Nov 1: Vancity to be a publicly rated financial institution

Vancouver, November 1, 2004 – Vancity is the first member-owned credit union in North America to be publicly recognized with an investment grade financial short-term credit rating from Dominion Bond Rating Service (“DBRS”).

Vancity has been given a commercial paper R-1 (low) rating. This rating validates Vancity’s financial sustainability, strengthens its industry position in terms of greater capital markets access and translates its status into an eligible investment grade offering for institutional or corporate investors.

The past few years have been financial record breakers for Vancity with historically high profits and membership growth. The “DBRS” rating will enhance Vancity’s national recognition and presence in the capital markets as a prime quality investment. This will enable Vancity to continue to grow its assets and membership base while competing with major financial institutions. For more information visit www.dbrs.com

Dominion Bond Rating Service (“DBRS”) is a recognized credit rating agency established in 1976. Privately owned and operated without affiliation to any financial institution, DBRS is respected for its independent, third-party evaluations of corporate and government issues, spanning North America, Europe and Asia. DBRS ratings and research provide extensive coverage of capital markets debt and structured finance transactions, portraying a company’s credit profile in an objective manner.

Vancity is Canada’s largest credit union, with $9.3 billion in assets, 305,000 members, and 41 branches throughout Greater Vancouver, the Fraser Valley and Victoria. Vancity was chosen as the best place to work in Canada for 2005 by Maclean’s Magazine as part of its annual Canada’s Top 100 Employers issue. Vancity owns Citizens Bank of Canada, serving members across the country by telephone, ATM, and the Internet. Both Vancity and Citizens Bank are guided by a commitment to corporate social responsibility, and to improve the quality of life in the communities where we live and work.