Scott's REIT Completes IPO

On October 6, 2005, Scott's Real Estate Investment Trust (Scott's REIT) completed a $50 million initial public offering of its units and entered into a $65 million mortgage loan to acquire 190 retail properties from Scott's Restaurants Inc. and Yum! Brands Canada Management LP. The underwriting syndicate on the initial public
offering was led by BMO Nesbitt Burns Inc. and included CIBC World Markets Inc., Genuity Capital Markets, RBC Dominion Securities Inc., Desjardins Securities Inc. and Canaccord Capital Corp. The mortgage loan was made through Computershare Trust Company of Canada.

Scott's REIT was represented by Stikeman Elliott LLP with a team led by Dee Rajpal and Sean Vanderpol (corporate/securities) and included Will Van Horne and Wendy Yu (corporate), Dana Porter, Chris Hanson and Melissa Schyven (real estate), Marie Garneau (banking) and Sandy Walker (competition). Scott's REIT was also represented by special tax counsel Stephen Fyfe, Francesco Gucciardo (tax) and Jim Elder (corporate) of Borden Ladner Gervais LLP. The underwriters and the lender were represented by McCarthy T├ętrault LLP with a team that included Andrew Armstrong and Wendi Locke (corporate/securities), James Morand (tax), Fred Rubinoff and Bram Green (real estate) and William McCullough and Tzen-Yi Goh (banking).