(OTTAWA) – February 16, 2011

Export Development Canada (EDC) announced today EUR 3 million in financing to the Rosan Group of Companies (Rosan) of St. Petersburg, Russia, the largest distributor of Bombardier Recreational Products (BRP) outside of North America.

“Demand for recreational vehicles in Russia is on the rise after the global recession, and despite still-tight credit conditions in the market, EDC was able to develop a customized credit structure to allow Rosan to take advantage of that demand,” said Benoit Daignault, Senior Vice-President, Business Development, EDC.

Rosan, which has been selling Canadian snowmobiles, watercraft and all-terrain vehicles in Russia since 1994, will use the financing to fund the purchase of additional products from BRP.

“This is the first transaction for Rosan Group with an international creditor,” said Andrey Bogdanov, CFO of Rosan Group of Companies. “We are delighted that EDC’s financing solution will allow Rosan to more than double the import of BRP-made products compared to last year.”

Canadian exports to Russia reached their peak of CAD $1.5 billion in 2008. Despite a retreat in 2009 amid the global recession, exports reached $1 billion during 2010.

EDC supported over CAD $640 million of Canadian trade in Russia in 2010, and its total business volume in the Commonwealth of Independent States region and the Baltics exceeded CAD $800 million.

About Rosan
Since 1994, Rosan Group of Companies is the largest supplier of motorized recreational products in Russia and the largest distributor of BRP products. Rosan has been recognized by BRP as the best distributor in 2004 and won awards for Best Dealer Development from BRP in 2005, 2007 and 2008. Rosan is headquartered in St. Petersburg, Russia with logistical hubs in St. Petersburg and Moscow and a dealer network across Russia.

About EDC
EDC is Canada’s export credit agency, offering innovative commercial solutions to help Canadian exporters and investors expand their international business. EDC’s knowledge and partnerships are used by more than 8,400 Canadian companies and their global customers in up to 200 markets worldwide each year. EDC is financially self-sustaining and a recognized leader in financial reporting and economic analysis.