Pan Canadian Committee of Third Party ABCP Announces Significant Progress and Engagement of Financial Advisor - Committee Chairman to Host Conference Call



    TORONTO, Sept. 27 /CNW Telbec/ - Significant progress has been reported
by the Pan Canadian Investors Committee, created to propose a restructuring
and solution to the liquidity problem affecting the structured finance third
party asset-backed commercial paper ("Third Party ABCP"). The Committee was
created on September 6, 2007 and is chaired by Mr. Purdy Crawford.
    Over the course of the past three weeks the Committee has met with the
international group of bank counterparties as well as the various conduit
sponsors and indenture trustees to discuss alternative proposals to
restructure Third Party ABCP. The Committee has also continued working closely
with its three sub-committees, namely the Asset Restructuring Committee, the
Implementation and Notes Committee and the Communications Committee, each
tasked with providing assistance and guidance to the Investors Committee in
reaching a successful solution.
    "We are delighted that investors have come forward and shown support for
our efforts at finding a solution," Mr. Crawford said "While much work remains
to be done, we are gratified that the various stakeholders, including the
conduit sponsors and indenture trustees, are working together in a
constructive manner and we are very pleased with the level of communication
and cooperation among the parties."
    The Investors Committee also announced today that it has engaged
JP Morgan as its financial advisor. "JP Morgan is a pre-eminent global
financial institution with great expertise in the issues confronting us" said
Mr. Crawford. "They will be invaluable in assisting the Investors Committee
and in working with other participants in this process to develop and
implement a solution that will preserve and enhance value."
    Mr. Crawford explained that certain of the fundamental principles
underlying a workable solution to the Third Party ABCP liquidity problem would
include a fair and equitable solution in the best interests of all investors,
the avoidance of value destruction that could result from a wholesale
liquidation of trust assets, the conversion of short-term commercial paper to
floating rate notes (FRNs), and greater market transparency of the underlying
assets supporting these notes in order to promote liquidity.
    Support for the standstill created by the "Montreal Proposal" is strong
with the backing of approximately 82% of investors. Additionally, the
Investors Committee has achieved investor support ranging from 66-2/3% to 98%
for each of the 22 conduits covered by the standstill. All figures are based
upon the outstanding principal amount of the Third Party ABCP issued by these
conduits and have been validated by Ernst & Young Inc.
    Following a meeting of the Investors Committee held earlier this week,
Mr. Crawford indicated that the Committee is pursuing an extension to the
original standstill period. "Given the highly complex process and the
significant number of stakeholders involved, a successful restructuring cannot
be completed by mid-October in respect of all of the affected conduit trusts"
said Mr. Crawford. "The progress achieved to date, however, speaks to both the
investor confidence that has been placed in our Committee and the commitment
of all key stakeholders to work cooperatively towards a successful
restructuring of the Third Party ABCP."
    A virtual data room which includes information on the various agreements
relating to the conduits which have issued Third Party ABCP has been
accessible to holders of Third Party ABCP since September 12, 2007 and
additional information continues to be added by Ernst & Young Inc. as it
becomes available.
    The Montreal Proposal called for investors to continue to "roll" their
ABCP during the standstill period in order to evidence the support of the
interim arrangements. The Committee has come to appreciate that investors can
continue to hold their ABCP without rolling which is unduly burdensome from an
operational and administrative perspective. The Committee is satisfied that
investor support for the standstill has otherwise achieved all of the goals of
the rollover effort.
    In the course of developing a restructuring proposal, the Investors
Committee will ensure that investors who elected to roll their ABCP are
treated equally with other investors. The Committee would like to thank CDS
and those investors, conduit sponsors, indenture trustees and members of the
dealer community who actively supported the roll of ABCP to this point.
    Finally, the Investors Committee also announced that an agreement has
been reached among members of the Investors Committee that they will not trade
their positions in Third Party ABCP while the standstill remains in place.
    The Investors Committee, which includes the investors who were
signatories to the Montreal Proposal as well other significant holders, is
comprised of 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. In the
interests of further broadening representation on the Investors Committee from
the corporate community, Vincent J. Galifi, Executive Vice President and Chief
Financial Officer of Magna International Inc. has been added to the Committee.

    Conference-Call With Journalists:
    ---------------------------------

    Mr. Purdy Crawford, will host a press briefing for members of the media
on Thursday, September 27 at 11:30 a.m. (EDT) to communicate the status of the
restructuring process, discuss progress of the Investors Committee and answer
questions.

    
    - Access via telephone: 416-406-6419 / 1-888-575-8232 (toll-free).

    - A live Internet broadcast of the telephone press briefing will also be
      accessible at www.ey.com/ca/commercialpaper.

    - A recording of the telephone press briefing will be archived and
      accessible until Thursday, October 4, 2007 by dialling 1-416-695-5800 /
      1-800-408-3053 (toll-free). The access code is 3237537#.

    Investor Information:

    Investors in Third Party ABCP may get more information on the Montreal
Proposal by accessing Ernst & Young Inc.'s dedicated web site at
www.ey.com/ca/commercialpaper. Investors will find the form of noteholder
acknowledgement at the website.

    Data Room:

    As noted above, the Investor accessible data room has been established by
Ernst & Young Inc. The data room is intended to include all material
information relating to the Third Party ABCP conduits. Ernst & Young Inc. 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 is being provided to investors
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.
    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.

    Further Updates:

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

                          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: NATIONAL Public Relations: David Weiner,
Toronto, (416) 848-1633; Roch Landriault, Montreal, (514) 843-2345, Cell.:
(514) 249-4537

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