On November 18, 2005, CHIP Mortgage Trust filed a short-form base shelf prospectus in all provinces of Canada providing for the issue of up to an aggregate principal amount of $600 million of medium term notes, unconditionally guaranteed as to principal, premium (if any) and interest by HOME Equity Income Trust, through a syndicate of dealers comprised of RBC Dominion Securities Inc. and Scotia Capital Inc.

On December 9, 2005, CHIP Mortgage Trust issued $110 million principle amount of Series 2005-1 medium term notes (secured) due November 1, 2010 pursuant to the short-form base shelf prospectus.

On February 23, 2006, CHIP Mortgage Trust issued an additional $105 million principle amount of Series 2006-1 medium term notes (secured) due February 1, 2013 pursuant to the short-form base shelf prospectus.

Home Equity Income Trust invests in a portfolio of reverse mortgages originated by its wholly owned subsidiary Canadian Home Income Plan Corporation. CHIP Mortgage Trust issues short-term debt and medium-term debt for the purpose of funding new reverse mortgages.

CHIP Mortgage Trust and Home Equity Income Trust were represented by the Toronto office of Fasken Martineau with a team comprised of Richard Steinberg and Jeffrey Klam (securities) and Mitchell Thaw (tax).