NCE PETROFUND 1999 INCOME TAX INFORMATION by tmm85724

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									 February 16, 1998




February 15, 2000

                                                    NCE PETROFUND
                                  1999 INCOME TAX INFORMATION
The following information is intended to assist unitholders of NCE Petrofund in the completion of their
1999 Income Tax Return.
NO AMOUNTS ARE TO BE INCLUDED ON THE 1999 INCOME TAX RETURN FOR
DISTRIBUTIONS RECEIVED DURING 1999 WHETHER HELD WITHIN OR OUTSIDE OF
AN RRSP, RRIF OR DPSP.
Sufficient resources deductions existed within the Fund to eliminate taxable income.
Unitholders are required to reduce the Adjusted Cost Base of their units by an amount equal to the
cumulative cash received from regular cash distributions. The following is a summary of cash
distributions per unit during 1999:
                January 1999 $0.030 July 1999 $0.050
                February 1999 0.030 August 1999 0.050
                March 1999 0.030 September 1999 0.060
                April 1999 0.030 October 1999 0.070
                May 1999 0.040 November 1999 0.090
                June 1999 0.040 December 1999 0.090
                                                   Total $0.610
The Adjusted Cost Base is used in calculating capital gains or losses on disposition of NCE Petrofund
units.
The upcoming Annual Report, which will be mailed at the end of March 2000, will provide unitholders

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 February 16, 1998

with a review of 1999 operations.
For further information please contact our Investor Services Department at 416-364-9297 ext. 271 or
1-888-739-4623.
(Trading Symbol NCF.UN)
                PLEASE RETAIN THIS CORRESPONDENCE FOR YOUR TAX FILES.




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