Cinram International Income Fund Receives Approval for Normal Course Issuer Bid

TORONTO, May 20 /CNW/ - Cinram International Income Fund ("Cinram" or the "Fund") (TSX: CRW-UN.TO), today announced that the Toronto Stock Exchange has approved its notice of intention to make a normal course issuer bid for up to 4,385,654 of its units, representing 10 percent of the Fund's public float as of May 16, 2008. The Company may purchase units at prevailing market prices during the period from May 23, 2008, to May 22, 2009. Purchases will be made at market prices in accordance with the rules and policies of the Toronto Stock Exchange. Daily purchases will be effected through the facilities of the TSX and will be limited to 127,308 units, other than block purchase exceptions. All units purchased by Cinram under the normal course issuer bid will be cancelled.

During the period of March 30, 2007, to March 29, 2008, the Fund purchased 1,444,900 units under a prior normal course issuer bid, for an aggregate consideration of US$27.8 million. As of May 16, 2008, the Fund had a total of 56,967,602 units issued and outstanding.

The Fund believes that the purchase by Cinram of a portion of its outstanding units may from time to time be an appropriate use of available resources and in the best interests of the Fund and its unitholders. The Fund intends to fund the purchases with available resources.

About Cinram

Cinram International Inc., an indirect, wholly-owned subsidiary of the Fund, is the world's largest provider of pre-recorded multimedia products and related logistics services. With facilities in North America and Europe, Cinram International Inc. manufactures and distributes pre-recorded DVDs, audio CDs, and CD-ROMs for motion picture studios, music labels, publishers and computer software companies around the world. Cinram now also provides distribution and logistics services to the telecommunications industry in North America and Europe through its wireless subsidiaries. The Fund's units are listed on the Toronto Stock Exchange under the symbol CRW.UN. For more information, visit our website at www.cinram.com.

Certain statements included in this release contain words such as "could", "expects", "expectations", "may", "anticipates", "believes", "intends", "estimates" and "plans" (and similar expressions) and constitute "forward-looking statements" within the meaning of applicable securities law. These statements are based on Cinram's current expectations, estimates, forecasts and projections about the operating environment, economies and markets in which Cinram operates. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which are difficult to predict and may cause the actual results, performance or achievements of the Fund, outcomes, or results of the multimedia duplication/replication industry, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the following: general economic and business conditions, which will, among other things, impact the demand for the Fund's products and services; multimedia duplication/replication industry conditions and capacity; the ability of the Fund to implement its business strategy, including having the cash resources necessary to do so; a shortage of product due to labour disruptions, the Fund's ability to retain major customers; the Fund's ability to invest successfully in new technologies and other factors which are described in the Fund's filings with Canadian securities commissions. Unless otherwise required by applicable securities laws, Cinram disclaims any intention or obligation to update or revise any forward-looking statements.

Contacts

Lyne B. Fisher
Tel: (416) 321-7930
lynefisher@cinram.com