Davis Polk & Wardwell advised underwriters represented by Credit Suisse Securities (Europe) Limited, HSBC Securities (USA) Inc., Merrill Lynch International and RBC Capital Markets Corporation in connection with the offering of $1 billion aggregate principal amount of 2.625% United States dollar bonds due 2011, issued by Export Development Canada.

During 2008, Davis Polk has advised underwriters in connection with the offering of $4.25 billion in global bonds issued by Export Development Canada, including the $1 billion issued today.

Export Development Canada, a crown corporation of Canada, provides financing, insurance and bonding solutions to Canadian companies that export goods and services or invest in other countries. The bonds carry the full faith and credit of Canada.

The Davis Polk team included partner Alan Dean and associate Jean Weng. Partner Michael Farber and associate Kevin J. Brogan provided tax advice. Gwendolyn P. Ranada was the legal assistant on the transaction. All members of the Davis Polk team are based in the New York office.