COVINGTON FUND II INC. ANNOUNCES COMPLETION OF DEALER INITIATED REDEMPTION

TORONTO, Oct. 19, 2022 /CNW/ - Covington Fund II Inc. (the "Fund") announced today that it has completed the Dealer Initiated Redemption that it announced was pending in our press release dated August 31, 2022.

This is being done further to a Special Resolution passed by shareholders earlier this year to amend the articles of the Fund and allow for the redemption by the Fund of the Class A shares outstanding.

At the close of business Friday October 14^th, the Fund's back office provider CI Investments Inc., initiated steps to complete the Redemption by the Fund of all outstanding Class A shares.  Shareholder redemptions were completed by way of cash for nominee accounts and in the form of CI Investments Money Market Fund units for all Client Name accounts.

The redemption by the Fund of all the Class A shares having been completed, the Fund will commence steps to cease to be a reporting issuer and proceed to end its corporate existence.

About Covington Group of Funds

Covington Group of Funds has managed several Labour Sponsored Investment Funds to individual investors throughout Ontario including Covington Fund I, Covington Fund II, Covington Strategic Capital Fund, New Generation Biotech (Equity) Fund Inc., and Covington Venture Fund Inc.

For additional information, please visit www.covingtonfunds.com.

SOURCE Covington Capital Corp.

Go to the website at: www.covingtonfunds.com, Email: Scott Clark at [email protected] or Phil Reddon at [email protected], Call Client Services CI Investments at [phone]