OPUS TRUST INFORMATION MEMORANDUM. Unlimited Issue * Short Term Asset-Backed Notes

Transcription

1 OPUS TRUST INFORMATION MEMORANDUM Unlimited Issue * Short Term Asset-Backed Notes Distribution Agents: Bank of Montreal CIBC World Markets Inc. Deutsche Bank Securities Limited HSBC Bank Canada National Bank Financial Société Générale Securities Inc. Issuing and Paying Agent: NBCN Clearing Inc. Rated by Dominion Bond Rating Service Limited: R1 (High), R1 (Middle), R1 (Low) Administrative Agent: Newshore Financial Services Inc. This Information Memorandum is not, and under no circumstances is to be construed as, an offering of these Notes for sale in the United States of America or any of the territories or possessions thereof. This Information Memorandum does not in any way oblige Opus Trust to accept an offer to purchase Notes described herein. January 2, 2006 * Subject, however, to the limitations and conditions set forth in the Trust Indenture (described herein).

2 OPUS TRUST Short Term Asset-Backed Notes Information Memorandum Summary Opus Trust ( OPUS or the Trust ) has been established for the purpose of purchasing or otherwise acquiring, holding, servicing, collecting, enforcing and disposing of eligible Asset Interests and, for that purpose, funding such activities wholly or partially with borrowed funds, including through the issuance of notes (the Notes ) from time to time. The Trust will acquire eligible Asset Interests from time to time. Asset Interests include, among other things, ownership interests in, or in portfolios of, trade and other receivables, leases or other property, loans, advances, notes, bonds, credit-linked securities or other financial accommodations made or granted by the Trust, securities and other property specified in any supplemental indenture. Issuer Description of Notes The Trust has been established under the laws of the Province of Ontario by a declaration of trust dated as of April 6, 2005 (the Declaration of Trust ). The trustee of the Trust is BNY Trust Company of Canada (the Trustee ). The Trust is expected to issue Notes from time to time and the assets of the Trust are expected to change as Asset Interests are acquired by the Trust and as Asset Interests owned by the Trust are collected, paid, realized upon or sold by the Trust. The aggregate principal amount of Notes which may be issued by the Trust is unlimited, but Notes may be issued only upon and subject to the limitations and conditions set forth in the Trust Indenture and in any related Supplements. The Trust is permitted under the trust indenture to create and issue medium-term promissory notes and subordinated notes from time to time (which together with the Short-Term Notes are hereinafter referred to as the Notes ). The Trust will provide for the issue of at least two Series of shortterm notes, the Series A Notes (which will benefit from the protection of the liquidity agreements (the Series A Notes ) and the Series E Notes (which are not entitled to benefit from liquidity protection but are extendible in the event of a market disruption upon the terms described in the trust indenture hereinafter described) (the Series E Notes ). Series A Notes rank equally and carry the same rating without preference in respect of claims against Asset Interests designated in the Trust Indenture and the Series A Supplement to stand as security for Series A Notes, and the Series E Notes rank equally and carry the same rating without preference in respect of claims against the Asset Interests designated in the Trust Indenture and the Series E Supplement to stand as security for the Series E Notes, all as described below under Security and Limited

3 Recourse. Short Term Notes to be issued may be in bearer or registered form and may be issued at a discount to mature at their principal amount or may be interest bearing. The Short Term Notes will be issued in integrals of $1,000, subject to a minimum principal amount of $50,000. The Notes may be in Canadian dollar or U.S. dollar denominations only. The Series A Notes will have a maturity of up to 365 days (as of the date of issuance) and the Series E Notes will have a maturity date of up to 182 days (as of the date of issuance) subject to the extension option hereafter described as applicable to the Series E Notes. The rates applicable to the Short Term Notes are available on request. Extendible Feature The maturity of any or all of the Short Term Notes issued as extendible notes (the Extendible Notes ) may be extended for one or more extension periods at the option of the Trust, upon the Trust providing, upon each such extension, verbal notice to the Note Trustee no later than 10:30 a.m. (Toronto time) on the maturity date of such Extendible Notes (followed by written confirmation of same) upon the occurrence of a Market Disruption Event and confirming that there has occurred no adverse event that would result in the relevant Rating Agency reducing or withdrawing its current rating on such Extendible Notes. Each such extension shall be for a period equal to the original term of such Extendible Notes, provided that their final maturity, as so extended, shall not exceed 365 days following their issuance date. During such extension period, interest on such Extendible Notes shall accrue from day to day, compound monthly, be calculated at the annual rate of 1-month CDOR plus a spread as approved by the relevant Rating Agency and shall be paid, together with the face amount thereof, on their final maturity date. In the case of Short Term Notes rated R-1 (high): 1.00% over CDOR, in the case of Short Term Notes rated R-1 (middle): 1.10% over CDOR, and in the case of Short Term Notes rated R-1 (low): 1.20% over CDOR. During any extension period, the Issuer may, at its option, redeem Extendible Notes which have been extended upon giving 2 business days notice to the Note Trustee, and upon depositing for payment an amount equal to the principal amount thereof plus accrued interest up to the redemption date specified on the aforesaid notice. Issuance and Payments Trust Indenture NBCN Clearing Inc. (the IPA Agent ) has been appointed as issuing and paying agent for the Notes. Notes will be issued for same day delivery at designated offices in of the IPA Agent as specified in the related Supplement against payment by certified cheque or bank draft. At maturity, payment will be made by the Trust at such offices of the IPA Agent. The Trust has entered into a trust indenture (the Trust Indenture ) with The Canada Trust Company (the Note Trustee ), as trustee for the benefit of, among others, the holders of Notes issued by the Trust from time to time. The Trust may issue different Series and, -2-

