Connor, Clark & Lunn ROC Pref Corp. Announcement

    TORONTO, Sept. 29 /CNW/ - On September 26, 2008, Connor, Clark & Lunn ROC
Pref Corp. ("CC&L ROC" or the "Company") announced that it expected to
experience a credit event in respect of Washington Mutual ("WaMu"). Subsequent
to this announcement, Connor, Clark & Lunn Investment Management Ltd., in its
capacity as the Company's Investment Adviser, was able to remove WaMu from the
reference portfolio and thereby avoid a certain credit event. With limited
options available, WaMu was replaced with Residential Capital Inc. ("ResCap")
which is currently rated CCC+ by Standard & Poor's ("S&P"). The Investment
Adviser believes that this substitution is a better alternative as it avoids a
certain credit event from WaMu and while we consider the probability of
default on ResCap as high, it could potentially benefit from the
implementation of US government bailout legislation.
    CC&L ROC experienced its first credit event earlier this month resulting
from the Lehman Brothers Holdings Inc. bankruptcy filing which was a
half-weight within the reference portfolio. It is estimated that CC&L ROC will
be able to sustain approximately 5.4 more credit events and still be able to
pay $25.00 per Preferred Share at maturity and continue to pay its regular
quarterly distributions(1). The table below shows the impact of additional
reference company defaults on the amount payable at maturity under the CLN.

    Number of Additional Reference      Estimated Payment at
         Companies Defaulting                Maturity(1)
                 5.0                           $25.00
                 5.4                           $25.00
                 6.0                           $15.26
              7 or more                         $0.00

    Standard & Poor's ("S&P") currently rates the Preferred Shares of CC&L ROC
as P-2 (high). As indicated in press releases issued on September 25, 2008,
S&P has placed the Company on CreditWatch negative. The Company's Preferred
Shares trade on the Toronto Stock Exchange under the symbol RPQ.PR.A.

    (1) Assumes an estimated recovery rate of 40%. The actual recovery rate
        for any particular reference company may vary substantially from the
        indicative 40% recovery rate. CC&L ROC also had exposure to
        Freddie Mac and Fannie Mae (the "GSEs"), however the impact of the
        conservatorship of the GSEs is expected to be minimal because the
        recovery rate is expected to be quite high.

    This document may make forward-looking statements and there are risks
that actual results could differ materially from forecasts, projections or
conclusions in the forward-looking statements. Certain material factors and
assumptions were applied in drawing the conclusions or making the forecasts or
projections in the forward-looking statements and you may find additional
information about such material factors and assumptions and the material
factors that could cause actual results to so differ, in the prospectus for
Company and on an ongoing basis in each Company's management reports of fund
performance. The above information should be considered as background
information only and should not be construed as investment or financial
advice. Further, it should not be construed as an offer or solicitation to buy
or sell securities. Investors should read the prospectus and continuous
disclosure documents available at or,
which further describe the risks and fees and expenses associated with an
investment in the Preferred Shares of Connor, Clark & Lunn ROC Pref Corp., and
should consult with professional advisors before making investments decisions.

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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