Date Closed

August 31, 2005

Lead Office

Montréal

Value

165.50 Million CAD

On August, 31, 2005, N-46 A-B Notes Issuer Inc., a member of CDP Capital – Mortgages and an indirect wholly-owned subsidiary of Caisse de dépôt et placement du Québec (CDP) closed a C$165.5 million Senior / Subordinate Secured Notes (A-B Notes) offering in the Canadian market consisting of pay-through notes. The securitized pool includes 3 large mortgage loans secured by major shopping centers located in the Province of Ontario, all of which were originated by CDP Capital – Mortgages which is the sole contributor to the pool. The C$141 million Class A Notes were rated Aa2 and the C$24.5 million Class B Notes were rated Baa1 by Moody’s.

McCarthy Tétrault advised CDP with a team that was led by Pieere-Denis Leroux.