Financial Industry Opportunities Fund Inc. Ceases Offering To Complete Acquisition

    TORONTO, Aug. 24 /CNW/ - Financial Industry Opportunities Fund Inc.
("FIOF"/the "Fund") announced today that in order to complete the acquisition
of the Fund by Covington Strategic Capital Fund Inc. ("CSCF"), the Fund has
ceased offering and redeeming its Class A shares as of 4:00 p.m. today,
August 24, 2007.
    The acquisition was approved by shareholders of FIOF and CSCF at a
Special Shareholders meeting which was held on August 8, 2007.
    Shareholders of FIOF will receive shares in CSCF in exchange for their
FIOF shares. Shares of CSCF, received as part of the acquisition, will be
available for and redemption (subject to tax credit repayment requirements and
any early redemptions fees) on the next business day following the effective
date of the acquisition that is currently scheduled to be completed by
August 24, 2007. Shares of CSCF will be available for purchase as of Monday
August 27, 2007.
    Currently the assets of FIOF are approximately $5 million and the net
assets of CSCF post acquisition will be approximately $13.5 million.

    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 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. The Covington Group of
Funds, headquartered in Toronto, is an affiliate of Affiliated Managers Group
Inc. ( 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,

For further information:

For further information: Fiona Robertson, Vice President Marketing
Communications, Covington Group of Funds,

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