Adjusted Cost Base

2009 ACB

The ACB for the investors in 49 North 2009 Resource Flow Through Limited Partnership is nil. Therefore, the shares they own in FNR will also have a ACB of 0.

2008 ACB

The ACB for the investors in 49 North 2008 Resource Flow Through Limited Partnership is nill.  Therefore, the shares they own in FNR will also have a ACB of 0.

The ACB for the investors in 49 North 2008-II Resource Flow Through Limited Partnership is $0.10 per unit.  Therfore, the shares they own in FNR will have an ACB of $0.029/share.

2007 ACB

The ACB is $0.5790 per share of the listed fund (after conversion rate has been applied). This is equivalent to $0.3088 per unit in the LPU before conversion.

2005 and 2006 ACB

In summary, the ACB's at date of conversion to the listed corporation are as follows:

• 2005 investors - $3.06328 per share of listed fund
• 2006 investors - $1.37506 per share of listed fund