Leadership Montréal = Leadership Montréal, 1 mars 2001, Anglais

am~s.Z3 5 Published by the Board of Trade of Metropolitan Montreal March 2001 Volume 4 number 2 EDITORIAL Disturbing budget rumours in Quebec page Agenda Every information and networking activities INDEX dossier - continued 10 Forum THE SECURITIES INDUSTRY IN MONTREAL, KINGDOM OF BULLS OR BEARS?By Charles-Olivier Duranceau inally, the long-winded saga of the restructuring of Canadian stock exchanges climaxed in 1999 with the monopoly on derivatives going to Montreal, while day traders bred more like rabbits than bulls or bears, the market suffered a major correction and the electronic U.S.Nasdaq Exchange opened its doors in Montreal.These events conjured together to spark renewed interest in an industry which at first glance looks much more sedate than telecommunications, multi-media or biopharm in terms of its contribution to Montreal's economic stature.It does not have to be that way.In fact, Montreal's securities industry is very much alive, accounting for some A bull is an investor who expects prices to rise and, on this assumption, purchases a security or commodity in hopes of reselling it later for a profit.A bullish market is one in which prices are generally expected to rise.i i activities 6, 11, 14, 17-19 partners 5, 6, 8 Continued on page 3 ip* Dossier AEROSPACE INDUSTRY: HIGH-CALIBRE PLAYERS IN MONTREAL! (fjlS mkm SUMMARY FOR APRIL 2001 FORUM Professional training: TECHNOLOGY, COMPUTER SCIENCE, ETC.Leadership Montréal will get an update from .experts J Take advantage of this forum to promote your services.Contact Sylvie Paquette at 871-4000, | extension 4015 PI By Francoy Roberge etween 1999 and 2001, the aerospace industry in Metropolitan Montreal will have created 6,200 jobs, representing an 8% annual increase in employment.According to industry forecasts, the total number of jobs will reach 47,800, accounting for over 14% of manufacturing jobs in Metropolitan Montreal.In 1999, Pratt & Whitney, the world leader in its field, trimmed its R&D budget, but only for a brief period since this year it plans to once again spend over $400 Just a few months ago, Pratt &¦ Whitney Canada produced its 50,000th engine: it is undoubtedly used in one of the business aircraft, helicopters or small craft flying somewhere in the world.-ICWtinuedonpagelO—jj^.Hydro Québec MERCK FROSST Discovering today far a better tomorrow.BAINK FINANCIAL GROUP ntinental DISTRIBUTION' ' -4- _____________ .set»** - ¦¦ 23 .l 1 Leadership Montréal - March 2001 V Certaines conditions s'appliquent.Là où la technologie le permet.« Avec mon Internet Haute Vitesse, je fais gagner du temps à mon entreprise.» Marie-Louise Bélanger, contrôleur, Toitures Léon inc.« Le domaine de la construction est très réglementé.Avec l’accès Internet Haute Vitesse de Bell, je peux trouver rapidement toutes les lois pertinentes dont j’ai besoin.Je trouve également mes sous-traitants, mes matériaux et une foule de renseignements en un tournemain.Je fais gagner du temps à mon entreprise tout en la rendant beaucoup plus productive.Un des avantages avec la Haute Vitesse, c’est de pouvoir être branché en permanence contrairement à l’accès Internet de base.Personnellement, je ne peux plus vivre sans mon accès Internet Haute Vitesse de Bell.Ça fait de moi une bien meilleure employée.» Pour un temps limité, obtenez l'accès Internet Haute Vitesse d'affaires de Bell au prix de l'accès Internet de base les deux premiers mois.Pour plus de détails, composez le 1 800 567-8065 www.bell.ca/HV 2 Published by: Chambre de commerce du Montréal métropolitain Board of Trade of Metropolitan Montreal 5 Place Ville Marie Plaza level, suite 12500 Montreal, Quebec H3B 4Y2 Tel.: (514) 871-4000 Fax: (514) 871-1255 Web site: www.btmm.qc.ca E-mail: info@ccmm.qc.ca President Normand Legault Editor-in-chief Françoy Roberge Managing editor Madeleine Murdock Collaborators Charles-Olivier Duranceau Françoy Roberge Production and advertising assistant Sylvie Paquette Advertising Johanne Gagné Muriel Mireur Design and production Communication SRVA international inc.Printer Imprimeries Transcontinental inc./ Division Transmag Subscription fee $25 (9 issues) + taxes ISSN 1480-4638 Legal deposit National Library of Québec National Library of Canada Continued from page 1 The securities industry.8,000 jobs and net profits of $1.9 billion in 1999, in addition to having a significant influence on economic growth, due to its role as a financial intermediary.The future of Montreal's brokerage and securities industry is well worth a closer look." Industry Profile & Marie-Claire Hélie, vice-president and financial advisor with National Bank Financial.Technological change has impacted the securities industry in the form of discount brokers, Web sites and day trading.But Marie-Claire Hélie, Vice-President and Financial Advisor with National Bank Financial expresses no concern.Her contacts with her clients and her own money management strategy allow her to look at these developments as a spectator."We use computerized tools to assist our analytical process, but we basically have a value-oriented approach that focuses on client preferences.For example, it becomes more important to achieve a healthy degree of diversification than choosing a specific stock," says Ms.Hélie.In other words, technological change has an impact on the way savings are managed, but fundamental principles are here to stay, both in the client relationships and in the management strategies - and this mitigates the technological influence.There's one problem, however: rising transaction volumes and bursts of big profits all but hide a starker reality: in all segments of the industry, profit margins are being squeezed.This is due to a strengthening of the competition in both the retail and the institutional sides of the industry, itself a direct consequence of technological and financial innovation.Mr.L.Jacques Ménard, the Chairman of the Investment Dealers Association of Canada will be a guest speaker at the Board of Trade of Metropolitan Montreal, where he is scheduled to give a lecture on March 12 on the subject of the issues facing Montreal's securities industry.His W L.Jacques Ménard, president.Bank of Montreal Group of Companies and chairman of the Investment.Dealers Association of Canada.analysis is a positive one."The industry is in good shape and the past year was a year of growth, according to the preliminary data.The recent stock market correction was related to high volatility in a number of market sectors.Its impact was limited to the initial public offerings (IPOs) of technological companies, and the brokerage industry as such has not been hurt," explains Mr.Ménard.In fact, increased activity in the brokerage industry is in part a conse- Qontinued on page 5 «« CULTURAL INDUSTRIES COMMITTEE "CULTURAL KICKS” CONTEST ¦JPPi — ws with cr Montreal gro Iture g®! Éi2||f^ s& Si Did you know that.Montreal is crowing with culture?In Metropolitan Montreal, the cultural sector generates a GDP of $4.7 billion.* This figure is as high as the transportation GDP for Quebec as a whole and almost three times higher than its agriculture GDP.* Source: Economic impact of cultural activities of the five regions of Metropolitan Montreal and Montreal Island.1998 data.The Cultural Industries Committee of the Board of Trade of Metropolitan Montreal is launching its Cultural Kicks contest for the second consecutive year.Using the postcard in this issue of Leadership Montréal, tell us about your favourite Cultural Kick in 2000.it could be a movie, a book, a major work, a television program or a show that really affected you, swept you away or made you stop and think.You could win a weekend for two at the Le Germain Hotel, a prize valued at $2,300, as well as theatre tickets, packages and gift certificates offered by the following participating cultural organizations: ¦ Archambault ¦ Développement Germain des prés m Festival de théâtre des Amériques ts' ranscontinental ¦ Festival international des films sur l'art ¦ Montreal International Jazz Festival ¦ Festival international de nouvelle danse ¦ Festival International Nuits d'Afrique de Montréal ¦ Ulysse Travel Guides ¦ La Tranchefile- Economusée de la reliure ¦ Les FrancoFolies de Montréal ¦ Les Grands Ballets canadiens de Montréal ¦ Montreal Museum of Fine Arts ¦ Metropolitan Orchestra ¦ Montreal Symphony Orchestra ¦ Société des directeurs des musées montréalais ¦ Théâtre du Nouveau Monde The drawing will take place at the Perspectives Breakfast on April 26, 2001.¦ Montreal, Laval, Trois-Rivières, Quebec City, Chicoutimi: Office space for rent from 300 ft2 to 36,000 ft2 1 800 463-5261 INDUSTRIAL ALLIANCE S INSURANCE AND FINANCIAL SERVICES ® Industrial-Alliance Life Insurance Company 3 Leadership Montreal - March 2001 Leadership Montreal - March 2001 Disturbing budget rumours in Quebec he beginning of 2001 has been marked by incessant rumours about the provincial education and health budgets.It would seem that the Education Ministry is contemplating substantial budget cuts, which by extension, would see the performance contracts signed with several universities cancelled.In the health sector, there was talk of cutting $500 million from a budget already mostly allocated, and which aimed to fulfill the Quebec government's promise to re-inject funds, especially into hospitals and CLSCs.Logically, the Board of Trade of Metropolitan Montreal would not want to see the government increase its expenses by 7% rather than the acceptable 2% or 3%.However, given that health and education services are critically important in our society and vital to the international competitiveness of Metropolitan Montreal—the driving force of the Quebec economy—we are compelled to consider these already promised reinvestments as desirable and even necessary expenses.The Quebec government in a FINANCIAL YOKE As we all know, the Quebec government is constantly in a financial squeeze.Responsible for the two most strategic and costly services to the population—education and health—it earmarks 75% of its budget each year to education, health and servicing the debt.In addition, some of its other missions are relatively costly and difficult to streamline, such as transportation, road network and police services.Moreover, its budget surplus is relatively small compared to that of the federal government, and it has adopted the necessary program to reduce the tax burden.We can therefore understand why the government has little latitude.Recent commitments and accurate FORECASTS Notwithstanding, based on apparently conservative forecasts, this government clearly undertook three specific tasks: to reduce taxes, reinvest in health and reinvest in education, the last two, areas where it had made draconian cuts in its bid to fight the deficit.Transfer payments for these areas had also dwindled in the 1990s for the same reasons.Quebec remains one of the Canadian provinces with the lowest per capita investment in education and health.The Quebec government can always claim that its doctors cost the government less than their