Star Portfolio Completes Initial Public Offering

On October 29, 2010, Star Portfolio Corp. (the “Corporation”) completed its initial public offering of 7,250,000 units (the “Units”) in respect of Star Yield Managers Class (the “Fund”) at a price of $12 per Unit for aggregate gross proceeds of $87 million.

Each Unit consisted of one Star Yield Managers Class share of the Corporation (a “Share”) and one transferrable warrant to purchase one Share at a subscription price of $12 on October 31, 2011.

The syndicate of agents was co-led by BMO Nesbitt Burns Inc., Dundee Securities Corporation, CIBC World Markets Inc. and RBC Dominion Securities Inc. and included National Bank Financial Inc., Scotia Capital Inc., TD Securities Inc., GMP Securities L.P., HSBC Securities (Canada) Inc., Canaccord Genuity Corp., Macquarie Private Wealth Inc., Raymond James Ltd., Desjardins Securities Inc., Manulife Securities Incorporated, Rothenberg Capital Management Inc. and Wellington West Capital Markets Inc.

The Fund's investment objectives are to provide holders of Shares with (i) monthly tax-efficient distributions, initially estimated to be $0.07 per Share ($0.84 per annum representing an annual cash distribution of 7 per cent per annum based on the $12 per Unit issue price); and (ii) the opportunity for capital appreciation.

The Corporation, and its administrator, BMO Nesbitt Burns Inc., was advised by in-house counsel Jonathan Naimark, and assisted by Andrew Armstrong, Wendi Locke and Leila Rafi (business law/securities); Nigel Johnston and James Morand (tax) and Candace Pallone (derivatives) of McCarthy Tétrault LLP.

BMO Nesbitt Burns Inc., in its capacity as lead agent and the syndicate of agents were advised by Margaret McNee and Jennifer Schwartz (business law/securities); Michael Friedman and Carl Irvine (tax) and Shahen Mirakian (derivatives) of McMillan LLP.


Michael Friedman Leila Rafi Shahen Mirakian Carl Irvine Nigel P.J. Johnston Margaret C. McNee Jonathan Naimark Jennifer Schwartz James G. Morand Candace M. Pallone Wendi A. Locke