ShawCor Issues Shares

On October 10, 2003, ShawCor Ltd. completed an offering of 6.3 million class A subordinate voting shares for aggregate proceeds of $90.09 million. The shares were also sold on a private placement basis to certain qualified U.S. investors. TD Securities Inc. led the underwriting syndicate, which included Scotia Captial inc., BMO Nesbitt Burns Inc., National Bank Financial Inc., RBC Dominion Securities Inc., Sprott Securities Inc. and Griffiths McBurney & Partners.

ShawCor was represented in Canada by Lang Michener LLP, with a team that included William Sheridan, Philippe Tardif, Emma Ritchie and Dunia El-Jawhari (corporate finance/securities) and in the U.S. by Andrews Kurth LLP in Houston, with a team that included John Cabaniss, Gislar Donnenberg and Sean Bunk.

The underwriting syndicate was represented by Stikeman Elliott LLP, with a team that included Joel Binder, Maurice Swan and Orysia Semotiuk.

Lawyer(s)

William J.V. Sheridan Joel E. Binder Philippe Tardif Emma Ritchie Dunia El-Jawhari Maurice J. Swan Orysia Semotiuk John T. Cabaniss

Firm(s)

Andrews Kurth Stikeman Elliott LLP