counterparts in other provinces or that its university professors are less financially demanding than their American counterparts— a situation that threatens recruitment and retention—the fact remains that the government invests less than some of the Maritime provinces, which are even less wealthy than Quebec.The reinvestments promised last year were aimed primarily at bringing our universities, education networks and hospitals "up to snuff" by eliminating their deficits, rebalancing their budgets and providing them with new equipment.The Board of Trade of Metropolitan Montreal believes that these reinvestments are indispensable.In the case of universities, for example, we were very pleased that these reinvestments were tied to performance contracts, which were generally well received.Although government leaders have assured us they would meet their financial commitments in education, the prevailing situation makes us apprehensive about the next budget.For Metropolitan Montreal, for its universities that have such difficulty recruiting high-quality professors, the rumours of the past few weeks raise troubling questions about the City's competitive ability.We would also do well to carefully examine the credits and budget that will be presented in Quebec in the next few weeks.Normand Legault President THE BOARD OF TRADE'S POSITION RE-USE OF THE BUILDINGS CURRENTLY HOUSING THE MCGILLL UNIVERSITY HEALTH CENTER On January 16, the Board of Trade presented a brief to the ad hoc consultative committee on the re-use of the buildings currently housing the McGill University Health Center.This initiative was taken in response to the project to group healthcare activities in a single location.The Board of Trade views Montreal's urban configuration and architectural inventory as highly valuable assets of prime importance to enhance the Metropolis' competitive edge.This position of the Board has been the driving force of its involvement—on several occasions—in matters and issues pertaining to the harmony and cohesiveness of Montreal's urban environment.The Board of Trade had the support of its own public affairs committees such as the Health committee, Urban développement and Housing committee as well as the Municipal Taxation committee who have contributed to this submission.The Board of Trade will limit the scope of its comments on the issues surrounding the re-use of the buildings currently housing the McGill University Health Center (MUHC), without entering the debate on technical considerations, which are best left to the expertise of promoters or professional organizations.In the eyes of the Board of Trade, the true issue at stake is that the leading health care institutions of the Metropolitan Region have the means and power to uphold their traditions and reputation for excellence on a national and international scale and the capacity to provide the population with high-quality services; that the city becomes richer with the quality of its heritage buildings and landmarks while preserving their outstanding features, as in the case of the Mont Royal Park, and enhancing them.Summary of recommendations 1.Further to studies undertaken and released by the MUHC, the Board of Trade believes that the majority of buildings to become vacant further to the construction of a modern hospital housing the MUHC's institutions should be recycled as residential, institutional or mixed-use facilities, as this is more compatible with the type of construction housing traditional hospitals whose mission as accommodation facilities used to be a significant consideration.The availability of some 3 million sq.ft.of recycled space coming to the market would be easily absorbed by both the residential and the commercial markets, especially in view of the location within or directly adjacent to the Mont Royal Park.2.The Board of Trade believes that the conversion of buildings, especially those of the Royal Victoria complex and of the General Hospital is a step taken toward the beautification of the Mont Royal Park.It also improves access to the park, especially where the Royal Victoria buildings are concerned, as they are for all purpose already part of that park.3.The Board of Trade considers it is highly desirable to sub-divide the locations and parcel them according to logical boundaries, in order to pave the way for a number of superior projects to be taken up by various promoters.4.The Board of Trade believes it is the responsibility of the MUHC, with the participation of McGill University and other partners having recognized expertise in planning, urban environment, architecture, real estate development and project management, to set up a redevelopment plan backed up by an architectural program, that would become the disciplined framework to be used in implementing renovation and re-use projects.This developmental framework should include the main features of a quality-control process designed to ensure all projects are in full harmony with their surroundings.The MUHC should work in close co-operation with the City of Montreal in designing its plans, while remaining the undisputed project driver.5.The Board of Trade is in favour of a development plan comprised of a succession of projects and phases.The recycling of the buildings currently housing the MUHC is a large-scale project whose importance is of such a magnitude that any shortcut, any architectural or environmental compromise, dictated by financial reasons, must be avoided at all costs.For that purpose, the MUHC should perhaps plan to retain control of certain facilities, including at least the Royal Victoria complex, until projects arrive at a stage where one can rest assured the renovation process is actually of the highest quality.This solution also has tax benefits that may give rise to compensation by promoters.Conclusion The Board of Trade believes that the officers of the McGill University Health Center and its attendant institutions have succeeded in carrying out this project transparently and that holding public hearings on the reuse of existing building was justified.¦ Continued from page 3 L-m MONTREAL, LOGISTICS AND E-COMMERCE ontreal TechnoVision's "Smart City" project in 2000 was intended to mobilize the community to identify initiatives that will allow Montreal to leverage the dissemination of information highway applications.One of these initiatives identified by the e-commerce round table is intended to position Montreal as an e-com-merce logistics hub.Why undertake such a project?Industry situation B2C (business-to-consumers) e-commerce is growing exponentially, while B2B (business-to-business) applications are growing at an even faster pace.One of the major problems e-tailers and manufacturers must resolve relates to order fulfillment.The issues are both physical (warehousing, transportation, distribution) and virtual (software, applications, virtual stories, etc.): ¦ The ability to optimize distribution processes for many small shipments consisting of different articles that must be delivered in a short period of time; m The ability of the vendor to fulfill delivery conditions; price, delivery schedule, and brand management; « Importance of customer service and convergence with call centres; ¦ Automation of the production chain.Still relatively small, the e-commerce logistics industry is expected to grow more than 50% per year, to some $125 billion by 2004.Montreal's strengths Metropolitan Montreal already has many assets in favour of implementing and developing enterprises operating in the fields of logistics and e-com-merce.1.Recently completed work by Montreal International shows that Montreal has important assets (costs, complete spectrum of services, security, etc.) in the fields of multi-modal logistics, primarily for large quantities (more than one container) and for European clients interested in shipping their merchandise to North America.Montreal International is currently working to develop this niche and tap into this clientele.2.In its 1999-2000 budget speech, the Quebec government set up the Montreal Foreign Trade Zone at Mirabel to support the economic development of Metropolitan Montreal by enhancing Mirabel's airport infrastructure in order to attract enterprises in the fields of aeronautics, light manufacturing and logistics.3.Montreal also has major assets in the field of call centers such as low cost and qualified multi-lingual manpower.For the past several years, Vision Québec has drawn many call centres Montréal TechnoVision inc.to Montreal and helped them set up their operations.4.On May 11, the Quebec government announced the creation of E-Commerce Place to solidify Montreal's positioning as an IT hub.Enterprises who locate in E-Commerce Place will benefit from substantial tax benefits.Can Montreal rely on all these assets to position itself in the field of e-com-merce-related logistics?Phase one of the project: Demonstrate Montreal's specific assets and define a marketing STRATEGY In light of these existing assets, Montréal TechnoVision's partners have requested that a steering committee be set up, comprising the main stakeholders in the industry and the public sector to carry out a strategic study with the following objectives: 1.To understand the workings of e-commerce-related logistics with a view to evaluating and positioning the Montreal area: • Demonstrate how e-commerce changes traditional logistics activities; ¦ Analyze the various chains in e-com-merce logistics; ¦ Identify the location factors in the various links of the chain and how location-related decisions are made by relying on the experience of sites elsewhere that have succeeded in attracting this type of activity; m Identify the factors affecting the choice of location for Internet-related logistics activities in North America and the reason behind the choice; ¦ Evaluate Montreal's strengths and weaknesses in light of these factors.2.To formulate specific recommendations with respect to Montreal's positioning in e-commerce logistics: R Position Montreal as a point attraction for some of these segments (identify which segments to target); ¦ Improve Montreal's assets; • Optimize the advantages of creating a logistics hub in light of the Foreign Trade Zone at Mirabel and E-Commerce Place; • Develop operational strategies to enhance the selected positioning.The project, funded by a major contribution from the Quebec Finance Ministry, is being supervised by a steering committee chaired by Brian Edwards, president of BCE Emergis.The strategic study should be completed by March and make it possible to identify development strategies that will allow our region to leverage its assets and expertise in IT and logistics.Making Montreal an e-commerce-related logistics hub could become one of the challenges of the next few years.