BDC, The CWB And Tricycle Announce The Discontinuance Of Contract Trading, Effective January 1, 2008

(November 2, 2007)– In response to current market challenges, the Investment Committee of Tricycle Asset Management Capital Corporation (“Tricycle”), a member of the Tricycle Asset Management™ family of companies – as managers of the trading program that underlies the Business Development Bank of Canada (“BDC”) Managed Futures Notes (Series N-4 through N-8) and The Canadian Wheat Board (“the CWB”) Managed Futures Notes (Series N-9 through N-12A/B) – has decided, in conjunction with BDC and the CWB, to discontinue the trading of Contracts of its managed futures program, effective January 1, 2008.

The challenging market environment of the past few years – particularly for trend-following Commodity Trading Advisors – has not improved. During this period, Tricycle has reduced its allocation to the trading of Contracts, and initiated other risk management techniques, in order to preserve capital. At this time, however, given the continued difficult conditions for trading, and a pool of capital that no longer permits the operators to run a fully-diversified program, the Investment Committee believes the most prudent course of action is to discontinue the trading of Contracts portion of the program.

Only The Trading Of Contracts Portion Of The Program Will Be Discontinued. Notes will continue to remain outstanding until the applicable maturity date for the particular series, as set out in the Information Statement for the relevant series of Notes.   

Moreover, BDC and Tricycle hereby inform holders of Managed Futures Notes, Series N-4 and N-5 that an additional early redemption date of December 31st has been added to the schedule of early redemption dates. The next early redemption date will therefore occur on December 31, 2007, and semi-annually thereafter until maturity of the Notes. No "early redemption fee" will be payable in connection with any redemption of the Series N-4 Notes and/or Series N-5 Notes on the additional early redemption dates. All other terms applicable to the N-4 and N-5 Notes are unchanged and remain as described in the Information Statement for the applicable Series.

Investors wishing to redeem their Notes on an early redemption date should contact their financial advisor. Written notice of an investor’s decision to redeem Notes on an early redemption date must be received no later than the 15th business day preceding the applicable early redemption date.  For greater certainty, investors wishing to redeem Notes on December 31, 2007 must provide notice to their financial advisor through which they hold their interests before 4 pm EST on December 6, 2007.

For all other series of Notes, the redemption privileges remain as described in the relevant Information Statements. Click here for the redemption schedule.

Investors’ principal for BDC Managed Futures Notes, Series N-4, N-5, N-6, N-7, N-7A and N-8, and guaranteed minimum yield for Series N-5 through N-8, continue to be protected by BDC and therefore guaranteed by the full faith and credit of the Government of Canada, when purchased at issue price and held to maturity. Investors’ principal and guaranteed minimum yield for CWB Managed Futures Notes, Series N-9 through N-12, continue to be protected by the CWB and therefore guaranteed by the full faith and credit of the Government of Canada, when purchased at issue price and held to maturity.¹

Following the Discontinuance of Trading of Contracts, no trailer fees will be paid to members of the selling group.  However, the program will still be incurring expenses as a result of continued operations, such as transfer agency fees, legal, audit and administration costs, among others. Any such expenses will be borne by the assets comprising the program.  In addition, early redemption fees will continue to be paid in accordance with the Information Statements for each series of Notes.

The Net Asset Values (NAVs) for the CWB and BDC Notes will continue to be reported daily on the Tricycle website at 3-wheeler.com and in Canada’s national newspapers.

Tricycle will continue to both service clients and oversee funds invested. This decision reflects our continued efforts to prudently manage assets in a difficult trading environment.