Stone Asset Management Limited

Stone Asset Management Limited

March 28, 2005 21:09 ET

Stone Total Return Unit Trust Announces Exchange Ratios For IPO


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: STONE ASSET MANAGEMENT LIMITED

MARCH 28, 2005 - 21:09 ET

Stone Total Return Unit Trust Announces Exchange
Ratios For IPO

TORONTO, ONTARIO--(CCNMatthews - March 28, 2005) - Stone Asset
Management Limited ('Stone") is pleased to announce today the exchange
ratios relating to the exchange option (the "Exchange Option") with
respect to the initial public offering of units of Stone Total Return
Unit Trust (the "Trust"). Stone is the trustee, manager and investment
advisor of the Trust.

Prospective purchasers could acquire units of the Trust by an exchange
of freely tradeable units ("Eligible Securities") of any of the income
trusts that are listed below (collectively, the "Issuers").
The deadline for unitholders of these Eligible Securities intending to
utilize the Exchange Option was 5:00 p.m. (Toronto time) on March 23,
2005. The Exchange Option is subject to the terms and conditions of the
final prospectus dated March 18, 2005 (the "Final Prospectus").

The number of units of the Trust issuable in exchange for the Eligible
Securities of an Issuer deposited by a prospective purchaser pursuant to
the Exchange Option (the "Exchange Ratio") was determined by dividing:
(i) the average of the daily volume weighted average trading price (the
"Average VWAP") of such Eligible Securities on the Toronto Stock
Exchange for the five consecutive trading days ending on March 28, 2005,
as adjusted to reflect distributions declared by any Issuer that will
not be received by the Trust; by (ii) $10.00. The Exchange Ratios are
rounded down to four decimal places.

It is anticipated that the offering will close on or about April 5, 2005.

For investors seeking to purchase units for cash, purchase orders may be
placed until 12:00 p.m. (Toronto time) on March 31, 2005.

The following table sets out the Average VWAP of each Eligible Security
of an Issuer and the Exchange Ratio used to determine the number of
Trust Units to be issued for each Eligible Security.



