Income & Equity Index Participation Fund Announces Special Meeting Results

CALGARY, ALBERTA--(Marketwire - Feb. 12, 2009) - Income & Equity Index Participation Fund (TSX:IEP.UN) (the "Fund") announces the results of the special meeting of the Unitholders of the Fund held February 12, 2009.

Unitholders have overwhelmingly passed the Arrangement Resolution, with approximately 51% of Unitholders voting and over 99% of those voting in favour of the Arrangement Resolution.

At the meeting, Unitholders of the Fund were asked to consider and, if thought fit, pass the Arrangement Resolution, which authorizes and approves an arrangement whereby Unitholders were given the option of electing to receive either: (a) an amount in cash equal to their pro rata portion of the net asset value of the Fund; or (b) one CGF Income & Equity Class share of CGF MFC ("I&E Share"), a separate mutual fund investment portfolio of CGF Mutual Fund Corporation ("CGF MFC"), for each Unit of the Fund, all as more particularly set out in the Management Information Circular mailed to Unitholders in December 2008. Approximately 20% of Unitholders elected to receive cash.

Each class of shares of CGF MFC has its own investment mandate and allows non-registered plan investors to switch to other mutual funds represented by other classes of shares of CGF MFC (each a "Mutual Fund") on a tax-deferred basis. A Unitholder that acquires I&E Shares on a tax-deferred basis as a result of the Arrangement may, if the Unitholder determines to do so having regard to such Unitholder's own investment objectives, switch some or all of the I&E Shares for other Mutual Funds, without creating a tax liability for the Unitholder on the switch.

On the close of business on February 12, 2009, trading of the Units will cease on the Toronto Stock Exchange. Application will be made to the Court of Queen's Bench of Alberta on Friday, February 27, 2009 for approval of the Arrangement, which is anticipated to become effective at the close of business on February 27, 2009.