News release to holders of third party asset-backed commercial paper



    MONTREAL, Aug. 20 /CNW Telbec/ - This news release is being sent to all
holders of third party asset-backed commercial paper ("Third Party ABCP") on
behalf of the holders of Third Party ABCP who are Signatories to the
August 16th announcement about a proposed solution to the liquidity problem in
the structured finance ABCP market. The August 16th announcement is reproduced
below.
    Holders of Third Party ABCP who wish to participate in the process
outlined under "Interim Agreement" in the August 16th announcement are advised
to contact Ernst and Young Inc. ("EYI") immediately to confirm their support
for the standstill agreement. By doing so, holders are simply committing to
continue to roll their paper during the 60 day standstill period and not to
take any action that would precipitate a default in any of these trusts.
Holders will have a separate opportunity to accept or reject the full
restructuring proposal once it is finalized. To indicate their support for and
participation in the process, holders of Third Party ABCP will be asked to
complete a noteholder acknowledgement in the form posted on the EYI web site
at: www.ey.com/global/content.nsf/Canada/Canadian_commercial_paper.
    EYI will be gathering relevant information about holders of Third Party
ABCP and their holdings, and will be available to provide information to, and
answer questions from, holders of ABCP issued by the trusts listed in the
August 16th announcement. Holders indicating their support for the process
will be able to obtain additional information through periodic emailings from
EYI and through the web site noted above. Such holders will also be invited to
participate in discussions on any proposed solutions through periodic
conference calls. To this end, EYI will prepare a list of holders of ABCP that
would like to participate in discussions on proposed solutions or to obtain
additional information. Contact information for EYI is posted on the web site
noted above.

    -----------

    A group of financial institutions agree on a solution to the liquidity
    problem on the structured finance asset-backed commercial paper market

    MONTREAL, Aug. 16 /CNW Telbec/ - A number of major players in Canada's
financial markets met today in Montréal to work out a solution to the
liquidity problem affecting the third party structured finance asset-backed
commercial paper ("Third Party ABCP") market in Canada being those conduits
listed in Annex A. The following institutions were present: ABN AMRO, Barclays
Capital, Caisse de dépôt et placement du Québec, Desjardins Group, Deutsche
Bank, HSBC, PSP Investments, Merrill Lynch, National Bank and UBS
(collectively the "Signatories").

    DBRS was present for these discussions.

    The Signatories have agreed in principle to the Long Term Proposal and
Interim Agreement set out below and to work together in good faith with the
other participants in the discussions to bring about the timely implementation
of these arrangements. The institutional investors who are Signatories are
confident that they have the support of investors who, together with them,
hold at least 66 2/3% of all outstanding Third Party ABCP. The Signatories are
also confident that additional market participants will confirm their
agreement with these arrangements within the next few hours. In addition, the
Signatories understand that the sponsors of the Third Party ABCP conduits
support the objectives of this initiative.

    
                                  AGREEMENT

    Purpose

    The purpose of these arrangements is to help establish normal operations
in the Canadian Third Party ABCP market.

    Long Term Proposal

    The general agreements summarized below will have to be adapted to the
circumstances of each Third Party ABCP conduit, however they define a
framework for the restructuring of these conduits.

    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.

    Interim Agreement

    The Signatories have agreed as follows:

    1. Holders of Third Party ABCP who are Signatories will continue to roll
       their Third Party ABCP during the period ending 60 days following the
       date of this Agreement (the "Standstill Period"). For greater
       certainty this commitment is limited to Third Party ABCP beneficially
       owned by the Signatories.

    2. The Signatories will encourage all other holders of Third Party ABCP
       to continue to roll their Third Party ABCP.

    3. Signatories who are counterparties of the Third Party ABCP conduits
       will not pursue any existing margin calls or make any further margin
       calls during the Standstill Period.

    4. The Third Party ABCP conduits will agree not to pursue any existing
       liquidity calls during the Standstill Period or make any further
       liquidity calls for 150 days after the Standstill Period.

    5. All Signatories will encourage all other Third Party ABCP market
       participants, including note trustees, to take all actions to
       implement the long term proposal and to refrain from taking any
       actions that will hinder the implementation of the long term
       proposals.

    Process and Timing

    Implementing the ultimate resolution will generally require noteholder
meetings and in some cases may require court applications. Although these
processes will need to be carried out on a conduit by conduit basis, it is
expected that all necessary steps to give effect to each restructuring will be
completed within 30 to 60 days.
    Ernst & Young has been appointed to assist in the implementation of these
arrangements. Holders of ABCP who would like to participate in the
implementation of the Long Term Proposal should contact Pierre Laporte of
Ernst & Young at the following telephone number: (514) 875-6060.

    Further information is available at:
    www.ey.com/global/content.nsf/Canada/Canadian_commercial_paper.

                                   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
                               Foundation 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: Medias: Roch Landriault, NATIONAL Public
Relations, (514) 843-2345, Cell.: (514) 249-4537; Financial Institutions:
ERNST & YOUNG INC.: Every day, from 7h00 to 24h00; Ernst & Young Inc.
"Canadian Commercial Paper" direct line: (514) 874-4372; Ersnt & Young Inc.
"Canadian Commercial Paper" 1-888 line: 1-888-373-6213 (will be available as
of Tuesday August 21, 2007); Ernst & Young Inc. general number: (514)
875-6060; Ernst & Young Inc. "Canadian Commercial Paper" email contact:
Canadian.commercialpaper@ca.ey.com (will be available as of Tuesday August 21,
2007)

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A GROUP OF FINANCIAL INSTITUTIONS

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