¦ The SECURITIES INDUSTRY.quence of economic growth, the outstanding performances in a number of areas, and the economic prosperity of the past few years.But at the same time, a number of elements have been at play to modify the very nature of investing.For instance, the aging baby boomers who are getting closer to retirement age and, therefore, become more interested in saving and investing.Still according to Mr.Ménard, technological innovations had a tremendous cost-cutting impact as they lowered transaction costs while increasing the capacity to make transactions.Also, information sources have multiplied, and this has changed the client relationships.Brokers will have to expand their role beyond selling and specialize as providers of financial solutions that actually add value.At the same time, the younger generation is intrigued by the possibilities offered by discount brokerage and on-line information available on the Internet.These on-line investors, who are more educated, have a different attitude to risk and they do not see the stock market as something for the affluent to indulge in.Many are reassured by the fact that they can make small transactions in a very private manner.Also, the possibility of making one's decisions completely ¦¦111 independently proves to be a powerfully stimulating experience.Stock trading is becoming more democratic and this is a positive development because the younger generation develops a keener awareness of savings and financial matters.While Ms.Hélie concurs, because she was herself made aware of the concepts of savings and investing at a young age, she points out that in general, people are still not very knowledgeable where investing is concerned."Due to the new avenues opened by technology and the flow of information, people have more information at their fingertips.But that does not mean they are better educated," said Ms.Hélie.Therefore, one of the next challenges the securities industry and stockbrokers will face is to explain more esoteric techniques such as risk/performance arbitrage and diversification concepts.Mr.Germain Carrière, CEO of National Bank Financial, believes that as mutual funds companies such as GE Capital and Canagex open offices in Montreal, this is the sign the industry is being revitalized.Economic recovery and an increase in available capital constitute major factors, but it must be said that specialty funds that focus on lead- — —j continued on page 7—§*.CONSEIL EN PLACEMENT Assurez ia protection et ii croissance de votre patrimoine Marie-Claire Hélie B.Pharm.Vice-Présidente Conseillère en placement Pierre-Jean Hélie B.A.A.LL.B Conseiller en placement \ A l’écoute de nos clients Service personnalisé Planification de la retraite Stratégies Fiscales 1160, avenue Laurier ouest, bureau 1, Outremont financière BANQUE NATIONALE 514 276-8723 marie-claire.helie®fbn.ca pierre-jean.helie®fbn.ca Membre FCPE 5 Leadership Montréal March 7 Leadership Montréal - March 2001 "CAPITALIZING ON INTERNATIONAL TRADE AGREEMENTS” * WT€ Montreal ados a workshop m ihtirnational trade This workshop which will be held on March 16, from 8:30 a.m.to noon, in the Board of Trade premises, deals with the strategic and practical advantages that companies can gain from international trade mechanisms and rules.While numerous, these advantages all too often escape the attention of enterprises active on the international scene.The rules and mechanisms of the WTO and NAFTA and other trade agreements make it easier to export and invest in foreign markets and offer a stable framework on which informed companies can base a long-term strategy for commercial and industrial development, as well as financing.For example, an SME exporting products and services to a member country of the World Trade Organization (WTO) can benefit from access conditions and non-discriminato-ry treatment as well as protection of its intellectual property rights.Exports to non-WTO countries do not enjoy such conditions.As for enterprises that export to countries with which Canada has signed free trade agreements, they benefit from preferred access conditions and treatment of their goods, services and investments, as well as the free movement of people.For example, they do not have to pay customs duties on goods that comply with the rules of origin and are exported to the United States and, following a provisional period, to Mexico, Chile, Israel and eventually member countries of the European Free Trade Association (EFTA), Costa Rica, Singapore and the Americas.As well, they can access public markets and services of other member countries and see their investments protected.By relying on these agreements and mechanisms, enterprises can optimize their chances of success abroad.For example, they can determine the geographical location of their suppliers to benefit from preferential duty rates.They can expect to receive prompt replies to authorization requests and receive non-discriminatory treatment.Much information can be obtained thanks to the application of international trade agreements.As well, dispute resolution mechanisms guarantee the agreements will be respected.Facilitated by Bernard Colas, international trade attorney, this training workshop is intended to familiarize managers active on the international scene with the principal international trade agreements and mechanisms and show the practical and strategic advantages that exporters and investors can benefit from.The following elements will be covered: • The fundamentals of international trade agreements entered into by Canada • World Trade Organization (WTO) (e.g.non-discriminatory treatment of trade in goods, services and intellectual property, and effective dispute resolution mechanisms) ¦ North American Free Trade Agreement (NAFTA) (e.g.preferred access of goods, services and people to the United States and Mexico) • Other free trade agreements (e.g.Canada-Chile, Israel, Zone of the Americas) • Investment agreements (e.g.promotion and protection of international investments) It Intellectual property agreements (e.g.international protection of patents, trademarks, copyrights and trade secrets) ¦ International taxation agreements (e.g.double taxation and international taxation strategy) Mark it in your agenda! R & Me Bernard Colas, a partner at Gottlieb & Pearson, advises and defends the interests of enterprises and technology SMEs active on the international scene.A PhD in law and a member of the Bar of the Province of Quebec, Me Bernard Colas has some fifteen years experience in international trade acquired in Montreal, Paris and London.Often called upon to deliver conferences on the legal aspects of international trade transactions, he teaches this subject at the École des Hautes Études Commerciales and is the author of many publications, including Global Economic Co-operation: A guide to Agreements and Organizations.In his practice, he has advised enterprises involved in international trade disputes as well as countries involved in the process of legal and institutional reform and opening up their markets to international trade.www.wtcmo jtreal.com f's World Trade Centre Montréal 380, Saint-Antoine Street Wuest Suite2100 Montréal [Québec] H2Y 3X7 Tel.: [514] 849-1999 /1-877-590-4040 Fax: [514] 849-3813 info@wtcmontreal.com in touch with the world W T C MONTREAL Continued from page 5 The securities industry.Q Germain Carrière, CEO of National Bank Financial ing edge industries such as telecommunications and biotechnology would be well advised to move their operations to Montreal, where these industries are in full bloom.Historical Background Over the years, the growth of Toronto as Canada's major centre of economic activity has meant brokerage activities drifted away from Montreal.Ever since the 1990's the volume of transactions on the Montreal Exchange has been shrinking from 20% to 10% of total Canadian trading, to the benefit of Toronto.There has not been a sudden drop in activity in Montreal but, rather, a slow, stealthy erosion of market share over several decades, while major head offices, banks and mutual funds were heading west—to Toronto.The Montreal Exchange altered its course in the early 1980's with a new computerized system and a boost from the new Quebec Stock Savings Plan.The plan's tax incentives were sufficient to attract capital to new, smaller companies as well as to more risky ventures such as mining stocks.In any case, the combination of technological innovation and the increasing weight of institutions over individual investors tends to widen the gap between large and small stock exchanges.Moreover, the stock market does not require any longer an actual physical location to function efficiently because advances in information technologies make it quite easy to buy and sell securities from any location in the country.Also, since the amounts involved tend to be increasingly larger, the market's measure of efficiency is its capacity to deal quickly with large volumes of transactions without any undue impact on stock price spreads.The spread is the difference between the bid and the offer prices and it is a measure of the market's breadth or liquidity.The more participants in a stock market, the better liquidity; the better liquidity in a stock market, the more participants.But even the Toronto Stock Exchange, the broadest-based Canadian exchange, is feeling the pinch of competition from the hugely powerful American stock exchanges.In 1998, some 240 Canadian corporations representing over half of the total market capitalization were also listed in the U.S.Before the restructuring, there was enough confusion and lack of visibility at the Montreal Exchange to drive local companies to seek listings in Calgary.Globalization in the securities industry has made the specialization of Canadian exchanges inevitable, and the restructuring proposal was seen as the best solution.The Deal Stock trading ground to a halt in Montreal on December 3, 1999 under the agreement for the restructuring of all Canadian exchanges, under which Montreal lost all its stock trading activities but received in exchange a monopoly on derivatives.Under the agreement, the Toronto Stock Exchange was granted a monopoly on all listings of large capitalization corporations, while the Vancouver and Calgary stock exchanges were merged and designated as the small capitalization market.Perhaps because the agreement was a de facto recognition of Toronto's supremacy over Montreal in stock trad- ing, it gave rise to extensive controversy among Montrealers.But both pros and cons were in agreement on one item: they did not want the government to meddle.The fact is that strong-arm tactics by the government through the introduction of new legislation would not have been well received.As stock exchanges are non-profit organizations, any hint of government intervention would have made Quebec a pariah in financial circles.According to Mr.Carrière, capital is highly mobile and government cannot act as freely as used to be the case.If business looks more profitable elsewhere, investors will move."Today, being liquid is a must in the stock market," comments Carrière.The Montreal economy, however, has a number of advantages, including being home to major government organizations such as Hydro-Québec and the Caisse de dépôts et placement du Québec.They can generate enough trading activity to energize the markets, make