Home Equity Income Trust Files Shelf Prospectus and Completes Offering

On June 22, 2004, Home Equity Income Trust, a Toronto Stock Exchange-listed investment trust which invests in reverse mortgages originated by its wholly-owned subsidiary, Canadian Home Income Plan Corp., filed a final short form base shelf prospectus with the securities regulatory authorities in each of the provinces of Canada pursuant to which it may issue, from time to time, up to $50 million in units.

On July 9, 2004, Home Equity completed an offering of 950,000 units pursuant to a prospectus supplement to the shelf prospectus for gross proceeds to Home Equity of $12,255,000. This offering was underwritten by a syndicate led by RBC Dominion Securities Inc. and included National Bank Financial Inc., TD Securities Inc. and Raymond James Ltd.

Home Equity was represented by its in-house counsel, Celia Cuthbertson, and by Fasken Martineau DuMoulin, with a team that included Richard Steinberg, Robert Mason, Georges Dubé (corporate/securities) and Mitchell Thaw (tax). The underwriters were represented by Osler, Hoskin & Harcourt, with a team that included Christopher Murray, John Walsh and Alain Roussy (corporate/securities).


Georges Dubé Alain Roussy Mitchell L. Thaw John M. Walsh Richard J. Steinberg Christopher S. Murray Robert K. Mason