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Clearwater Seafoods Income Fund & CS Acquisition LP	Update Date: 10/17/08
Date Announced: 08/14/08
Value (million $USD): 37.5 million U.S. Dollar 40.0 million Canadian Dollar

Status: Pending

TRANSACTION DETAILS
Date Announced	08/14/08
Date Originally Announced	08/14/08
Format	Acq. Rem. Int.	Acquisition techniques	Going Private
Attitude	Friendly	Agency	Unspecified Regulatory Auth.
Value	37.5 million U.S. Dollar 40.0 million Canadian Dollar	Advisor Fees	n/a

SYNOPSIS

CANADA - CS Acquisition LP, a unit of Clearwater Seafoods LP's Clearwater Fine Foods Inc subsidiary, agreed to acquire the remaining 32% stake, or 8.879 mil common shares, which it did not already own, in Clearwater Seafoods Income Fund, a closed-end investment fund, for 4.50 Canadian dollars ($4.226 US) in cash per share, or a total value of C$39.954 mil. The transaction was subject to shareholders approval and other customary closing conditions.

TARGET
Name	Clearwater Seafoods Income Fund (TSXVenture : CLR.UN)
Industries	n/a
City	Bedford
State	n/a
Nation	Canada
Incorporated in	n/a
Public Status	Public
Business Description	Closed-end investment fund. Its principal activity is to acquire and hold securities of Clearwater Seafoods LP. It harvests, processes and markets more than 80 million pounds of seafood. The operations consists of harvesting premium shellfish in the offshore fisheries of Atlantic Canada and Argentina, processing shellfish onboard technologically advanced factory vessels or in modern shore-based processing plants and marketing and distributing premium shellfish to over 1,100 customers in North America, Europe and Asia.
Advisors	BMO Capital Markets
Target Sales	9.9 million U.S. Dollar 10.1 million Canadian Dollar

ACQUIROR
Name	CS Acquisition LP
Industries	n/a
City	n/a
State	n/a
Nation	Canada
Incorporated in	n/a
Public Status	Subsidiary
Business Description	CS Acquisition LP is an investment company.
Advisors	TD Securities Inc; Glitnir Bank hf
Acquiror Sales	n/a

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