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



    MONTREAL, Sept. 6 /CNW Telbec/ - 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:

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




For further information:

For further information: Roch Landriault, NATIONAL Public Relations,
(514) 843-2345, Cell.: (514) 249-4537

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