Glacier Credit Card Trust confirms support of its asset-backed commercial paper



    TORONTO, Aug. 23 /CNW/ - Glacier Credit Card Trust (GCCT) today provided
further clarification on the features of its commercial paper program. In
addition to confirming liquidity support and asset transparency of its
commercial paper program administered by Canadian Tire Bank, a Schedule 1
Canadian Chartered Bank, GCCT also provided a market update on the performance
of its Series 1997-1 asset-backed commercial paper notes.
    This update complements the ongoing disclosure GCCT provides to the
market through its quarterly and annual financial statements, which are posted
on SEDAR, and through the monthly performance data Canadian Tire Corporation,
Limited makes available on its website.
    "We wanted to take this opportunity to remind the market of the soundness
of our commercial paper program. GCCT's assets are receivables generated from
MasterCard and Canadian Tire credit cards issued by Canadian Tire Bank. GCCT
has been issuing commercial paper for over 10 years now and the program
represents less than 10 percent of our funding requirements. In addition, GCCT
has fully committed liquidity lines of credit for its commercial paper program
that are not limited by a 'general market disruption' clause," said Marco
Marrone, President and Chief Executive Officer of Canadian Tire Bank.

    Recent Performance
    ------------------
    Highlights of the June 2007 investor's monthly performance summary of the
Series 1997-1 notes include:

    
    Pool Balance                                     $3,374,371,658
    Collections                                      $841,757,391
    Collection Rate                                  25.10%
    Yield (excluding interchange, annualized)        15.83%
    Yield (including interchange, annualized)        19.61%
    Net Written-Off Amounts                          $15,777,554
    Net Write-Off Rate (annualized)                  5.65%
    

    Assets
    ------
    As of June 30, 2007 the assets underpinning the commercial paper and term
notes are 99 percent Canadian Tire MasterCard receivables and 1 percent
Canadian Tire Credit Card receivables, originated, managed and serviced by
Canadian Tire Bank. Canadian Tire Bank is 100 percent indirectly owned by
Canadian Tire Corporation, Limited, a publicly traded entity with a market
capitalization in excess of $6 billion.

    Transparency
    ------------
    GCCT note holders are able to obtain detailed information on the assets
(credit card receivables) that back the notes and the financial condition of
GCCT. In particular, servicer reports which are provided to DBRS and S & P,
outline on a monthly basis the amount of receivables, collections and write
offs, as well as the yield and write-off rate. In addition, DBRS provides a
Credit Rating Report on the GCCT commercial paper program that describes the
structure of GCCT, the origin of the receivables, and the servicing of the
receivables balances. GCCT is required to file quarterly financial statements,
annual audited financial statements, and annual and quarterly Management's
Discussion and Analysis (MD&A) of Financial Condition and Results of
Operations reports on SEDAR. Glacier also files an Annual Information Form
(AIF). Finally, Canadian Tire Corporation, Limited provides a summary of GCCT
included in its MD&A.
    A monthly performance summary is available at www.canadiantire.com under
Company Information/Investor Relations/Glacier Credit Card Trust. The DBRS
Credit Rating Report is available to subscribers at www.dbrs.com. The
financial statements, AIF, and MD&A for both GCCT and Canadian Tire
Corporation, Limited are all available at www.sedar.com under the "Search
Public Company Documents" feature.

    Liquidity
    ---------
    The liquidity of GCCT commercial paper is backed up in the form of
$360 million in committed lines of credit, 93 percent of which are provided by
Canada's five largest banks and 7 percent of which is provided by an
international bank rated AA by S&P. GCCT's ability to draw on these credit
lines is not limited by a "general market disruption" clause. The same bank
syndicate has provided the liquidity credit lines to GCCT for over ten years.
It is, and always has been, a practice and a rating agency condition to have
every dollar of outstanding commercial paper backed up with a dollar of
committed liquidity credit line. As of August 15, 2007, GCCT has
$228.2 million of commercial paper outstanding to various maturity dates, an
amount which is well below the committed lines of credit available.

    Rating
    ------
    DBRS has rated GCCT commercial paper program R-1(high) since its
inception over ten years ago.

    Role of Series 1997-1 Commercial Paper in GCCT Funding
    ------------------------------------------------------
    Since its inception, the commercial paper program has been used as a
financing bridge to GCCT term debt issuance and to accommodate seasonal
funding needs. As of August 15, 2007, the commercial paper program represents
less than 10 percent of the funding requirements of GCCT.
    Well over 90 percent of GCCT's funding is met through the issuance of AAA
rated Senior Notes with maturity terms of five years or greater and
Subordinated Notes with the same maturity terms. As of August 15, 2007, GCCT
has $2.6 billion in Senior Notes and Subordinated Notes outstanding to various
maturities. Since 1995, GCCT has issued over $3.7 billion in Senior Notes and
Subordinated Notes.

    GCCT commercial paper performance
    ---------------------------------
    Since the beginning of 2005, $4.4 billion of commercial paper has been
issued. Since inception of the commercial paper program, GCCT has repaid all
maturing commercial paper notes on the maturity dates.

    Disclaimer
    ----------
    This document has been prepared solely for informational purposes and is
not intended to be an offering of securities. Prospective investors should
refer to the Information Memorandum dated June 28, 2006 (available upon
request from the commercial paper note Agents) for disclosure of the terms and
conditions of GCCT's commercial paper program.

    About Glacier Credit Card Trust (GCCT)
    --------------------------------------
    GCCT has been an issuer of term notes since 1995 and asset-backed
commercial paper notes since 1997. GCCT was established to purchase undivided
co-ownership interests in a revolving pool of credit card receivables of
Canadian Tire Bank, a wholly-owned subsidiary of Canadian Tire Financial
Services Limited. These receivables are generated from the use of Canadian
Tire Options MasterCard(R) credit cards and Canadian Tire retail credit cards.

    %SEDAR: 00016306E




For further information:

For further information: Media: Caroline Casselman, (416) 480-8159,
caroline.casselman@cantire.com; Investors: Candace Maclean, (416) 480-3842,
candace.maclean@cantire.com

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Glacier Credit Card Trust

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