Appointment of Chief Financial Officer

    MONTREAL, Jan. 9 /CNW Telbec/ - Power Financial Corporation announces
that its Board of Directors has approved the appointment of Mr. Philip K. Ryan
as Executive Vice-President and Chief Financial Officer.
    Mr. Ryan has been employed for 22 years with Credit Suisse Group in
financial management roles and in investment banking to financial
institutions, including serving as Chief Financial Officer of Credit Suisse
    Mr. Michel Plessis-Bélair will retire as Executive Vice-President and
Chief Financial Officer, having passed the Corporation's normal age of
retirement. He will continue as a Director of Power Financial Corporation,
Power Corporation, and certain affiliated companies.
    Mr. Plessis-Bélair joined Power Financial Corporation in 1986 as Senior
Vice-President, Finance and Administration. He was named Executive
Vice-President and Chief Financial Officer in 1997.
    Mr. Ryan will also join Power Corporation of Canada as Executive
Vice-President and Chief Financial Officer.
    These executive changes are expected to take effect prior to January 31,

    Power Financial Corporation is a diversified management and holding
company that has interests, directly or indirectly, in companies that are
active in the financial services sector in Canada, the United States and
Europe. It also has substantial holdings in a diversified industrial group
based in Europe. Power Financial Corporation is a member of the Power
Corporation of Canada group of companies.

    Forward-looking Statements
    Certain statements in this News Release, other than statements of
historical fact, are forward-looking statements based on certain assumptions
and reflect the Corporation's, its subsidiaries' or affiliate's current
expectations. These statements may include, without limitation, statements
regarding the operations, business, financial condition, priorities, ongoing
objectives, strategies and outlook of the Corporation's, its subsidiaries' or
affiliate for the current fiscal year and subsequent periods. Forward-looking
statements include statements that are predictive in nature, depend upon or
refer to future events or conditions, or include words such as "expects",
"anticipates", "plans", "believes", "estimates", "intends", "targets",
"projects", "forecasts" or negative versions thereof and other similar
expressions, or future or conditional verbs such as "may", "will", "should",
"would" and "could".
    This information is based upon certain material factors or assumptions
that were applied in drawing a conclusion or making a forecast or projection
as reflected in the forward-looking statements, including the perception of
historical trends, current conditions and expected future developments, as
well as other factors that are believed to be appropriate in the
    By its nature, this information is subject to inherent risks and
uncertainties that may be general or specific. A variety of material factors,
many of which are beyond the Corporation's, its subsidiaries' and affiliate's
control, affect the operations, performance and results of the Corporation,
its subsidiaries and affiliate, and their business, and could cause actual
results to differ materially from current expectations of estimated or
anticipated events or results. These factors include, but are not limited to:
the impact or unanticipated impact of general economic, political and market
factors in North America and internationally, interest and foreign exchange
rates, global equity and capital markets, management of market liquidity and
funding risks, changes in accounting policies and methods used to report
financial condition, including uncertainties associated with critical
accounting assumptions and estimates, the effect of applying future accounting
changes, business competition, technological change, changes in government
regulation and legislation, changes in tax laws, unexpected judicial or
regulatory proceedings, catastrophic events, the Corporation's, its
subsidiaries' or affiliate's ability to complete strategic transactions and
integrate acquisitions, and the Corporation's, its subsidiaries' or
affiliate's success in anticipating and managing the foregoing risks.
    The reader is cautioned that the foregoing list of factors is not
exhaustive of the factors that may affect any of the Corporation's, its
subsidiaries' and affiliate's forward-looking statements. The reader is also
cautioned to consider these and other factors carefully and not to put undue
reliance on forward-looking statements.
    Other than as specifically required by law, the Corporation undertakes no
obligation to update any forward-looking statement to reflect events or
circumstances after the date on which such statement is made, or to reflect
the occurrence of unanticipated events, whether as a result of new
information, future events or results, or otherwise.
    Additional information about the risks and uncertainties of the
Corporation's business is provided in its disclosure materials, including its
most recent Management Discussion and Analysis of Operating Results and Annual
Information Form, filed with the securities regulatory authorities in Canada,
available at

For further information:

For further information: Mr. Edward Johnson, Senior Vice-President,
General Counsel and Secretary, (514) 286-7400

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