4 within a Series, different Types of Notes and other indebtedness. Security and Limited Recourse Under the Trust Indenture, each Series of Notes will be secured by the Asset Interests and related Permitted Investments and rights and assets (the Series Secured Property ) specifically identified in the Supplement executed in connection with the acquisition thereof. Under the Trust Indenture, the liability of the Trust to make payments on any Series of Notes, and recourse by the Note Trustee and holders of such Series of Notes, is limited to collections produced by the Series Secured Property that have been so identified. Holders of a Series of Notes will not be entitled to receive payment from, and will not be entitled to recourse against Series Secured Property that has been allocated by the terms of the Trust Indenture and the Supplements as security for the Notes of any other Series issued by the Trust. Under the Trust Indenture, the Note Trustee may hold a security interest in specified Asset Interests on behalf of credit enhancers, liquidity providers, counterparties to permitted hedging transactions and other specified creditors to secure their respective rights. Administrative Agent The Trust has engaged Newshore Financial Services Inc. (a Newshore Capital Group company), having offices at 130 Adelaide th Street West, 30 Floor, Toronto, Ontario, to act as its administrative agent (the Administrative Agent ) to administer its activities in connection with the acquisition and management of the Asset Interests and the Trust s funding requirements, pursuant to an administration agreement dated as of April 6, 2005 between the Trust and the Administrative Agent. Eligibility of Asset Interests Administration of Asset Interests Required Rating Net Asset Value Asset Interests acquired by the Trust must be approved by the relevant Rating Agency. The Administrative Agent shall exercise the same degree of care in approving Asset Interests for acquisition as it would if it were acting for its own account. The Administrative Agent will conduct a qualitative and quantitative analytical review of the Asset Interests that may be acquired by the Trust to assess, among other things, credit and other risks associated with such Asset Interests. The Administrative Agent will, on an ongoing basis, monitor the performance of the portfolios of Asset Interests acquired by the Trust. In most instances, the Trust will retain a third-party servicer that will typically be the originator of the Asset Interests, subject to the right of the Trust to substitute a replacement servicer if the thirdparty, as servicer, fails to fulfill its obligations as servicer under the relevant agreement. Notes issued by the Trust to acquire Asset Interests will have ratings conferred by the relevant Rating Agencies. In addition, such acquisitions cannot result in the reduction or withdrawal of a rating issued by the relevant Rating Agency on such Notes. One of the principal conditions which must be satisfied prior to the issuance by the Trust of any Notes is that immediately after such issuance, the aggregate issue price of all Notes then outstanding together with any interest accrued thereon will not exceed the aggregate amount of (A) the book value of all Asset Interests as at -3-

5 such date plus any interest accrued thereon as the case may be plus (B) the fair market value of all Permitted Investments as at such date. Credit Enhancement Credit Enhancement for the Asset Interests and the Notes issued by the Trust may be provided through, among other things, reserves, cash collateral accounts, deferred payment arrangements, insurance policies, letters of credit, surety bonds and other similar arrangements in order to ensure that the Notes to be issued to fund the acquisition will receive the required rating from the Rating Agency. Typically, any specific Credit Enhancement will be arranged at the time a portfolio of Asset Interests is acquired by the Trust from a third-party. Any Credit Enhancement obtained will relate only to the Asset Interests then acquired and will not be available to cover delinquencies related to other portfolios of Asset Interests. NEITHER THE ADMINISTRATIVE AGENT, THE TRUSTEE, THE NOTE TRUSTEE, ANY BENEFICIARY OF THE TRUST, ANY ORIGINATOR, NOR ANY OF THEIR RESPECTIVE AFFILIATES OR RELATED PARTIES WILL GUARANTEE OR OTHERWISE ASSURE PAYMENT OF NOTES ISSUED BY THE TRUST, NOR WILL ANY SUCH PERSONS COMPENSATE THE TRUST OR HOLDERS OF NOTES IF THE TRUST REALIZES ANY LOSSES ON ITS PORTFOLIOS OF ASSET INTERESTS. Eligibility for Investment As outlined and qualified in the opinion of Ogilvy Renault, counsel to the Trust, which opinion forms part of this Information Memorandum, the Notes are eligible as at April 6, 2005 as investments under the following statutes: Bank Act (Canada) Insurance Companies Act (Canada) Trust and Loan Companies Act (Canada) Pension Benefits Standards Act, 1985 (Canada) Cooperative Credit Associations Act (Canada) Loan and Trust Corporations Act (Ontario) Pension Benefits Act (Ontario) Insurance Act (Ontario) An Act respecting insurance (Quebec) (for an insurer (as defined therein) constituted under the laws of the Province of Quebec, other than a guarantee fund) An Act respecting trust companies and saving companies (Quebec) (for a trust company (as defined therein) investing its own funds and deposits it receives and a savings company (as defined therein) investing its own funds) Supplemental Pension Plans Act (Quebec) (for a plan governed thereby) Loan and Investment Societies Act (Quebec) (for an institution, legal person or loan and investment society (as defined therein) holding a valid licence obtained thereunder) The contents of this Information Memorandum are not a certificate or representation provided by any party other than the Trust. -4-

