Additional Information Related to the Extension of the ABCP Standstill Agreements



    TORONTO, Oct. 15 /CNW Telbec/ - The Pan-Canadian Investors Committee for
Third Party Structured Asset Backed Commercial Paper is providing the
following additional information with regard to the Montreal Accord's
standstill arrangements, as extended to December 14, 2007. The arrangements
include the following key elements:

    
    1. The members of the Investors Committee have agreed to take no action
       to enforce any default rights they may have against the issuer
       conduits during the extended standstill period.

    2. The asset providers which are counterparties of the Third Party ABCP
       conduits will not pursue any existing margin calls or make any further
       margin calls during the extended standstill period.

    3. The Investors Committee will take steps to encourage the Third Party
       ABCP conduits not pursue any existing liquidity calls during the
       extended standstill period or make any further liquidity calls for
       150 days after the extended standstill period.

    The extended standstill terms reflect certain modifications to the
original Montreal Accord. Notably, holders of Third Party ABCP are no longer
being encouraged to "roll over" their commercial paper. It became apparent
that the administrative burdens in effecting rollovers during this period were
particularly demanding for some of the conduits. The objectives of rolling
over the commercial paper are largely achieved by the other elements of the
extended standstill. As previously announced by the Investors Committee, the
restructuring will ensure that no investor will be disadvantaged by virtue of
having rolled over its ABCP. As a result, the Investors Committee will be
requesting that each of the conduits discontinue the rolling of their affected
ABCP.

    Long Term Proposal

    The Investors Committee, working closely with its financial advisor, JP
Morgan, has concluded that the issues affecting ABCP are primarily a liquidity
problem. Any long term proposal to resolve these issues will focus on solving
these liquidity concerns.
    DBRS has indicated to the Investors Committee that the vast majority of
underlying assets in the affected trusts continue to exhibit strong credit
characteristics consistent with the ratings that had been previously assigned
to these assets.
    Discussions between the Investors Committee and its advisors and the bank
asset providers are continuing.  The general elements of the long term
restructuring proposal, first disclosed on August 16, 2007 as part of the
Montreal Accord, remain important components of any planned restructuring. 
These are:

    1. All outstanding Third Party ABCP, including extendible Third Party
       ABCP, will be converted into term floating rate notes (FRNs) maturing
       no earlier than the scheduled termination date of the corresponding
       underlying assets (together with pay through notes for Third Party
       ABCP conduits which have mixed traditional and CDO assets).

    2. Existing liquidity facilities will therefore not be necessary and will
       be cancelled and all outstanding liquidity calls will be revoked.

    3. Interest on the FRNs will be payable monthly or quarterly, as the case
       may be, to match the fixed payment dates under the underlying assets.

    4. Margin provisions will be revised to create renewed stability, thereby
       reducing the likelihood of near term margin calls.

    These principles will be adapted to the circumstances of each Third Party
ABCP conduit. In addition, certain conduits, because of their mix of
conventional or unleveraged assets, may offer other solutions to providing
investor value.
    All parties remain focussed on creating restructured notes which are both
highly rated and liquid. To that end, successful long term solutions will also
require transparency of the assets underlying the restructured notes.
    JP Morgan is well progressed in its initial review of the assets
underlying the affected ABCP. The Investors Committee has also discussed
various alternative restructuring proposals with the bank asset providers. In
addition, the Investors Committee has developed coordinated arrangements with
the various conduit sponsors and indenture trustees which will help facilitate
the development and implementation of a restructuring.
    The Investors Committee will continue to keep investors in the affected
ABCP apprised of material developments with respect to the restructuring
during the extended standstill period.

                                   ANNEX A

                          THIRD PARTY ABCP CONDUITS

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




For further information:

For further information: NATIONAL Public Relations (Media); Toronto,
David Weiner, (416) 848-1633; Montreal, Mark Boutet, (514) 843-2385, Cell.:
(514) 944-5393; Ernst & Young Inc. (Investors), Pierre Laporte, (514)
874-4383

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