Barclays Advantage S&P/TSX Capped Income Trust Index Fund Closes Initial Public Offering

Barclays Advantaged S&P/TSX Capped Income Trust Index Fund, a closed end investment trust, completed an initial public offering of 18 units on May 14, 2003, generating gross proceeds of $180 million. Pursuant to the exercise of the over-allotment option, the fund raised an additional $14.4 million on May 27. Net proceeds were invested in a manner consistent with the fund’s objective, which is to provide holders with a regular leveled stable stream of tax-efficient monthly distribution consisting of capital gains and return of capital in an amount which equals, to the extent possible, the distributions paid on the securities that make up the S&P/TSX Capped Income Trust Index. The Fund is managed by Barclays Global investors Canadian Limited (“Barclays).

The offering was made through a syndicate of agents led by BMO Nesbitt Burns Inc. and including CIBC World markets Inc., RBC Dominion Securities, National Bank Financial Inc., Scotia Capital Inc., TD Securities Inc., Canaccord Capital Corporation, Desjardins Securities Inc., Dundee Securities Corporation, First Associates Investments Inc., HSBC Securities (Canada) Inc. and Raymond James Ltd.

Torys LLP acted for the Fund and Barclays under the direction of Warren Collier, principal and Counsel of Barclays. The Torys team was led by pat Koval and included Cameron Koziskie, Carrado Cardarelli, Ann Marie McGovern, Andre Poles, Michael Akkawi, Naomi Bartlett, Paul Cowling, Natasha De Cicco and Danelle Meighan.

Osler, Hoskin & Harcourt LLP acted for the underwriting syndicate with a team led by Andrew Aziz and assisted by Andrew McGuffin, Desmond Lee and Lori Andrea Stein.