Business Trust Equal Weight Income Fund Completes IPO

On October 22, 2003, Business Trust Equal Weight Income Fund, an investment trust, completed an initial public offering of five million units at $10 per unit for gross proceeds of $50 million. The offering was made through a syndicate of agents led by RBC Dominion Securities Inc., and included CIBC World Markets Inc., BMO Nesbitt Burns Inc., National Bank Financial Inc., Scotia Capital Inc., TD Securities Inc., HSBC Securities (Canada) Inc., Canaccord Capital Corporation, Desjardins Securities Inc., Dundee Securities Corporation, First Associates Investments Inc., Raymond James Ltd., Acadian Securities Incorporated, Newport Securities Inc. and Research Capital Corporation.

The net proceeds of the offering, together with an amount advanced under a loan facility provided by The Bank of Nova Scotia, will be invested in a portfolio that will comprise an approximate equal dollar amount of securities of each Business Income Fund listed on the TSX having a float capitalization of at least $150 million at the time of investment and that currently pays a regular distribution.

The fund was represented by Stikeman Elliott LLP, with a team that included Joel Binder and Steven Portelli (securities/corporate), Mark McElheran and Samantha Levy (banking) and John Lorito (tax). The agents were represented by Davies Ward Phillips & Vineberg LLP, with a team that included Shawn McReynolds and Darren Wasylucha (securities/corporate). The Bank of Nova Scotia was represented by McMillian Binch LLP, with a team that included Richard Higa and David Taylor (corporate finance).