Livingston International Income Fund was acquired by a consortium of CPP Investment Board and Sterling Partners on January 20, 2010, at which time Livingston units were cancelled and delisted from the Toronto Stock Exchange. 

A portion of the Cdn$9.50 per unit received by unitholders was a capital gain distribution, and a portion of the final redemption amount constituted income other than taxable capital gains.  Livingston estimates that the capital gain distribution should not exceed Cdn$1.77 per unit and the portion of the final redemption amount that will constitute income should not exceed Cdn$0.03 per unit.  The exact amounts will be based on the taxable income and taxable capital gains of Livingston for fiscal 2010.  Unitholders' proportionate shares of these amounts will be set out in T3 tax information slips in 2011.  Unitholders who were not resident in Canada for the purposes of the Income Tax Act (Canada) were subject to non-resident withholding tax in respect of these amounts.