Connor, Clark & Lunn ROC Corp. Announcement

    TORONTO, Sept. 15 /CNW/ - Connor, Clark & Lunn ROC Pref Corp. ("ROC IV")
announced that the Lehman Brothers Holdings Inc.'s ("LBHI") announced
intention to file a petition under Chapter 11 of the U.S. Bankruptcy Code with
the United States Bankruptcy Court for the Southern District of New York is
expected to constitute a credit event under the credit linked note ("CLN")
issued by The Bank of Nova Scotia.
    This credit event is a consequence of the ongoing extremely difficult
conditions facing the United States financial system. Following this credit
event and assuming a 40% recovery rate and no impact from its exposure to
Fannie Mae and Freddie Mac, ROC IV will be able to sustain approximately
5.4 Credit Events in order to pay $25.00 per Preferred Share at maturity on
June 30, 2011 and continue to pay regular quarterly distributions.
    Connor, Clark & Lunn will host a conference call to discuss the
implications of recent events on Tuesday September 16, 2008 at 9:00 AM EST.
The conference call number is (416) 644-3415 or 1 (800) 733-7571 and the
replay number is (416) 640-1917 or 1 (877) 289-8525. The pass code is 21283536
followed by the number sign.

    Connor, Clark & Lunn ROC Pref Corp.'s preferred shares are currently
rated P-2 (high) by Standard & Poor's and trade on the Toronto Stock Exchange
under the symbol RPQ.PR.A.

For further information:

For further information: For further information please visit or contact: Neil Murdoch, President & CEO, Connor,
Clark & Lunn Capital Markets Inc., (416) 364-2839,; or
Darren Cabral, Vice-President, Connor, Clark & Lunn Capital Markets Inc.,
(416) 214-6182 or 1-888-276-2258,

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Connor, Clark & Lunn Capital Markets Inc.

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