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ULTRAMAR CORPORATION CREATES NEW FINANCIAL STRUCTURE TO ADDRESS CURRENCY EXCHANGE RATE FLUCTUATIONS

 TARRYTOWN, N.Y., Dec. 18 /PRNewswire/ -- Ultramar Corporation (NYSE: ULR) reported today that Ultramar Credit Corporation (UCC), its Canadian finance subsidiary, became a direct subsidiary of Ultramar Corporation. As a result of the direct ownership of UCC, the company has eliminated further exposure to foreign exchange gains or losses on the ten year public bonds issued by UCC when the Canadian/United States dollar exchange rate moves.
 Commenting on the new structure, Jean Gaulin, chairman and chief executive officer said "The unprecedented move of the US/Canadian dollar exchange rate in the third quarter had the effect of causing a significant non-cash, non-operating loss when the UCC bonds were remeasured in accordance with GAAP. With the new ownership structure, UCC's functional currency becomes the United States dollar and this eliminates any further currency profits or losses stemming from the UCC bonds."
 Ultramar Corporation Organization Chart Follows:
 ULTRAMAR CORPORATION
 100 percent 100 percent 100 percent
 Ultramar Inc. Ultramar Credit Corporation Canadian Ultramar
 (U.S. Operations) (finance company) Limited
 (Canadian Operations)
 100 percent
 Ultramar Canada Inc.
 (Canadian Operations)
 -0- 12/18/92
 /CONTACT: Steven Blank of Ultramar Corporation, 914-333-2019, or Lissa Perlman of Kekst and Company, 212-593-2655, for Ultramar/
 (ULR)


CO: Ultramar Corporation ST: New York IN: OIL SU:

LD-OS -- NY071 -- 8377 12/18/92 16:24 EST
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Publication:PR Newswire
Date:Dec 18, 1992
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