Conversion to Corporation

Effective July 9, 2009, Advantage Energy Income Fund converted into a corporation, Advantage Oil & Gas Ltd. on a basis of one share for each trust unit previously held. The conversion was done on a tax deferred rollover basis, and dispositions of Advantage Oil & Gas Ltd will require an ACB calculation for all shares purchased as Advantage Energy Income Fund with a record date prior to December 30th, 2006.