CI Financial update on Normal Course Issuer Bid

    TSX Symbol: CIX.UN

    TORONTO, Dec. 21 /CNW/ - CI Financial Income Fund ("CI") announced today
that CI has reserved the right to cancel some but not all of the trust units
of CI (the "Units") it has purchased or may purchase pursuant to its normal
course issuer bid.
    Pursuant to the terms of the normal course issuer bid announced in May
2007, CI, directly or through a subsidiary, intends to purchase up to
12,037,773 Units through the facilities of the Toronto Stock Exchange (the
"TSX"). The 12,037,773 Units represent approximately 10% of the public float
of 120,377,733 Units. As of May 24, 2007, there were 135,282,849 issued and
outstanding Units of CI and 147,072,668 exchangeable LP units of Canadian
International LP. As of December 17, 2007, there are 139,341,271 issued and
outstanding Units.
    A total of 2,552,600 Units have been acquired under the normal course
issuer bid to date, representing approximately 1.83% of the 139,341,271 Units
issued and outstanding as of December 17, 2007, at a weighted average price of
$26.54. The purchases commenced on May 29, 2007 and will terminate on May 28,
2008, or on such earlier date as CI may complete its purchases. Any such
purchases will be made by CI, directly or through a subsidiary, at the
prevailing market price at the time of acquisition in accordance with the
requirements of the TSX.
    CI believes that the market price of the Units may, at certain times
throughout the duration of the normal course issuer bid, be undervalued based
on CI's future earnings and prospects. Additionally, the purchase of the Units
pursuant to the terms of the normal course issuer bid may assist CI in the
event that it intends to issue equity capital.
    To the best of the knowledge of the trustees and senior officers of CI,
no trustee, senior officer, associate of a trustee or senior officer, or
person holding 10% or more of the Units of CI intends at present to sell Units
during the course of this bid. However, sales by such persons through the
facilities of the TSX or elsewhere may occur as the personal circumstances or
decisions of any such person, unrelated to the bid, determine. The benefits to
any such person whose Units are purchased would be the same as the benefits
available to all other holders whose Units are purchased.
    In the 12 months preceding May 25, 2007, under its previous normal course
issuer bid, CI purchased 5,748,200 Units at an average price of $25.77 per

    CI Financial Income Fund (TSX: CIX.UN) is an independent, Canadian-owned
wealth management company with approximately $95.0 billion in fee-earning
assets at November 30, 2007. CI offers a broad range of investment products
and services, including an industry-leading selection of investment funds, and
is on the Web at

For further information:

For further information: Stephen A. MacPhail, President, Tel.: (416)

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