Under the rules of the Toronto Stock Exchange (the ‘‘TSX’’), the Fund is required to describe its approach to corporate governance with reference to guidelines set out in the TSX’s Company Manual (the ‘‘TSX Guidelines’’). The TSX Guidelines address such matters as the constitution and independence of boards, the functions to be performed by boards and their committees and the recruitment, and effectiveness and education of board members.

The Fund is continuously developing and improving its governance practices and expects to fully comply with the TSX Guidelines.  The Canadian Securities Administrators (the “CSA”) has proposed various guidelines, which would effectively replace the TSX Guidelines.  The Board of Trustees is carefully monitoring the proposed guidelines and will consider modifying its corporate governance practices if and when the proposed guidelines are adopted by the CSA.