6 The Short Term Notes offered hereby are offered only to persons who are permitted to purchase pursuant to registration and prospectus exemptions under the applicable securities act. The Notes are being offered in all provinces in Canada without the benefit of a prospectus, in reliance upon exemptions pursuant to the securities legislation in those provinces. Accordingly, the Notes offered hereby are subject to resale restrictions which vary depending upon the province in which the Notes are acquired. Generally, the Notes may be resold only pursuant to an exemption from the prospectus and registration requirements of applicable provincial securities legislation, and pursuant to an exemption order granted by appropriate regulatory authorities or after the expiry of a holding period following the date upon which the Trust becomes a reporting issuer under applicable securities legislation. The Trust is not now a reporting issuer and has no intention of becoming a reporting issuer, thereby limiting the ability of the purchasers to resell the Short Term Notes. In addition, purchasers reselling Short Term Notes purchased in this offering have reporting and other obligations. The foregoing is a brief general explanation of the restrictions on the resale of Short Term Notes acquired pursuant to this offering. It is not intended to be exhaustive and is not intended to be legal advice to any purchaser of Short Term Notes. Purchasers of Short Term Notes should seek legal advice as to the resale restrictions applicable to them. -5-

7 DEFINITIONS 1-month CDOR means, on any day, the annual rate which is the arithmetic average (rounded upwards, if necessary, to the nearest 0.01%) of the BA 1 month rates applicable to Canadian dollar bankers acceptances displayed and identified as such on the Reuters Screen CDOR Page (as defined in the International Swap and Derivatives Association, Inc. definitions, as modified and amended from time to time) as at approximately 10:00 a.m. on such day, or if such day is not a business day then on the immediately preceding business day (as adjusted after 10:00 a.m. to reflect any error in a posted rate of interest or in the posted average annual rate of interest), provided, however, if such rates do not appear on the Reuters Screen CDOR Page as contemplated, then the 1-month CDOR on any day shall be the average of the 30-day discount rates applicable to Canadian dollar bankers acceptances quoted by Bank of Montreal, Canadian Imperial Bank of Commerce, Royal Bank of Canada, The Toronto-Dominion Bank and The Bank of Nova Scotia as of approximately 10:00 a.m. on such day, or if such day is not a business day, then on the immediately preceding business day; Asset Interests means whole or undivided interests in, or interests in any assets approved by the related Rating Agencies from time to time including, without limitation, pools of, (i) trade and other receivables, leases or other property purchased or otherwise acquired; (ii) contracts evidencing or giving rise to rights described in (i) which are purchased or otherwise acquired; (iii) securities collateralized by or securities evidencing interests (whether undivided or otherwise) in, rights described in (i) which are purchased or otherwise acquired; (iv) loans or other obligations secured by rights described above (together with such security) and unsecured loans or other obligations extended by or in favour of, the Trust; (v) notes, financial instruments, securities, government obligations, other financial assets (including without limitation notes, bonds, loans, collateralized bond obligations, collateralized loan obligations, collateralized debt obligations, asset backed securities or other investments), and further includes, without limitation, all security, guarantees and insurance of or held by any Person pertaining to the assets of, or other rights against, such Person or any other Person which the Trust has purchased or otherwise acquired in connection with any of the foregoing and all other property specified in a related Supplement as constituting related Asset Interests. Market Disruption Event means the occurrence of an event pursuant to which the Trust is prevented from funding the repayment of Short Term Notes with the proceeds of a new issue of Short Term Notes notwithstanding the fact that the Trust has offered new Short Term Notes having a one-month term at a spread of 1.00% over 1- month CDOR, in the case of Short Term Notes rated R-1 (high); 1.10% over 1-month CDOR, in the case of Short Term Notes rated R-1 (middle); and 1.20% over 1-month CDOR, in the case of Short -6-

8 Term Notes rated R-1 (low).; Notes means the Senior Short Term Notes, the senior medium term notes, the Subordinated Short Term Notes and the subordinated medium term notes, each of which is a Type of Note. Permitted Investments means (i) cash, (ii) demand deposits, (iii) instruments or securities in bearer or registered form which evidence obligations issued or fully guaranteed by one of the Governments of Canada, Australia, New Zealand or any other government (in the latter case where such other government obligations have a rating at least equal to that of the Government of Canada and subject to appropriate hedging, as approved by the related Rating Agency, in the case of any instruments or securities denominated in a currency other than the Canadian dollar), (iv) instruments or securities in bearer or registered form which evidence obligations issued or fully guaranteed by a Canadian provincial governments having a short term debt rating from a Rating Agency not lower than the rating of the related Notes, (v) deposits and securities pledged as margin in connection with hedging transactions or program agreements or (vi) any other deposits, securities or investments permitted from time to time by the related Rating Agencies. Rating Agencies means any one of DBRS, Moody s Investor Services, Standard & Poor s Ratings Service, FITCH IBCA or any other rating agency as the Trust may from time to time designate to the Note Trustee, and their respective successors and assigns. Securitization Agreement means an agreement entered into between the Trust, and one or more Persons in connection with a programme structured by or on behalf of the Trust to provide one or more advances, loans or payments to one or more of such Persons in connection with the purchase, other acquisition, creation, sale or other disposition of Asset Interests or transaction with respect thereof. Series means one or more Types of Notes designated as a series of Notes issued pursuant to this Indenture and any related Supplement. Senior Short Term Notes means the asset-backed notes (other than Subordinated Short Term Notes) having a term of 365 days or less from time to time issued pursuant to this Indenture and any related Supplement. Short Term Notes means the Senior Short Term Notes and the Subordinated Short Term Notes. Subordinated Short Term Notes means the subordinated asset-backed notes having a term of 365 days or less from time to time issued pursuant to this Indenture and any Related Supplement. Supplement means a supplement to the Trust Indenture executed in connection with the issuance of such Notes. -7-

