Cinram International Income Fund Announces Changes to Board Composition

    TORONTO, Jan. 17 /CNW/ - The Board of Trustees of the Cinram
International Income Fund (the "Fund") (TSX: CRW.UN) today announced that it
has appointed four new trustees: William Anderson, Andrew Brenton, Bruno
Ducharme and Robert Poile. "We are very pleased to welcome William, Andrew,
Bruno and Robert to our Board of Trustees," said Henri A. Aboutboul, Chairman
of Cinram's Board of Trustees. "Each of them brings valuable skills, including
capital markets and financial expertise which will complement and strengthen
the composition of our Board."
    William Anderson is a portfolio strategist for Polar Securities Inc, a
Canadian hedge fund manager based in Toronto. Mr. Anderson had a major career
in the oil and gas industry as Chairman and chief executive officer of
Inverness Petroleum Ltd. before joining the hedge fund industry in 1993. Mr.
Anderson has acted as Chairman, director and/or officer of a number of public
and private companies and is currently Chairman of Caxton International and
its related hedge funds. Mr. Anderson is a Chartered Accountant and holds a B.
Comm. (Honours) from McMaster University.
    Andrew Brenton is chief executive officer of the Turtle Creek Group, a
Canadian investment management firm. Prior to joining Turtle Creek in early
2007, Mr. Brenton was involved with the Turtle Creek Investment Fund as a
trustee from its formation in 1998. From 1997 to 2007 Mr. Brenton was the
founder and president of the private equity subsidiary of a major Canadian
chartered bank where he was responsible for investing and managing a 
$300-million fund in private equity investments. From 1993 to 1996, Mr.
Brenton was head of the high technology investment banking practice of the
investment dealer of a major Canadian chartered bank and prior to that, he was
a founding member and managing director in the firm's mergers and acquisitions
practice. Mr. Brenton holds an MBA from the Ivey School of Business
(University of Western Ontario) and a B.Sc. from Mount Allison University.
    Bruno Ducharme is chief executive officer of TIW Capital Partners, a
management advisory company specialized in telecommunications, media and
technology. Since 2005 he has participated in several acquisitions of
telecommunications companies alongside private equity groups in Europe,
including TIM Hellas in Greece, One in Austria, Bité Group in the Baltics, and
Vizada in Norway and France, for aggregate consideration in excess of  $5
billion. From 1994 to 2005 Mr. Ducharme was chief executive officer of TIW, a
mobile communications company which he helped found as a start-up and whose
operations in Central and Eastern Europe were sold for an enterprise value in
excess of $5 billion in 2005. From 1990 to 1994 Mr. Ducharme served in various
positions, including executive vice-president of Telesystem, executive
vice-president of Teleglobe, and chief executive officer of Microcell. Mr
Ducharme holds an MBA and an MA from The Wharton School, and a BCL from McGill
    Robert Poile is a lead portfolio strategist for Polar Securities Inc. and
has been involved in the investment business for the majority of his career.
Mr. Poile has acted as Chairman, director or officer of various entities
including Repap Enterprises Inc., Spar Aerospace, Call-Net Enterprises Inc.
and Clublink Corporation. In 2004, he became president and chief executive
officer of Clublink, resigning in April 2007. Mr. Poile holds a B.A. from
Harvard University.
    The Fund's Board of Trustees has received notification of Nadir Mohamed's
decision to resign from his position as a trustee of the Fund for personal
reasons. "It is with great regret that we accept Nadir's resignation. We wish
to thank him for his invaluable contribution and guidance," added Henri A.
Aboutboul, Chairman of Cinram's Board of Trustees. As a result of these
changes, Cinram will have increased the size of its Board to eight trustees.

    About Cinram

    Cinram International Inc., an indirect, wholly-owned subsidiary of the
Fund, is the world's largest provider of pre-recorded multimedia products and
related logistics services. With facilities in North America and Europe,
Cinram International Inc. manufactures and distributes pre-recorded DVDs,
audio CDs, and CD-ROMs for motion picture studios, music labels, publishers
and computer software companies around the world. Cinram now also provides
distribution and logistics services to the telecommunications industry in
North America and Europe through its wireless subsidiaries. The Fund's units
are listed on the Toronto Stock Exchange under the symbol CRW.UN. For more
information, visit our website at

    Certain statements included in this release contain words such as
"could", "expects", 'expectations", "may", "anticipates", "believes",
"intends", "estimates" and "plans" (and similar expressions) and constitute
"forward-looking statements" within the meaning of applicable securities law.
These statements are based on Cinram's current expectations, estimates,
forecasts and projections about the operating environment, economies and
markets in which Cinram operates. Such forward-looking statements involve
known and unknown risks, uncertainties and other factors which are difficult
to predict and may cause the actual results, performance or achievements of
the Fund ,outcomes, or results of the multimedia duplication/ replication
industry, to be materially different from any future results, performance or
achievements expressed or implied by such forward-looking statements. Such
factors include, among others, the following: general economic and business
conditions, which will, among other things, impact the demand for the Fund's
products and services; multimedia duplication/replication industry conditions
and capacity; the ability of the Fund to implement its business strategy,
including having the cash resources necessary to do so; a shortage of product
due to labour disruptions, the Fund's ability to retain major customers; the
Fund's ability to invest successfully in new technologies and other factors
which are described in the Fund's filings with Canadian securities
commissions. Unless otherwise required by applicable securities laws, Cinram
disclaims any intention or obligation to update or revise any forward-looking

For further information:

For further information: Lyne Beauregard Fisher, Tel: (416) 321-7930,

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