TSE And Barclays Complete Tips/Iunits Mergers

The mergers of the Toronto 35 Index Participation Fund (TIPS 35) and the TSE 100 Index Participation Fund (TIPS 100) with the iUnits S&P/TSE 60 Index Participation Fund (i60 Fund) were completed after the close of the market on March 6, 2000. The mergers had been approved by unitholders of the TIPS 35 and TIPS 100 Fund at special meetings held in Toronto on February 28, 2000. At the time of the closing, the TIPS 35 Fund had 45,847,536 units outstanding and the market value of its portfolio securities and dividends receivable was $2,333,608,671 for a net asset value of $50.8993258 per unit. The net asset value of each TIPS 100 unit was $58.9623258 based on 24,252,865 outstanding units and a market value for the portfolio securities and dividends receivable of the TIPS 100 Fund of $1,430,005,328. The net asset value of each i60 Fund unit at the time of closing was $55.5586955. Immediately following the merger, each of the TIPS 35 Fund and TIPS 100 Fund redeemed their outstanding units in exchange for i60 Fund units. A TIPS 100 unitholder received 1.0612619 i60 Fund units for each TIPS 100 unit. A TIPS 35 unitholder received 0.9161361 i60 Fund units for each TIPS 35 unit. Fractional i60 Fund units received by TIPS unitholders will be sold through the facilities of the TSE and the proceeds, net of commissions and related expenses, remitted to such unitholders. For persons who held units in the TIPS 35 or TIPS 100 Fund by certificates registered in their name, the i60 Fund units to which they are entitled will be held by Montreal Trust Company of Canada as nominee. Montreal Trust will provide a written statement to such persons in the near future confirming the number of units of the i60 Fund such unitholders received. Non-registered unitholders of the TIPS 35 Fund or TIPS 100 Fund whose units were held by or in the custody of clearing agencies, securities dealers, bank, trust companies or their nominees, will receive in the ordinary course written confirmation from such intermediaries of the number of units of the i60 Fund which were received on the redemption of the TIPS 35 or TIP 100 units. The TIPS 35 Fund declared a final distribution of $0.13976 payable as of March 6, 2000 to holders of TIPS 35 units as at March 3, 2000. The final distribution was comprised of dividend income of $0.13421 per TIPS 35 unit and a return of capital of $0.00555. The TIPS 100 Fund declared a final distribution of $0.13409 payable as of March 6, 2000 to holders of TIPS 100 units as at March 3, 2000. The final distribution was comprised of dividend income of $0.13249 per TIPS 100 unit and a return of capital of $0.00160. These distributions represented the distribution of income of the TIPS Funds in the period from January 1, 2000 until the completion of the mergers. No amount was distributed to unitholders of either the TIPS 35 Fund or the TIPS 100 Fund as a capital gain. The mergers were completed using the mutual fund merger 'rollover' rules contained in the Income Tax Act (Canada). Accordingly, the transfer by the TIPS Fund of their assets to the i60 Fund took place on a tax-deferred basis and the exchange of the TIPS 35 and TIPS 100 units for i60s also took place on a tax-deferred basis. Units of the i60 Fund are traded on the TSE under the symbol 'XIU'. Unitholders who would like more information should visit Barclays Global Investors Canada Limited website, www.iunits.com, or call 1-877-GO-I-Unit. (1 877-464-8648) The fully automated Toronto Stock Exchange consistently ranks among the world's top exchanges by market capitalization and trading volume. In 2000, the average daily value of TSE trading has exceeded $3 billion. The TSE provides investors with a well-regulated, fair and accessible marketplace.