9 DIRECT DIAL: (514) April 6, 2005 OPUS TRUST c/o Newshore Financial Services Inc. 95 King Street East Suite 500 Toronto, Ontario M5C 1G4 Dear Sirs: RE: OPUS Trust We have acted as counsel to OPUS Trust (the "Trust") in connection with the preparation and execution of the following: (a) (b) (c) a declaration of trust dated as of April 6, 2005 ("Declaration of Trust") made by BNY Trust Company of Canada (in its capacity as trustee of the Trust, the "Issuer Trustee"), providing for the establishment of the Trust; a trust indenture dated as of April 6, 2005 (the "Trust Indenture") between the Trust, acting by the Issuer Trustee, and The Canada Trust Company (the "Note Trustee") providing for the issue and sale by the Trust of asset-backed notes (the "Notes"). The Notes are more particularly described in the information memorandum of the Trust dated April 6, 2005 (the "Information Memorandum") and as updated from time to time; and an administration agreement dated as of April 6, 2005 (the "Administration Agreement") between Newshore Financial Services Inc., as administrative agent (the "Administrative Agent") and the Issuer Trustee. (The Declaration of Trust, the Trust Indenture and the Administration Agreement are herein collectively referred to as the "Documents"). All initial capitalized terms used and not otherwise defined herein shall have the respective meanings ascribed to them in the Trust Indenture. We have examined executed copies of the Documents. We have also examined such statutes and regulations, public records, corporate records, certificates of government officials, and such other similar documents, and have made such further investigations and searches and considered such questions of law as we have considered relevant and necessary as a basis for the opinions hereinafter expressed. -8-

10 For the purposes of the opinions expressed herein, we have assumed: (i) the genuineness of all signatures of all parties; (ii) the authenticity of all documents submitted to us as originals, the conformity to originals of all documents submitted to us as certified or photostatic copies or facsimiles thereof and the authenticity of the originals of such certified or photostatic copies or facsimiles; (iii) the accuracy, currency and completeness of the information and advice provided to us by appropriate government, regulatory or other like officials with respect to those matters referred to herein; (iv) that each of the parties to each of the Documents (other than the Trust) is a subsisting corporation under the laws of its jurisdiction of incorporation; (v) that each of the parties to each of the Documents (other than the Trust) has all necessary power, authority and capacity to own its property and assets and to carry on its business as it is now being carried on by it, has all necessary power and authority to execute and deliver each of the Documents to which it is party and perform its obligations thereunder, has taken all necessary action to authorize the execution and delivery of each of the Documents to which it is party and the performance of its obligations thereunder and has duly executed and delivered the Documents to which it is a party; and (vi) that each of the Documents is a legal, valid and binding obligation of each of the parties thereto, enforceable against each party thereto (other than the Trust) in accordance with its terms. We are qualified to render opinions as to the laws of the Provinces of Ontario and Quebec and the federal laws of Canada applicable therein, and no opinions are expressed as to the laws of any other jurisdiction. Based upon and subject to the foregoing and the assumptions and qualifications expressed herein, we are of the opinion that, on the date hereof: 1. The Trust has been established and subsists as a valid trust under the laws of the Province of Ontario. 2. The Issuer Trustee has all necessary power and capacity under the Declaration of Trust to hold title to the property of the Trust, to carry on the activities of the Trust in accordance with the Declaration of Trust, to execute and deliver each of the Documents to which it is a party and to perform its obligations thereunder. 3. Each of the Documents to which the Issuer Trustee is a party constitutes a legal, valid and binding obligation of the Issuer Trustee, enforceable against the Issuer Trustee in accordance with its terms. 4. Each Note in the specimen forms included in the Information Memorandum when duly executed either manually or by mechanically reproduced facsimile signature of any one of the officers of the Issuer Trustee, and when certified by the manual countersignature of the issuing agent for such purpose, and delivered for value, will be a legal, valid and binding obligation of the Trust, enforceable against the Trust in accordance with its terms. 5. The form of the Information Memorandum and the forms of the Notes, included in the Information Memorandum and being in bilingual form, do not contravene the provisions of the Charter of the French Language of the Province of Québec, and the French language text of the Information Memorandum and the Notes are in all material respects reasonable and proper translations of the respective English language text thereof. -9-

11 6. The Trust Indenture creates, under the laws of the Province of Ontario, to and in favour of the Note Trustee, a valid security interest on the rights, title and interest of the Trust in the assets described therein, to the extent that the laws of the Province of Ontario apply thereto. A financing statement in respect of the Trust Indenture has been filed at the register maintained pursuant to the Personal Property Security Act (Ontario) ("PPSA"). 7. The Trust may, under the Securities Act (Ontario), either directly or through agents, without registration by the Trust and without filing any prospectus or other document, offer and sell the Notes: (a) (b) to the public other than individuals in the Province of Ontario; and to individuals in the Province of Ontario, provided that the denomination or principal amount of each Note purchased by each individual is not less than $50,000; provided that any such agent is a person registered in an appropriate category under Ontario securities law (as such term is defined in the Securities Act (Ontario)) or is a financial intermediary as such term is defined in Ontario securities law. 8. The Trust may, under Securities Act (Québec), either directly or through agents, without registration by the Trust and without filing any prospectus or other document, offer and sell the Notes: (a) (b) to the public other than individuals in the Province of Québec, provided that such agent is a registered dealer or other authorized person under the Securities Act (Québec) and provided that the information memorandum related thereto and any other disclosure document delivered to purchasers are filed without delay with the Agence nationale d'encadrement du secteur financier (also known as the "Autorité des marchés financiers"); and to individuals in the Province of Québec, provided that any such agent is a registered dealer or other authorized person under the Securities Act (Québec) and provided that (i) the Notes distributed to offerees or purchasers who are natural persons resident in the Province of Québec must be for a sum of at least $50,000 and (ii) the information memorandum related thereto and any other document delivered to purchasers are filed without delay with the Agence nationale d'encadrement du secteur financier (also known as the "Autorité des marchés financiers"). 9. The provisions of the Bank Act (Canada) and the regulations thereunder would not, subject to the prudent investment standards contained therein and the investment provisions thereof, preclude the assets of the banks subject to such Act from being invested in the Notes. -10-

