DBRS Confirms CoRe Trust at R-1 (high)

Dominion Bond Rating Service (“DBRS”) has confirmed the rating of CoRe Trust (the “Trust”) as indicated above.

The Trust is a multi-seller, multi-asset securitization conduit administered by TD Securities Inc. (“TD”). There are no restrictions concerning asset types but each asset purchase supporting the Notes is subject to the approval of DBRS and TD.

The rating confirmation is based on the following considerations:
(1) High credit enhancement levels are consistent with similarly rated multi-seller, multi-asset securitization programs in Canada;
(2) Liquidity Lines always equal the outstanding commercial paper in the event of market disruption;
(3) All transactions are reviewed by DBRS prior to funding by the program; and
(4) The significant experience of TD in structuring, administering, and managing multi-asset, multi-seller securitization programs.

As of October 31, 2005, the program amount of the Trust was Cdn$1,840 million with assets mainly consisting of residential mortgages (43%), auto loans/leases (28%), and equipment loans/leases (26%).

CoRe Trust is one of five commercial paper conduits administered by TD with aggregate outstanding amounts of Cdn$12,506 million as of October 31, 2005.