NEWS RELEASES

February 11, 2000 (12:40 p.m. EST) No. 24

PETTIGREW WELCOMES NATIONAL BANK OF CANADA'S INVESTMENT IN NORTHSTAR

International Trade Minister Pierre S. Pettigrew welcomed today's announcement in Montreal by the National Bank of Canada of a substantial equity investment in

Northstar Trade Finance Inc.

Northstar is a partnership between the public and private sector that supports the export financing needs of Canadian small and medium-sized businesses.

"Today's investment is an excellent model for how Canadian banks can help small and medium-sized firms compete in global markets," said Minister Pettigrew. "For me, the biggest winners in Northstar's success will be Canada's smaller exporters who will have expanded access to export financing through the Northstar team."

Northstar Trade Finance Inc. was formed in 1994 as a partnership of public- and private-sector organizations, including the federal government, to provide medium-term financing to foreign buyers, to support export transactions in the $100 000 to $5 million range. This market niche is critical to the success of smaller Canadian companies in world markets. Since its inception, Northstar has already facilitated more than $320 million of Canadian exports, mostly in the emerging markets of Asia and Latin America.

Northstar is based in Vancouver and has regional offices in Calgary, Montreal and Toronto. The National Bank of Canada, based in Montreal, has been most active in Quebec, thus increasing Northstar's reach in that province.

"Quebec has a very rich and unparalleled range of financial institutions to count

on to help small businesses meet their financial needs. The National Bank of

Canada has recognized this, and has now given this approach a national

scope," said Mr. Pettigrew.

Northstar combines the efforts of four Canadian commercial banks and governments in Canada to contribute to the success of Canadian companies worldwide.

In addition to the National Bank of Canada, other Northstar shareholders are the Bank of Montreal, the Royal Bank of Canada, the HSBC Bank of Canada and the Government of British Columbia.

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For further information, media representatives may contact:

Sylvie Bussières

Office of the Minister for International Trade

(613) 992-7332

Media Relations Office

Department of Foreign Affairs and International Trade

(613) 995-1874