EXCHANGE RATIOS

Issuer Average VWAP ($) Exchange Ratio
A&W Revenue Royalties Income Fund 12.8571 1.2857
ACS Media Income Fund 9.7421 0.9742
Advanced Fiber Technologies (AFT)
Income Fund 5.9717 0.5972
Ag Growth Income Fund 13.3248 1.3325
Alexis Nihon Real Estate
Investment Trust 12.2983 1.2298
Allied Properties Real Estate
Investment Trust 14.3133 1.4313
Amtelecom Income Fund 13.3298 1.3330
Arctic Glacier Income Fund 11.6016 1.1602
Armtec Infrastructure Income Fund 14.1871 1.4187
Art In Motion Income Fund 7.5114 0.7511
Badger Income Fund 15.6100 1.5610
Bell Nordiq Income Fund 16.4777 1.6478
Big Rock Brewery Income Trust 17.6677 1.7668
Bonterra Energy Income Trust 25.5206 2.5521
Boralex Power Income Fund 10.2322 1.0232
Borealis Retail Real Estate
Investment Trust 13.2997 1.3300
Boston Pizza Royalties Income Fund 15.6941 1.5694
Boyd Group Income Fund 8.0189 0.8019
Calloway Real Estate Investment Trust 17.9659 1.7966
Cathedral Energy Services Income Trust 4.2470 0.4247
Chartwell Seniors Housing Real Estate
Investment Trust 14.0468 1.4047
Chemtrade Logistics Income Fund 14.8779 1.4878
Cineplex Galaxy Income Fund 14.9978 1.4998
Clean Power Income Fund 6.9133 0.6913
Cominar Real Estate Investment Trust 17.8418 1.7842
Connors Bros. Income Fund 19.1948 1.9195
Contrans Income Fund 15.9801 1.5980
Countryside Power Income Fund 9.0714 0.9071
Crescent Point Energy Trust 19.4516 1.9452
Custom Direct Income Fund 13.4359 1.3436
Dundee Real Estate Investment Trust 25.5967 2.5597
Enbridge Income Fund 12.8501 1.2850
Focus Energy Trust 20.5693 2.0569
Foremost Industries Income Fund 33.7933 3.3793
FP Newspapers Income Fund 13.8345 1.3834
Freehold Royalty Trust 16.6994 1.6699
Gateway Casinos Income Fund 20.5316 2.0532
General Donlee Income Fund 3.8927 0.3893
Great Lakes Carbon Income Fund 11.8492 1.1849
Halterm Income Fund 5.7039 0.5704
Hardwoods Distribution Income Fund 12.2923 1.2292
Harvest Energy Trust 25.0817 2.5082
Heating Oil Partners Income Fund 5.1688 0.5169
Home Equity Income Trust 13.8494 1.3849
IAT Air Cargo Facilities Income Fund 9.0515 0.9052
IBI Income Fund 11.1315 1.1132
Innergex Power Income Fund 13.0210 1.3021
InnVest Real Estate Investment Trust 11.2243 1.1224
IPC US Real Estate Investment Trust 10.6376 1.0638
KCP Income Fund 11.1336 1.1134
Keyera Facilities Income Fund (formerly
KeySpan Facilities Income Fund) 14.5183 1.4518
Livingston International Income Fund 20.7535 2.0754
Macquarie Power Income Fund 10.6143 1.0614
Medical Facilities Corporation 13.0892 1.3089
Menu Foods Income Fund 13.7388 1.3739
Morguard Real Estate Investment Trust 10.2658 1.0266
Movie Distribution Income Fund 13.4900 1.3490
NAV Energy Trust 10.5454 1.0545
Newalta Income Fund 22.7420 2.2742
Noranda Income Fund 12.1813 1.2181
North West Company Fund 30.0092 3.0009
Northern Property Real Estate
Investment Trust 17.7921 1.7792
Oceanex Income Fund 15.6227 1.5623
Osprey Media Income Fund 8.1903 0.8190
Parkland Income Fund 21.0416 2.1042
PBB Global Logistics Income Fund 16.3386 1.6339
PDM Royalties Income Fund 11.3963 1.1396
Peak Energy Services Trust 8.9833 0.8983
Phoenix Technology Income Fund 5.5083 0.5508
Prime Restaurants Royalty Income Fund 9.7686 0.9769
Priszm Canadian Income Fund 14.1426 1.4143
Rainmaker Income Fund 3.7508 0.3751
Retrocom Mid-Market Real Estate
Investment Trust 9.2747 0.9275
Richards Packaging Income Fund 11.1313 1.1131
Rogers Sugar Income Fund 4.5009 0.4501
ROW Entertainment Income Fund 11.1856 1.1186
Royal Host Real Estate Investment Trust 5.4056 0.5406
Royal LePage Franchise Services Fund 13.7670 1.3767
Sleep Country Canada Income Fund 22.6357 2.2636
Specialty Foods Group Income Fund 3.9996 0.4000
Swiss Water Decaffeinated Coffee
Income Fund 12.9637 1.2964
Taylor NGL Limited Partnership 8.8105 0.8811
TerraVest Income Fund 12.5081 1.2508
TGS North American Real Estate
Investment Trust 7.3346 0.7335
The Brick Group Income Fund 13.5840 1.3584
The Keg Royalties Income Fund 14.0160 1.4016
Tree Island Wire Income Fund 14.7607 1.4761
Trinidad Energy Services Income Trust 10.0414 1.0041
UE Waterheater Income Fund 13.8437 1.3844
Versacold Income Fund 8.6076 0.8608
Wellco Energy Services Trust 9.9803 0.9980
Zargon Energy Trust 25.8388 2.5839


Canaccord Capital Corporation, Scotia Capital Inc., and TD Securities
Inc. are the lead agents of the offering, along with a syndicate of
other investment dealers consisting of Wellington West Capital Inc.,
HSBC Securities (Canada) Inc., Desjardins Securities Inc., Dundee
Securities Corporation, First Associates Investments Inc., Raymond James
Ltd., Berkshire Securities Inc., IPC Securities Corporation, Research
Capital Corporation and Richardson Partners Financial Limited.

For further information concerning the offering or the Exchange Option,
investors should consult the Final Prospectus or your financial advisor.

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Stone & Co. Limited
    Holly Hoffman
    Investor Relations
    1-877-812-0792