12 10. The Notes are investments in which an association which is governed by the Cooperative Credit Associations Act (Canada) and the regulations thereunder may invest, subject to the investment provisions thereof and the obligation of the directors of the association to establish, and the obligation on the association to adhere to, investment and lending policies, standards and procedures that a reasonable and prudent person would apply in respect of a portfolio of investments and loans to avoid undue risk of loss and obtain a reasonable return. 11. The provisions of the Insurance Companies Act (Canada) would not, subject to the investment provisions thereof and the obligation of the directors of a company (as that term is defined in such Act) to establish, and such company to adhere to, investment and lending policies, standards and procedures that a reasonable and prudent person would apply in respect of a portfolio of investments and loans to avoid undue risk of loss and obtain a reasonable return, preclude the assets of such company, other than assets of a segregated fund maintained pursuant thereto, from being invested in the Notes. 12. The provisions of the Trust and Loan Companies Act (Canada) would not, subject to the investment provisions thereof and the obligation of the directors of a company (as that term is defined in such Act) to establish, and such company to adhere to, investment and lending policies, standards and procedures that a reasonable and prudent person would apply in respect of a portfolio of investments and loans to avoid undue risk of loss and obtain a reasonable return, preclude the assets of such company, other than money or other assets held in trust but including guaranteed trust money and assets held in respect thereof, from being invested in the Notes. 13. The provisions of the Pension Benefits Standards Act, 1985 (Canada) and the regulations thereunder would not, subject to compliance with the prudent investment standards contained therein and the general investment provisions thereof and the permitted investment and quantitative limit provisions set forth in the regulations, preclude the funds of a pension plan registered under such Act from being invested in the Notes. 14. The provisions of the Loan and Trust Corporations Act (Ontario) and the regulations thereunder would not, subject to compliance with the prudent investment provisions contained therein, preclude the funds received as deposits under section 155 of such Act by loan corporations and trust corporations registered under such Act from being invested in the Notes, provided that any such corporation has established written procedures to ensure that prudent investment standards are applied by the corporation in making investment decisions and in managing the total investments of the corporation in accordance with the provisions of such Act and regulations and that these written procedures and any changes thereto have been approved by the board of directors of the corporation and reviewed at least twice a year by the corporation's investment committee and that a copy of these written procedures and changes have been filed with the Superintendent along with the resolution of the board of directors approving such procedures. -11-

13 15. The provisions of the Pension Benefits Act (Ontario) and the regulation thereunder would not, subject to compliance with the prudent investment standards contained therein and the general investment provisions thereof, preclude the funds of a pension plan regulated under such Act from being invested in the Notes, provided that a statement of investment policies and procedures for such plan has been established in accordance with section 78 of the regulation under such Act that meets the requirements of the federal investment regulations (as defined in the regulation under such Act) and the Notes are within a category of investment specifically permitted by such statement. 16. The provisions of the Insurance Act (Ontario) and the regulations thereunder, subject to compliance with all general investment provisions and all limitations and restrictions contained therein, would not preclude the funds of an insurer regulated under that Act from being invested in the Notes. 17. Subject to the general limitations and restrictions as set forth in the Acts and Regulations referred to below as to the amount of funds which may be invested in any one investment or type or class of investment and applicable general investment provisions and quantitative and other restrictions found in such legislation and based upon and subject to the foregoing, the Notes are, at the date hereof, investments: (a) (b) (c) in which the provisions of An Act respecting insurance (Québec), would not preclude an insurer (as defined in such Act), incorporated under the laws of the Province of Québec (other than a guarantee fund, as defined in such Act) from investing, subject to compliance with the prudent investment management practices set out therein and provided that such investment is in conformity with the insurer s investment policy established pursuant to such Act; in which the provisions of An Act respecting trust companies and savings companies (Québec), would not preclude a trust company or savings company, in each case as defined under such Act (other than a trust company with respect to funds (except deposits) which it administers for other persons, unless otherwise provided in the instrument creating the administration), from making subject to compliance with the prudent investment standards contained in such Act applicable to a Québec company (as defined in such Act), including the adoption and adherence to an investment policy approved by its board of directors; and in which the provisions of the Supplemental Pension Plans Act (Québec) and the Regulations thereunder would not, subject to compliance with the prudent investment standards and prohibited loans contained therein, preclude the assets of a pension plan governed thereby, and in respect of which a written investment policy conforming to such Act has been adopted, from being invested, provided, however, that where a written investment policy as prescribed by such Act has been established and adopted by the pension committee of such pension plan, such investment, if selected by the pension committee of such plan or a delegatee thereof, is made in conformity with a category or sub-category of investments specifically permitted in the investment policy for such plan applicable at the date of original issue of the Notes; and -12-

