NEW YORK, January 23, 2009 — The Bank of New York Mellon, through its subsidiary BNY Trust Company of Canada, has been appointed trustee, paying agent and registrar for the C$32 billion restructuring of Canada's non-bank sponsored asset-backed commercial paper market. The complex restructuring, which involves issuing new long-term notes to investors in exchange for their short-term paper, was developed by a group of major banks and investors with the backing of the Canadian government.

In its role, the Bank will service the debt issues and process principal and interest payments for investors. The Bank will also serve as collateral agent and accounting agent on three separate pools of assets, in which the company will monitor collateral, prepare financial statements and assist with reporting requirements.

"The Bank of New York Mellon is uniquely qualified to handle the diverse and complex requirements associated with this restructuring," said Scott Posner, CEO of the company's Global Corporate Trust business. "We have worked closely with the Pan-Canadian Investors Committee to design and prepare a servicing platform that meets the challenging requirements of this transaction and look forward to working with all parties to implement an effective and successful restructuring."

Corporate trust providers are appointed by corporations, municipal governments and other entities issuing debt to perform a variety of duties, including servicing and maintaining the debt issue, processing payments for investors, representing investors in defaults, and providing value-added services for complex debt structures.

The Bank of New York Mellon and BNY Trust Company of Canada provide global trust and agency services to Canadian issuers interested in tapping the global capital markets, as well as any issuer looking to issue in the Canadian domestic capital markets. Overall, The Bank of New York Mellon's corporate trust business services $11.4 trillion in outstanding debt from 56 locations around the world. It services all major debt categories, including corporate and sovereign debt, mortgage-backed and asset-backed securities, collateralized debt obligations, derivative securities and international debt offerings.

The Bank of New York Mellon Corporation is a global financial services company focused on helping clients manage and service their financial assets, operating in 34 countries and serving more than 100 markets. The company is a leading provider of financial services for institutions, corporations and high-net-worth individuals, providing superior asset management and wealth management, asset servicing, issuer services, clearing services and treasury services through a worldwide client-focused team. It has $20.2 trillion in assets under custody and administration and $928 billion in assets under management. Additional information is available at www.bnymellon.com.