Covington Fund I Inc. completes final distribution to shareholders



    TORONTO, Aug. 27 /CNW/ - Covington Fund I Inc. (the "Fund") announced
today that, as of August 27, 2007, it had completed the final distribution of
Fund proceeds to its shareholders. The return of capital, in the amount of
$1.86 per share, was effected as a purchase for cancellation of shares of the
Fund.
    The Fund completed its first distribution, in the amount of $5.50 per
share, on February 5, 2007 with the intent to complete the final distribution
of capital to shareholders prior to the 2007 calendar year end. The two
distributions together provided a total return of $7.36 per share to the
Fund's shareholders. This amount was above management's initial guidance of
approximately $7.14 per share provided in the Fund's management information
circular dated October 16, 2006 which is available at www.covingtonfunds.com .
    Proceeds from the distribution will be returned directly into the
investment accounts of shareholders in the form of units of the CI Money
Market Fund (CIG649). Shareholders are therefore provided the flexibility to
access, and trade, units of CI Money Market Fund immediately or to retain them
in their accounts until they are able to make alternative investment
decisions.
    Covington Fund I was established in 1994 and was one of the first
generation of labour sponsored investments funds in Ontario. The Fund is the
first to complete a full investment life cycle and to effect a return of
capital to shareholders.
    Further details about the wind up of the Fund are contained in the Fund's
management information circular dated October 16, 2006 which is available at
www.covingtonfunds.com.

    About Covington Group of Funds

    Founded in 1995, Covington Group of Funds is one of Canada's largest and
most experienced venture capital fund providers. Covington Capital
Corporation, one of the mutual fund managers in the Covington Group of Funds,
manages over $450 million in venture capital assets on behalf of       
160,000 retail investors. These funds invest in small-and-medium businesses
diversified throughout a number of industry sectors. Covington Capital
Corporation, headquartered in Toronto, is an affiliate of Affiliated Managers
Group Inc. (www.amg.com). AMG is an asset management company with equity
interests in a diverse group of boutique investment management firms. AMG
provides centralized assistance to its Affiliates in strategic matters,
marketing, distribution, product development and operations. AMG's affiliated
investment management firms managed approximately $267 billion in assets at
June 30, 2007.
    For additional information, please visit www.covingtonfunds.com.





For further information:

For further information: Fiona Robertson, Vice President, Marketing,
Covington Group of Funds, (416) 365-0060, www.covingtonfunds.com

Organization Profile

COVINGTON CAPITAL CORP.

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Covington Group of Funds

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