Connor, Clark & Lunn Completes IPO of One Million Units

On June 21, 2002, Connor, Clark & Lunn TIGERS (Tax efficient Income Generation and Repayment Securities) Trust completed an initial public offering of approximately one million units of the trust raising approximately $25 million. This offering followed the successful completion late last year by Connor, Clark & Lunn PRINTS (PRice and INcome Targeted Securities) Trust of an initial public offering of 4.1 million units of the trust raising $103.3 million. Connor, Clark & Lunn Capital Markets Inc., is the manager, and Connor, Clark & Lunn Investment Management Ltd., is the investment manager, of both trusts.

Connor, Clark & Lunn TIGERS Trust's investment objectives are: (i) to provide unit holders with a stable stream of monthly distributions targeted to be $0.2083 per unit ($2.50 per annum to yield 10 per cent of the subscription price); and (ii) to preserve and potentially enhance the value of the TIGERS Trust's portfolio in order to return at least the original issue price to unit holders on or about December 15, 2009.

Connor, Clark & Lunn PRINTS Trust's investment objectives are: (i) to provide unitholders with a stable stream of quarterly distributions targeted to be $0.50 per unit ($2 per annum to yield 8 per cent on the subscription price of $25); (ii) to pay unitholders on or about December 2, 2013, an amount equal to the subscription price of $25; and (iii) to pay to unitholders on or about December 2, 2013, in addition to the subscription price of $25, the value per unit, if any, in excess of the subscription price.

The manager, investment manager and the trust were represented by Osler, Hoskin & Harcourt LLP, with a team that included Andrew Aziz, John Black and Rick Fullerton (securities) and Dan MacIntosh and Lara Friedlander (tax).

Margaret McNee, Mark Adams, Walter Lehman and Shendra Matijasich (securities) and Mark Lobsinger (tax) and Tim Baron (derivatives) of McMillan Binch represented the underwriting syndicate for Connor, Clark & Lunn TIGERS Trust, which was led by CIBC World Markets Inc., RBC Dominion Securities Inc. and TD Securities Inc., and also the underwriting syndicate for Connor, Clark & Lunn PRINTS Trust, led by TD Securities, Merrill Lynch Canada Inc. and RBC Dominion Securities.