Error in CFS.PR.A distribution announcement

    TORONTO, Jan. 23 /CNW/ - On January 22nd, 2008, Canadian Financials and
Utilities Split Corp. announced a distribution on its preferred shares. This
announcement was made in error. No distribution was declared and there will be
no distribution payable with record date January 31, 2008. The preferred
shares will continue to pay their regular quarterly distributions at the end
of March, June, September and December.

For further information:

For further information: or contact Tim
Bradshaw, National Sales Manager, Connor, Clark & Lunn Capital Markets Inc.,
(416) 364-3658,

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Connor, Clark & Lunn Capital Markets Inc.

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