CI Mutual Funds Inc. has received permission from the Canadian securities regulators for funds it manages to invest in securities of Sun Life Financial Services of Canada Inc.

“This is a positive step that provides our funds with the opportunity to invest in another leading Canadian financial services company operating in a consolidating industry,” said Peter Anderson, CI president.

In connection with such investments, CI has established an independent review committee comprised of Stephen Moore, Jasmine Herlt and Thomas Jarmai. Each member of the IRC is independent of CI in that none is an associate or employee of CI, Sun Life Financial or the portfolio advisor of a fund, or any of their respective associates or affiliates.

The IRC will review at least every three months the decisions made on behalf of each fund to purchase, sell or continue to hold securities of Sun Life Financial and to form an opinion whether such decisions were, and continue to be, in the best interest of the fund.

All members of the IRC currently are members of the Board of Governors of the funds and, as such, are paid a fixed annual fee, which is allocated to all mutual funds under CI’s management.

CI sought permission for its funds to invest in Sun Life Financial securities after Sun Life became a substantial shareholder in its parent company, CI Fund Management Inc., on July 25, 2002.