Connor, Clark & Lunn ROC Pref Corp. announces restatement of interim financial statements

    TORONTO, April 15 /CNW/ - Connor, Clark & Lunn Capital Markets Inc. (the
"Manager") as manager of Connor Clark & Lunn ROC Pref Corp. (the "Company)
announced today that the Company has restated and refiled its interim
financial statements and management report of fund performance for the six
months ended December 31, 2008.
    In November 2008, the Company announced the implementation of
restructuring initiatives designed to increase the likelihood that the Company
will be able to repay the $25.00 Preferred Share issue price on the redemption
of the Preferred Shares on June 30, 2011. As part of these initiatives, the
next three quarters' coupons on the underlying credit linked note ("CLN") were
sold to The Bank of Nova Scotia ("BNS") (the issuer of the CLN) in return for
additional subordination so that the number of defaults the CLN can sustain
before principal and interest payments are adversely affected was increased.
    In March 2009, the Manager determined that the 2008 fourth quarter CLN
coupon payment had mistakenly been made by BNS resulting in an overstatement
of Credit Trust IV's and the Company's net asset value. At the same time, the
Manager also revisited the assumptions used to calculate the deferred
management fee. The net impact of the two adjustments was a decrease in net
assets by $0.07 per Preferred Share as at December 31, 2008. The Company has
been reimbursed for the excess amounts paid out on the redemption of Preferred
Shares as a result of the higher Preferred Share value.

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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