Schooner Trust Completes Fifth Public Offering

Schooner Trust, formerly Solar Trust, completed its fifth public offering of commercial mortgage-backed securities on January 21, 2004. The total issue was approximately $438 million. The pass-through certificates were backed by a diverse pool of 75 commercial mortgages originated by Commercial Mortgage Operations Company of Canada, a wholly owned subsidiary of TD Bank, by Column Canada Financial Corp., a member of the Credit Suisse Group, and by First National Financial Corp. TD Securities Inc. and Credit Suisse First Boston Canada Inc. acted as co-lead managers.

The trust, Column Canada Financial and the selling agents were represented by McCarthy Tétrault LLP, with a team led by Marc MacMullin, William McCullough, Simon Fitzpatrick, Dean Masse, Oliver Hobday, Tara Rosenblatt and Jim Morand (tax). Commercial Mortgage Operations Company of Canada and First National Financial were represented by Fogler, Rubinoff LLP, with a team that included Melvyn Rubinoff, Q.C., Howard Rubinoff, Judith Hong Wilkin and Barry Fillimore.

Lawyer(s)

Simon R. Fitzpatrick Dean C. Masse William D. McCullough Oliver Hobday Marc J. MacMullin Judith Hong Wilkin R. Barry Fillimore Tara R. Rosenblatt James G. Morand Howard D. Rubinoff Melvyn P. Rubinoff

Firm(s)

McCarthy Tétrault LLP Fogler, Rubinoff LLP