Fund Established

Catalyst Fund Limited Partnership I was established in Canada and is an activist distressed investment fund. As of January 2003, the total raised is approximately $300 million and subscriptions will be accepted until the end of March 2003. This capital will provide liquidity for financial institutions with troubled loans as well as restructuring expertise and debtor-in-possession financing.

The fund was represented by Jon Levin, Alan Schwartz, Peter Ascherl and Sean Stevens of Fasken Martineau DuMoulin LLP. In Canada, investors in the fund were represented by Jay Swartz, Claire Kennedy, Ian Crosbie and Elie Roth of Davies Ward Phillips & Vineberg LLP, and in the U.S., by Danforth Townley and Mary Conway of Davis Polk & Wardwell.