them attractive to other players and enhance Montreal's stature in the securities industry.In fact, this is exactly what happened with forward con- 1.Toronto stock Exchange Continued on page 8 Conférence de 71*' international forum on the new economy 108 prestigious speakers and 10 foreign delegations La Conférence de Montréal is made possible with «-« »-» JW the special assistance of the Government of Canada.vVtll Idv ld 2001 www.conferenceofmontreal.com MONTRÉAL 17-1 8-1 9-20 Avril I April | Abril X • menques mericas mericas ¦ 1 njnt Banque interaméricaine de développement Inter-American Development Bank Banco Interamericano de Desarrollo Banco Interamericano de Desenvolvimento With the support of the Government of Québec REGISTRATION Québec POWER CORPORATION OF CANADA La Conférence de Montréal Phone: (514) 283-5142 Fax: (514) 283-6680 conference@conferenceofmontreal.com Bell Canada Enterprises Business Development Bank of Canada In Business For Small Business Paul Desmarais jr Chairman and Co-CEO Power Corporation of Canada President, Board of Governors n * * /- i of La Conférence de Montréal D CarLos ^1"° Gonzalez Director General Inter-American Institute for Cooperation on Agriculture Enrique V.Iglesias President Inter-American Development Bank H.E.Vicente Fox President of the United Mexican States Guest of Honour Inès Bustillo Director of the Washington Office of the United Nations Economic Commission for Latin America and the Caribbean (ECLAC) Gil Rémillard Professor, ÉNAP Counsel, FMC Chairman and Founder of La Conférence de Montréal Paul Krugman Ph.D., MIT Professor of Economy, Princeton University Caisse de dépôt et placement du Québec ON S'INVESTIT CAE UC4 % ni ILNER ( MicŒazcftr Lawyers Didier J.Cherpitel Secretary General International Federation of Red Cross and Red Crescent Societies BOMBARDIER jf) Q».©te  h—* 'ALC air canada @ A\ F- fonds WJ) de solidarité FTQ SNC ?t.avat.in La force ^u trava^ fraser milner casgr ain up Doing business with foreign delegations : Argentina - Brazil - Chile - Colombia - Costa Rica - Jamaica - Mexico - Dominican Republic - Uruguay - Venezuela Leadership Montréal - March 2001 Leadership Montréal - March 2001 Continued from page 7 w f a Institut du commerce l W électronique ¦ Electronic Commerce ¦ Institute Pierre Langelier President and general manager Electronic Commerce Institute ECI PRODUCES TWO B2B E-COMMERCE PUBLICATIONS HE CHALLENGE OF E-BUSINESS in Quebec (Results of a survey) The results of the ECI survey conducted in summer 2000 among enterprises with ten or more employees are revealed through numerous case studies to help you make better business and management decisions.ECI called on the expertise of Sciencetech Communications (Jean-Guy Rens, Gil Tocco) as well as the collaboration of Conseil du trésor of the Quebec Government, the ministère de l'Industrie et du Commerce, Cefrio, Nurun, Québectel and SAP.E-commerce between winning ENTERPRISES (GUIDE) This guide is intended to offer heads of SMEs and self-employed workers a winning perspective to get the most out of the profound changes that e-commerce has brought about and will continue to bring.This book contains a detailed profile of the new B2B (business-to-business) e-commerce trends that have emerged since early 1999.For example, it explains the development of electronic auctions, communities of interest (cyber markets), the outsourcing of technologies by application service providers (ASP) and the systematization of collaboration that underpins this trend.Vallier Lapierre of Cogitex researched and drafted this guide, which was made possible thanks to the financial support of the Quebec Government's Conseil du trésor, QuébecTel, Canada Economie Development and the Business Development Bank of Canada.This publication is also available in French.The two works are published by Éditions Isabelle Quentin.Information: www.institut.qc.ca, or by telephone at 514-840-1288.¦ Internet Services Provider THE BEST RUN E-BUSINESSES RUN by SAP.Com The Electronic Commerce Institute is supported by: Canada Economic Development, Ministère de l'Industrie et du Commerce du Québec, Ministère des Affaires municipales et de la Métropole and also the Conseil du trésor.APRIL 2001 3 - a.m.Les affaires électroniques et leurs concepts (in French) 3 - p.m.Planifier un projet d'affaires électroniques (in French) 4 - a.m.Cybermarketing 1 : Une introduction (in French) 4 - p.m.Cybermarketing II : CE - entreprise à consommateur (in French) 5 - a.m.Cybermarketing III : CE - entreprise à entreprise (in French) 5 - p.m.Cybermarketing IV : Intermédiaires et tendances (in French) 10 - a.m.Commerce électronique et exportation (in French) 10 - p.m.Implantation de l'EDI sur Internet (in French) 11-12 EDI : Composantes et intégration aux systèmes d'information de gestion (in French) Information: (514) 840-1288 The securities industry.tracts on bankers' acceptances (BAX), which became the star derivative product on the Montreal Exchange.This surely means that as long as it is a profitable proposition, "economic nationalism" when it attracts rather than coerces seems a necessary ingredient of Montreal's growth as a financial market place.I r f * f Ifijf * Due to advances in information technologies, the stock market requires less and less an actual physical location to function efficiently.In addition to the fact that Montreal lost its image of a financial city, attractive economic nationalism may well benefit the entire economy.The loss of the capacity to legislate securities has an impact on both investors and corporations.The stock market regulatory framework is meant to protect the small investor and to create a degree of confidence that supports the activities of intermediaries.Moreover, as a number of government incentives designed to motivate Quebecers to save and invest have been terminated, this reduces the capacity to influence the market place in favour of economic development, to the profit of another market elsewhere.The loss of a local market that was keenly aware of local business and well known to local players will not be devoid of any consequences.Smaller companies either experience difficulties in being recognized by other stock exchanges, or they become invisible to local analysts who simply ignore them.In addition to the loss of financial knowhow and expertise, and the absence of any support system to assist companies moving from private to public financing, will slow down the growth of those very small and medium-sized businesses that are crucial to Montreal's economy.A Newcomer Therefore, it was felt that keeping open a small local stock market for very small capitalization firms (less than $4 million market value), because while the actual location of the stock market is not an issue, the related services are.For the time being, only 57 (2,4%) Quebec-based companies are listed on the new Western Exchange (CDNX)2.This new exchange remains strongly focused on traditional industries as over half the companies listed are in the mining or oil and gas industries and barely 13% in new technologies.Political tensions are bred by cultural differences.Using French financial terminology and offering services in French to Quebec companies is always an irritant.The Western Exchange has so far failed to open an office in Montreal and the much-touted arrival of a branch of Nasdaq in the metropolis was not bound to create goodwill.In order to replace the loss of a stock market, vast amounts of energy were expended for the purpose of attracting a subsidiary of the American electronic exchange Nasdaq3.Ms.Doreen Davis, Vice-President of Nasdaq International, believes that—as was the case in the U.S.—her institution will create jobs and contribute to local economic growth as 25% of the demand for manpower comes from listed companies.The arrival in Montreal of this Nasdaq subsidiary is very much in tune with the metropolis economy, because the exchange was initially formed for the specific purpose of serving small companies in non-traditional industries.Nasdaq Canada now lists 154 Canadian companies, and U.S.stockbrokers will soon connect to this new market.It is during this second phase of the project that Quebec-based companies stand the most to benefit, because they will make it to U.S.brokers' lists.Then, further links with European and Japanese subsidiaries will be established.Then, Montreal-based companies will have a showcase to the world.Ms.Davis points out that the transaction system is Internet-based and allows brokers from around the world to trade.In addition, this system has more efficient allocation procedures than conventional exchanges.The Quebec government did not hesitate to overrule the objections of its Securities Commission (CVMQ) and allowed the electronic stock exchange to open its doors and to operate—at least for the time being—as a self-regulating organization (SRO).The timing was right because in the current political environment, the lack of a stock exchange was reason for economic forces to be concerned and angry.On the other hand, few brokers expressed any interest.Perhaps due to the fact that Quebec interests control it, National Bank Financial had been the only institution that made a commitment to maintain a market for two Quebec-based corporations.Once again, the leadership role of the Caisse de dépôt et placement was needed to motivate and create the momentum required for the project to take off.Despite such initiatives, the restructuring project confirms the transfer of power from Montreal to Toronto, and this makes many players uneasy.A 2.Canadian Venture Exchange 3.National Association of Securities Dealers in Automatic Quotations Continued on page 9 p* Continued from page 8 The securities industry.stock exchange remains a symbol of a city's economic might and wealth and it is a valuable savings management tool.Many are skeptical regarding the gains made in the trade-off.While stock trading used to generate annual revenues of over $20 million, revenue from derivative products trading is much more volatile.Options and forward contracts remain little-known products with a bad reputation as they are often associated with financial mishaps or disasters such as the crash of 1987, the demise of Barings, monetary crisis (Mexican peso, Asian Crisis, collapse of the Russian ruble), and the near-bankruptcy of the Long Term Management Capital Fund4.While stocks find their way into the investment portfolios of private individuals as well as large brokerage houses, only banks and a handful of large corporations trade derivatives.Moreover, the derivatives monopoly has a duration of 10 years or the mere equivalent of a patent.Over the past ten years, the Montreal Exchange has been trying to introduce new products and it succeeded with only one.The BAX contract represents 78% of the overall revenue from derivatives trading.Even before the agreement, Montreal held 62% of the Canadian derivatives market and less than half the exchange's revenue came from derivatives.This is reason enough for a number of critics to voice their doubts regarding the level