CONNOR, CLARK & LUNN FUNDS INC. ANNOUNCES RESULTS OF UNITHOLDER SPECIAL MEETINGS FOR CC&L ALTERNATIVE GLOBAL EQUITY FUND AND CC&L ALTERNATIVE CANADIAN EQUITY FUND

TORONTO, Feb. 10, 2023 /CNW/ - Connor, Clark & Lunn Funds Inc. (the "Manager"), the manager of CC&L Alternative Global Equity Fund and CC&L Alternative Canadian Equity Fund (the "Funds" and each, a "Fund"), is pleased to announce the voting results of the special meetings of unitholders of each Fund (the "Meetings" and each, a "Meeting") held virtually yesterday. At the Meetings, unitholders of each Fund voted to approve changes to the management fees and performance fees of the Fund and changes to the investment objectives of the Fund, as more fully described in the management information circular of the Funds dated January 19, 2023 (the "Circular").

The investment objective changes will orient the portfolio of each Funds to pursue more absolute return oriented objectives – i.e. seeking to deliver positive performance regardless of the direction of equity markets.

The changes to the investment objective of CC&L Alternative Global Equity Fund will seek to eliminate the Fund's net exposure to the direction of global equity markets, and the changes to the investment objective of the CC&L Alternative Canadian Equity Fund will greatly reduce the Fund's net exposure to Canadian equities in favor of a much lower net exposure to global equities. The Manager expects that the investment objective changes will reduce the volatility of the performance of the Funds and increase the potential for capital preservation for both Funds in volatile periods for equity markets.

The investment objective changes will increase the amount of Fund performance attributable to the efforts of each Fund's portfolio manager and reduce the amount of Fund performance attributable to equity market returns. Certain associated amendments will be made to the investment strategies of each Fund in order to implement the new investment objectives.

In connection the investment objective changes, the name of the CC&L Alternative Global Equity Fund will be changed to "CC&L Global Market Neutral II Fund" and the name of the CC&L Alternative Canadian Equity Fund will be changed to "CC&L Global Long Short Fund".

The management and performance fee changes, investment objective changes, name changes and the other corresponding changes are expected to become effective on or about March 23, 2023.

Forward-Looking Information

This news release may contain forward-looking information (within the meaning of applicable securities laws) relating to the business and operations of the Manager and the Funds ("forward-looking statements"). Forward-looking statements may be identified by words such as "believe", "anticipate", "project", "expect", "intend", "plan", "will", "may", "estimate" and other similar expressions. These statements are based on the Manager's expectations, estimates, forecasts and projections and include, without limitation, statements regarding the timing and implementation of the implementation of the new investment objectives of each Fund and the corresponding name changes, changes in investment strategies, changes in the fee structures, the expected risk ratings of the Funds and the expected change in the performances of the Funds. The forward-looking statements in this news release are based on certain assumptions; they are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements, including, but not limited to, the factors discussed under the heading "WHAT IS A MUTUAL FUND AND WHAT ARE THE RISKS OF INVESTING IN A MUTUAL FUND?" in the simplified prospectus available on the SEDAR profile of each Fund at www.sedar.com. There can be no assurance that forward-looking statements will prove to be accurate as actual outcomes and results may differ materially from those expressed in these forward-looking statements. Readers, therefore, should not place undue reliance on any such forward-looking statements. Further, these forward-looking statements are made as of the date of this news release and, except as expressly required by applicable law, the Manager and the Funds assume no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

SOURCE Connor, Clark & Lunn Funds Inc.

Tim Elliott, Chief Executive Officer, Tel: [phone]