C.I. Covington Fund Inc. to benefit from investment in Look Communications

TORONTO, May 18 /CNW/ - As reported in today's The Globe and Mail Report on Business, Look Communications Inc. has agreed to merge with ID Internet Direct Ltd. to create a company worth approximately $550 million. Look Communications Inc. is C.I. Covington Fund's largest holding.

It is expected that this transaction, when completed, will be positive for the Fund. Until this merger transaction closes, expected in the next few months, the full value of its investment in Look Communications Inc. cannot be fully determined by the Fund. A portion of the increased value of the investment has been reflected in today's closing net asset value of the Fund of $12.63 per share, up 5.5% or $10 million from yesterday's net asset value.

To ensure existing shareholders of C.I. Covington Fund receive full value for their investment, new purchases of the Fund will not be accepted after close of business today, May 18, 1999, until further notice. Shareholders wishing to redeem their Fund shares can do so through normal procedures.

The Fund reserves the right to accept purchases of the Fund when the value of the investment in Look Communications Inc. is fully reflected.

C.I. Covington Fund Inc. is a labour-sponsored fund administered by C.I. Mutual Funds Inc. and is offered for sale by prospectus only in Ontario with $190 million in assets under management.

7 0- 05/18/1999

For further information: contact: Stephen A. MacPhail, Executive Vice-President and Chief Financial Officer, C.I. Mutual Funds Inc., Tel. No.: (416) 364-1145

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