Power Financial Issues Shares in March 2003

Power Financial Corporation issued $250 million of non-cumulative first preferred shares on March 11, 2003. The underwriting syndicate was led by BMO Nesbitt Burns Inc.

Power Financial was represented by in-house counsel Edward Johnson and Jeannine Robitaille, and by Michael Sharp, Eric Moncik, Catherine Stephen and Kym Zelinski of Blake, Cassels & Graydon LLP. Norman Steinberg, Renaud Coulombe, Steve Malas, Luc Boucher and Jean Setlakwe (corporate and securities) and Guy Fortin (tax) of Ogilvy Renault acted for the underwriting syndicate.