Independent Review Committee for Investment Funds

National Instrument 81-107 (NI 81-107), created by the Canadian Securities Administrators, requires independent oversight of potential conflicts of interest in the management of funds. NI 81-107 applies to investment funds that are reporting issuers and although open-end mutual funds are the primary target of the regulation, it also includes the closed-end funds managed by Morgan Meighen & Associates Limited (the Manager). Effective May 1, 2007, the Manager appointed three members to an independent review committee (IRC), comprised of a member of the Board of Directors of each of the three closed-end managed funds: Mr. Tom Lunan, Canadian World Fund Limited, Mr. Paul Pugh, Third Canadian General Investment Trust Limited and Mr. R. Neil Raymond, Canadian General Investments, Limited. The closed-end funds managed by Morgan Meighen & Associates Limited have adopted the IRC as their Independent Review Committee and all three Funds are now in full compliance with NI 81-107.