14 (d) in which the provisions of the Loan and Investment Societies Act (Québec) would not preclude an institution, legal person or loan and investment society (as defined therein) holding a valid licence obtained thereunder from investing. The opinions expressed herein are subject to the following qualifications: (a) the enforceability of any Document and the rights and remedies set out therein or any judgment arising out of or in connection therewith may be limited by applicable bankruptcy, insolvency, winding-up, reorganization, arrangement, moratorium or other laws affecting creditors' rights generally; (b) the effectiveness of terms exculpating a party from any liability or duty otherwise owed by it to another may be limited by law; (c) the awarding of costs is in the discretion of a court of competent jurisdiction; (d) any provision in any Document which purports to sever from such Document any provision therein which is prohibited or unenforceable under applicable law without affecting the validity of the remainder of such Document would be enforced only to the extent that the court determined that such prohibited or unenforceable provision could be severed without impairing the interpretation and application of the remainder of such Document; (e) we express no opinion with respect to the right, title or interest of any Person to any property, right or interest purported to be owned or held by any party; (f) no opinion is expressed as to the rank or priority of any security interest that may be created by the Trust Indenture; (g) the provisions of the Documents which entitle the Note Trustee to accelerate the indebtedness of the Trust following the occurrence of an "Event of Default" may be limited by the provisions of Section 66 of the PPSA which permit the debtor or other interested persons to defeat the exercise of a creditor's PPSA rights by tendering fulfilment of all obligations secured by the collateral together with a sum equal to the reasonable expenses incurred by the secured party; (h) no opinion is expressed as to any security interest created by the Trust Indenture with respect to any asset of the Trust that is transformed in such a way that it is not identifiable or traceable or any proceeds of such assets that are not identifiable or traceable; (i) no opinion is expressed as to the creation, validity, perfection or enforceability of any security interest created by the Trust Indenture on (i) any debt owing to the Trust by the Crown in Right of Canada or any agent thereof unless the provisions of the Financial Administration Act (Canada) are complied with or (ii) any assets to the extent the security agreements with respect thereto are governed by the provisions of any Act of the Parliament of Canada including, without limitation, any vessel registered under the Canada Shipping Act and any patents, trademarks or other intellectual property; (j) no opinion is expressed as to the creation, validity, perfection or enforceability of any security interest created by the Trust Indenture on any asset of the Trust which by its terms or by its nature or by any contractual terms is not assignable or is assignable only upon the fulfilment of certain requirements; -13-

15 (k) the provisions of the Documents with respect to the payment of "interest" (as defined in Section 347 of the Criminal Code (Canada)) are enforceable only to the extent the effective annual rate of interest is lawfully permitted by that section; and (l) Canadian law requires judgments rendered by Canadian courts to be expressed in the currency of Canada. This opinion letter is provided solely for the benefit of the addressee hereof and each purchaser of the Notes described in the Information Memorandum, and may not be relied upon by or disclosed to anyone else, without our prior written consent. Yours very truly, Ogilvy Renault -14-

16 -15-

17 FIDUCIE OPUS NOTE D'INFORMATION Émission d'un nombre illimité * Billets à court terme adossés à des actifs Agents de placement : Banque de Montréal Banque HSBC Canada Deutsche Bank Valeurs Mobilières Limitée Financière Banque Nationale Marchés Mondiaux CIBC Inc. Société Générale Valeurs Mobilières Inc. Agent émetteur et payeur : NBCN Clearing Inc. Cote établie par le Dominion Bond Rating Service Limited : R1 (élevé), R1 (milieu), R1 (bas) Agent administratif : Newshore Financial Services Inc. La présente note d'information ne constitue pas, et ne doit en aucune circonstance être interprétée comme constituant, une offre de vente de ces billets aux États-Unis d Amérique ou dans l'un de ses territoires ou possessions. La présente note d'information n oblige nullement Fiducie OPUS à accepter une offre de souscrire les billets décrits aux présentes. Le 2 janvier 2006 Sous réserve toutefois des restrictions et conditions établies dans l acte de fiducie (défini aux présentes). -16-

18 FIDUCIE OPUS Billets à court terme adossés à des actifs Circulaire Sommaire Fiducie OPUS («OPUS» ou la «fiducie») a été établie dans le but d acheter ou autrement acquérir, détenir, gérer, recouvrer, réaliser ou aliéner des intérêts admissibles dans des actifs et, à cette fin, de financer ces activités en tout ou en partie par des fonds empruntés, y compris au moyen de l'émission de temps à autre de billets (les «billets»). La fiducie procédera à l'acquisition des intérêts admissibles dans des actifs de temps à autre. Les intérêts dans des actifs incluent, entre autres, des participations dans, ou dans des portefeuilles qui sont composés de, des comptes clients et autres créances, des baux ou d'autres biens, des prêts, avances, billets, obligations, titres liés au crédit ou autres effets financiers consentis ou accordés par la fiducie, de titres et autres biens mentionnés dans tout acte de fiducie supplémentaire. Émetteur Description des billets La fiducie a été constituée en vertu des lois de la province d Ontario par une déclaration de fiducie en date de 6 avril 2005 (la «déclaration de fiducie»). Le fiduciaire de la fiducie est BNY Trust Company of Canada (le «fiduciaire»). La fiducie devrait émettre, de temps à autre, des billets et les actifs de la fiducie devraient changer au fur et à mesure que des intérêts dans des actifs seront acquis par la fiducie et que les intérêts dans des actifs détenus par la fiducie sont recouvrés, payés, réalisés ou vendus par la fiducie. Le montant total en capital des billets pouvant être émis par la fiducie est illimité, mais les billets ne pourront être émis que sous réserve des restrictions et conditions énoncées dans l acte de fiducie et tout supplément pertinent. La fiducie a la latitude aux termes de l acte de fiducie de créer et d émettre de temps à autre des billets à ordre à moyen terme et des billets subordonnés (qui, avec les billets à court terme sont appelés ci-après les «billets»). La fiducie procédera à l émission d au moins deux séries de billets à court terme, soit les billets série A (qui bénéficieront de la protection de conventions de liquidité) (les «billets série A») et les billets série E (qui bénéficient pas de la protection en matière de liquidité mais dont l échéance pourrait être prolongée en cas de perturbation des marchés selon les modalités énoncées dans l acte de fiducie ci-après défini) (les «billets série E»). Les billets série A sont de rang égal et portent la même cote sans priorité en ce qui a trait aux réclamations à l'endroit des intérêts dans les actifs désignés dans l acte de fiducie et le supplément série A à titre de garantie des billets série A, et les billets série E sont de rang égal et portent la même cote sans priorité en ce qui a trait aux réclamations à l'endroit des intérêts dans les actifs désignés dans l acte de fiducie et le supplément série E à titre de garantie des billets série E, le tout, comme il est décrit ci-dessous à la rubrique «Sûreté et recours limités». -17-

