CDP Capital closes CMBS offering

Date Closed: 6/19/2003

Value: $559.7 million

N-45° First CMBS Issuer Corporation, a member of CDP Capital - Mortgages and a wholly owned subsidiary of Caisse de dépôt et placement du Québec, closed a $559.7 million ($36.4 million was privately placed) commercial mortgage-backed securities (CMBS) offering in the Canadian market consisting of pay-through bonds. The securitized pool includes 63 mortgage loans secured by 59 different real properties located in the provinces of Quebec, Ontario, Manitoba, Saskatchewan and B.C., all of which were originated and/or renewed by CDP Capital - Mortgages, which is the sole contributor to the pool. The deal closed on June 19, 2003. The underwriting syndicate, led by Scotia Capital Inc. and including Merrill Lynch Canada Inc., National Bank Financial Inc., CIBC World Markets Inc., Desjardins Securities Inc.,

Laurentian Bank Securities Inc. and Canaccord Capital Corporation, was represented by BLG in Montreal with a team led by Rick Shannon (securities), and assisted by Rhonda Friesen and Sophie De Koninck (securities), Pierre Côté (financial services) and Brian Schneiderman and Virginia Chan (taxation).