Access to the investment management expertise of PIMCO - one of the world's pre-eminent bond managers with over US$333 billion in assets under management.

19 of 50 PIMCO funds are 5-star Morningstar rated funds; 33 of 50 PIMCO funds are rated 4-star or higher. Bill Gross, Chief Investment Officer of PIMCO, is Morningstar's only two-time "Fixed Income Manager of the Year" (1998 & 2000). Solid long term performance in the management of high yield (ranked #1 by Lipper) and emerging markets (ranked #1 by Lipper) fixed income securities. Over 4,600 institutional clients including more than 60 of the 100 largest US corporations. Recent Awards: Risk Manager of the Year - Risk Magazine (2001) Award for Investment Excellence - Global Investor (2000 & 2001) Best European Fixed Income Manager - London Financial News (2001)

Attractive tax effective yield target of 7.25% per annum (10.4% pre-tax interest equivalent yield)

The Trust will convert interest income from the Global High Yield Portfolio into capital gains through the use of the forward structure. Majority of each distribution at the outset will be treated as return of capital and fully tax deferred until disposition regardless of its income characterization within the Global High Yield Portfolio. The remainder of each distribution will be capital gains. "Return of Capital" is an income tax characterization. The monthly distributions will be capital gains, with the portion that is tax deferred being referred to as "return of capital". The accumulated returns of capital distributed in the early years will result in significant tax deferral. Capital gains treatment of the 7.25% distributions, excluding the benefits of tax deferral, results in a pre-tax interest equivalent yield of 10.4%.

Exposure to global high yield securities and RRSP eligible as Canadian content

Liquidity through TSX Listing, Annual Redemption and Mandatory Market Purchase Program