(May 4) – The Toronto Stock Exchange has accepted C.I. Fund Management Inc.’s notice of intention to proceed with a normal course issuer bid.

C.I. plans to buy back up to 10,721,356 of its common shares. The shares account for 10% of the public float. As of May 4, 2001, there are 180,859,728 issued and outstanding common shares.

The purchases may commence on May 8, 2001 and will terminate on May 7, 2002, or earlier. Purchases will be made by C.I. at the prevailing market price.

C.I. believes that the market price of the common shares may, at certain times throughout the duration of the normal course issuer bid, be undervalued based on C.I.’s future earnings and prospects.

To the best of the knowledge of the directors and senior officers of C.I., no director, senior officer, associate of a director or senior officer, or person holding 10% or more of the common shares of C.I. intends at present to sell common shares during the course of this bid.

In the last 12 months under its previous normal course issuer bid, C.I. purchased 3,263,400 of its common shares at an average price of $12.93 per common share.