Canadian Warrants

Registration of interests in and transfers of the Units will be made primarily through the book-based system administered by CDS Clearing and Depository Services Inc. ("CDS"), although the Manager may, in its sole discretion and upon the request of a Unitholder and subject to the satisfaction of such conditions as the Manager determines appropriate, issue certificates representing the Units held by such Unitholder registered in the name of the Unitholder. Units that are held through CDS only may be purchased, transferred and surrendered for redemption through a participant in the CDS Participant. All rights of Unitholders must be exercised through, and all payments or other property to which such Unitholder is entitled will be made or delivered by, CDS or the CDS Participant through which the Unitholder holds such Units.

The Fund expects that one or more global warrant certificates representing such Warrants will be issued in registered form to CDS and will be deposited with CDS on or about the date of separation of the Combined Units. It is anticipated by the Fund that each such purchaser of a Warrant will receive a customer confirmation of issuance or purchase, as applicable, from the CDS Participant through which such Warrant is issued in accordance with the practices and policies of such CDS Participant. CDS will be responsible for establishing and maintaining book-entry accounts for its participants holding Warrants.

Additional information on the Trust Units and the Warrants can be found in the Fund's prospectus dated October 28, 2009, which is available at www.SEDAR.com. Capitalized terms not otherwise defined herein are as defined in the prospectus.

Warrants: Each Warrant entitles the holder to purchase one Unit at a subscription price of $12.00 on or before 5:00 p.m. (Toronto time) on November 30, 2010 (the "Expiry Time"). Warrants not exercised by the Expiry Time will be void and of no value.

The Warrants are governed by the terms of a Warrant Agency Agreement dated as of November 20, 2009 between the Fund, Middlefield Fund Management Limited and MFL Management Limited. Within 30 days of the exercise of a Warrant, $0.18 per Warrant will be payable by the Fund to the broker whose client has properly exercised the Warrant and $0.12 per Warrant will be payable by the Fund to the Agents.