DBRS Upgrades Oil Sands Split Trust to Pfd-2 (low)

Dominion Bond Rating Service (“DBRS”) has today upgraded the ratings of the Preferred Securities of Oil Sands Split Trust (the “Trust”) to Pfd-2 (low) from Pfd-3. The upgrade is due to the improvement in the net asset value (NAV) of the underlying investment, providing a downside protection of about 81% (as of June 30, 2005) to the holder of the Preferred Shares.

DBRS notes that holders of the Preferred Securities will be entitled to receive fixed, quarterly distributions in an amount that will provide for an annual yield of 8.50%. There is an asset coverage test that does not permit any distributions to the Capital Unit holders if the NAV of the portfolio is less than 1.6 times the outstanding principal amount for the Preferred Securities. The current rating of the Preferred Securities is based primarily on the downside protection and the dividend coverage available to of the holders of the Preferred Securities.

DBRS believes that the main constraint to the rating is the dependence of the Trust on the value and distributions on the underlying Canadian Oil Sands Trust units (“COS”). These could change from time to time, since the COS unit value and ability to make distributions is highly correlated to the price of crude oil.