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Bulletin #0278-C

Compliance
Algonquin Power Venture Fund – Proposed Conversion of Fund Units

Contact: Matthew
Brady
BULLETIN #0278-C
Director, Sales Compliance
September 19, 2007
Phone: (416) 943-4621
E-mail: mbrady@mfda.ca

MFDA Bulletin
Compliance
For Distribution to Relevant Parties within your Firm

Algonquin Power Venture Fund – Proposed Conversion of Fund Units

The MFDA has become aware that Algonquin Power Venture Fund Inc., the manager of the
Algonquin Power Venture Fund (the “Fund”), has proposed that units of the Fund that are held
by clients as of September 21, 2007 be converted to common shares of a corporation listed on the
Toronto Stock Exchange – Venture Exchange.

If the proposed conversion and restructuring of the Fund receives the necessary approvals, clients
that hold units of the Fund at the time of the conversion will be in a position where they hold
shares in a publicly traded company. As Approved Persons of Member firms are prohibited from
providing advice or acting in furtherance of trades of such securities, clients will be required to
transfer these securities to an appropriately registered investment dealer to sell or otherwise
transact in these securities.

To avoid potential difficulties with respect to trading in the securities and to avoid the possibility
of engaging in activities beyond the their registration limitations, staff expects Members to take
all reasonable steps to ensure that clients transfer the securities to an investment dealer as
expeditiously as possible.

Members that have further questions on the proposed conversion and restructuring of the Fund
may contact Algonquin Power Venture Fund Inc. at APVF@algonquinpowerventurefund.com or
by telephone at 1-866-760-4173.

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