CC&L 2007 Flow-Through Limited Partnership

Connor, Clark & Lunn 2007 Flow-Through Limited Partnership (the “Partnership”) is a limited partnership established under the laws of Ontario in 2007. Partnership units provide investors with a tax-assisted investment in a diversified portfolio of flow-through shares of companies involved in oil & gas and mineral exploration, development and production. The Investment Advisor is Connor, Clark & Lunn Investment Management Ltd.

In order to provide Limited Partners with liquidity and the potential for long-term growth of capital and for income, on or before September 30, 2009, the General Partner expects to implement a liquidity alternative that will involve an exchange in which the Partnership will transfer its assets to a mutual fund, on a tax deferred basis, in exchange for redeemable shares of the mutual fund. The shares of the mutual fund will subsequently be distributed to the Limited Partners, pro rata, on a tax deferred basis upon the dissolution of the Partnership. In the event that a liquidity alternative is not implemented, the Partnership will be dissolved on or about December 31, 2009.

Performance Update

Second Quarter 2008 Update