Canoe Strategic Resources Income Fund Announces Exchange Ratios

CALGARY, ALBERTA--(Marketwire - June 8, 2011) -

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES OF AMERICA.

Canoe Financial LP (the "Manager"), announces the exchange ratios of eligible securities (the "Exchange Eligible Securities") under an exchange option (the "Exchange Option") as set out in the Final Prospectus dated June 3, 2011 for the Canoe Strategic Resources Income Fund (the "Fund").

Exchange Option

Prospective purchasers of the Fund had the option to purchase Units by cash payment or pursuant to the Exchange Option. The number of Units issuable in exchange for each of the Exchange Eligible Securities (the "Exchange Ratio") was determined by dividing the volume weighted average trading price of such securities on the Toronto Stock Exchange during the five consecutive trading days ending on, and including June 7, 2011 (the "Pricing Period"), as adjusted to reflect distributions declared by the applicable Issuer that will not be received by the Fund, by $12.00.

The table below sets out the Exchange Eligible Securities, their CUSIP number, ISIN number, ticker symbol, volume weighted average trading price during the Pricing Period and the Exchange Ratios.

• to provide Unitholders with monthly cash distributions; and
• to maximize Unitholders' risk-adjusted total returns.

The Fund will seek to achieve its investment objective by investing in a portfolio comprised primarily of equity securities of issuers listed on North American exchanges whose businesses are directly or indirectly related to one or more of the following six Strategic Resources:

• Oil
• Natural Gas
• Copper
• Agriculture
• Gold
• Silver

The Fund will write covered call options in respect of the equity securities in the Portfolio to generate additional returns above the distributions earned on its equity securities. Not more than 25% of the total assets of the Fund may be used to cover call option contracts at any time.

The monthly cash distributions are initially targeted to be 6.0% per Unit per annum on the $12.00 offering price ($0.06 per Unit per month or $0.72 per Unit per annum).

The offering is being conducted by a syndicate of Agents co-led by RBC Capital Markets and CIBC and includes BMO Capital Markets, National Bank Financial Inc., Scotia Capital Inc., TD Securities Inc., Canaccord Genuity Corp., GMP Securities L.P., HSBC Securities (Canada) Inc., Dundee Securities Corporation, Macquarie Private Wealth Inc., Raymond James Ltd., Wellington West Capital Markets Inc., Desjardins Securities Inc., Mackie Research Capital Corporation, Manulife Securities Incorporated and Rothenberg Capital Management Inc.

Counsel on behalf of the Fund and the Manager is Borden Ladner Gervais LLP and Counsel on behalf of the agents is Blake, Cassels & Graydon LLP.

About Canoe Financial LP

Canoe Financial is an experienced and innovative investment management firm focused on building financial wealth for Canadians. Canoe currently manages approximately $1.8 billion in assets through its mutual fund and closed- end products. Canoe is a strong believer in Canada as a place to invest. With continued global urbanization, increasing worldwide demand for resources and our sound fiscal structure, we believe Canada provides long-term growth potential for investors.

Canoe Financial is committed to providing exceptional client service and is a proud partner of Canada's Investment Advisor and Financial Planner network. To learn more about Canoe Financial, visit www.canoefinancial.com.

This offering is only made by Prospectus. The Prospectus contains important detailed information about the securities being offered. Copies of the Prospectus may be obtained from your financial advisor or one of the agents listed above. Investors should read the Prospectus before making an investment decision. Units are not offered for sale to residents of the United States. Capitalized terms used in this press release and not otherwise defined have the meanings given thereto in the Prospectus.

Certain statements included in this news release constitute forward-looking statements. The forward-looking statements are not historical facts but reflect the Manager's and its affiliates' 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 Manager believes 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 Manager undertakes 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. Investment funds are not covered by the Canada Deposit Insurance Corporation or by any other government deposit insurer. There can be no assurances that the Fund will be able to maintain its net asset value at a constant amount or that the full amount of your investment in the Fund will be returned to you. Past performance may not be repeated.