Offerings Involving A Related Underwriter

The Funds are considered dealer managed mutual funds and follow the dealer manager provisions prescribed by NI 81-102. Goodman & Company has received exemptive relief from securities regulatory authorities from those provisions which prohibit mutual funds managed by Goodman & Company from investing in securities offerings where a related underwriter is involved, and for which relief is not otherwise provided in NI 81-102 and NI 81-107. Without such exemptive relief, Goodman & Company cannot knowingly make an investment during, or for 60 days after, the period in which Goodman & Company or an affiliate of Goodman & Company acts as an underwriter or agent in a private placement offering of equity securities (the "Prohibition Period").

The exemptive relief dated August 24, 2007, received by Goodman & Company on behalf of the Funds, each a dealer managed fund, allows a Fund to invest in an offering of equity securities of an issuer during the Prohibition Period even if Dundee Securities Corporation ("DSC"), an affiliate of Goodman & Company, acts as an underwriter in the offering of the securities of the same class provided the issuer is at the time a reporting issuer in at least one province of Canada, and the independent review committee established for the Funds and other investment funds managed by the Goodman & Company approves of the investment in accordance with the requirements of NI 81-107. A copy of the exemptive relief can be found on the SEDAR website at www.sedar.com.

In addition to the above exemptive relief, Goodman & Company may from time to time be granted an exemption from NI 81-102 to enable the Funds to invest during the Prohibition Period in securities that are subject to the dealer manager provision but are not able to do so in accordance with NI 81-107 or the exemptive relief described above.