Interim Distribution - March 2005

On March 10, 2005, PricewaterhouseCoopers Inc. obtained a Court Order for a release of funds for distribution to the Eron lenders in the following project:

570 Dunsmuir

Payments on 570 Dunsmuir will be released in CDN dollars, and the mailing of cheques took place on March 15, 2005. Total funds distributed were $1,990,574.41 CDN.

Upon completion of this distribution, the above project's lenders will have received 70% of their expected recovery from that project.

All calculations used for distribution are subject to change upon further direction from the Court.




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