Conversion to Open-End Fund Details:

On February 12, 2009, unit holders of Income & Equity Participation Fund approved a Plan of Arrangement, which was implemented on February 27, 2009. Effective that date, holders could have their units redeemed for $3.75 cash, which was a taxable event. Alternatively, unit holders could elect to receive one CGF Income & Equity class share of CGF MFC, a separate mutual fund investment portfolio of CGF Mutual Funds Corporation, for each unit of Income & Equity Participation Fund previously held, which was also a taxable event, unless the unit holder made a joint tax election with CGF Mutual Funds Corporation to defer capital gains.