Jov Diversified Flow-Through 2008-II Limited Partnership

Jov Diversified Flow-Through 2008-II Limited Partnership

October 10, 2008 13:34 ET

Jov Diversified Flow-Through 2008-II Limited Partnership 1st Closing Completed October 8, 2008- $7,016,025 Raised

TORONTO, ONTARIO--(Marketwire - Oct. 10, 2008) - Jov Diversified Flow-Through 2008-II Limited Partnership ("the Partnership") is pleased to announce that it has completed the first closing of its initial public offering of Partnership Units on October 8, 2008. The Partnership issued 280,641 Partnership Units for gross proceeds of $7,016,025. The book is now re-opened for a second closing on October 29th 2008 at noon EST.

Partnership Objectives. The Partnership will provide Limited Partners of the Partnership with a tax-assisted investment in a diversified portfolio of Flow-Through Shares of oil & gas and mineral exploration, development and or/production companies and possibly renewable energy production companies (the "Resource Companies") with a view to achieving capital appreciation for Limited Partners.

The Syndicate. The syndicate of agents for the offering is being co-led by CIBC World Markets Inc. and BMO Nesbitt Burns Inc. and includes HSBC Securities (Canada) Inc., National Bank Financial Inc., Scotia Capital Inc., TD Securities Inc., Canaccord Capital Corporation, Dundee Securities Corporation, Manulife Securities Incorporated, Wellington West Capital Inc., Blackmont Capital Inc., M Partners Inc., Richardson Partners Financial Limited, GMP Securities L.P. and MGI Securities Inc.

Tax Benefits. Investors will be able to receive tax deductions for 2008 of approximately 100% of the amount of their investment based on completion of the maximum offering and certain other assumptions as set forth in the preliminary prospectus.

The Sub-Advisor and the Portfolio Manager.

T.I.P. Wealth Manager Inc. (the "Sub-Advisor") will act as sub-advisor to JovInvestment Management Inc., and will be responsible for the Partnership's investment activities. Mr. Jim Huang, the President of T.I.P., will act as Portfolio Manager on behalf of the Sub-Advisor. Mr. Huang has over 15 years of investment experience and was formerly a Vice Jim Huang, CGA, CFA President and portfolio manager at Natcan Portfolio Manager Investment Managerment Inc. and its predecessor Altamira Management Ltd. from November 1998 to March 2006. Prior to that, from February 1996 to November 1998, he was a Senior Research Analys/Investment Officer at Sun Life of Canada.

While working at NATCAN (formerly Altamira), Mr. Huang has managed or co-managed over $2 billon in mutual funds and institutional assets, including all of the resource and equity income products in the Altamira and National Bank mutual fund families. Altamira Energy Fund, Altamira Resource Fund, Altamira Precious and Strategic Metals Fundand AltaFund (a Canadian Equity fund focusing on Western Canada) had industry-leading performance and won awards and positive press coverage during Mr. Huang's management.

In addition, Mr. Huang has experience managing the portfolios of flow-through limited partnerships and other resource funds, having acted as investment adviser for Jov Diversified Flow-Through 2008 Limited Partnership, Jov Flow-Through 2007 Limited Partnership, Rhone 2004 Flow Through Limited Partnership, Rhone 2005 Flow-Through Limited Partnership, Alpha Energy 2006 Flow-Through Fund, First Asset Energy & Resource Income & Growth Fund and First Asset Energy and Resource Fund, as well as other privately offered flow-through investment vehicles.

Offering Jurisdictions. Each of the provinces and territories of Canada.

Investment Guidelines. The Partnership has developed investment guidelines and restrictions which govern the Partnership's overall investment activities, which include the following:


Investment Restrictions (% of
Type of Investment NAV upon investment)

Resource Companies listed on a stock At least 80%

Resource Companies listed and posted for
trading on the TSX, NYSE, AMEX or the
NASDAQ National Market At least 25%

Illiquid Investment (including securities of
Resource Companies that are not publicly
traded) Not more than 20%

Investment in any one Resource Company Not more than 20%

Investment in Related Entities Not more than 10%


In addition, the Investment Portfolio will be managed, at all times, in such a way as to preserve the ability to undertake a future Liquidity Event, such as a rollover into a mutual fund corporation.

The Investment Manager. JovInvestment Management Inc. ("JovInvestment") is the investment manager of the Partnership.

JovInvestment, is a wholly-owned subsidiary of Jovian Capital Corporation ("Jovian") and is a member of the JovFunds group of companies. JovFunds provides investment solutions for Canadian investors through the creation, management and distribution of high quality investment products. Jovian is a publicly-traded company listed on the Toronto Stock Exchange (JOV). Jovian is a holding and management company with interests in a variety of financial service firms specializing in wealth and asset management. The Jovian group of companies operate as a national financial services organization with approximately $14.6 billion of client assets ($5.4 billion in assets under management and $9.2 billion in assets under administration).

JovInvestment provides management and fund management services for mutual funds, closed-end funds and labour sponsored investment funds.

A final prospectus dated September 29, 2008 relating to these securities has been filed with the securities commissions or similar authorities in each of the provinces and territories of Canada, and reference should be made to this prospectus for the full description of the offering. This press release shall not constitute an offer to sell or the solicitation of any offer to buy the securities. This release is provided for information purposes only. Commissions, trailing commissions, management fees and expenses all may be associated with investment funds. Please read the prospectus before investing. Investment funds are not guaranteed, their values change frequently and past performance may not be repeated.

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