Superior Plus Income Fund and Ballard Power Systems Complete Corporate Conversion

On December 31, 2008, Superior Plus Income Fund and Ballard Power Systems Inc. completed a plan of arrangement under which Superior converted from an income trust into a dividend distributing corporation named Superior Plus Corp. Under the arrangement, Ballard's assets and liabilities (with the exception of its existing tax attributes, which were retained by Superior Plus Corp.) were transferred to a new corporation, which was renamed Ballard Power Systems Inc., and Superior's assets and liabilities were transferred to Ballard, which was renamed Superior Plus Corp. Ballard received a cash payment of approximately $46.3 million for allowing Superior to use Ballard as the corporate vehicle though which Superior's conversion to a corporation was completed.

Superior was represented by Macleod Dixon LLP with a team that included Robert Engbloom, Darren Hribar, Rashi Sengar, Justin Pettigrew and Olga Kyselyova (securities); Orville Pyrcz, Darren Hueppelsheuser and Dion Legge (tax); John Carleton (competition); and Steven Leitl (litigation). In respect of United States matters, Superior was represented by Paul, Weiss, Rifkind, Wharton & Garrison LLP with a team that included Andrew Foley, Anne Yip and Steven Werier (securities) and David Sicular and Joy Zhang (tax).

Ballard was represented by its general counsel, Glenn Kumoi, assisted by Kerry Hillier, with outside advice being provided by Stikeman Elliott LLP with a team that included John Anderson, Jennifer Honeyman, Shelley Balshine, Janet Pini and Jesse Ahuja (corporate); Shawn Neylan (competition) and Paula Price (litigation); and, in respect of Canadian tax matters, by Borden Ladner Gervais LLP, with a team that included Doug Powrie and Richard Bennett. In respect of United States matters, Ballard was represented by Dorsey & Whitney LLP with a team that included Randal R. Jones and Shona Smith (corporate); and John D. Hollinrake, Jr. and Greg Perry (tax).