Securities

Montréal – On February 16, 2004, the Bureau de décision et de révision en valeurs mobilières (BDRVM) agreed to postpone, until March 2 and 3, 2004, the hearing to determine the measure to be taken against TIP Investment Advisors Ltd. (TIP Advisors) and Paul Gagné.

This postponement was granted at the request of the attorney for TIP Advisors and Paul Gagné. This hearing follows a decision issued on January 30, 2004 by the Commission des valeurs mobilières du Québec (the "Commission", now part of the Autorité des marchés financiers) that concluded that TIP Advisors and Paul Gagné had neither the skills nor the probity required by the Québec Securities Act (the "Act") to ensure the protection of investors.

The BDRVM also renewed, for a 90-day period beginning February 16, 2004, the initial freeze order issued against TIP Funds on October 1, 2002 by the Commission. This order had been renewed for a fifth time on June 3, 2003.

To read the BDRVM's decision (available in French only), please consult the appendix to the press release posted on the Autorité des marchés financiers's website at www.lautorite.qc.ca, under Media Centre/The Autorité's Latest Press Releases.

Established on February 1, 2004, the Autorité des marchés financiers (AMF) is the regulatory and oversight body for Québec's financial sector. The AMF merges 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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