Newfoundland & Labrador Complete Note Offering

On February 19, 2003, the province of Newfoundland & Labrador completed an offering of $200 million 5.125 per cent notes due December 29, 2010, its first Eurobond since 1993. The Royal Bank of Canada Europe Limited led a syndicate that included CIBC World Markets plc, The Toronto-Dominion Bank, WestLB AG, Bank of Montreal, Commonwealth Bank of Australia, National Bank Financial Inc., Scotia Capital Inc., ABN AMRO Bank N.V., Banque Bruxelles Lambert S.A., Banque et Caisse d’Epargne de l’Etat, Luxembourg, Bayerische Landesbank, Dexia Banque Internationale a Luxembourg societe anonyme, acting under the name of Dexia Capital Markets, Fortis Bank nv-sa, KBC Bank NV and Prudential-Bache International Limited.

Newfoundland & Labrador were represented by Reg Locke, Q.C., province of Newfoundland & Labrador Department of Justice. The underwriters were represented by Peter Noble of Ogilvy Renault in London and Jules Charette (tax) in Montreal, and Philip Sheppard of Philip Sheppard Law Office acted as Newfoundland & Labrador counsel.