Canadian Warrants

Additional information on the warrant offering may be found in the fund's
short-form prospectus dated Feb. 16, 2010, which is available at SEDAR.
Capitalized terms used but not otherwise defined are as defined in the
prospectus.

Unitholders who hold their units through a participant (CDS participant)
will not receive warrant certificates evidencing their ownership of
warrants; rather, on or about the record date, a warrant certificate
evidencing the total number of warrants to which each such unitholder is
entitled will be issued in registered form to CDS Clearing and Depository
Services Inc. or its nominee and is expected to be deposited with CDS on
the commencement date. Warrants represented by a warrant certificate that
is registered in the name of CDS or its nominee (the CDS certificate) will
not be reregistered in any other name or outside of CDS. The fund expects
that each beneficial unitholder will receive a confirmation of the number
of warrants issued to it from its CDS participant in accordance with the
practices and procedures of that CDS participant. CDS will be responsible
for establishing and maintaining book-entry accounts for its participants
holding warrants.

In the case of a unitholder that holds its units in registered form other
than through CDS, the warrants will be issued in registered form to those
unitholders and a warrant certificate evidencing the total number of
warrants to which each registered unitholder is entitled will be delivered
to each such unitholder together with a copy of the prospectus. A holder of
a warrant is not, by virtue of such warrant, a unitholder and does not have
any of the rights of a unitholder (including the right to receive any
distribution which may be declared on the units). For those unitholders
whose units are held in registered form, unless the warrant agent (as
defined below) is instructed otherwise in writing, units acquired through
the exercise of warrants will be registered in the name of the person to
whom the warrant certificate was issued or to whom the warrants are
transferred. Certificates evidencing such units will be mailed by ordinary
prepaid mail as soon as practicable after the exercise of the applicable
warrants.

Holders of warrants who wish to exercise their warrants and receive units
are reminded that if warrants are to be exercised through a CDS
participant, CDS and/or the CDS participant may have a deadline for the
exercise of warrants that is earlier than the warrant expiry time, and a
significant amount of time may elapse from the date of exercise and the
date the units issuable upon the exercise thereof are issued to the holder.

A subscriber may subscribe for the resulting whole number of units or any
lesser whole number of units by, in the case of warrants represented by the
CDS certificate, instructing the CDS participant holding the subscriber's
warrants to exercise all or a specified number of such warrants and
forwarding the warrant exercise price for each unit subscribed for in
accordance with the terms of the offering to the CDS participant which
holds the subscriber's warrants or, in the case of warrants held in
registered form, delivering the warrant certificate with the exercise form
thereon duly completed to the warrant agent along with payment of the
warrant exercise price for each unit subscribed for (the basic warrant
subscription privilege).

The warrant exercise price is payable in Canadian funds by certified
cheque, bank draft or money order drawn to the order of the warrant agent
or, in respect of CDS participants, by direct debit from the subscriber's
brokerage account or by electronic funds transfer or other similar payment
mechanism. All payments must be forwarded to the offices of the warrant
agent or, in the case of a unitholder that holds its units through a CDS
participant, to the appropriate office of the CDS participant. The entire
warrant exercise price for units subscribed for must be paid at the time of
subscription and must be received by the warrant agent prior to the warrant
expiry time. Accordingly, if you are subscribing through a CDS participant,
you must deliver your payment (by method described above) and instructions
sufficiently in advance of the warrant expiry time to allow the CDS
participant to properly exercise warrants on your behalf. Unitholders are
encouraged to contact their broker or other CDS participant as each CDS
participant may have a different cut-off time.

Each holder of warrants that subscribes for any units pursuant to the basic
warrant subscription privilege may, at any time prior to the warrant expiry
time, subscribe for additional units pursuant to an additional warrant
subscription privilege (the additional warrant subscription privilege), if
applicable, at a price equal to the warrant exercise price for each
additional unit. Holders of warrants will not be required to fully exercise
all of their warrants under the basic warrant subscription privilege in
order to be eligible for the additional warrant subscription privilege. The
number of additional units available for all additional subscriptions
pursuant to the additional warrant subscription privilege will be the
difference, if any, between the total number of units issuable upon
exercise of warrants and the total number of units subscribed and paid for
at or prior to the warrant expiry time. Subscriptions for additional units
pursuant to the additional warrant subscription privilege will be received
subject to allotment only and the number of additional units, if any, which
may be allotted to each subscriber will be equal to the lesser of: (a) the
number of additional units which that subscriber has subscribed for under
the additional warrant subscription privilege; and (b) the product
(disregarding fractions) obtained by multiplying the number of additional
units by a fraction, the numerator of which is the number of warrants
exercised by that subscriber under the basic warrant subscription privilege
and the denominator of which is the total number of warrants exercised
under the basic warrant subscription privilege by holders of warrants that
have subscribed for additional units pursuant to the additional warrant
subscription privilege. If any holder of warrants has subscribed for fewer
additional units than such holder's pro rata allotment of additional units,
the excess additional units will be allotted in a similar manner among the
holders who were allotted fewer additional units than they subscribed for.

Within 30 days of the exercise of a warrant, 15 cents per warrant will be
payable by the fund to the dealer whose client has properly exercised the
warrant.

All registered unitholders whose recorded address is outside Canada are
advised that their warrants will be issued to and held by the warrant
agent, for the account of such unitholders, who may benefit as set out
below. The units and warrants have not been, and will not be, registered
under the U.S. Securities Act of 1933. The offering is made in each of the
provinces and territories of Canada only and not in the United States of
America or any territory, possession, or jurisdiction thereof or other
jurisdictions outside of Canada. The offering is not, and under no
circumstances is to be construed as, an offering of any units or warrants
for sale in the United States of America or any territory, possession, or
jurisdiction thereof or an offering to or for the account or benefit of any
U.S. person or a solicitation therein of an offer to buy any securities.
Accordingly, subject to the exception described below, the warrant agent
will not accept subscriptions from any unitholder or from any transferee of
warrants who is or appears to be, or who the warrant agent has reason to
believe is, a U.S. person or a resident of the United States of America or
any territory or possession thereof or a resident of any other jurisdiction
outside of Canada (ineligible unitholders).

Notwithstanding the foregoing, ineligible unitholders who establish to the
satisfaction of the warrant agent that the receipt by them of the warrants
and the issuance to them of units upon the exercise of the warrants will
not be in violation of the laws of their jurisdiction of residence or the
jurisdiction in which they are located at the time of such receipt or
issuance may be allowed to exercise the warrants.

The warrant agent will hold the warrants of the ineligible unitholders
until Feb. 8, 2011, in order to give ineligible unitholders an opportunity
to prove to the satisfaction of the warrant agent that they are residents
of a province or territory of Canada or that the issue of units pursuant to
the exercise of warrants will not be in violation of the laws of the
applicable jurisdiction. Following such date, the warrant agent may, prior
to the warrant expiry time and for the account of each ineligible
unitholder, attempt to sell the warrants allocable to each such ineligible
unitholder and evidenced by warrant certificates in the possession of the
warrant agent on such date or dates and at such price or prices and in such
manner as the warrant agent shall determine in its sole discretion.

The warrants will be governed by the terms of a warrant agency agreement
dated Feb. 16, 2010, between the fund, the manager and MFL Management Ltd.
(the warrant agent), as warrant agency agreement. The warrant agency
agreement provides for appropriate adjustments to the warrants in the event
of stock dividends, subdivisions, consolidations and other forms of capital
reorganization.

The Toronto Stock Exchange has been advised that a group of securities
dealers or brokers has not been formed at this time, however, such a group
may be formed to solicit subscriptions for units at a later time.