of expertise that would be required to succeed.But Mr.Carrière, of National Bank Financial, has a more realistic point of view.Fie explains that as Toronto is the premier stock market, Montreal should consolidate its own position and develop its derivative market niche.Financial Wildlife Derivatives, as financial instruments, are a type of contract providing for a party to buy or sell a financial asset at a set time in the future and a set price.Therefore, these securities are more like promises whose value is entirely derived from the value—or, rather, the volatility—of another asset.In that sense, an option is a mix between a stock and a bond.While it has a set expiration date, its expiration value remains unknown till the end.These products have been in existence for a very long time and their principle is based on the concept of insurance.While derivatives may be used by speculators as financial leverage tools, their primary use is intended to cover risks and that is why money managers use them increasingly.The spectacular rise of the option and forward contract markets can be therefore explained by the growth of assets under management, as well as by stock market volatility as an additional risk factor.Seen from this angle, the monopoly that was given Montreal may well prove to be a valuable competitive edge.Risk is not static: it evolves constantly.In order to adapt to the evolution of risk and to manage it effectively, new strategies and products must be developed on a permanent basis.Financial engineering has become a new industry born of the conjunction of finance and mathematics and incorporating the financial concepts of risk and arbitrage with mathematical models in order to understand and control the various forces influencing financial markets.It is possible to expect that the advantages will expand beyond financial matters and provide innovative solutions to other types of problems.For instance, forward contracts that were originally created with respect to trading in foodstuffs such as wheat or oranges are now routinely used for commodities such as electricity and aluminum.Anything that is economically useful and whose price fluctuates widely is liable to give rise to a derivative.Education is a Prerequisite to Development In this field as in many others, it is interesting to note that universities and research centres are keenly interested in the subject.The École des Flautes Études Commerciales (FIEC) has a master program in finance and financial engineering and Université de Montréal brought together its faculties of economy, mathematics and information technologies to create a specialization in computerized finance, to prepare students for the new challenges in finance.The program supervisor, Mr.René Garcia, Professor at the Faculty of Economic Science of the Université de Montréal is also a Director of the department of Finance at Cirano (the Centre interuniversitaire de recherche en analyse des organisations), whose mission is to foster the advancement of knowledge in the field of analysis of organizations, and to transfer such knowledge to business.The Centre includes such high profile partners as the Laurentian, National and Royal banks together with Bell Canada, Bombardier and Flydro-Québec.Mr.Garcia explains that researchers perform a task that is increasingly seen as totally necessary.The research extends to such areas as the various types of risks large corporations are facing, the development of software incorporating the most recent learning algorithms, and the development of option evaluation models.Mr.Jacques Ménard also points out that the university/corporate partnerships must grow if Montreal is to win its wager on derivatives.Mathematical complexity has become so great that financial analysts collaborate with physicists and engineers in big enterprises.One has but to look at Fisher Black and Myron Scholes' famous formula for option valuation that stems 4.Ironically, this alternative fund, which had an overdraft of more than $120 billion, had on staff one of the most renown reasearchers in the field.-.—jcfrntinued on page44— Opportunity knocking 1,500,000 times a month could add up to a tidy profit.Mi Yi ?>;,i # Quantum V+SPAN profession* we dele sled to picwdmg uniitf*.effective arid superior temporary reerutmenf services in ttrefoHoxwng fe'£ FRSP I Accounting Finance Quant urn pro n* s qu aity tinanda I sfeffing when andwtiereyou need i For mcr information, please contact Judy Wong.jv*ng@quanturn ca e (c V4)o42-5£56 ; Fax f 14)313^:4?0» y.vv W;,.i¦ » .f.-v -.www.quanttim.ca Raymonde Raymond Project director RAY-MONDE - Travail d'équipe Speaker profile Raymonde Raymond, President of RAY-MONDE, Travail d'équipe, has more than ten years' experience as a Information: (514) 871-4000 Registration by fax: (514) 871-5971 Registration on our secured e-commerce site: www.btmm.qc.ca/activities* BANQUE NATIONALE 12 S ï E R Continued from page 12 Aerospace industry.the production of a growing number of components and subcomponents is entrusted to some 100 outsourcers, most of whom are on Montreal's South Shore or in the Montérégie region.Still, the company has maintained in Longueuil one of the largest private research centres in Canada to develop new products.After its remarkable success on the world scene with the JT15D, PW300 and PW 500 turbofans, the PW200, PT6B/C and PT6T turbo shafts, and the PT6 and PW100 turboprops, Pratt & Whitney Longueuil Canada began developing two new lines of engines that deliver a greater range of power, the PW600 and the ATFI, which can generate a thrust of over 12,000 pounds.The ATFI line of engines, which will be developed and manufactured using leading-edge technology, could serve the entire regional aircraft market, including Bombardier jets.The mission to create an entire new line of engines in an area where Pratt & Whitney was heretofore not present, and especially in a sector as promising as regional aircraft, is certainly a major challenge for the leaders of the Canadian team and the employees of Total number of jobs: 1999 2000 2001 41,600 44,500 47,800 in $ billion: 1999 2000 2001 $19.6 bn $22 bn $25 bn in $ billion: 1999 2000 2001 $740 MM $670 MM $790 MM this subsidiary, in Longueuil and elsewhere in Canada and in the world.Indeed, this is the largest engine ever built by the organization and the most powerful in its line.Pratt & Whitney Canada is present in a number of countries around the world: the U.S., Poland, Russia, China and Brazil, where it has service teams and in some cases production teams.Changes in the last decade have prompted Pratt & Whitney Canada to extend its activities around the globe to get closer to its customers and to penetrate new markets such as China and Russia.The company is a world-class leader in technology and can today develop an engine in just a few months—a benchmark in the global aerospace industry.Just a few months ago, Pratt & Whitney Canada produced its 50,000th engine.Its engines are used in an impressive number of business aircraft, helicopters and small aircraft, notably those of Ayres, Basler, Cessna, de Havilland, Fairchild-Dornier, Embraer, Pilatus, Piper, Raytheon-Beech, Shorts, Agusta, Bell, Mitsubishi, Rockwell, Aérospatiale, Xian, Canadair, Bombardier, Fokker, llyouchine, Jetstream, Eurocopter, Kazan, Learjet, Boeing and Lockheed: in all, some 30 manufacturers in 150 different aircraft models flying in most countries of the world.An interesting statistic: Every two seconds, somewhere in the world, a plane takes off equipped with a Pratt & Whitney engine.CAE Electronics: at the frontier OF THE AEROSPACE AND IT INDUSTRIES Considered a part of the aerospace industry, CAE, however, manufactures aircraft that never leave the ground.With its 4,000 employees—though the West Island plants sometimes have up to 4,500 (mostly engineers)—the company currently holds some 87% of the world market in flight simulators.Most pilots learn how to handle hundreds of aircraft in the cockpit of a simulator where they not only see clouds and other aircraft but also most of the airports in the world.With sales in the vicinity of $1.1 billion, CAE has gradually acquired almost the entire global simulator market.Its engineers and computer programmers, Continued on page 14 Oerlikon ?erlikon Aerospace we have embarked on an important transition s a diversified technology company.Well-known for our ability to meet the demands of the new economy, we have leveraged 5Ï»: ¦¦ Î- ’ : ¦ ¦-¦¦¦ commercial market.A* n proud, turn m«n«t»»*r of th«?rnwliuwtitH Broup, one?of the world * We now develop and l«irfjésrt divf?r?eff1«?€* with lot :«r to ttm* mit moot ivo electronics ami riefi»i«:e ««etui's, .commun! are?now *tr«»»Mj!«j ütisitlaned to d defence systems rough an expanded pursue our continiious ovnliititm.rking closely with our customers in order to develop solutions lored to their specific requirements.www.oerlikon.co Leadership Montreal - March 2001 Leadership Montréal March 2001 4• Continued from page 9 The securities industry.9 from the mathematical equation of thermal diffusion.; À : René Garcia, professor at the Faculty of Economic Science of dh* Université de Montréal and director of the Department of Finance at Cira.no What Future for Montreal?In any case, the future will tell whether the agreement will prove a profitable opportunity for the Metropolis.Only when taking care of the development of its expertise in the highly sophisticated derivative niche, by integrating a new virtual stock exchange and by supporting the financing of small capitalization firms will Montreal benefit from the restructuring and reap the same levels of benefits that came its way when converting to the new economy.It is the very capacity of Montrealers to take advantage of a seemingly adverse situation that has allowed them to succeed in revitalizing their city's economy.The diversity of products and financing sources is a mirror of a city's economic activity.Therefore, it is not surprising to see such diversity in Montreal as being perfectly in tune with the vast change that happened over the last few years.The stock exchange is the last frontier of raw capitalism, but at the same time it has mystical appeal, as the symbol of an affluent and dynamic society.A very good reason to work and make Montreal a strong financial centre.