Creststreet Completes Rollover of Creststreet 2010 Flow-Through Limited Partnership into Creststreet Resource Fund

/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES./

TORONTO, Jan. 24, 2012 /CNW/ - Creststreet Asset Management Limited today announced that on January 20, 2012, the rollover of Creststreet 2010 Flow-Through Limited Partnership (the "Partnership"), National Class units CUSIP #22630D-10-3, ("C2010-National Class") and Quebec Class units CUSIP #22630D-20-2, ("C2010-Quebec Class") into Series 2012N Shares and Series 2012Q Shares (the "Shares") of the Creststreet Resource Class (the "Creststreet Resource Fund") of Creststreet Mutual Funds Limited (the "Mutual Fund") was completed.

The assets of the Partnership comprising the C2010-National Class were exchanged on a tax-deferred basis for Series 2012N Shares of the Creststreet Resource Fund of equal value.  The assets of Partnership comprising the C2010-Quebec Class were exchanged on a tax-deferred basis for Series 2012Q Shares of the Creststreet Resource Fund of equal value.  The Net Asset Value per Share of Creststreet Resource Fund at the time of rollover was $3.8004.  Immediately after the rollover on January 20, 2012, the Partnership was dissolved.

Limited Partners of the C2010-National Class received 1.4829736360 Series 2012N Shares (Fund Code: CAM111) for each C2010-National Class unit held.   The Net Asset Value per C2010-National Class unit at the time of the rollover was $5.6364.  The adjusted cost base for tax purposes was retained on the tax-deferred rollover from the C2010-National Class and is $0.2602 per Series 2012N Share of the Creststreet Resource Fund.

Limited Partners of the C2010-Quebec Class received 1.3863725335 Series 2012Q Shares (Fund Code: CAM112) for each C2010-Quebec Class unit held.  The Net Asset Value per C2010-Quebec Class unit at the time of the rollover was $5.2693. The adjusted cost base for tax purposes was retained on the tax-deferred rollover from the C2010-Quebec Class and is $0.0712 per Series 2012Q Share of the Creststreet Resource Fund.

The Shares will be redeemable and exchangeable beginning March 30, 2012.  The Mutual Fund does not charge redemption fees on the Shares.  The Shares will be automatically converted into Series B shares of the Creststreet Resource Fund of equal value on or about September 30, 2012 or such earlier date as may be determined by the manager of the Creststreet Resource Fund.

Creststreet offers two additional mutual fund classes, the Creststreet Alternative Energy Fund and the Creststreet Dividend & Income Fund, allowing investors to switch between fund classes to further diversify their investment on a tax-deferred basis. Creststreet Mutual Funds are also RRSP/RRIF/TFSA eligible.

About Creststreet Resource Fund
The Creststreet Resource Fund is a diversified natural resources fund that invests in a broad selection of energy, mining, metals and agricultural related equity securities.  To track the performance of Creststreet Resource Fund and for further information on additional fund classes of Creststreet Mutual Funds, please visit our website www.creststreet.com, where we update net asset values on a weekly basis.

About Creststreet
Creststreet is a performance driven, independent asset management firm, founded on the premise that commodities are an increasingly scarce resource that will increase in value over time, providing attractive long-term investment opportunities.

Since its inception in 2000, Creststreet has raised over $1 billion for resource investments. Creststreet has built a committed investment management team with more than 30 years of combined resource investment experience. Creststreet seeks to provide its investors superior, risk adjusted returns in unique core and specialty products by combining our rigorous internal research processes with our active portfolio management style.

For further information:

Sheryl Chiddenton
Vice President, Compliance and Investment Services
Creststreet Asset Management Limited
Tel: [phone]
Toll Free : 1-866-864-6330
E-mail: [email protected]