Attention Business Editor

For Immediate Release

SaskCentral restructures; Strong year-end distribution to credit unions

REGINA, April 14, 2005 - Credit Union Central of Saskatchewan (SaskCentral) reported, at its annual meeting yesterday in Regina, a distribution to the province's credit unions of $9.2 million. The company also reported a consolidated net income of $6.5 million and consolidated assets of $2.2 billion for 2004.

Saskatchewan credit unions also share in this success with assets reaching $9.02 billion, up from 8.63 billion in 2003, and a net income of $34 million in 2004. In 158 Saskatchewan communities, the credit union is still the only financial institution providing service and a stabilizing economic force.

SaskCentral underwent many internal changes in 2004 with the creation of Concentra Financial. Concentra Financial was created by combining elements of both SaskCentral and Co-operative Trust Company of Canada. This change will create economies of scale and provide a wider range of products and services for credit unions.

"I'm very proud of how the employees have risen to the challenges of change last year," says SaskCentral's CEO Sid Bildfell. "There is only one reason for this change - SaskCentral is dedicated to credit union success. I am pleased how SaskCentral and our system has adapted and evolved over the years. That's why we are successful today."

For more information, please contact:

Janelle Lindsey
SaskCentral Communications
(306) 566-1684

Marj Strandlund
SaskCentral Communications
(306) 566-7484

Corporate Profile

Owned by Saskatchewan credit unions, SaskCentral is proud to be a credit union partner, sharing leadership and working together to contribute to the success of credit unions in our province.

SaskCentral provides six major services:

• We undertake advocacy, representing Saskatchewan credit unions with the provincial and federal governments and within the Canadian credit union system.
• We provide democratic governance support, working to ensure we exercise efficient and effective co-operative governance.
• We manage mandatory liquidity nationally and provincially on behalf of the system and work with credit unions to support compliance with legislation and regulations.
• We conduct strategic market research and assist credit unions in developing and leading system-wide initiatives in response to emerging trends.
• We offer consulting services, providing innovative solutions to help credit unions strengthen their competitive positioning.
• We undertake strategic investment management. Through continual development of joint products and services that assist credit unions in serving their members.
  

SaskCentral Facts

• As of December 31, 2004, SaskCentral's consolidated assets were $2.2 billion.
• SaskCentral has strategic alliances with co-operatives including Concentra Financial, CUETS, Celero Solutions, Credit Union Payment Services (CUPS), Credential Group, Credit Union Central of Canada, CUMIS, The Co-operators and the Canadian Co-operative Association.
• SaskCentral has been in business for 63 years.
• SaskCentral's major corporate sponsorship is the Adult Learning Centre, an organization in Regina that helps young people develop life skills, complete their high school education and move into jobs or post-secondary courses. SaskCentral also supports the Saskatchewan Co-operative Association Co-op Youth Program, the Red Cross RespectEd program, Patches of Hope Quilt Auction, Canada Summer Games, and Ehrlo Society's Sport Venture Library.
• SaskCentral was ranked 20^th in 2004 among Saskatchewan's top 100 companies by SaskBusiness magazine.

® HANDS & GLOBE Design is a registered certification mark owned by the World Council of Credit Unions and is used under license.
TM SASKCENTRAL is a trademark owned by Credit Union Central of Saskatchewan.
TM C Design is a trademark owned by Credit Union Central of Saskatchewan.