On March 31, 2005, Rogers Sugar Income Fund (the “Fund”), an open-ended, limited purpose trust holding all of the common shares of Rogers Sugar Ltd., the leading refiner, processor, distributor and marketer of sugar products in Western Canada, and Lantic Sugar Limited, one of two refiners in Eastern Canada, completed a public offering of $50 million principal amount of 6.00% convertible unsecured subordinated debentures which are convertible at the option of the holder into trust units of the Fund on the earlier of the maturity date and the business day immediately preceding the date fixed by the Fund for redemption, at a conversion price of $5.30 per trust unit.  The debentures will mature on June 29, 2012.

The offering was completed on a bought deal basis through a syndicate of underwriters led by Scotia Capital Inc. and including BMO Nesbitt Burns Inc. and National Bank Financial Inc.

The Fund was represented by Davies Ward Phillips & Vineberg LLP, with a team that included Neil Kravitz, Alain Roberge, David Torralbo and Annie Beaudoin (corporate finance and securities) in Montreal and Lori Sullivan (corporate finance and securities) and John Zinn, Ian Crosbie and Siobhan Monaghan (tax) in Toronto.