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Norshield Enhances Corporate Governance Policy

Date: Thursday, November 20, 2003

Norshield Financial Group, a leader in the fund of hedge funds industry, today announced that it has enhanced and formalized its corporate governance policy. This policy is intended to fulfill the rigorous demands of both the current and future business environment, and to exceed the expectations of its stakeholders and the broader investment community. The benefits for Norshield’s clients include greater transparency and the ongoing monitoring of organizational and administrative controls, as well as the investment management and risk management processes within Norshield. While the fund of hedge funds industry is currently not subject to the same governance standards required of public corporations, Norshield is proactively instituting these standards as a part of its commitment to ensure that the highest ethical business practices are employed throughout the organization. The Company’s corporate governance policy, which is based on the recommendations of a leading independent investment consulting firm from whom Norshield commissioned an extensive study, defines both the structure and role of its Governance Committee. According to the Conference Board of Canada, a growing number of corporations accept that stakeholders other than shareholders effectively have an ownership interest in the corporation, and that the corporation must therefore be answerable to them. This notion is viewed by Norshield as the foundation of corporate social responsibility (CSR), and provides the link between CSR and corporate governance. “As an active money manager, Norshield is always preparing for emerging scenarios. We are thus very much aware of investor sentiment regarding the need for a strong emphasis on corporate governance. Our corporate governance policy is our answer to this need amongst our clients and stakeholders,” stated John Xanthoudakis, Chairman of the Norshield Financial Group. “Given the recent SEC report on hedge funds, we believe that the implementation of our corporate governance policy is timely and will enable us to remain an industry leader in the understanding and implementing of the best corporate governance practices possible. Moreover, it complements Norshield’s established corporate social responsibility program.” The responsibilities of Norshield’s Corporate Governance Committee will include: a) Overseeing the structure used to execute the Company’s various activities; b) Establishing the standards used to report results; c) Monitoring the different elements of Norshield’s operations; d) Ensuring that it receives the documentation required for the execution of its duties; e) Updating and modifying the corporate governance policy when necessary; f) Meeting regularly to discuss any matter that may be relevant to its duties and responsibilities. The majority of the Corporate Governance Committee will be comprised of independent members with considerable industry-related expertise. The Committee will prepare and present an annual report on Norshield’s corporate governance practices. This annual report will be provided to Norshield’s clients and stakeholders in the interests of ongoing communication and transparency. For more information, please contact: Wayne Hendry, Communications Director, Norshield Financial Group, 155 University Avenue, Suite 1230, Toronto, ON M5H 3B7, Tel: 1-866-651-1155, Fax: 416-203-1548, email: hendry@norshield.com, www.norshield.com.