Canadian Closed-End Trust

Canadian Closed-End Trust

December 06, 2006 15:42 ET

Canadian Closed-End Trust Amends Provisions Relating to Redemption of Its Units

TORONTO, ONTARIO--(CCNMatthews - Dec. 6, 2006) - Canadian Closed-End Trust (the "Trust") announces that certain of the terms of its Units, as described in the preliminary prospectus of the Trust dated November 8, 2006 (the "Preliminary Prospectus"), will be amended such that:

1. the Trust may redeem on an annual basis all of the Units properly deposited for redemption as of the last business day of June (the "Valuation Date") beginning in 2008; and

2. if the manager of the Trust determines that it is required in order to fund redemptions, cash and cash equivalents held by the Trust may exceed the prescribed weightings permitted under the Trust's permitted allocation of investments for the period between the 20th business day prior to a Valuation Date and the Redemption Payment Date.

Additionally, the Trust clarified that in determining the redemption price in connection with a redemption on a Valuation Date, the value of the securities held by the Trust will equal the lesser of (i) the closing price on the Valuation Date on the principal stock exchange on which the security is traded, and (ii) the weighted average trading price of such security during the three consecutive business days ending on the Valuation Date.

As disclosed in the Preliminary Prospectus, prospective purchasers intending to utilize the exchange offer must deposit exchange eligible securities by means of a book-entry deposit through CDS prior to 4:00 p.m. (Toronto Time) on December 8, 2006. Such book-entry deposits must be made by a broker or securities dealer who may have an earlier deadline for receiving instructions from its clients to deposit securities into the exchange offer.

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