SPMC SIGNS CVA LEASE FINANCING AGREEMENT

Released on July 5, 1996

Clay Serby, minister responsible for the Saskatchewan Property
Management Corporation, (SPMC), announced today that SPMC has signed a
five-year lease financing agreement with Pacific & Western Leasing
Inc., for the lease of up to 150 basic passenger cars with a purchase
value of about $3 million.

"This contract is the first of its kind in Saskatchewan and the first
government lease-financing arrangement for standard pool vehicles in
Canada," Serby said. "The key benefit is eliminating the initial
capital expenditure in these times of scarce resources. By working
together with Pacific & Western Leasing, SPMC can spread out the cost
of Central Vehicle Agency, (CVA), vehicles as it uses them, with no
added costs to the operating agencies."

Pacific & Western, whose head office is in Saskatoon, was awarded the
lease contract through SPMC's Request-for-Proposal process. They
offered the lowest interest rate along with a flexible lease
arrangement.

"While SPMC continues to purchase CVA vehicles based on standard
requirements and the best price the market has to offer, Pacific &
Western offered the most cost-effective solution to current vehicle
requirements," Serby said.

The total number of vehicles in the CVA fleet is around 4,100, which is
down 500 since 1991.

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For more information, contact:

John Law, Acting President
SPMC
Regina
Phone: (306) 787-6520