CI Financial Income Fund Announces Intended Offer to Acquire DundeeWealth Inc. at a 52% Premium

    TSX Symbol: CIX.UN

    TORONTO, Sept. 24 /CNW/ - CI Financial Income Fund (TSX: CIX.UN) today
announced its intention to make an unsolicited offer to acquire all of the
common shares of DundeeWealth Inc. (TSX: DW) for a price equal to $20.25 per
share, representing a premium of approximately $6.94 or 52% per common share
based on today's closing price of DundeeWealth of $13.31. This represents a
59% premium over the weighted average trading price of the common shares of
DundeeWealth of $12.73 for the last 30 trading days ended today. The price of
units of CI Financial was $27.00 as of the close of business today.
    The consideration will be paid in CI Financial Units at an exchange ratio
of .75 CI Financial units for every DundeeWealth common share. It is expected
that taxable Canadian shareholders will be able to elect to take advantage of
a tax-free rollover to receive exchangeable securities of CI Financial.
    CI Financial believes that a combination with DundeeWealth offers
significant benefits, and that their combined strengths will unlock tremendous
opportunities and significantly enhance value for the stakeholders of both
    "Our offer is 52% above today's closing price for DundeeWealth and 59%
above the recent offer for a minority stake by The Bank of Nova Scotia. Our
offer fully reflects the exceptional businesses built by the Goodman family
over the years at DundeeWealth," said William T. Holland, CI Financial's Chief
Executive Officer. "CI Financial and DundeeWealth together will be much better
positioned to grow and prosper in today's highly competitive environment."
    Mr. Holland added, "We have a tremendous regard for the money management
skills, client service standards and entrepreneurial culture of DundeeWealth
and its management and financial advisors that have led to the great success
of the company. We believe this transaction will be financially attractive to
DundeeWealth shareholders and will enable them to participate in the future
growth potential of CI Financial. In addition, we expect that DundeeWealth's
advisors, employees and customers will benefit from the combination of these
two exceptional firms."
    CI Financial anticipates that the offer will proceed by way of take-over
bid and expects to be in a position to mail its take-over bid in early
October. The completion of the transaction will be subject to customary
conditions, including acquiring not less than 66 2/3% of the outstanding
DundeeWealth common shares on a fully diluted basis, obtaining all necessary
regulatory approvals, confirmatory due diligence and that the sale of the
DundeeWealth banking unit and private placement to The Bank of Nova Scotia
announced on September 18, 2007 not proceed.

    About CI Financial Income Fund

    CI Financial Income Fund is an independent, Canadian-owned wealth
management company with approximately $95.4 billion in fee-earning assets as
at August 31, 2007. CI offers a broad range of investment products and
services, including an industry-leading selection of investment funds. CI is
on the Web at

For further information:

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

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