Asset-Backed Commercial Paper (ABCP)

As at May 31, 2008, total outstanding ABCP in Canada totaled CAD 66 billion – approximately 25% of the Canadian short-term debt market, including government and non-government paper. (Source: DBRS Limited)

As at June 30, 2008, Canadian conduits administered by our team included:

Term Asset-Backed Securities (ABS)

BMO Capital Markets pioneered the Canadian term ABS market in 1991, and since then we have been instrumental in its ongoing evolution. We have structured securitizations involving such diverse asset classes as:

Retail and wholesale auto loans Credit card receivables Computer leases Equipment leases Conventional residential mortgages Mutual fund fees Personal lines of credit

Our firm is widely recognized as the leading source of expertise on Canadian ABS, having been credited with the introduction of key ABS technology, including the now standard concurrent lease and co-ownership technologies, and the companion class structure. In addition to these structural innovations, we completed a number of industry firsts:

The world's first mutual fund fee securitization Canada's first ABS transaction to incorporate subordinated notes Canada's first public term securitization of wholesale auto receivables Canada's first public retail auto ABS issuance to incorporate a revolving origination period Canada's first public term securitization of agricultural and construction floorplan receivables

NHA Mortgage-Backed Securities (NHA MBS)

NHA MBS are securities that are backed by NHA-insured mortgages. With a timely payment guarantee from Canada Mortgage and Housing Corporation ("CMHC") and fully backed by the Government of Canada, NHA MBS are comparable in quality to Government of Canada bonds.

The MBS market is widely recognized as a cost-effective alternative source of financing for mortgage originators.

As part of our premier services to issuers and investors, we offer:

New-issue distribution Trade execution Market discovery Trading software Market insights

Structured Finance Research

Investors and issuers need consistent, timely, and accurate information. As a market leader in securitization, we are committed to providing the most comprehensive research available on the Canadian ABS, ABCP, and MBS markets. This research is available to registered users through our Online Securitization Resources site.

Our monthly flagship securitization publication, entitled Asset-Backed Update, reports on new trends, issues, and emerging topics in the Canadian and international ABS/ABCP/MBS markets, and is a must-read for participants. It also includes:

Detailed reporting on each of our administered ABCP conduits Comprehensive statistics, analysis, and commentaries from throughout the organization