NAV CANADA Completes MTN Offering

NAV CANADA completed, on February 11, 2003, its third offering of medium term notes and fifth public debt issue since its acquisition of the Canadian air navigation system in 1996.

Guy David and Riccardo D’Angelo (corporate finance and securities) and Carole Chouinard (tax) of Gowling Lafleur Henderson LLP in Ottawa, acted for NAV CANADA. Also with Gowlings, Pierre Lissoir in Montreal, Brian Mainwaring in Calgary and Brett Kagetsu in Vancouver, assisted in their respective jurisdictions. The dealer syndicate led by RBC Capital Markets Inc., was represented by Mihkel Voore, Maurice Swan and Tasha Anchel of Stikeman Elliott LLP in Toronto.