Merger And Conversion To Open End Fund:

Effective June 22, 2007, Sceptre Income & Growth Trust merged into Sceptre Income & High Growth Trust, and the merged entity was converted to an open end fund. Units of both funds were de-listed from the TSX. This conversion did not result in a disposition by unitholders of their units. The ACB Tracking data base contains the return of capital data for each of the two funds up until such time as they converted to open end funds. ACB Tracking does not track ACBs for open end funds. Subsequent tax information must be obtained directly from the fund manager.