Highwater Capital Corp. and Ara Nalbandian redeem units of Connor, Clark & Lunn PRINTS Trust (TSX: CCP.UN)

    TORONTO, Jan. 26 /CNW/ - Highwater Capital Corp. and Ara Nalbandian
announced today that they have redeemed 66,500 units representing
approximately 12% of all issued and outstanding trust units of Connor, Clark &
Lunn PRINTS Trust (the "Fund") on December 19, 2008. Following the
disposition, Highwater Capital Corp. and Ara Nalbandian own and control 0
trust units of the Fund.
    Highwater Capital Corp. redeemed 55,200 units on December 19, 2008 at
$23.64. The units were acquired from September 27th 2007 to August 27th 2008
at an average cost of $18.96 representing an unleveraged return of 25%
(leveraged return 43% excluding Management fees and expenses). The S&P/TSX
Composite Index returned -37% from August 27th, 2007 to December 19, 2008.

    Highwater Capital Corp. is managed by Highwater Capital Management Corp.,
an Asset Management firm focused on achieving consistent absolute returns
throughout various market conditions. The manager seeks to maintain a moderate
level of risk and reduce the volatility of returns by diversifying its
investments by sector, asset class, strategy and other identified sources of
risk and employing options strategies, short positions, event/activist driven
strategies and seeking special situations with attractive expected risk
adjusted return parameters. In addition, the Managers' interests are directly
aligned with its clients through a performance based incentive structure as
well as its significant investment.

For further information:

For further information: For further information or copies of the report
filed in connection with this news release with the various securities
commissions, please contact: Ara Nalbandian, President, Highwater Capital
Corp., (416) 300-3191

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