AGF Announces Details of Fund Closure

    TORONTO, April 24 /CNW/ - AGF Funds Inc. today announced that AGF World
Opportunities Fund will terminate on May 15, 2009.
    AGF had previously announced the termination of AGF World Opportunities
Fund (originally scheduled to terminate on April 20, 2009) and units of the
Fund have not been available for purchase since February 17, 2009.
    The decision to terminate the Fund was driven by a combination of the
small number of unit holders, relatively low assets and the costs associated
with maintaining such a small fund.
    Prior to the termination on May 15, 2009, unitholders of the Fund will
have the option to switch their investment to any of AGF's diversified family
of mutual funds or to redeem their units.
    Any unitholders who hold AGF World Opportunities Fund in an AGF
registered account and who remain in the Fund on May 14, 2009 will have their
holdings redeemed and re-invested into the Front-End (FE) mutual fund series
of AGF Canadian Money Market Fund. For those unitholders who hold AGF World
Opportunities Fund in a non-registered account or a non-AGF registered
account, including all self-directed accounts under a nominee or intermediary,
AGF will liquidate any remaining holdings of the Fund at fair market value on
or about May 15, 2009. A final distribution of any income and capital gains,
if any, will be made and the remaining net assets will be distributed to
unitholders on May 15, 2009.
    Unitholders will not be required to pay any redemption fees or sales
    AGF strongly encourages unitholders to consult with their financial
advisor to determine the solution that best meets their individual investment
needs and circumstances.

    About AGF Management Limited

    AGF Management Limited is one of Canada's premier investment management
companies with offices across Canada and subsidiaries around the world. AGF's
products and services include a diversified family of award-winning mutual
funds, AGF Elements portfolios, the Harmony asset management program, AGF
Asset Management Group services for institutional and high-net-worth clients,
as well as AGF Trust GICs, loans and mortgages. With approximately $34.5
billion in total assets under management, AGF serves more than one million
investors. AGF trades on the Toronto Stock Exchange under the symbol AGF.B.

For further information:

For further information: AGF Corporate Communications, Lucy Becker,
Vice-President, (416) 865-4284,; Christine Ramsay,
Communications Manager, (416) 815-6321,

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