Creststreet Mutual Funds Limited terminates Creststreet Managed Income Fund and files application regarding private investments of Creststreet Resource Fund


    TORONTO, Aug. 20 /CNW/ - Creststreet Mutual Funds Limited (CMFL) today
announces that it has terminated the Creststreet Managed Income Fund, a class
of shares of CMFL. Notice will be given to holders of shares of the
Creststreet Managed Income Fund that their shares will be redeemed on
October 24, 2008 for an amount equal to the net asset value of the Creststreet
Managed Income Fund as determined on October 24, 2008. No new purchases of, or
switches into, the Creststreet Managed Income Fund will be accepted.
    CMFL also today announces that it has filed an application with the
Canadian securities administrators to extend the period the Creststreet
Resource Fund (the Fund), another class of shares of CMFL, has to reduce the
amount of private investments held by the Fund to below 15% of the net assets
of the Fund by an additional 90 days from August 20, 2008 to November 18, 2008
as required by applicable securities legislation. There can be no assurance
that such extension will be granted.
    On May 23, 2008, the Fund exceeded the 15% illiquid security threshold
when it increased the mark-to-market valuation on a private company investment
held by it based on a verified arm's length third party transaction. The Fund
has been using reasonable commercial efforts to reduce its investments in
private companies but, as of August 20, 2008, such investments remain in
excess of the 15% limit on illiquid securities in the Fund. As at August 15,
2008, illiquid securities comprise 23.7% of the Fund's net assets, of which
18.9% is securities of Athabasca Oil Sands Corp, a private Canadian oil sands
development company. The Fund is confident the illiquid security component of
the Fund's portfolio can be reduced below the required 15% threshold within an
additional 90 days.

    Creststreet Resource Fund invests primarily in companies in the Canadian
energy industry with a focus on Canadian natural gas producers, employing a
value-oriented "bottom-up" approach with an emphasis on low-cost production,
excellent reserve base and potential for exploration success.

    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 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 Capital Corporation, (416) 628-2161,

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Creststreet Mutual Funds Limited

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