Sleep Country Canada Income Fund Completes

Sleep Country Canada Income Fund completed a $135,190,910 initial public offering of units on April 15, 2003. The proceeds were used primarily to acquire all the outstanding securities of Sleep Country Canada Inc. Concurrently with the closing of the offering, Sleep Country Canada amended and restated its credit facilities and entered into a $35.6 million term credit facility and $3 million operating facility with CIBC and The Bank of Nova Scotia. It also repaid certain outstanding indebtedness. The units were offered for sale by a syndicate of underwriters led by CIBC World Markets Inc. and Scotia Capital Inc., and including BMO Nesbitt Burns Inc., RBC Dominion Securities Inc. and TD Securities Inc.

The fund and Sleep Country Canada were represented by Davies Ward Phillips & Vineberg LLP, with a team that included Shawn McReynolds, Mindy Gilbert and Jennifer Grossklaus (corporate and securities), Siobhan Monaghan, Colin Campbell and Carl MacArthur (tax), Jay Swartz and Julie Lane (banking) and David Fruitman (competition).

The underwriters were represented by McCarthy Tétrault LLP, with a team that included Christopher Hoffmann, Jonathan Grant and Roger Chouinard (corporate and securities) and James Morand and Douglas Cannon (tax). The bank lenders were represented by Peter MacGowan of Blake, Cassels & Graydon LLP.