Toronto, May 17, 2002: KBSH Leaders Trust announced today that it has completed its initial public offering of trust units for aggregate gross proceeds of $25,000,000 in an offering led by RBC Capital Markets and CIBC World Markets Inc. The other members of the syndicate are BMO Nesbitt Burns Inc., Scotia Capital Inc., TD Securities Inc., National Bank Financial Inc., HSBC Securities (Canada) Inc., Raymond James Ltd., Canaccord Capital Corporation, Desjardins Securities Inc., Dundee Securities Corporation and Yorkton Securities Inc. KBSH Capital Management Inc., the investment manager of the Trust, is an independent employee-owned investment management firm founded in 1980 and has approximately $9 billion in assets under management on behalf of pension funds, foundations, institutions, managed (wrap) accounts and private clients. The Trust's investment objectives are: (i) to provide unitholders with a stable stream of monthly distributions targeted at $0.2083 per Unit ($2.50 per annum or 10% on the original issue price) and (ii) to return at least the original issue price of the Units ($25.00 per unit) to unitholders upon termination of the Trust on December 31, 2010. The net proceeds of the offering will be invested in a diversified portfolio. The portfolio will be invested primarily in U.S. equity securities of large and mid-capitalization companies. A significant portion of the portfolio will emphasize companies having a market capitalization of between U.S.$5 billion and U.S.$20 billion that are emerging leaders in their industry. The portfolio may also hold select Canadian and international equity securities. In order to be eligible investments for the portfolio, equity securities (including American Depository Receipts) must be listed for trading on a major North American stock exchange or market and be issued by companies having a market capitalization in excess of U.S.$2 billion, if listed solely in the United States, and U.S.$1 billion, if listed in Canada. In selecting equity investments for the portfolio, KBSH will adhere to its guiding investment approach, which emphasizes growth over the long term. To generate additional returns above the dividend income generated by the portfolio, the Trust will, from time to time, write covered call options in respect of all or part of the securities in the portfolio. To a lesser extent, the Trust may also write cash covered put options in respect of securities in which the Trust is permitted to invest. The Units of the Trust trade under the symbol KLT.UN on The Toronto Stock Exchange. For further information contact: Paul Batho Chief Operating Officer and Secretary/Treasurer KBSH Capital Management Inc. Telephone: (416) 863-1433