CI Financial Income Fund completes conversion to a corporation



    TSX Symbol: CIX.UN

    TORONTO, Jan. 2 /CNW/ - CI Financial Income Fund ("CI" or the "Fund")
today announced that, effective January 1, 2009, it has completed its
conversion from an income trust to a corporate structure. The conversion was
implemented pursuant to a plan of arrangement under the Business Corporations
Act (Ontario). Under the plan of arrangement, all of the units of the Fund and
exchangeable Class B limited partnership units of Canadian International LP
(and accompanying special voting units of the Fund) have been exchanged for
common shares of CI Financial Corp. on a one-for-one basis. The common shares
of CI Financial Corp. will trade on the Toronto Stock Exchange under the
symbol "CIX". CI Financial Corp. will be a reporting issuer under Canadian
provincial securities laws and will continue to carry on the businesses
previously conducted by the Fund and its subsidiaries.
    As a result of the conversion transaction, CI Financial Corp. has
acquired ownership of 236.8 million fund units, being 100% of the issued and
outstanding fund units of the Fund, and 57.7 million exchangeable Class B
limited partnership units of Canadian International LP (together with the same
number of special voting units of the Fund), being 100% of the issued and
outstanding exchangeable Class B limited partnership units of Canadian
International LP and special voting units of the Fund. The closing price of
the fund units on the Toronto Stock Exchange on December 31, 2008 was $14.50
per unit.
    The issuance of common shares by CI Financial Corp. under a plan of
arrangement is exempt from the prospectus and registration requirements of
Canadian provincial securities laws.  The head office address of CI Financial
Corp. is 2 Queen Street East, Twentieth Floor, Toronto, Ontario M5C 3G7. To
obtain a copy of CI Financial Corp.'s early warning report filed under
securities laws, contact Sheila A. Murray, General Counsel, at (416) 364-1145.

    CI Financial (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:

For further information: William T. Holland, Chief Executive Officer,
(416) 364-1145


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