June 15, 2004 Organization

Québec City – Trust companies with business in Québec experienced an 11.2% increase over the past year in trust activities as represented by all property under administration. The assets related to these activities grew from $778.1 billion as of December 31, 2002 to $865.3 billion as of December 31, 2003.

The figures are taken from the annual report of the Agence nationale d’encadrement du secteur financier (also known as the “Autorité des marchés financiers” or “AMF”) on trust companies and savings companies in Québec in 2003, which was tabled in the National Assembly by Finance Minister Yves Séguin.

The report also shows that trust company assets increased by 4.4% over the past year, rising from $54.4 billion in 2002 to $56.8 billion in 2003.

Trust companies experienced relatively stable profitability over the past year. Net earnings dropped from $397.4 million in 2002 to $392.3 million in 2003, mainly due to a 20.7% reduction in fees and commissions.

The report also indicates that, as of December 31, 2003, there were 37 trust companies carrying on business in Québec, that is, seven with a Québec charter, 29 with a federal charter and one with a charter from another province. Furthermore, 31 of these companies were authorized to receive deposits from the public, as they were registered for deposit insurance in Québec.

With respect to savings and credit in Québec, the report shows that trust companies in 2003 collected 19.7% of their deposits from Québec investors and granted them 31.5% of all their hypothecary loans.

The 2003 report on trust companies and savings companies is available in French only free of charge on the AMF website.

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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Information:

Journalists only:
Barbara Timmins (514) 940-2176
Issuers, dealers, advisers and representatives: (877) 525-0337, dial 9 for English, then dial 1 for industry
Investors: (877) 525-0337, dial 9 for English,then dial 2 for consumers