Connor, Clark & Lunn Real Return Income Fund Merger Proposal Approved by Unitholders

TORONTO, Dec. 12, 2012 /CNW/ - Connor, Clark & Lunn Real Return Income Fund ("RRB" or the "Fund") announces that unitholders of the Fund have approved a proposal that will result in the merger of RRB and ING Floating Rate Senior Loan Fund ("ING") (the "Merger Proposal") at a special meeting held today. The Merger Proposal is also subject to the receipt of all necessary regulatory and stock exchange approvals and is expected to be implemented on or about January 8, 2013 (the "Effective Date").

ING will be the continuing fund and, as a result, unitholders of RRB would become holders of ING Class A units. The objectives of the Merger Proposal are to provide RRB unitholders with the opportunity to continue their investment in a single fund that will have a larger market capitalization, increased liquidity for the units and a lower management expense ratio.

The investment objectives of ING, as the continuing fund, are to (i) provide holders of ING units with tax-advantaged distributions consisting primarily of returns of capital; (ii) preserve capital; and (iii) generate increased returns in the event that short-term interest rates rise. The investment strategy of ING is to obtain exposure, in a tax-efficient manner, to the performance of a diversified portfolio consisting primarily of senior, secured floating rate corporate loans and other senior debt obligations of non-investment grade North American borrowers held by ISL Loan Trust and actively managed by ING Investment Management Co. LLC.

Details of the Merger Proposal are outlined in an information circular (the "Circular") that has been sent to unitholders in connection with the special meeting. Copies of the Circular are available on www.sedar.com and www.cclcapitalmarkets.com.

Connor, Clark & Lunn Real Return Income Fund is listed on the Toronto Stock Exchange ("TSX") under the symbol RRB.UN.  Class A and Class U Units of ING Floating Rate Senior Loan Fund are listed on the TSX under the symbols ISL.UN and ISL.U, respectively.

SOURCE: Connor, Clark & Lunn Real Return Income Fund

For further information:

For more information, please visit www.cclcapitalmarkets.com or contact:

Neil Murdoch
President & CEO
Connor, Clark & Lunn Capital Markets Inc.
(416) 364-2389
nmurdoch@cclgroup.com

Darren Cabral
Vice President & CFO
Connor, Clark & Lunn Capital Markets Inc.
(416) 214-6182 or 1 (888) 276-2258
dcabral@cclgroup.com

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Connor, Clark & Lunn Real Return Income Fund

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