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Cinram Completes Review of Historical Tax Filings

Cinram International Income Fund announced that upon completing an extensive review of its subsidiaries’ previously filed tax returns and following on from the previous release on March 4, 2010, determined that there was a net overstatement of the Income Tax Receivable account on the Consolidated Balance Sheet of approximately $2.7 million as at December 31, 2009. This is significantly less than previously estimated.

The net overstatement results from an overstatement of income taxes recoverable in the fiscal year ended December 31, 2007 of approximately $14.2 million, which adjustment has been reflected as an adjustment to the opening retained earnings as at January 1, 2008, and an understatement of income taxes recoverable in the 2009 fiscal year of $11.5 million. As a result, the previously reported net loss for the quarter and year ended December 31, 2009 of $19,972 and $33,528 will be amended to reduce the reported net loss for the quarter and fiscal year to $8,472 and $22,028 respectively.

The Fund expects to be filing its Audited Consolidated Financial Statements for the year ended December 31, 2009 and related Management Discussion and Analysis, reflecting the adjustments outlined above, on or before March 31, 2010.

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