OSC Approves Distribution Plans for $205.6 Million Fund Probe Settlement

TORONTO – The Ontario Securities Commission (OSC) today announced it has approved the distribution plans that will see five Canadian mutual fund companies disburse $205.6 million to investors. The fund companies agreed to pay this amount after settlements were entered into with the Commission in December 2004 and March 2005. The companies are AGF Funds Inc., AIC Limited, CI Mutual Funds Inc. (now CI Investments Inc.), I.G. Investment Management, Ltd., and Franklin Templeton Investment Corp. The plans are to be implemented before the end of September of this year.

Staff of the OSC received confirmation from CRA International Limited, the independent consultant retained by the fund companies that the distribution plans will accomplish a fair allocation of the payments among affected investors in a timely and cost-effective manner. CRA International Limited has also confirmed that the plans include provisions that deal reasonably with circumstances in which the registered unitholders are not the beneficial owners of the units in question.

"We are pleased that the fund companies have been able to develop these plans efficiently and that the timetable achieved will result in investors receiving the payments three months earlier than contemplated by the settlements," said OSC Chair David Brown. "The investors were always our first priority in this probe and it is only appropriate that funds be returned to them as quickly as possible."

Copies of the plans of distribution for AGF Funds Inc., AIC Limited, CI Mutual Funds Inc. (now CI Investments Inc.), I.G. Investment Management, Ltd., and Franklin Templeton Investment Corp. are available online on the OSC's web site (www.osc.gov.on.ca).

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