¦ CYBERMARKETING - A SEMINAR PRESENTED BY ECI March 13, 2001 — 8:30 a.m.to noon This workshop will familiarize participants with the different aspects of cybermarketing associated with B2B (business-to-business) e-commerce; explain the behaviour of the industrial buyer; show how to incorporate the Internet into marketing strategies to promote products and services to enterprises; and present various organizational models to this end.The B2C (business-to-consumer) aspect will then be discussed and consumer behaviour will be explained, along with how to implement a retail marketing strategy.f Institut du commerce électronique Electronic Commerce Institute Speakers: Sylvain Sénécal, lecturer École des Hautes études commerciales (HEC) and Other name to be confirmed Location: Montreal Bonaventure Hilton Price*: Member: $90 Non-member: $130 * (plus taxes) Information: (514) 871-4000 S Internet Services Provider THE BEST RUN E-BUSINESSES RUN by SAP.Com MEMBERS WANTED A MESSAGE FROM THE CHAIR OF THE INTEGRATION AND Membership Committee For the past few years, it has been my pleasure to chair the Integration and Membership Committee of the Board of Trade of Metropolitan Montreal.As its name implies, the purpose of this committee is to facilitate the integration of new members and help create conditions that promote networking among all Board of Trade members.The role of committee members Such a dynamic committee experiences regular turnover, and that is why we are currently looking for six new members interested in joining our team.What role will they play?Basically, they will serve as a liaison between the Board of Trade and its newest members - communicating with them after they join and offering support to help them navigate the maze of activities, programs, services, and privileges made available by the Board of Trade.Interested?Is the opportunity to participate in front-line business networking of interest to you?If so, give me a call at (514) 768-3348.I look forward to hearing from you soon.Sincerely, The chairman of the committee Jean-Luc Géha General Manager Bell Canada ¦ Continued from page 12 Aerospace industry.I not to mention its 3-D image experts and electronic wizards, are ahead of the competition in flight simulation and take-off and landing technology, and the company has an irreplaceable bank of synthesized images of the airports of hundreds of cities.Most of the 4,000 to 4,500 professionals who work at CAE are engineers.Bell Textron Helicopters Bell Textron Helicopters, which holds over 45% of the global market for small and medium commercial and military helicopters, employs over 1,800 people at its plant in Montreal North.And if the current economic outlook remains unchanged, it will gradually return to its high of the 1990s, when it boasted up to 2,200 employees.Rolls Royce Canada Yes, Metropolitan Montreal is home to a leading engine manufacturer of major products for the global market— Pratt & Whitney—a subsidiary of the U.S.group of the same name, owned by United Technologies.But it is also home to the British Rolls Royce group, a name universally synonymous with reliability and seen on the wings of the aircraft, especially jumbo jets, of major airlines.5ince it opened in Montreal, Rolls Royce has been handling the maintenance and overhaul of components of the company's largest engines for many American and Asian countries.It handles the maintenance for the RB211 engines for the jumbo jets, as well as SPEY, TAY, BR700 and AE3700 for the smaller aircraft of the Gulfstream business line, Bombardier's Global Express and several other aircraft of similar size.From its plant in Lachine, Rolls Royce also manufactures Trent turbines, large industrial gas turbines based on the RB211 engine for the global market.In 1999, Rolls Royce Montreal was granted new international mandates and has been growing steadily since.Continued cm page 15 Vf ig Dinner 1 I Passion now has a face Come and see what thev've achieved, At an incredible pace! 01 Thursday, May 10, 2001, beginning at 5:30 p.m.Hilton Montreal Bonaventure It's a date you're sure to enjoy! We promise it won't be a bore The discussion will be lively And we'll spice it up even more! Mark your agenda! Chambre de commerce ¦ du Montréal métropolitain Board of Trade of Metropolitan Montreal An activity organized by the Businesswomen in Action commitee Information: Isabelle Scaffidi (514) 871-4000, extension 4022 -Affaires OnOUPB OB PRÉI1NTATION CORP/V § Scotiabank PRIIINTATION CBROUP W» VIA* VIA Rail CanadS In remembrance of this evening, each of the women honourees will receive a sculpture compliments of: BIRKS Continued from page 14 Aerospace industry.EMS Technologies Canada: for CHOICE AEROSPACE TELECOMMUNICATIONS EMS Technologies Canada, previously known as SPAR, has resumed its growth since it was acquired by the American group bearing its name, a group that specializes not only in satellite telecommunications but also in digital command and control systems and broadband communications processes.Employing over 750 people in Sainte-Anne-de-Bellevue, EMS produces satellite communications systems, notably, the Canadian Radarsat system and its new generation, Radarsat II, an earth-observation system useful for environmental, security and rescue applications as well as for a number of meteorological functions.The company also manufactures next-generation robot control systems for space stations.For example, it has perfected a control system for the newest Canadarm.This recent foray into broadband land communication systems within the framework of satellite transmission networks places the enterprise at the very heart of the data-communications market, a thriving, global market driven by the Internet's exponential growth.Héroux Devtek: A BOOMING COMPANY Headquartered in Longueuil, Héroux-Devtek, plans to grow its internal activities by 15% per year for the next few years.Moreover, while it nearly doubled in size several months ago by acquiring Devtek, it plans to make other acquisitions and increase its size and presence on the world market, in three strategic sectors: landing gear and hydraulic system components; structural components for aircraft, composite material aircraft components; and gas turbines.Héroux-Devtek boasts such clients as Boeing, Bombardier, British Aerospace and GE.It currently employs some 450 people in the Montreal region and will further increase its activities with the upcoming inauguration of new 70,000 square-foot shops in Dorval.Oerlikon: from ADATS to system INTEGRATION Located in Saint-Jean sur Richelieu since the late 1980s, Oerlikon produces ADATS defence systems—tracking systems for low-altitude flying objects or ground objects in poor visibility—and has spent a number of years re-inventing itself after delivering the ADATS to the Canadian Army.The U.S.Defence's decision to cancel its ADATS order some ten years ago could have spelled the demise of this subsidiary of Oerlikon Buhrle (controlled then by the Swiss Schmidheiny family).A decade later, and now under the control of the German group Rheinmetal, the company has returned to its basic expertise that brought together the technologies to produce the ADATS system.Oerlikon is now a technology integrator that is enjoying success in various areas.Its main products are embedded digital control systems that can be used in trains or aircraft—Bombardier Trans- portation uses them in their rail vehicles—as well as in multipurpose military systems that perform communications, command and control functions.An SEI 2-certified enterprise (the equivalent of ISO in systems engineering), Oerlikon also delivers tactical systems to the Dutch Army for anti-aircraft defence.It also develops avant-garde solutions for military and strategic Internet use and produced a communications system for the Canadian Coastguard's GM DSS search and rescue operations.Continued on page 16 ili: \*M?W T0M0 RR0W, POWERED PRATT CANADA Meeting tomorrow's needs is all about having the power to achieve the goal today.Being two steps ahead.And anticipating solutions.Which is why Pratt & Whitney Canada is a leading investor in aviation Research & Development.Putting resources towards creating engines that surpass our own unmatched levels of dependability.Powering the performance of our international network to even greater heights.And, most of all, investing in people.The real power behind our future.Pratt & Whitney Canada A United Technologies Company Visit our web site at: www.pwc.ca 24-Hour Help Desk: USA & Canada - 1 800-268-8000 International - Dial access code + 8000-268-8000 or 1-450-647-8000 IS Leadership Montréal March 2001 Leadership Montréal - March 2001 fr-E- Continued from page 15 Aerospace industry.For the Canadian Army, Oerlikon now offers a complete defence system referred to as "the computerized soldier." The soldier is equipped with a miniature computer telephone integrated in his clothing and may also be equipped with a frontal infra-red camera and a cranial microphone allowing him to speak on the telephone almost without making a sound.With its various programs and recognized ability, particularly in control, telecommunications, embedded system and image recognition software, Oerlikon currently employs 250 people and now anticipates seeing sustained growth in its business and staff.Metropolitan Montreal ranks fifth in North America and third IN THE WORLD IN CIVIL AVIATION Metropolitan Montreal is fifth overall in North America as an aerospace city, first in terms of aircraft engine manufacturing and third in the world in the manufacture of aircraft aimed at the civil market.w wSm m 1 .va —iBwKiTI YOU CAN SEE THE FUTURE FROM HERE Here is Bombardier Aerospace, the leader in regional airliners, corporate jets, and specialized firefighting aircraft.Here you'll find the innovative aviation solutions you need to realize today's goals and exploit down-the-road opportunities.We live the future here, today and every day.We invite you to drop by our Web site and see where it leads.BOMBARDIER BOMBARDIER AEROSPACE The Leader in Regional and Business Aircraft www.aero.bombardier.com Bombardier Aerospace is the name behind the Canadair Regional Jet* and Dash 8Q‘ turboprop families of airliners; Learjet* Bombardier Continental Business Jet' Challenger* and Global Express* corporate jets; and the Canadair 415' turboprop amphibian.® Registered trademarks of Bombardier Inc.or affiliates.* Trademarks of Bombardier Inc.What makes Montreal an especially dynamic aerospace capital is its diversity and integration of the many components of a strong industrial cluster.Our City boasts quite a roster of residents: a major aircraft producer, a world-class helicopter firm, a first-rate engine manufacturer, two other manufacturers— Rolls Royce and GE (previously Honeywell and Signal)—large reconditioning major maintenance shops (Air Canada), the largest producer of flight simulators in the world, two landing-gear manufacturers and a number of aerospace communications and control systems manufacturers and designers.The École nationale d'aéronautique, the Aerospace Trade School and universities offering aerospace engineering courses train many competent people.Closely associated with the main players in the aerospace industry, CAMAQ has successfully set up ideal training conditions, providing the industry with solid footing and exceptional depth.In the next few months, a division of the Institut national de recherche en aérospatiale will open its research centre on aerospace manufacturing processes on the Université de Montréal campus.And finally, the Canadian Space Agency contributes to this dynamic industry, while over 200 subcontractors, some of which are considered the leaders in North America, serve this thriving high-tech industry that has become Quebec's largest exporter.