Creststreet Completes Rollover of Creststreet 2006 LP and Creststreet 2006 (II) LP into Creststreet Resource Fund

    TORONTO, Jan. 21 /CNW/ - Creststreet Asset Management Limited today
announced that on January 18, 2008, the rollover of the assets of Creststreet
2006 Limited Partnership, CUSIP No.226295-10-3, ("Creststreet 2006 LP") and
Creststreet 2006 (II) Limited Partnership, CUSIP No.22629Y-10-0, ("Creststreet
2006 (II) LP") into Creststreet Resource Class Shares (the "Creststreet
Resource Fund") of Creststreet Mutual Funds Limited (the "Mutual Fund") was
completed. The assets of the Partnerships were exchanged on a tax-deferred
basis for Creststreet Resource Fund - 2008 Series shares (the "Shares") (Fund
Code: CAM 107 and CAM108, respectively) of equal value. Immediately after the
rollover on January 18, 2008, Creststreet 2006 LP and Creststreet 2006 (II) LP
(the "Partnerships") were dissolved. Limited Partners of Creststreet 2006 LP
and Creststreet 2006 (II) LP received 0.49000382502 Shares and 0.72245865893
Shares, respectively for each Creststreet 2006 LP and Creststreet 2006 (II) LP
unit respectively held. The Net Asset Value of the Creststreet 2006 LP and
Creststreet 2006 (II) LP at the time of the rollover was $3.88 and $5.72,
    The Shares will be redeemable and exchangeable beginning February 22,
2008. This is earlier than May 30th, 2008, the date previously set by the
Mutual Fund for redemption of Shares. The Mutual Fund does not charge
redemption fees. Creststreet offers three additional mutual fund classes,
Creststreet Managed Income Fund, Creststreet Managed Equity Index Fund and
Creststreet Alternative Energy Fund, allowing investors to switch between fund
classes to further diversify their investment on a tax-deferred basis.
Creststreet Mutual Funds are also RRSP eligible.
    The Mutual Fund obtained relief from the securities regulatory
authorities in each province of Canada to acquire the assets of the
Partnerships and complete the rollover as, immediately following the transfer
of the assets from the Partnerships to the Mutual Fund, more than 10% of the
Mutual Fund's net assets consisted of illiquid assets. The percentage of
illiquid assets held by the Mutual Fund following the rollover exceeded the
percentage permitted under Canadian securities laws primarily due to the
increase in value, since the date of original investment, of certain illiquid
assets held by the Mutual Fund and the Partnerships prior to the rollover. In
accordance with the requirements of applicable securities laws, the Mutual
Fund will as quickly as is commercially reasonable, and in any event within
90 days, take all necessary steps to reduce the percentage of illiquid assets
held to 15% or less.
    An amendment to the Mutual Fund's simplified prospectus and annual
information form dated November 19, 2007 will be filed with the securities
regulatory authorities in each province of Canada describing the above noted

    About the Creststreet Resource Fund

    The Creststreet Resource Fund retains a balanced portfolio of oil and
natural gas-weighted assets as well as holdings in companies with
international assets and exposure to alternative energy sectors.
    To track the performance of Creststreet Mutual Funds and for further
information on Creststreet Mutual Funds additional fund classes, please visit
our website, where we update Net Asset Values on a weekly

    About Creststreet

    Creststreet is an investment management firm specializing in structuring
and managing high quality energy focused investment products for Canadian and
international institutional and high net worth investors. Since its inception
in 2000, Creststreet has raised over $970 million for investment in resource
and renewable energy companies.

For further information:

For further information: Grant Bunker, Vice-President, Business
Development, Creststreet Asset Management Limited, Tel: (416) 628-2161,

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