Crown Hill Investment Corporation - Proposed Revision to Investment Grade Class Articles



    TORONTO, Oct. 29 /CNW/ - Crown Hill Investment Corporation (the
"Trustee"), the trustee and manager of Investment Grade Trust (the "Trust")
(TSX: BND.UN) has revised the draft Articles of Incorporation included in
Appendix "B" to the Notice of Special Meeting of the Unitholders and
Management Information Circular of the Trust dated October 17, 2007 (the
"Circular").
    The Trustee has taken into consideration the concerns expressed by a
number of Unitholders that there be an assured point of liquidity provided,
notwithstanding the conversion of the trust to a corporation. To this end the
Trustee has determined that it is in the interest of Unitholders to amend the
Articles of the proposed corporation to provide this liquidity. The Articles
of Incorporation now include a special retraction election available to
shareholders of the Investment Grade Class shares of the corporation to be
formed if the Conversion Resolution set out in the Circular is approved at the
Special Meeting of Unitholders of the Trust. The special retraction election
allows Investment Grade Class shareholders to elect, with not less than 30
business days' prior notice, to retract their Investment Grade Class shares at
a price per Investment Grade Class share equal to the net asset value per
Investment Grade Class share on December 31, 2012. This retraction privilege
would have the same economic effect to a shareholder as the termination
feature of the current Trust but with the added benefit of such termination
being at the option of the investor as opposed to it being imposed upon them.
The Trustee has determined that this revision would improve the operation of
the newly formed corporation without impairing the interests of Investment
Grade Class shareholders.
    The following is the text that would be used in the amendment:

    Special Retraction

    Each holder shall be entitled, subject to and upon compliance with the
provisions hereof, to surrender not less than 30 Business Days before the
Special Retraction Date the Investment Grade Class shares registered in the
name of such holder for retraction by the Corporation on the Special
Retraction Date, with payment to be made on the Special Retraction Payment
Date at a price per Investment Grade Class share equal to the Investment Grade
Class Special Retraction Price.
    "Investment Grade Class Special Retraction Price" means the amount, if
any, equal to the NAV per Share on the Special Retraction Date;
    "Special Retraction Date" means December 31, 2012 or, if such day is not
a Business Day, the immediately preceding Business Day;
    "Special Retraction Payment Date" means the twentieth Business Day
following the Special Retraction Date.

    %SEDAR: 00020532E




For further information:

For further information: please contact the Trustee and Manager Crown
Hill Investment Corporation at (416) 361-1212, or visit the website at
www.crownhill.ca

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CROWN HILL INVESTMENT CORPORATION

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