Completion of Skeena Capital Trust restructuring noteholders receive $2.1 billion

Dundee Securities Corporation, the administrative agent for Skeena Capital Trust, and the Pan-Canadian Investors Committee for Third-Party Structured Asset Backed Commercial Paper, announce that the restructuring of Skeena Capital Trust has been successfully completed with the redemption of all Skeena notes, and repayment to holders of approximately $2.1 billion. The restructuring was ratified by holders of over 83% of the outstanding notes of Skeena.

Holders of Class A liquidity backed commercial paper, Class E extendible commercial paper and Class F floating rate medium term notes of Skeena Capital Trust each received approximately 98.7% of the aggregate amount of principal and accrued interest as of August 15, 2007.

"The completion of the Skeena Capital Trust restructuring has preserved value for all noteholders," said Purdy Crawford, Chairman of the Pan-Canadian Investors Committee for Third-Party ABCP. "While this restructuring was unique in comparison to the restructurings of other ABCP conduits, its success demonstrates the benefits of all parties cooperating in creating effective solutions and serves as a learning experience to facilitate the implementation of other restructurings."

The terms of the restructuring were negotiated among Skeena's Administrative Agent, Dundee Securities Corporation, its co-financial arrangers, Edenbrook Hill Capital, and Dundee Securities Corporation, ABN AMRO Bank and Bank of Nova Scotia, as well as the Pan Canadian Investors Committee. Certain of Skeena's investors, as well as ABN AMRO Bank and Bank of Nova Scotia, agreed to purchase term notes from a new special purpose vehicle set up by Dundee Securities Corporation to provide collateral for replacement credit swaps entered into by such vehicle with the bank counterparties.