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Lawrence Conservative Payout Ratio Trust closes initial public offering

Date Closed

April 8, 2005

Lead Office

Toronto

Value

88.50 Million CAD

On April 8, 2005 Lawrence Conservative Payout Ratio Trust (the Trust) completed its initial public offering of 8,850,000 trust units for aggregate gross proceeds of C$88.5 million. The offering was co-led by CIBC World Markets Inc. and BMO Nesbitt Burns Inc., and included TD Securities Inc., National Bank Financial Inc., RBC Dominion Securities Inc., Scotia Capital Inc., Dundee Securities Corp., HSBC Securities (Canada) Inc., Canaccord Capital Corp., Desjardins Securities Inc., First Associates Investments Inc., Raymond James Ltd., Richardson Partners Financial Ltd. and Wellington West Capital Inc. The Trust is designed to provide holders of units with exposure to an equally weighted, diversified portfolio of securities of 40 Canadian Income Funds that, among other things, have the lowest payout ratios.

McCarthy Tétrault LLP advised the agents with a team that included Andrew Armstrong, Nigel Johnston and Ronald Schwass.

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