(K VISIT OUR WEB SITE when you want to know more about the Board of Trade's activities, services and privileges.It is regulary | updated.www.btmm.qc.ca 1 u J THE jOURNEY, THOUGHTS AND EXPERIENCES OF A REPORTER AND EX-FOREIGN CORRESPONDENT A FORUM ORGANIZED BY THE Businesswomen in action COMMITTEE Julie Miville-Dechêne, journalist In her work, Julie Miville-Dechêne sees history in the making, both in Canada and abroad.She will share her journey and reveal some of the tricks of the trade.Julie will discuss events that especially moved her and some of the major stories she has covered such as the Americans landing in Haiti and the Oklahoma City bombing.Join us and learn about this fascinating career that will place you in the heart of groundbreaking Canadian and international news.When she joined Radio-Canada in 1978, Julie Miville-Dechêne had been a writer for Téléjournal and a reporter at Montréal ce soir.She continued her career as a national correspondent in Toronto, and as a parliamentary correspondent at the House of Commons from.She was then posted in Washington during 4 years, where she reported on current events in the U.S.Since returning to Montreal, Julie Miville-Dechêne has joined Le Point where she covers a broad range of political and social issues in Canada and the U.S.A great upcoming program.not to be missed! A wine-and-cheese cocktail will be held after the conference to promote discussion and exchange.Presented in French.Bring your business cards.Date: Wednesday, March 21, 2001 Time: Registration: 5:30 p.m.Conference and cocktail: 6 to 8 p.m.Location: Board of Trade of Metropolitan Montreal 5 Place Ville Marie, ground floor, Canada Economic Development room Cost*: Member: $25 Non-member: $40 * Plus taxes Guest speaker: Information: (514) 871-4000 Registration by fax: (514) 871-5971 Registration on our secured e-commerce site : www.btmm.qc.ca/activities ¦ -Affairas jT Scotiabank VIA Rail Canada VIA* MARCH 2001 14 27 *6 ® 7:30 to 9 a.m.Breakfast meeting Guy Marier President Bell Québec Hilton Montréal Bonaventure 5 to 7 p.m.Tuesday's business after hours Place to be confirmed 11:30 a.m.to 1:30 p.m.Contact-club Plus Saint-James's Club of Montreal Most of our activities are eligible under Bill 90.Look for this logo.(90) G E N 8 a.m.to noon Training workshop Self-employed workers and microbusinesses committee Integrated communication - just a matter of strategy Julie Brassard Marketing communication manager Locus Dialogue Board of Trade premises ® 7:30 to 9 a.m.Perspectives Renewing Montreal as a tourist destination Charles Lapointe President and chief executive officer Office des Congrès et du Tourisme du Grand Montréal OMNI Mont-Royal 15 7:30 to 9 a.m.High Technology series Advances in medical genomics Dr.Thomas J.Hudson Director, Montreal Genome Centre (90) 29 (90) 7:30 to 9 a.m.High Technology series Micheline Bouchard President and chief executive officer Motorola Canada Ltd.Hilton Montreal Bonaventure 12 *13 Assistant professor and 7:30 to 9 a.m.(90) Associate Physician 29 Noon to 2 p.m.® Perspectives McGill University Health Centre and Business luncheon Doping: an inevitable partner McGill University André Caillé in sports?Assistant Director President and chief executive officer Dr.Christiane Ayotte Centre for Genome Research Hydro-Québec Professor and director Whitehead Institute/MIT The Queen Elizabeth Hotel Doping Control Laboratory Hilton Montreal Bonaventure INRS-lnstitut Armand Frappier APRIL 2001 OMNI Mont-Royal 20 7:30 to 9 a.m.Perspectives (90) 3 Noon to 2 p.m.® Noon to 2 p.m.® For a Quebec model Business luncheon Business luncheon in the 21 st century Global success in the Internet age Investing in change: the Alain Dubuc Michael Dell transformation of the Canadian Editorial page Editor, La Presse Chairman and chief executive officer securities industries OMNI Mont-Royal Dell Computer Corporation L.Jacques Ménard President 21 5:30 to 8 p.m.The Queen Elizabeth Hotel Bank of Montreal Group of Forum 3 5 to 7 p.m.Companies, Québec Businesswomen in Action committee Tuesday's business after hours and The journey, thoughts and Place to be confirmed Chairman experiences of a reporter and Investment Dealers Association for ex-foreign correspondent 5 7:30 to 9 a.m.® 2000-2001 Julie Miville-Dechêne Perspectives Wyndham Hotel Journalist Reconciling personal well-being and Board of Trade premises financial success: 8:30 to noon Seminar 22 7:30 to 9 a.m.® mission possible J.-Robert Ouimet Cybermarketing Perspectives President and chief executive officer Sylvain Sénécal Pauline Marois Ouimet Cordon Bleu École des Hautes Études Minister of State for Health and Social OMNI Mont-Royal Commerciales (HEC) services w Hilton Montreal Bonaventure Government of Quebec Activities with a * are m jf_lu OMNI Mont-Royal organized by f électronique Electronic Commerce Information and reservations: Tel.: (514) 871-4000 Fax: (514) 871-5971 Registration on our secured e-commerce site: www.btmm.qc.ca/activities Clubs-contact: Line Leblond Tel.: (514) 871-4000, ext.4021 Tuesday's business after hours: $onia Cloutier Tel.: (514) 871-4000, ext.4067 Desjardins Major sponsor BOMBARDIER FKASER MILNER CASGRAIN Samson Bélair Deloitte &Touche SNC • I.AVALIN Fiducie Desjardins Pratt & Whitney Canada A United Technologies Company à kWkpmm'Ché * rJJ Interna tonal ni Route ?» LVIEI Air Canada / Canada Economie Development / Commission des valeurs mobilières du Québec / CROP / Metoche Monnex / Uniglobe Voyages Lexus WORLD TRADE CENTRE MONTREAL ACTIVITIES ® ® MARCH 2001 8:30 a.m.to noon Training workshop Customs Donald Tardif Fritz Starber Board of Trade premises 16 8:30 a.m.to noon I Training workshop Taking advantage of international trade agreements Bernard Colas Lawyer Gottlieb Pearson Board of Trade premises 21 8:30 a.m.to noon Training workshop Taking advantage of the various payment mechanisms in international trade 23 Suzelle Béianger-Legault Royal Bank of Canada Board of Trade premises 8:30 a.m.to noon Training workshop Business opportunities and conditions in Mexico Jean-Paul David Mercadex Board of Trade premises 30 ® APRIL 2001 Training workshop (pO) Contrat d'agence USA (à traduire) Louise Martin-Valiquette Saywell 8< Cie PLLC Board of Trade premises Information and registration: (514) 871-4000 8:30 to noon Training workshop Trademark, patent and intellectual property agent Isabelle Deshaies and Viviane DeKinder Board of Trade premises AWv \y w t c MONTREAL NÊJRTEL NETWORKS These activities are eligible under Bill 90.Leadership Montréal - March 2001 Leadership Montréal - March 2001 OPERATION BACK TO SCHOOL 2001 - A WORD FROM THE PRESIDENT AN EXHIBIT AT THE ECOMUSEE DU FIER MONDE REVEALS THE BOARD OF TRADE AS A MAJOR PLAYER IN QUEBEC HISTORY Operation "Back to School" 2001 is fast approaching.Within the next few weeks, during the month of April, I, along with many men and women from the business community, will visit Metropolitan Montreal high schools to speak to young people on the importance of staying in school and getting a diploma.As a manager, I consider it extremely important to promote education in our constantly changing society where job competition is fierce.Our young people today must therefore be equipped with the best tools to contend with this increasingly demanding labour market.Grade 9, 10 and 11 students find themselves having to make choices so early in their lives.When you think back to when you were a teen, you probably didn't know what career path you would take, although unlike today, the job market was far more accessible.You probably would have benefited from meeting successful people who in the past had asked themselves the same questions and faced the same dilemmas and concerns about their future entry into the workforce.I believe that sharing experience is always useful and can motivate anyone who wants to succeed.It is in this perspective that Operation Back to School finds its raison d'être.Our young people need us, and it is essential that we invest in the knowledge economy.There's no time like the present to get involved.So sign up now to Operation 2001 ! For more information or to register, contact Claire Garneau at (514) 354-3084, or by e-mail at claire.garneau@sympatico.ca.Believe me, you can make a difference by simply giving them a small helping hand to make a career choice.Pierre Lespérance Strategic Account Manager TELUS Mobility and President, Operation Back to School 2000-2001 ¦ ?By Madeleine Murdock Although few people may remember, École des Hautes Études Commerciales de Montréal (HEC) was located in Viger Square from 1910 to 1956, where it was housed in a commercial and industrial museum that presented industry and commerce in its various forms, among others, raw materials, processing and finished products from here and abroad.Some 40 years later, thanks to the Écomusée du Fier Monde, this museum is being reborn to the delight of labour and industrial culture enthusiasts.A FEW WORDS ABOUT A FORGOTTEN HISTORY At the end of the 19th century, the Montreal economy was booming, and by this time French Canadians were already a part of the business community.While they were active in small and medium-sized enterprises, they were conspicuously absent in big business.The English and Scottish, who had banded together within the Montreal Board of Trade in 1822, ran the economy.However, in 1887, a group of French-Canadian businessmen founded the Chambre de commerce du district de Montréal and in 1892 proposed the creation of the École des HEC, which opened its doors on September 20, 1910.The exhibit This forgotten history is now on exhibit at the Écomusée.The Musée commercial et industriel had a major collection of artifacts that unfortunately was dispersed after it closed.Fortunately, the Écomusée de Fier Monde has managed to recover several of these artifacts, now on display as part of an exhibit that began on February 7 and will continue until May 27.The exhibit includes various themes: the context in which HEC and the museum were created and the major exhibits organized there over the years.Montreal and Quebec industrial history enthusiasts should not miss this exhibit at the Écomusée du Fier Monde, located at 2050 Amherst Street.The Écomusée's architecture is also a point of interest since the building was built in 1927 based on the Butte-aux-Cailles in Paris built to house the Bain Généreux public bath.Admirably recycled, the museum regularly presents the economic and social history of the Centre-Sud neighbourhood.An exhibit well worth visiting! ¦ HIGH TECHNOLOGY SERIES Chambre de commerce du Montréal métropolitain Board of Trade of Metropolitan Montreal Next conference: Information and reservations: Telephone: (514) 871-4000 Fax: (514) 871-5971 Registration on our secured e-commerce site: www.btmm.qc.ca/activities Hotel Wyndham Montreal 1255 Jeanne-Mance Street, Montreal Thursday, April 19,2001, from 7:30 to 9 a.m.Mr.Jacques Lyrette Vice-president / Technology and Industry Support National Research Council Canada His presentation is titled: "The NRC: Driving Innovation in Canada" An initiative of the Technological innovation, Research and Development committee Major sponsor: l+l Canada Economic Development Développement économique Canada Canada 5 BDC* CGI OGILVY RENAULT BARRISTERS & SOLICITORS COMPAQ Québec Devencore Industrie et Commerce QuébecSS Ministère de la Recherche, de la Science et de la Technologie Business Development Bank of Canada Banque de développement du Canada ERICSSON ^ ROYAL BANK FINANCIAL GROUP’ r e n t/ i r c c t a ai r aa d e n r MEMBER5 Moneris Solutions* is pleased to offer the MasterCard merchant value package to members of the Board of Trade of metropolitan Montreal.