ROC Pref II Corp. Announcement



    TORONTO, Sept. 15 /CNW/ - ROC Pref II Corp. ("ROC II") announced that the
Lehman Brothers Holdings Inc.'s ("LBHI") announced intention to file a
petition under Chapter 11 of the U.S. Bankruptcy Code with the United States
Bankruptcy Court for the Southern District of New York is expected to
constitute a credit event under the credit linked note ("CLN") issued by HSBC
Bank Canada.
    This credit event is a consequence of the ongoing extremely difficult
conditions facing the United States financial system. Following this credit
event and assuming a 40% recovery rate and no impact from its exposure to
Fannie Mae, ROC II will be able to sustain approximately 6.5 Credit Events in
order to pay $25.00 per Preferred Share at maturity on December 31, 2009 and
continue to pay regular quarterly distributions.
    Connor, Clark & Lunn will host a conference call to discuss the
implications of recent events on Tuesday September 16, 2008 at 9:00 AM EST.
The conference call number is (416) 644-3415 or 1 (800) 733-7571 and the
replay number is (416) 640-1917 or 1 (877) 289-8525. The pass code is 21283536
followed by the number sign.

    ROC Pref II Corp.'s preferred shares are currently rated P-1 (low) by
Standard & Poor's and trade on the Toronto Stock Exchange under the symbol
RPA.PR.A.




For further information:

For further information: please visit www.cclcapitalmarkets.com or
contact: Neil Murdoch, President & CEO Connor, Clark & Lunn Capital Markets
Inc., (416) 364-2839, nmurdoch@cclgroup.com or Darren Cabral, Vice-President
Connor, Clark & Lunn Capital Markets Inc., (416) 214-6182 or 1-888-276-2258,
dcabral@cclgroup.com

Organization Profile

Connor, Clark & Lunn Capital Markets Inc.

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ROC PREF II CORP.

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