Pan-Canadian Investors Committee completes $32 billion ABCP restructuring

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Issuer Trustees/Debtors and one of the Sponsors

January 2009

On January 21, 2009, The Pan-Canadian Investors Committee for Third-Party Structured Asset-Backed Commercial Paper announced that the restructuring plan affecting $32 billion of thirdparty ABCP had been fully implemented.

Pursuant to the terms of the plan, holders of affected ABCP will have their short term commercial paper exchanged for longer term notes whose maturities match those of the assets previously contained in the underlying conduits.

Fasken Martineau played a critical role in the restructuring, advising a number of the parties.

The team for one of the Original Issuer Trustees (Metcalfe & Mansfield Alternative Investments Corp.) and 5 of the 7 respondents in the CCAA proceeding (Metcalfe & Mansfield Alternative Investments II Corp., Metcalfe & Mansfield Alternative Investments III Corp., Metcalfe & Mansfield Alternative Investments V Corp., Metcalfe & Mansfield Alternative Investments XI Corp. and Metcalfe & Mansfield Alternative Investments XII Corp.) and one of the 7 sponsors, Quanto Financial Corporation, consisted of the following: Xeno Martis, Robert Girard, Gilles Carli, Donald Milner, David Lemieux, Francis Trifiro, Félix Gutierrez, Jean-Michel Lapierre, Graham Phoenix and Jean-Pierre Chamberland.

The team for the remaining Original Issuer Trustees (BNY Trust Company of Canada, Computershare Trust Company of Canada and Montreal Trust Company of Canada) and the remaining 2 respondents (4446372 Canada Inc. and 6932819 Canada Inc.) in the CCAA proceeding: Alfred Apps, Lisa Marcuzzi, Jeff Hergott, Adam Inglis, Howard Carr, Mitchell Thaw, Aubrey Kauffman, Stuart Brotman, Ron Robertson, Robin Roddey, Robert Elliott, Jon Levin, John Campion, Corina Weigl, Amira Abouali, Edward Purdy and Brandon Tigchelaar.

The team for Computershare Trust Company of Canada, the new issuer trustee of Master Asset Vehicle I, Master Asset Vehicle II and Master Asset Vehicle III, the resulting trusts on the implementation of the CCAA Plan: Lisa Marcuzzi, Adam Inglis, Howard Carr, Brian Wright, Mitchell Thaw, Robin Roddey, Robert Elliott, Daniel Fuke, Jon Holmstrom, Daniel Batista and Cynthia Heinz.

The team for the new indenture trustee and collateral agent, BNY Trust Company of Canada, on the implementation of the CCAA Plan: Alfred Apps, Krisztian Toth, Greg Ho Yuen, Lisa Marcuzzi, Jeff Hergott and Amanda Fullerton.

The team for the accounting agent, The Bank of New York Mellon, on the implementation of the CCAA Plan: Lisa Marcuzzi, Bozidar Crnatovic, Krisztian Toth and Greg Ho Yuen.

Teams from Montréal and Toronto represented Desjardins Group, one of the applicants in the CCAA Proceeding. (See "Asset-Backed Commercial Paper market restructuring" Experience item.)