Since Pacific & Western has no branches, and in order to keep our operating costs down, our strategy in booking financings for our target markets, investment grade corporations and public sector entities, is to partner with existing channels of distribution who already have the strong relationships in these markets.

We have identified approximately 60 capital corporations, finance and leasing companies throughout Canada who we have determined have strong existing relationships, and where they are currently financing our target market. Rather than going head to head with these finance companies, it was more appropriate to partner with them since we were complementary to one another. Where the finance companies have the relationship, we have the most effective tool their account managers need - low cost funding, something they did not have access to. Hence, rather than hiring an army of account managers, we have met with each of these finance companies and have established a funding rapport whereby as their account managers bid and win on investment grade corporate or public sector transactions, they now use Pacific & Western's funding. We step in to provide them with the funding they need after they have won a tender. And we do this with every reputable capital corporation and finance company coast to coast. In essence, we have extended account managers servicing our entire target market without bearing the overhead of setting up and sustaining such an internal labour force.

On the deposit gathering side, the same approach has enabled us to access the GIC market across Canada. There are more than 100 organizations who sell our GICs for us. This list includes many of Canada's big bank brokerage firms, as well as a host of mid-size investment firms, and numerous smaller firms, enabling us to access retail deposits coast to coast.