Shell Canada Establishes MTN Programme

Shell Canada Limited established a $500 million medium term note programme on December 18, 2001 through a short-form base shelf prospectus filed with all provinces in Canada. Shell Canada completed its first tranche under the programme on February 14, 2002 through the issuance of $250 million principal amount of extendable floating rate notes. On March 22, 2002, Shell Canada completed the second tranche through the issuance of $140 million principal amount of extendable floating rate notes and $105 million principal amount of non-extendable floating rate notes.

Shell Canada was represented by in-house counsel Harold Lemieux and Shannon Cosmescu, and by external counsel Bennett Jones LLP with John Burns, Q.C., John Gulak and Will Osler (corporate and securities) and Phil Backman (banking) in Calgary. Pat Finnerty and Kristie Smith of Blake, Cassels & Graydon LLP represented the dealers, CIBC World Markets Inc., Merrill Lynch Canada Inc., National Bank Financial Inc., RBC Capital Markets Inc., Scotia Capital Inc. and TD Securities Inc.