¦ Preferred MasterCard rate of 1.85% for transactions electronically deposited; ¦ Full support through our state-of-the-art help desk, available 7 days a week, 24 hours a day.A joint investment between the Royal Bank and the Bank of Montreal, Moneris Solutions is a new company that gives you the power to process all your credit and debit card transactions and have them settled, in many cases, to a single deposit account.For clients seeking information management solutions linked to payment processing, Moneris Solutions is your single point of access.For more information and to benefit from this package, contact Guylaine Lamoureux, Sales consultant, Moneris Solutions at (514) 527-5957.¦ * All Solutions Moneris' requests for debit and credit cards sent to points of sale are handled in a single location.An innovative solution to handle information related to payment procedures.18 The month of March is filled with events, especially in terms of the Perspectives Breakfast series.Take note of the following events, which will all take place from 7:30 a.m.to 9 a.m.at the OMNI Mont Royal Hotel.A question period will follow each presentation."DOPING: AN INEVITABLE PARTNER IN SPORTS?" The fog is slowly lifting on what some consider to be the best-kept secret in sport.Long viewed as a phenomenon limited to elite athletes from other countries and in a handful of sports, drugs and sports appear to have become unavoidable partners.The successful athlete has now become suspect.What's the truth in all this?This theme will be discussed on Thursday, March 8 by our guest speaker Christiane Ayotte, Ph D., professor and director of the Doping Control Laboratory at the Armand-Frappier Institute, whose research and vigilance have made it possible to frustrate sport cheats who use anabolic steroids and other doping substances about which we knew little only ten years ago.This presentation will be in French.THE NETWORK FOR EARLY RISERS Christiane Ayotte "FOR A QUEBEC MODEL IN THE 21 ST CENTURY" Alain Dubuc, editor and chief of La Presse, will be the guest speaker at this Perspectives Breakfast on Tuesday, March 20.Alain Dubuc MINISTER OF STATE PAULINE MAROIS WILL BE OUR GUEST ON MARCH 22.On Thursday, March 22, Minister of State for Health and Social Services Pauline Marois will be the guest speaker at the Perspectives Breakfast.Mrs.Marois' talk on health will be delivered in French.Pauline MAreis "RENEWING MONTREAL AS A TOURIST DESTINATION" On Thursday, March 27, Charles Lapointe, president and chief executive officer of the Office des Congrès and Tourisme du Grand Montréal, will speak about renewing Montreal as a tourist destination.His speech will be delivered in French.Charles Lapointe "RECONCILING PERSONAL WELL-BEING AND FINANCIAL SUCCESS: MISSION POSSIBLE" On Thursday, April 5, we will welcome J.Robert Ouimet, president and chief executive officer of Oui-met-Cordon Bleu inc.Mr.Oui- Robert Ouimet met will show us how by leveraging the 16 innovative management tools, you can create a competitive, profitable and efficient enterprise that also keeps its employees happy.The presentation will be delivered in French.Meetings not to be missed! ¦ commanditaire principal : (^) Desjardins AÉROPORTS MONTRÉAL kdFONDS de solidarité FTQ La force du travail MICHAEL DELL.A MONTREAL FIRST! On April 3, the Board of Trade is proud to bring to its members a very special business luncheon with, as guest speaker, Michael S.Dell, chairman and chief executive officer for Dell Computer Corporation, the leading computer company in the world.Michael Dell founded his company in 1984 with only $1,000, but an unprecedented idea in the personal computer industry.Because of the phenomenal success of his company, Mr.Dell has been honored many times earning number of titles including "Entrepreneur of the Year" from Inc.magazine; "Man of the Year" by PC magazine; "High Impact CEO" by executive search firm Heidrick and Struggles; "Top CEO in American business" from Worth magazine and "CEO of the Year" by Financial World and Industry Week magazines, to name a few.By using an innovative direct-marketing approach and by pioneering the industry's first service anf support programs, Dell Computer Corporation has established itself as one of the top vendors of personal computers worldwide.In only 16 years, the company's sales have grown from $6 million to $32 billion for the last four quarters.Dell has now sales offices in 34 countries and approximately 39 000 employees around the world.Mr.Dell's speech title: "Global success in the Internet Age" A conference not to be missed! ¦ Chambre de commerce du Montréal métropolitain Board of Trade of Metropolitan Montreal BENEFIT GOLF TOURNAMENT 200 1 ANNUAL Lachute Golf Club Thursday, May 24, 2001 tne year 2UU l Brings tne return or a new golt season, and, along with it, one of the first tournaments of the seasoi Would you like to be involved with this successful event as a sponsor ?Different types of sponsorships are available: •Trophies •Door prizes • Holes Please contact Johanne Gagné at (514) 871-4000, ext 4016 Vidéotron rr Business Network Taking business to the Shotgun and Vegas formula Gifts for everyone, prizes, throphies, etc.Price: Member $195 Non-member $280 (Plus GST 7% and QST 7.5%) for information and registration: |osyan McGregor (514) 8714000, ext.4020 COMMERCE^ 19 Leadership Montréal - March 2001 Port de Montréal Port of Montreal PROUD PARTNER OF THE GREATER MONTREAL LEADERSHIP NETWORK THE “MAJOR PARTNERS” Unite OUF forces for the growth of Greater Montreal! Chambre de commerce du Montréal métropolitain Board of Trade of Metropolitan Montreal H Institut du commerce ¦ électronique ¦ Electronic Commerce I Institute W T C MONTREAL A.L.Van Houtte Ltée • ABB • Aéroports de Montréal • Abitibi Consolidated Inc.• Agropur, Coopérative Agro-Alimentaire • Air Canada • *Air France • Air Liquide Canada inc.• Alcan • Alstom Canada inc.• Aramark Québec inc.• Arthur Andersen • AstraZeneca Canada Inc.• AT&T Canada • Aventis Pharma • Avon Canada Inc.• AXA Assurances inc.• Banque CIBC • Banque de développement du Canada - Siège social • Banque de Montréal • Banque Laurentienne du Canada • Banque Nationale du Canada • Banque Royale du Canada • Banque Scotia • Banque Toronto-Dominion • Bell ActiMedia • Bell Canada • Bell Helicopter Textron • Belron Canada • BioChem Pharma inc.• BMO Nesbitt Burns • Bombardier inc.• Bourse de Montréal • Brasserie Labatt ltée • Bureau en Gros • Cabinet de relations publiques NATIONAL inc.(Le) • CAE • Caisse de dépôt et placement du Québec • Camco inc.• Canac inc.• Canadien National • Canadien Pacifique Ltd.• *Cap Gémini Ernst & Young Canada inc.• Cascades inc.• Château Stores of Canada Ltd.• Ciment St-Laurent • Cirque du Soleil • Cogeco inc.• Cogni-case • Commission scolaire de Montréal • Communauté urbaine de Montréal / bureau du président • Compagnie d'assurance Standard Life (La) • Compaq Canada inc.• Computer Sciences Corporation • Compu-tershare • Costco Canada inc.• CROP inc.• *Discreet Logic Inc./ Autodesk Canada • Desjardins Ducharme Stein Monast et Sogemis inc.• Dessau-Soprin inc.• *DICOM EXPRESS / GOJIT • Domtar inc.• Drakkar Ressources Humaines • École des Hautes Études Commerciales (HEC) • EDS Innovations inc.• EDUMICRO inc.• Eicon Technology Corporation • Emploi-Québec • EMS Technologies, Space Électronics Group • Ericsson Canada inc.• Ernst & Young • Fasken Martineau DuMoulin • Féd.caisses pop.Desjardins de Mtl & Ouest-du-Qc • Fednav Limited • Fiducie Desjardins • Financière Banque Nationale • Fonds de Solidarité des Travailleurs du Québec (FTQ) • Fraser Milner Casgrain • FTM Capital inc.• Gartner Group Leaders join Leaders! Canada • Gaz Métropolitain • Glaxo Wellcome Inc.• Goodyear Canada inc.• Great West, companie d'assurance-vie — London Life • Groupe CGI inc.• Groupe Chagnon international ltée.• Groupe conseil DMR inc.• Groupe Cossette Communication • Groupe LGS inc.• Groupe L'ORÉAL • Groupe Optimum inc.• Groupe Pharmaceutique Bristol-Myers Squibb • Groupe SNC-Lavalin inc.• Financière Sun Life • Groupe Télécom • Groupe Transcontinental G.C.T.ltée • Groupe TVA inc.• Groupe-conseil Aon inc.• Harry Rosen Inc.• Henry Birks & Sons inc.• Hewitt Équipement ltée • *Hewlett Packard (Canada) ltée • Hydro-Québec • *IATA - International Air Transport Association • IBM Canada ltée • Imperial Tobacco ltée • Industrielle-Alliance Cie d'Assurance sur la vie • Industrie C-MAC (Les) • Investissement-Québec • ISPAT SIDBEC inc.• Ivaco inc.• Journal de Montréal • KPMG s.r.l.• Kruger inc.• Lafarge Canada inc.• Le Groupe Jean Coutu (PJC) inc.• Le Groupe Télé-Ressources ltée • Le Groupe Vidéotron ltée • Loto-Québec • McCarthy Tétrault • McGill University • *Mediacom • Médis Services Pharmaceutiques et de santé inc.• Meloche Monnex inc.• Merck Frosst Canada inc.• Métro inc.• Microcell Télécommunications inc.• Molson Canada, région du Québec • Noranda inc.• Nortel Networks • North Star Ship Chandler inc.• Novartis Pharma Canada inc.• Oberthur Jeux et Technologies • Office municipal d'habitation de Montréal • Ogilvy Renault • Ouimet Cordon Bleu inc.• Parmalat Canada • Petro-Canada • Pfizer Canada Inc.• Pitney Bowes du Canada ltée • *Pomerleau • Port de Montréal • Postes Canada • Power Corporation du Canada • Pratt & Whitney Canada • Price-waterhouseCoopers • Produits forestiers Alliance inc.• Provigo inc.• Québécor inc.• Raymond, Chabot, Grant, Thornton • Regroupement des collèges du Montréal métropolitain • Reine Elizabeth (Le) • Réno-Dépôt inc.• Restaurants McDonald du Canada ltée • Restaurants Sportscene inc.(Les) • Richter, Usher & Vineberg • Robert Half International inc.• Robert Mitchell Inc.• Rolls Royce Canada Ltd.• RONA inc.• *Royal Aviation inc.• Samson Bélair/Deioitte & Touche • Schering Canada inc.• Scotia Capitaux inc.• SITQ immobilier • Sobeys Québec • Société conseil Mercer ltée • Société de transport de la C.U.M.• Société des Alcools du Québec • Société du Groupe d'embouteillage Pepsi • Société du Palais des Congrès de Montréal • Société générale de financement du Québec • Société immobilière TrizecHahn • Société Radio-Canada • *Sprint Canada • Sucre Lantic ltée • Système M3i inc.• Tecsult inc.• *TELUS Mobilité • The Gazette • Transat A.T.inc.• UAP inc.• *UBI Soft Divertissement Inc.• Université Concordia • Université de Montréal • Université du Québec à Montréal • *VIA RAIL Canada inc.• Velan Inc.• Versalys • Ville de Montréal - Service du développement économique • Wyeth-Ayerst Canada Inc.• Xerox Canada inc.* WELCOME TO THE MAJOR PARTNERS CIRCLE BECOME A MAJOR PARTNER CALL US AT (514) 871-4000, EXT.4067