Mailing of Information Circular, Proposed Merger of Creststreet Alternative Energy Class into Creststreet Resource Class, and Move to Daily Valuations

/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES./

CMFL-PR59

TORONTO, Oct. 4, 2012 /CNW/ - Creststreet Asset Management Limited ("Creststreet") is pleased to announce that on or about October 3, 2012, a proxy voting package and information circular for a special meeting of shareholders of Creststreet Resource Class, Creststreet Dividend & Income Class and Creststreet Alternative Energy Class (the "Funds") to be held on November 8, 2012 (the "Meeting") was mailed to investors in the Funds.  At the Meeting, Creststreet is seeking approval to:

		(i)		change the manager of the Funds from Creststreet to Brompton Funds Limited ("Brompton") (the "Change of Manager");
		(ii)		merge Creststreet Alternative Energy Class into Creststreet Resource Class effective on or about November 29, 2012 (the "Merger"); and
		(iii)		increase the frequency with which the net asset value ("NAV") of each of  the Funds is calculated such that the NAV of the Funds is calculated on every day that the Toronto Stock Exchange is open for business ("Daily Valuations").

In connection with the Merger, holders of shares of each series of Creststreet Alternative Energy Class will receive shares of the equivalent series of Creststreet Resource Class, determined on a dollar-for-dollar basis. Additionally, the move to Daily Valuations will benefit shareholders of the Funds by providing more frequent opportunities to subscribe for, redeem or switch investments in the Funds.

Each of the Change of Manager, the Merger and the move to Daily Valuations is being proposed in connection with the previously announced agreement between Creststreet and Brompton pursuant to which Brompton will acquire, among other things, the rights to provide management and administration and portfolio management services to the Funds on or about November 30, 2012.

Creststreet will also be seeking regulatory approval for the Change of Manager.  If the requisite approvals are obtained, it is expected that the Merger will be implemented effective on or about November 29, 2012 and that the Change of Manager will be implemented on or about November 30, 2012.  Following the Merger, Creststreet Alternative Energy Class will be terminated.

The independent review committee (the "IRC") of each of the Funds has reviewed the potential conflict of interest matters related to the Change of Manager and the move to Daily Valuations and has provided its recommendation to Creststreet that the Change of Manager and the move to Daily Valuations, if implemented, would achieve a fair and reasonable result for each of the Funds.   The IRC of Creststreet Alternative Energy Class and Creststreet Resource Class has also reviewed the potential conflict of interest matters related to the Merger and has approved the Merger.

Shares of Creststreet Alternative Energy Class will no longer be available for sale following the close of business on November 7, 2012.  Shareholders of Creststreet Alternative Energy Class will have the right to redeem or switch their shares up to the close of business on the business day immediately preceding the effective date of the Merger.

Following the Merger, all pre-authorized chequing plans that had been established with respect to Creststreet Alternative Energy Class will be re-established with Creststreet Resource Class, unless an investor advises otherwise. Investors may change or cancel any pre-authorized plan at any time.

Brompton currently manages 12 closed-end and flow-through funds with assets under management of over $1.2 billion. Brompton launched its first closed-end investment fund in February 2002 and currently offers a range of monthly income and growth products, all of which trade on the TSX, as well as flow-through limited partnerships. Brompton is focused on meeting the needs of investors by offering innovative products with client friendly terms and supported by strong corporate governance.

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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 Creststreet, the Funds, Brompton, the Change of Manager, the Merger, the move to Daily Valuations and the Meeting. The forward-looking statements are not historical facts but reflect Creststreet'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, including, but not limited to, the anticipated date of the Meeting, receipt of requisite shareholder approvals for the Change of Manager, the Merger and the move to Daily Valuations and the receipt of requisite regulatory approvals for the Change of Manager. Although Creststreet 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. Creststreet 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. For a complete disclosure record of the Funds, including Creststreet Alternative Energy Class and Creststreet Resource Class, please visit their profiles at www.sedar.com.

SOURCE: Creststreet Mutual Funds Limited

Robert Toole, Chief Executive Officer, Creststreet Asset Management Limited, [phone]; Mark Caranci, Chief Executive Officer, Brompton Funds Limited, [phone].