Incentive Stock Options Granted

Toronto, Ontario - January 9, 2009- The Phoenician Fund Corporation I (the "Corporation") reports that on January 9, 2009, subject to regulatory approval, the Corporation granted incentive stock options to the directors and officers of the Corporation. The directors and officers were issued an aggregate of 401,766 options exercisable at a price of $0.16 per share for a period of five years.

The Corporation is the second Capital Pool Company ("CPC") formed by Phoenician Family of Funds ("Phoenician Family") in Canada. The Phoenician Family of Funds is engaged in the creation of publicly listed special purpose vehicles administered in Canada under the TSX Venture's Capital Pool Company program.

THE TSX VENTURE EXCHANGE DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE. CERTAIN INFORMATION IN THIS PRESS RELEASE MAY CONTAIN FORWARD‐LOOKING STATEMENTS. THIS INFORMATION IS BASED ON CURRENT EXPECTATIONS THAT ARE SUBJECT TO SIGNIFICANT RISKS AND UNCERTAINTIES THAT ARE DIFFICULT TO PREDICT. ACTUAL RESULTS MIGHT DIFFER MATERIALLY FROM RESULTS SUGGESTED IN ANY FORWARD‐LOOKING STATEMENTS. THE CORPORATION ASSUMES NO OBLIGATION TO UPDATE THE FORWARD‐LOOKING STATEMENTS, OR TO UPDATE THE REASONS WHY ACTUAL RESULTS COULD DIFFER FROM THOSE REFLECTED IN THE FORWARD LOOKING STATEMENTS UNLESS AND UNTIL REQUIRED BY SECURITIES LAWS APPLICABLE TO THE CORPORATION. ADDITIONAL INFORMATION IDENTIFYING RISKS AND UNCERTAINTIES IS CONTAINED IN THE CORPORATION'S FILINGS WITH THE CANADIAN SECURITIES REGULATORS, WHICH FILINGS ARE AVAILABLE AT WWW.SEDAR.COM.

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