DBRS Releases Performance Update for Column Canada 2003-WEM

Dominion Bond Rating Service (“DBRS”) has today released its performance update report for Column Canada Issuer Corporation Multi-Class Pass-Through Certificates, Series 2003-WEM (“Column Canada 2003-WEM”).

The transaction is secured by a first mortgage on a single property, West Edmonton Mall. West Edmonton Mall is a 4.2 million square foot office/retail/entertainment/hotel complex located on the west side of the City of Edmonton. The property is the largest mall in the world, and is considered to be the pre-eminent mall in Edmonton and perhaps in all of western Canada.

The loan has a current balance of Cdn$322.7 million, which based on the original appraised value, equates to a 53.5% loan-to-value compared to 55.6% at issuance. West Edmonton Mall continued to perform well as of year-end 2004 and the nine months year-to-date 2005, with a net operating income debt service coverage ratio at 1.96 times (x) and 2.29x, respectively. West Edmonton Mall has more than ten tenants scheduled to open in 2005, a number of which are opening their first Canadian or western Canadian stores.