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Manager and Investment Advisor of Strategic Energy Fund responds to law suit by Offshore Hedge Funds
2008-02-14

Strategic Energy Fund has been advised by its Manager, Strategic Energy Management Corp., that a law suit has been commenced in Ontario against the Manager and its Investment Advisor, Sentry Select Capital Corp., by a group of related offshore hedge funds that hold units of the Fund. The Fund has not been named as a defendant in the law suit. These parties claim damages against the Manager and the Investment Advisor arising from an alleged failure to purchase units of the Fund in accordance with the Fund’s Mandatory Market Purchase Program during the first half of 2007 as well as from the dilution in the net asset value per unit of the Fund that occurred on completion of an exchange offer by the Fund in June, 2007.

The Manager and the Investment Advisor believe the law suit to be without merit and intend to defend it vigorously. The Mandatory Market Purchase Program was properly implemented during the relevant period. Additionally, the exchange offer was in keeping with the investment objectives of the Fund.

The Chairman of the Manager’s Board of Directors commented: “We believe the Manager acted in the best interests of Fund unitholders during the period to which the lawsuit relates. Certain investors have short-term objectives that are different from the objectives of the Fund. Litigation cannot be used as a means of unilaterally rewriting the rules under which the Fund operates.”

For further information, contact Kevin Cohen (Vice-President, Operations & General Counsel) or Ryan Caughey (Associate General Counsel & Corporate Secretary) Tel: 1-888-246-6656 Fax: 416 364-1197

Certain statements included in this news release constitute forward-looking statements, including, but not limited to, those identified by the expressions “expect”, “intend”, “will” and similar expressions to the extent they relate to the Investment Advisor and the Manager. The forward-looking statements are not historical facts but reflect the Investment Advisor’s and the Manager’s current expectations regarding future results or events. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations. Although the Investment Advisor and the Manager believe that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and, accordingly, readers are cautioned not to place undue reliance on such statements due to the inherent uncertainty therein. The Investment Advisor and the Manager undertake no obligation to update publicly or otherwise revise any forward-looking statement or information whether as a result of new information, future events or other such factors which affect this information, except as required by law.


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