19 Les billets à court terme pourront être émis au porteur ou sous forme nominative et pourront être émis à escompte pour venir à échéance à leur montant en capital ou porter intérêt. Les billets à court terme seront émis en multiples intégraux de $, sous réserve d un montant en capital minimum de $. Les billets peuvent être émis en dollars canadiens ou en dollars américains uniquement. Les billets série A viendront à échéance dans un délai d'au plus 365 jours (à compter de leur date d émission) et les billets série E viendront à échéance dans un délai d'au plus 182 jours (à compter de leur date d émission) sous réserve de l'option de prolongation applicable aux billets série E et prévue ci-après. Les taux s appliquant aux billets à court terme sont disponibles sur demande. Report de l échéance Émission et paiements Acte de fiducie Sûreté et recours limités L échéance de tout billet à court terme émis sous forme de billet pouvant être prolongé (les «billets pouvant être prolongés») peut être prolongés pour une ou plusieurs périodes de prolongation, au gré de la fiducie, en cas de perturbation des marchés, sous réserve d un avis verbal donné par la fiducie au fiduciaire désigné au plus tard à 10h30 (heure de Toronto) le jour de l échéance de ces billets pouvant être prolongés (suivi par un avis écrit) confirmant qu il ne s est produit aucun événement adverse qui ferait en sorte que l agence d'évaluation du crédit réduirait ou retirerait la cote qu'elle a alors attribuée à ces billets pouvant être prolongés. Toute telle prolongation devra porter sur une période égale à l échéance initiale de ces billets pouvant être prolongés, sous réserve que leur échéance finale ainsi reportée ne dépasse pas 365 jours après leur date d émission. Au cours de la période de prolongation, l intérêt sur ces billets pouvant être prolongés continuera de s accumuler de jour en jour, sera composé mensuellement et sera calculé au taux annuel de CDOR sur un mois plus un écart approuvé par l agence d'évaluation du crédit pertinente, et il sera payé, en plus de la valeur nominale, à la date d échéance finale. Dans le cas de billets à court terme côtés R-1 (élevé): 1,00% au-dessus du taux CDOR; dans le cas de billets à court terme côtés R-1 (milieu): 1,10% au-dessus du taux CDOR; et, dans le cas de billets à court terme côtés R-1 (bas): 1,20% au-dessus du taux CDOR. Au cours de la période de prolongation, la fiducie pourra, à son gré, racheter les billets pouvant être prolongés dont la durée a été prolongée sur préavis de deux jours ouvrables au fiduciaire désigné et sur dépôt d un paiement égal au montant du capital de ces billets plus l intérêt accumulé jusqu à la date du rachat précisée dans ledit avis. NBCN Clearing Inc. (l «agent») a été nommé agent émetteur et payeur pour les billets. Les billets seront émis pour livraison le jour même aux bureaux désignés de l agent tel que précisé dans le supplément pertinent et sur réception du paiement par chèque visé ou traite bancaire. À l échéance des billets, la fiducie versera le paiement à ces mêmes bureaux de l agent. La fiducie a conclu un acte de fiducie (l «acte de fiducie») avec The Canada Trust Company (le «fiduciaire désigné»), comme fiduciaire au bénéfice, entre autres, des détenteurs de billets émis de temps à autre par la fiducie. La fiducie pourra émettre différentes séries et, à l'intérieur d une même séries, différentes catégories de billets et autres titres d'endettement. Aux termes de l acte de fiducie, chaque série de billets sera garantie par les intérêts dans les actifs, les investissements permis associés et droits et actifs -18-

