CrestStreet

Creststreet Asset Management Limited (the "Manager") on behalf of Creststreet General Partner Limited (the "General Partner"), the general partner of the Partnership, managed each of the National Portfolio and the Québec Portfolio (each, a "Portfolio" and collectively, the "Portfolios") on a separate basis with a view to the preservation of capital and capital appreciation on the Portfolio's investments. Each Portfolio's investment strategy were to invest in Flow-Through Securities that (i) represent good value in relation to the market price and intrinsic value of the Resource Issuer's shares, (ii) have experienced and capable senior management, (iii) have a strong exploration or development program or renewable energy project in place and (iv) offer potential for future growth.

Investments made by the Manager on behalf of each Portfolio were made having regard to the investment guidelines described in the Prospectus.

Mutual Fund Rollover Transaction and Termination of the Partnership: On January 20, 2012, the Manager implemented an exchange transaction (the "Mutual Fund Rollover Transaction") pursuant to which the Partnership transferred its assets (comprising the assets of the National Portfolio and the Quebec Portfolio) to Creststreet Mutual Funds Limited (the "Mutual Fund Corporation"), an open-end mutual fund corporation managed by Creststreet. In exchange for such assets, the Mutual Fund Corporation issued mutual fund shares (the "Mutual Fund Shares") of the Resource class (the "Creststreet Resource Fund") of equal value to the Partnership. The Creststreet Resource Fund is a mutual fund for securities law purposes which invests primarily in equity securities of Canadian resource issuers. Immediately after the exchange, the Partnership was dissolved and the Mutual Fund Shares were distributed to Limited Partners and the General Partner. The Mutual Fund Shares distributed to the Limited Partners were allocated between National Class Limited Partners and Quebec Class Limited Partners based on the relative values of the National Portfolio and Quebec Portfolio on the rollover date, respectively. This exchange occured on a tax-deferred "roll-over" basis and did not result in any gain or loss to Limited Partners or the General Partner.

Limited Partners will be able to redeem their Mutual Fund Shares at any time on or after March 30, 2012. A redemption of a Mutual Fund Share will generally result in a capital gain. Please refer to the section in the Prospectus "Federal Income Tax Considerations - Taxation of Shareholders of the Creststreet Resource Fund" for further details.

For additional information, see the Mutual Fund Corporation's public documents at www.creststreet.com or www.sedar.com.

Corporate Information

Officers & Directors				Officers & DirectorsPosition with the GPPrincipal Occupation
Robert J. Toole Toronto, Ontario		|		Chief Executive Officer and Director		Chief Executive Officer, Chief Investment Officer and a director of Creststreet
Kevin Wood Toronto, Ontario		|		President		President and a director of Creststreet
Donna E. Shea Toronto, Ontario		|		Vice President, Finance, Chief Financial Officer and a director		Vice President, Finance, Chief Financial Officer and a director of Creststreet
Sheryl J. Chiddenton Toronto, Ontario	|	Secretary- Treasurer and a director	Secretary and Treasurer and Vice President, Compliance & Investment Services of Creststreet

¹ (Independent Director and Member of the IRC and Audit Committees)

Investor Tax Information - 2011

Investor's Tax Packages for the 2011 tax year were mailed to investors on March 29, 2012.

The sample T5013A and Relevé 15 tax slips shown below are pro-forma samples for an investor holding 1,000 units. These tax slips are provided for reference purposes only, but can be utilized to obtain tax information for any investor by pro-rating the tax information as necessary. THESE ARE GENERIC SAMPLE TAX SLIPS AND ARE NOT TO BE REMITTED TO CRA. For specific instructions on completing your tax return, please refer to the Tax Return Completion Checklist provided below.

NATIONAL CLASS - Sample Tax Package

• Letter to Unitholders
• T5013A - Sample Statement of Partnership Income for Tax Shelters and Renounced Resource Expenses
• Tax Return Completion Checklist - T1 General - Federal

QUEBEC CLASS - Sample Tax Package

• Letter to Unitholders
• T5013A - Sample Statement of Partnership Income for Tax Shelters and Renounced Resource Expenses
• Relevé 15 - Sample Statement of Losses, Deductions and Tax Credits
• Tax Return Completion Checklist - T1 General - Federal
• Tax Return Completion Checklist - TP-1 - Quebec

Other Tax Forms for Completing your Tax Return

• T1229 - Statement of Exploration And Development Expenses
• T2038(IND) - Investment Tax Credit Form (Individuals)
• T2038(CORP) - Investment Tax Credit Form (Corporations)
• T2203 - Provincial and Territorial Taxes for 2010 (multiple jurisdictions)
• T5004 - Statement of Tax Shelter Loss or Deduction
• T1221 - Ontario Focused Flow-Through Share Resource Expenses for 2010 and Subsequent Years (Individuals)
• T1231 - British Columbia Mining Flow-Through Share Tax Form
• T1241 - Manitoba Mineral Exploration Tax Credit Form
• TP-726.20.2-V - Capital Gains Deduction on Resource Property
• TP-1079.6-V - Statement of Losses, Deductions and Tax Credits Respecting a Tax Shelter