A Pan Canadian Committee Chaired by Mr. Purdy Crawford will oversee Third Party Commercial Paper restructuring process

A Pan Canadian Committee Chaired by Mr. Purdy Crawford has been formed today to oversee the proposed structuring process of the Third Party ABCP. This Committee, which includes investors who were signatories to the Montreal Proposal plus other significant holders, brings a broad cross section of investors with a national perspective, relevant experience and associations with each of private business, institutional investors, government agencies and crown corporations. Comprising this Investor Committee are now:

• M. John Crichton, President and Chief Executive Officer, NAV CANADA;
• M. Alban D’Amours, President and Chief Executive Officer, Desjardins Group;
• M. Gordon J. Fyfe, President and Chief Executive Officer, PSP Investments;
• M. Doug Greaves, Vice President Pension Fund and Chief Investment Officer, Canada Post;
• M. Rowland Kelly, Interim CEO, Credit Union Central of British Columbia, representing Credit Union Central of Canada;
• Mme Karen Kinsley,President and Chief Executive Officer, Canada Mortgage and Housing Corporation;
• M. Mark Maybank, President & Chief Operating Officer, Canaccord Capital Corporation (Canadian Operating Subsidiary);
• M. Dave Mowat, President and Chief Executive Officer, ATB Financial;
• M. Ricardo Pascoe, Co-President and Co-Chief Executive Officer, National Bank Financial Group;
• M. David G. Patterson, Chair and Chief Executive Officer, Northwater Capital Management;
• M. Henri-Paul Rousseau, President and Chief Executive Officer, Caisse de dépôt et placement du Québec;
• M. Jim Scopick, President and Chief Executive Officer, Credit Union Central Alberta.

“I am pleased to take on the chairman’s role for this Investor Committee. I was influenced by the strong level of support that investors in this paper have shown for the standstill arrangements at the heart of the Montreal Proposal. Our Investor Committee will be looking to implement a solution that addresses the best interests of investors generally, and at the same time allows for a successful restructuring and a return to market stability for these investments”, said Mr. Crawford who added that “in considering the best interests of investors, I will be guided by my own views as to fairness.”

The investor group participating in the committee is pleased to benefit from Mr. Crawford’s independent judgment and wealth of experience in major complex transactions and negotiations.

Ernst & Young Inc. has confirmed that holders of over 81.3% of the outstanding Third Party ABCP of the conduits listed on Annex A to this release have signed agreements or acknowledgements indicating their support for the interim arrangements provided in the Montreal Proposal. Ernst & Young has also confirmed that in respect of 21 of the 22 Third Party ABCP conduits these investors represent over 66 2/3% of their outstanding ABCP.

Mr. Crawford added, “I would encourage investors who have not yet considered the Montreal Proposal to review it and contact Ernst & Young to confirm their support to this standstill. Our goal is to have the support of all investors as we work towards a successful restructuring.”

The Investor Committee has retained Goodmans LLP as its legal counsel.

Investor Information: Investors in Third Party ABCP may get more information on the Montreal Proposal and by accessing Ernst & Young’s dedicated web site at www.ey.com/ca/commercialpaper. Investors will find the form of noteholder acknowledgement at the website Ernst & Young is developing a data room which is expected to include all material information relating to the Third Party ABCP conduits. Ernst & Young has requested relevant materials from these conduits. Certain of the requested information is subject to confidentiality restrictions and before the conduits may release this information into the data room other third parties will be required to provide their consent. There is no assurance that this consent will be obtained in respect of all of the requested information.

Access for investors to the data room will be provided according to a data room protocol. Upon establishing their ownership of affected Third Party ABCP and agreeing to be bound by the terms of the protocol, including confidentiality arrangements, an investor will be provided reasonable access to the collected information pertaining to the ABCP in which they have invested.

An announcement will be made upon the data room becoming available for access by investors. Investors who would like further details on the data room protocol can access Ernst & Young’s dedicated web site at www.ey.com/ca/commercialpaper.

Ongoing Negotiations: The international banks and investors who are the signatories to the Montreal Proposal have established joint committees to develop detailed restructuring plans for the affected Third Party ABCP and they have had constructive discussions regarding alternative proposals for the restructuring. Discussions will be continuing over the coming weeks.

Further Updates: The Investor Committee expects to issue further announcements from time to time respecting important developments in the restructuring process in order to keep investors informed.

Annex A

Third Party ABCP Conduits

Apollo Trust
Apsley Trust
Aria Trust
Aurora Trust
Comet Trust
Devonshire Trust
Encore Trust
Gemini Trust
Ironstone Trust
MMAI-I Trust
Newshore Canadian Trust
Opus Trust
Planet Trust
Rocket Trust
Selkirk Funding Trust
Silverstone Trust
Skeena Capital Trust
SLATE Trust
Structured Asset Trust
Structured Investment Trust III
Symphony Trust
Whitehall Trust