Assante shareholders and optionholders have overwhelmingly approved the proposed plan of arrangement involving Assante Corp., Loring Ward International Ltd. and CI Fund Management Inc.

At a special meeting in Toronto, securityholders approved the transaction, with 99.6% of the votes cast in favour.

The transaction will result in the spin-off of Assante’s U.S. and related operations to shareholders by way of a pro rata distribution of shares of Loring Ward International Ltd., a recently incorporated holding company for these operations.

Immediately following the spin-off, CI will purchase Assante’s Canadian operations by acquiring all of the common shares of Assante.

Assante shareholders will receive cash, CI common shares or a combination of both in exchange for the sale of the Canadian operations. In addition, Assante shareholders will receive one Loring Ward common share for every Assante common share.

The transaction is subject to final court approval, other regulatory approvals and other customary closing conditions. The transaction is expected to close on November 14, 2003.