Investors are Looking for

Crown Hill Dividend Fund Provides

Income

A 7.2% distribution generated from dividends, profit booking and interest.

Growth

Possible upside appreciation from equity securities.

High Quality

The portfolio contains blue chip companies and government bonds.

Risk Management

• Over time, the principal will increasingly be secured by government bonds.
• The strategy reduces the risks associated with a short economic cycle.
• The portfolio is broadly diversified across all major industry groups.
• The strategy prevents excess concentration in individual companies or industries.

Value

Disciplined portfolio strategy designed to realize gains and lower volatility.

Liquidity

TSX Listing

Annual redemption at NAV.

Low Portfolio Turnover

Low portfolio turnover results in low transaction costs.

Low Management Fees

Management fees are only 0.60%.

Attractive Return

Approximately 7.20% paid monthly, resulting in a pre-tax interest equivalent yield of 11%. Preserve and enhance the original investment.

Tax Effective

Each distribution will be treated as a return of capital and capital gain, which results in significantly greater after-tax income.

Business Cycle

Investor participates in stock and sector rotation over the course of a business cycle, automatically locking-in gains. Protects investor from the effects of a short business cycle.

Investor Suitability

• Excellent for investors seeking Income & Growth.
• Investors seeking income and wish to diversify away from Income Trusts.
• Appropriate for conservative clients who are nearing retirement or are retired, and is eligible for RRSPs, DPSPs and RRIFs and RESPs.
• A replacement for dividend and balanced mutual funds.

Cost Effective

Low management fees of only 0.60% per annum and low portfolio turnover. Economies of scale reduce transaction costs since an investor requires several million dollars to make Profit Booking cost effective.

Liquidity

Liquidity for the Units through TSX listing, Annual Redemption and Market Purchases.

Issuer

Crown Hill Dividend Fund (the “Trust”)

Listing

Listed on the Toronto Stock Exchange under the symbol PBK.UN

Amount

$27 million (2.7 million Units)

Offering Price

$10.00 per Unit

Term

7 years (May 31, 2011)

Distributions

Monthly, tax-efficient distributions commencing July 31, 2004. Target yield of approximately 7.2% on the subscription price of $10.00 per Unit (approximately $0.72 per annum). Results in a pre-tax interest equivalent yield of 11%.

Investment Strategy

The Trust will invest the net proceeds of the offering in a portfolio of common shares and other securities as described in the Initial Portfolio. As a security increases in price, some of the position will be sold according to a rebalancing formula and the proceeds will be used to purchase low risk investments (such as a provincial bond maturing near May 2011).

Redemptions

At 100% of NAV once a year in May by Holder.

Market Purchases

To enhance liquidity and to provide market support for the Units, the Trust has the right (but not the obligation) to make market purchases of any Units if the Units are offered for sale in the market at a price less than the NAV per Unit. The maximum number of Units to be purchased in any twelve-month period will be 10% of the number of Units outstanding at the beginning of such period.

Manager

Crown Hill Capital Corporation will act as manager of the Trust.

Investment Advisor

Crown Hill Asset Management Inc. will act as investment advisor of the Trust.

Loan Facility

Any loan facility, together with other forms of leverage, may only be used in an aggregate amount not to exceed 10% of the equity assets of the Trust.

Dividend Reinvestment

Monthly distributions may be reinvested under a dividend reinvestment plan.

Eligibility

The Units are considered Canadian property and will be eligible for RRSPs, DPSPs and RRIFs and RESPs.

Fees

Management fees of only 0.60% per annum.