Freeze order against TIP Funds Canada Ltd. is renewed

Decisions and Freeze and cease trade orders Securities

Montréal – On May 14, 2003, at the request of the Agence nationale d’encadrement du secteur financier (also known as "Autorité des marchés financiers" or "AMF"), the Bureau de décision et de révision en valeurs mobilières (BDRVM) renewed for a period of ninety days the freeze order initially issued against TIP Funds Canada Ltd. (“TIP”) on October 1, 2002. This is the seventh time that the freeze order has been renewed since that date.

As a result, TIP may not withdraw or appropriate of funds on deposit in two accounts opened at National Bank Trust. Furthermore, TIP Investment Advisors Ltd. and its president, Paul Gagné, may not withdraw or appropriate funds belonging to TIP. National Bank Trust may not dispose of funds on deposit in the two accounts.

To read press releases previously published in this matter, please consult the AMF’s website, under the heading Media Centre / Press Releases.

Created under the Act respecting the Agence nationale d'encadrement du secteur financier, the Bureau de décision et de révision en valeurs mobilières (BDRVM) is a tribunal which exercises certain powers prescribed by the  Act. The BDRVM is independent of the AMF.

Established on February 1, 2004, the Autorité des marchés financiers (AMF) is the regulatory and oversight body for Québec's financial sector. The AMF consists of the Commission des valeurs mobilières du Québec, the Bureau des services financiers, the Régie de l'assurance-dépôts du Québec, the Fonds d'indemnisation des services financiers and the Inspector General of Financial Institutions.

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