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Copernican British Banks Fund-Special Income Distribution

BURLINGTON, ONTARIO -- (Marketwire) -- 01/02/09 -- Copernican Capital Corp. today announced the finalized consolidation ratio in connection with the special income distribution payable to unitholders ("Unitholders") of record of Copernican British Banks Fund (TSX: CBB.UN) (the "Trust") as at December 30, 2008. Unitholders of the Trust will receive a special income distribution on December 31, 2008 in the aggregate amount of $0.311846 per Trust unit ("Unit"). Such distribution will be paid by way of Units to all Unitholders, rather than by way of cash. Immediately following the Unit distribution, outstanding Units of the Trust will be consolidated on the basis of one Unit for every 1.225975 Units outstanding, such that after the consolidation of Units, the number of Units outstanding will be equal to the number of Units outstanding immediately prior to the Unit distribution. After the Unit distribution and subsequent consolidation, each Unitholder will hold the same number of Units as they held before the non-cash distribution. However, the aggregate adjusted cost base of the Units held by each Unitholder will increase by the amount of the special income distribution.

Copernican Capital Corp.
Client Service Department

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