20 (les «biens garantissant la série») spécifiquement identifiés dans le supplément conclu relativement à leur acquisition. Aux termes de l acte de fiducie, l obligation de la fiducie d'effectuer des paiements à l'égard d'une série de billets, et le recours dont disposent le fiduciaire désigné et les détenteurs d'une telle série de billets se limitent aux recouvrements générés par les biens garantissant les séries qui ont été identifiées comme telles. Les détenteurs d une série de billets n auront pas le droit de recevoir de paiement ni n'auront droit de se prévaloir d'aucun recours à l égard de tout bien garantissant les séries attribué, conformément aux modalités de l'acte de fiducie ou de tout supplément, comme sûreté à l'égard des billets d'une autre série émise par la fiducie. Aux termes de l acte de fiducie, le fiduciaire désigné pourra détenir une sûreté dans des intérêts dans les actifs identifiés pour le compte de rehausseurs de crédit, de fournisseurs de liquidités, de contreparties aux opérations de couverture permises et autres créanciers identifiés afin de garantir leurs droits respectifs. Agent administratif La fiducie a retenu les services de Newshore Financial Services Inc. (une société du Groupe Newshore Capital), dont les bureaux sont situés au 130, Adelaide Street West, suite 3000, à Toronto, Ontario, afin que celle-ci agisse à titre d agent administratif (l «agent administratif») pour administrer les activités reliées à l acquisition et à la gestion des intérêts dans les actifs et les besoins financiers de la fiducie, aux termes d une entente portant sur l administration intervenue le 6 avril 2005entre la fiducie et l agent administratif. Admissibilité des intérêts dans les actifs L agence d'évaluation du crédit appropriée devra approuver les intérêts dans les actifs acquis par la fiducie. L agent administratif devra exercer le même soin dans l approbation pour l'acquisition des intérêts dans les actifs que s il agissait pour son propre compte. L agent administratif effectuera une étude analytique qualitative et quantitative des intérêts dans les actifs pouvant être acquis par la fiducie afin d évaluer, entre autres, le crédit et les autres risques associés à ces intérêts dans les actifs. Administration des intérêts dans les actifs L agent administratif surveillera de façon continue le rendement des portefeuilles d intérêts dans les actifs acquis par la fiducie. Dans la plupart des cas, la fiducie retiendra les services d un gestionnaire indépendant qui sera habituellement l initiateur des intérêts dans les actifs, sous réserve du droit de la fiducie de remplacer ce gestionnaire si celui-ci, en tant que gestionnaire, omet de s'acquitter de ses obligations aux termes de la convention pertinente. Cote requise Valeur nette des actifs Les billets émis par la fiducie dans le but d acquérir des intérêts dans les actifs recevront des cotes attribuées par l agence d'évaluation du crédit appropriée. En outre, ces acquisitions ne pourront se traduire par une diminution ou un retrait de la cote attribuée à ces billets par l agence d'évaluation du crédit appropriée. L une des principales conditions devant être satisfaites préalablement à l émission par la fiducie de tout billet est que, immédiatement après cette émission, la somme des prix d émission de tous les billets en circulation, ajouté à l intérêt couru sur ceux-ci, ne dépassera pas ;la somme de A) la valeur aux -19-

21 livres de tous les intérêts dans les actifs à cette date plus tout intérêt couru sur ceux-ci le cas échéant, plus B) la juste valeur marchande de tous les investissements permis à cette date. Rehaussement de crédit Un rehaussement de crédit à l'égard des intérêts dans les actifs et les billets émis par la fiducie peut être établi au moyen, entre autres, de réserves, de comptes de caisse garantis, d'ententes de paiement différé, de polices d assurance, de lettres de crédit, de cautionnements et d'autres arrangements similaires afin d'assurer que les billets devant être émis pour financer l acquisition recevront la cote requise de l agence d'évaluation du crédit. Généralement, tout rehaussement de crédit spécifique sera disponible lors de l'acquisition par la fiducie auprès d un tiers d'un portefeuille d intérêts dans des actifs. Tout rehaussement de crédit obtenu sera relié uniquement aux intérêts dans les actifs alors acquis et ne pourra servir à couvrir des défaillances liées à d autres portefeuilles d intérêts dans des actifs. NI L AGENT ADMINISTRATIF, NI LE FIDUCIAIRE, NI LE FIDUCIAIRE DÉSIGNÉ, NI TOUT BÉNÉFICIAIRE DE LA FIDUCIE, NI TOUT INITIATEUR, NI AUCUNE PERSONNE MEMBRE DE LEUR GROUPE RESPECTIF NI AUCUNE PERSONNE RELIÉE NE GARANTIRA NI AUTREMENT N'ASSURERA LE PAIEMENT DES BILLETS ÉMIS PAR LA FIDUCIE, ET AUCUNE DE CES PERSONNES NE SERA TENUE D'INDEMNISER LA FIDUCIE OU LES DÉTENTEURS DE BILLETS SI LA FIDUCIE SUBIT UNE PERTE À L'ÉGARD DE SES PORTEFEUILLES D INTÉRÊTS DANS LES ACTIFS. Admissibilité aux fins de placement Tel qu il est indiqué dans l avis juridique de Ogilvy Renault, conseillers juridiques de la fiducie, et sous réserve de cet avis, lequel fait partie de la présente note d'information, les billets constituent des placements admissibles en vertu des lois suivantes en date du 6 avril 2005: Loi sur les banques (Canada) Loi sur les sociétés d assurances (Canada) Loi sur les sociétés de fiducie et de prêt (Canada) Loi de 1985 sur les normes de prestation de pension (Canada) Loi sur les associations coopératives de crédit (Canada) Loi sur les sociétés de prêt et de fiducie (Ontario) Loi sur les régimes de retraite (Ontario) Loi sur les assurances (Ontario) Loi sur les assurances (Québec) (pour un assureur (tel que ce terme est défini dans cette loi) autres qu'un fonds de garantie) Loi sur les sociétés de fiducie et les sociétés d épargne (Québec) (pour une société de fiducie (tel que ce terme est défini dans cette loi) investissant ses propres fonds et les dépôts qu elle reçoit, et une société d épargne (telle que ce terme est défini dans cette loi) investissant ses propres fonds) Loi sur les régimes complémentaires de retraite (Québec) (pour un régime régi par cette loi) Loi des sociétés de prêts et de placement (Québec) (pour une institution, une personne morale ou une société de prêts et de placement (tel que défini dans cette loi) titulaire d'un permis valide obtenu en vertu de cette loi) -20-