Canadian Resources Income Trust Announces Reorganization Proposal

TORONTO , Dec. 15 /CNW/ - The Board of Directors of CaRIT Limited in its capacity as Trustee for Canadian Resources Income Trust (the "Trust" or "CaRIT") announced today that it is calling a meeting of holders ("Unitholders") of CaRIT units ("Units") to consider a proposal to reorganize the Trust. The reorganization will involve (i) the extension of the originally scheduled redemption date to March 31, 2015 , (ii) the creation of a special retraction right on March 31, 2010 and (iii) an amendment to the investment mandate of the Trust.

As part of the reorganization, the Trust's portfolio will be rebalanced to provide a more diversified exposure to Canadian natural resource issuers as well as a higher current yield.

A special meeting of Unitholders has been called and will be held on February 17, 2010 to consider and vote on the reorganization. Details of the proposed reorganization will be outlined in an information circular to be prepared and delivered to Unitholders in connection with the special meeting and will be available on www.sedar.com. The reorganization will be subject to receipt of all necessary regulatory approvals. Regardless of how a Unitholder votes, each Unitholder will be entitled to retract their units on March 31, 2010 and receive 100% of the net realized proceeds thereof. If the extension is not approved at the meeting, the Trust will terminate as scheduled on or about March 31, 2010 .

CaRIT is an investment trust which provides investors with high current yield and low cost diversification through a fixed portfolio of Trust units of selected Canadian income funds focused primarily on the natural resources industry.

Trust units of CaRIT are listed for trading on The Toronto Stock Exchange under the symbol RTU.UN.

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For further information: Investor Relations, CaRIT Limited, Trustee of Canadian Resources Income Trust, [phone], E-mail: [email protected], Web site: www.scotiamanagedcompanies.com