Ford Closes Retail Securitization Transaction

On March 3, 2011, Ford Credit Canada Limited (“FCCL”) completed a retail loan securitization transac-tion, receiving proceeds of $0.6 billion. In order to carry out the transaction, Ford Auto Securitization Trust (the “Trust”), a master trust sponsored by FCCL, purchased a pool of retail conditional sale con-tracts from FCCL. The Trust financed the purchase by completing a public offering of six classes of Series 2011-R1 Asset-Backed Notes. The offering was made by a syndicate of underwriters consisting of HSBC Securities (Canada) Inc., Merrill Lynch Canada Inc., RBC Dominion Securities Inc., Scotia Capital Inc., BMO Nesbitt Burns Inc., CIBC World Markets Inc. and TD Securities Inc. and their respective US regis-tered broker-dealer affiliates.

FCCL and the Trust were represented by McCarthy Tétrault LLP and Katten Muchin Rosenman LLP. The McCarthy Tétrault team consisted of Dirk Rueter, Mary Jeanne Phelan, Jo-Anna Brimmer and Tina Benson (corporate and securities) and James Morand and Gabrielle Richards (tax). The Katten Muchin Rosenman team was led by Joseph Topolski.

The underwriters were represented by Osler, Hoskin & Harcourt LLP, with a team that included Rick Fullerton and Jason Comerford (corporate and securities) and Lara Friedlander (tax).