Date Closed

October 26, 2005

Lead Office

Toronto

Value

596.00 Million CAD

On October 26, 2005, Real Estate Asset Liquidity Trust, as issuer, and an underwriting syndicate, consisting of RBC Dominion Securities Inc. and Credit Suisse First Boston Canada Inc., closed a $596,229,500 public CMBS securitization transaction. The commercial mortgage pass-through certificates issued by Real Estate Asset Liquidity Trust were backed by a diverse pool of 95 commercial mortgages originated by Royal Bank of Canada, Royal Trust Corporation of Canada, RBC Life Insurance Company and Column Canada Financial Corp. This transaction was the third public securitization for Real Estate Asset Liquidity Trust.

McCarthy Tétrault LLP represented Real Estate Asset Liquidity Trust, Royal Bank of Canada, Royal Trust Corporation of Canada, RBC Life Insurance Company and Column Canada Financial Corp. The team was led by Marc MacMullin.