The Quebec Securities Commission has renewed the freeze order against TIP Funds Canada Ltd. until March 28, 2003.

The initial freeze order was issued in this case on July 4, 2002 followed by a second one on Oct. 1, 2002. Subsequently, on December 12, 2002, the QSC, at the request of National Bank Trust (NB Trust), to partially lift the freeze order in order to allow NB Trust to obtain the payment of fees owed to it by TIP.

On Dec. 13, 2002 and on Jan. 22, 2003, the QSC again renewed the freeze order. As a result, TIP may not withdraw or appropriate funds on deposit in two accounts opened at NB Trust, and NB Trust cannot dispose of these funds. Furthermore, TIP Investment Advisors Ltd and its president Paul Gagne may not withdraw or appropriate funds belonging to TIP Funds Canada Ltd.

This freeze order is a protective measure aimed at safeguarding investors.

The hearing regarding TIP Investment Advisors Ltd. and Paul Gagne will continue before the QSC on March 17 in Montreal.