NORSHIELD ESTABLISHES SCHOLARSHIP PROGRAM AT TORONTO AND WESTERN ONTARIO UNIVERSITIES

Date: Wednesday, June 18, 2003

Norshield Financial Group, a leading manager of fund-of-hedge funds in Canada, today announced that it has concluded agreements to establish undergraduate scholarships, based on excellence, for third- and or fourth-year students majoring in Finance at the University of Toronto and University of Western Ontario. In addition to these two universities, the program also includes four other Canadian institutions: HEC Montréal, Université du Québec à Montréal, McGill University and the John Molson School of Business at Concordia University. The scholarships will be offered beginning in the 2003-2004 academic year and will carry an annual value of $5,000 each. "We believe that this social and financial investment is vital to the continued evolution of our society as well as to the success of tomorrow’s generation of leaders. These scholarships stem directly from Norshield’s ongoing goal of investing in the education of our youth," said John Xanthoudakis, Chairman of Norshield Financial Group. "The students who receive these scholarships will have demonstrated a strong interest in finance, especially alternative investments, a desire to excel academically and a deep commitment to the life of their school and community." Norshield Financial Group, based in Montreal, also considers these scholarships as a way to contribute to the development of the alternative investment field in Canada. Mr. Xanthoudakis also explained that Norshield is committed to establishing similar scholarships at major universities in other provinces across Canada. "I am grateful for this opportunity to acknowledge the generosity of Norshield Financial Group on the establishment of this scholarship. It will recognize academic achievement and support excellent undergraduate students in the Commerce and Finance Program," said Wendy Rotenberg, Director of the Commerce and Finance Program at the University of Toronto.Rotenberg continues, "I appreciate the continuing support of the Norshield Financial Group as one of our partners in the business community." "The Norshield Financial Group Scholarship at the University of Western Ontario will provide important support to students in our Bachelor of Administrative and Commercial Studies program. By making this generous investment in education at Western, Norshield is making a significant contribution towards developing Canadian leaders for the global financial services sector of the future. We are profoundly grateful for the vision and leadership that Norshield has demonstrated with this gift of education to Western," said Dr. Keith Fleming, Director, Administrative and Commercial Studies Program, University of Western Ontario. About the University of Toronto: Founded in 1827 by British Royal Charter, U of T is the largest university in Canada and one of the largest in North America. The University contributes almost $1 billion in economic activity to the Greater Toronto area. Its noted alumni include authors Margaret Atwood, Farley Mowat and Michael Ondaatje; Governor General Adrienne Clarkson; film directors Arthur Hiller, Harry Rasky, Atom Egoyan, David Cronenberg and Norman Jewison; and former prime ministers William Lyon Mackenzie King, Arthur Meighen and Lester Pearson. About University of Western Ontario: Founded in 1878 by Bishop Isaac Hellmuth and the Anglican Diocese of Huron as "the Western University of London Ontario," Western is one of Canada’s oldest and best universities. The first students graduated in arts and medicine in 1883. Western is located on 155 hectares of land along the banks of the Thames River in London, Ontario, 200 kilometres west of Toronto. Today, with an operating budget of more than $340 million, Western is one of the largest employers in London. About Norshield Financial Group: Norshield Financial Group specializes in three areas of alternative investments: product creation, proprietary research and consulting. As a seasoned and successful money manager, Norshield also provides alternative investment advice to a diverse range of clients, including financial intermediaries and institutions, pension and investment funds, and foundations and high net worth individuals. Its areas of expertise include tactical market timing, managed futures, risk management and multi-manager, multi-fund alternative investment strategy. Norshield has built its reputation as an industry leader on dynamic, timely alternative investment advice that has generated superior risk-adjusted returns for its clients. For more information, please contact: Wayne Hendry, Director, Communications, Norshield Financial Group (Toronto) Tel: (416) 203-2118, Toll : (866) 651-1155, Fax : (416) 203-1548, Email: hendry@norshield.com, website: www.norshield.com