Alberta Capital Finance Authority Issues Notes

On August 20, 2003, Alberta Capital Finance Authority (formerly the Alberta Municipal Financing Corporation), an agent of the province of Alberta, issued $150 million 4.5 per cent notes due August 20, 2010 pursuant to its Euro medium term note programme. The notes are guaranteed by the province. Royal Bank of Canada Europe Limited was lead manager for the offering. The other underwriters included CIBC, London Branch, TD Bank, Bank of Montreal, National Bank Financial Inc., Scotia Capital Inc., Banque et Caisse d’Epargne de l’Etat, Luxembourg, Credit Suisse First Boston (Europe) Limited, Daiwa Securities SMBC Europe Limited, Deutsche Bank AG London, Dexia Banque Internationale à Luxembourg S.A., société anonyme acting under the name Dexia Capital Markets, Fortis Bank NV/SA, ING Belgium SA/NV, KBC Bank NV, Merrill Lynch International and WestLB AG.

Alberta Capital Finance Authority was represented by Donald Svitich, Alberta Department of Justice. The underwriters were represented by Susan Mann of Ogilvy Renault in London, and by Colleen Cebuliak of Fraser Milner Casgrain LLP in Edmonton.