NEWS RELEASES

December 17, 2001 (4:30 p.m. EST) No. 165

APPOINTMENTS TO BOARD OF DIRECTORS OF

EXPORT DEVELOPMENT CORPORATION

International Trade Minister Pierre Pettigrew today announced the appointments of Paul Gobeil as Chairman of the Board of Directors of Export Development Corporation (EDC) and of Margriet Zwarts as a Director.

Mr. Gobeil is the Vice-Chairman of the Board of Directors of Metro Inc., Co-Chairman of the Board of Directors of European Aeronautics Defence and Space (EADS) Canada Inc., and Chairman of the Board of Directors of the Université de Sherbrooke. From 1997 to 1998, he served as Co-Chairman of the APEC Business Advisory Council, after serving as President from 1996 to 1997. Previously, he served as Chairman of the Board of Domtar Inc., Hydro-Québec International and Royal Trust. Mr. Gobeil was Quebec Minister of International Affairs from 1988 to 1989 and Chairman of the Quebec Treasury Board from 1985 to 1988. He is a member and fellow of the Ordre des comptables agréés du Québec.

Ms. Zwarts serves as General Counsel and Secretary of the Executive Committee for Telesystem International Wireless Inc. in Montreal. She also directs several of its subsidiaries. From 1989 to 1998, Ms. Zwarts worked as a lawyer for Ogilvy Renault, becoming a partner in 1991. She had previously worked as a lawyer for Martineau Walker, now Fasken Martineau Dumoulin. Ms. Zwarts has written several papers on issues of corporate and commercial law.

Mr. Pettigrew said he was extremely pleased that both Mr. Gobeil and Ms. Zwarts have agreed to serve on the EDC Board of Directors.

"Mr. Gobeil is a man of tremendous ability, energy and sound judgment," the Minister said. "He brings to EDC extensive experience in both the private and public sectors, coupled with a strong background in corporate governance, all of which will serve the Corporation well.

"I am confident that Ms. Zwarts' legal and managerial talents will bring a significant contribution to the Board," Mr. Pettigrew added.

Mr. Gobeil succeeds Patrick Lavelle who has served as Chairman of the Board of Export Development Corporation since January 1, 1998.

"Patrick Lavelle has provided strong and effective leadership to the Board and the Corporation. I am particularly grateful for his clear understanding of the public policy dimension of the Corporation's mandate and for his sound and prudent approach to the management of the financial risks associated with EDC's activities on behalf of exporters," said Minister Pettigrew. "He leaves Export Development Corporation a model of a commercially successful and socially responsible modern Crown corporation."

EDC is a Crown corporation that operates as a commercial financial institution. Since 1944 it has helped Canadian businesses grow and prosper thanks to foreign investment and exports. EDC's trade and finance solutions help Canadian companies compete in over 200 countries, including emerging and high-risk markets.

The appointments are for three years.

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For further information, media representatives may contact:

Sébastien Théberge

Office of the Minister for International Trade

(613) 992-7332

Media Relations Office

Department of Foreign Affairs and International Trade

(613) 995-1874

http://www.dfait-maeci.gc.ca