 1, 2009. CI will be renamed
CI Financial Corp. and its common shares will trade under the symbol CIX on
the Toronto Stock Exchange on or about January 5, 2009 (not January 2, as
previously reported).

    CI Financial Income Fund (TSX: CIX.UN) is an independent, Canadian-owned
wealth management company with approximately $78.9 billion in fee-earning
assets as of November 30, 2008. CI offers a broad range of investment products
and services, including an industry-leading selection of investment funds, and
is on the Web at www.ci.com/cix.

    This press release contains forward-looking statements with respect to CI
and its products and services, including its business operations and strategy
and financial performance and condition. Although management believes that the
expectations reflected in such forward-looking statements are reasonable, such
statements involve risks and uncertainties. Actual results may differ
materially from those expressed or implied by such forward-looking statements.
Factors that could cause actual results to differ materially from expectations
include, among other things, general economic and market factors, including
interest rates, business competition, changes in government regulations or in
tax laws, and other factors discussed in materials filed with applicable
securities regulatory authorities from time to time.

For further information: Stephen A. MacPhail, President, [phone]