Liquor Stores Income Fund Public Offering

On December 21, 2007, Liquor Stores Income Fund (“the Fund”) completed its public offering of 6.75 per cent unsecured convertible subordinated debentures due December 31, 2012, for an aggregate principal amount of $57.5 million, including the exercise of an overallotment option to purchase an additional $7.5 million principal amount of debentures. The Fund is a publicly traded Canadian income trust that participates in the retail liquor industry in Alberta and British Columbia through its 75.6 per cent interest in Liquor Stores Limited Partnership and its 90.3 per cent interest in Liquor Barn Limited Partnership. In aggregate these partnerships operate the largest number of private liquor stores in Canada by number of stores.

The syndicate of underwriters was led by RBC Dominion Securities Inc. and included Cormark Securities Inc., National Bank Financial Inc., Raymond James Ltd. and HSBC Securities (Canada) Inc.

The Fund was represented by Burnet, Duckworth & Palmer LLP with a team that included Bill Maslechko and Scott Kearl.

The underwritng syndicate was represented by John Reynolds and Robb McNaughton of Fraser Milner Casgrain LLP.


William S. Maslechko Robb McNaughton Scott D. Kearl John E. P. Reynolds


Burnet, Duckworth & Palmer LLP Dentons Canada LLP