Canadian World Fund: Investment Update-Unaudited

Canadian World Fund Limited (TSX: CWF) reports on an unaudited basis that its net asset value per share (NAV) at November 30, 2008 was $2.96, resulting in year-to-date and 12-month NAV returns of -62.0% and -60.7%, respectively. These compare with the -31.7% and -33.3% returns of the benchmark Morgan Stanley Capital International All Country World Index, in Canadian dollar terms, for the same periods.

The closing price for CWF's common shares at November 30, 2008 was $2.00, resulting in year-to-date and 12-month market returns of -66.4% and -66.6%, respectively.

The geographic sector weightings of CWF's investment portfolio at market as
of November 30, 2008 were as follows:

   Canada                                                     37.1%
   Europe                                                     25.2%
   United States                                              17.8%
   Asia                                                       13.2%
   Latin America                                               5.5%
   Africa                                                      0.6%
   Australia                                                   0.6%

The top ten investments which comprised 42.2% of the investment portfolio
at market as of November 30, 2008 were as follows:

   Cash (Canada)                                              10.6%
   Bank Term Deposits (Canada)                                 8.5%
   Apple Inc. (United States)                                  3.4%
   Autonomy Corporation plc (U.K.)                             3.4%
   HDFC Bank Ltd. (India)                                      3.0%
   Petrohawk Energy Corporation (United States)                2.8%
   Deere & Company (United States)                             2.8%
   Oslo Bors VPS Holding ASA (Norway)                          2.6%
   Petrofac Limited (U.K.)                                     2.6%
   Petrominerales Ltd. (Canada)                                2.5%

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