Energy Plus Income Trust Completes IPO

On November 16, 2004, Energy Plus Income Trust completed its initial public offering of 10,500,000 trust units for gross proceeds of $105 million. Of the total issuance, 10,027,170 trust units were issued for cash proceeds, while the remaining 472,830 trust units were issued in exchange for units of selected Canadian oil and gas trusts pursuant to an exchange option provided to prospective purchasers. The trust units of Energy Plus were concurrently listed on the Toronto Stock Exchange. On December 1, 2004, Energy Plus issued an additional 650,000 trust units for gross proceeds of $6,500,000 pursuant to the over-allotment option provided to the syndicate of agents.

The units of Canadian oil and gas trusts tendered to the offering pursuant to the exchange option form Energy Plus’ current portfolio while the net cash proceeds of the offering will be used by Energy Plus to acquire further portfolio securities in accordance with its investments objectives and investment strategy, and subject to its investment restrictions, to complement the existing portfolio.

The offering was made through a syndicate of agents co-led by CIBC World Markets, Inc., BMO Nesbitt Burns Inc. and TD Securities Inc. and including National Bank Financial Inc., Scotia Capital Inc., Desjardins Securities Inc., HSBC Securities (Canada) Inc., Canaccord Capital Corp., Dundee Securities Corp., First Associates Investments Inc., Raymond James Ltd., McFarlane Gordon Inc., Bieber Securities Inc. and Wellington West Capital Inc.

Energy Plus was represented by Stikeman Elliott LLP, with a team comprised of Keith Chatwin and Craig Corbett (securities/corporate) and David Weekes (tax).

The agents were represented by Macleod Dixon LLP, with a team comprised of Kent Kufeldt and Harvey Steblyk (securities/corporate) and Darren Hueppelsheuser and Ed Heakes (tax).