On January 22, the Quebec Securities Commission renewed its freeze order against TIP Funds Canada Ltd. until February 19.

An initial freeze order was issued against TIP on July 4, 2002 followed by a second one on October 1. Subsequently, on Dec. 12, 2002, the QSC agreed, at the request of National Bank Trust, to partially lift the freeze order in order to allow National Bank Trust to recover the fees owed to it by TIP.

On Dec. 13, 2002, the QSC again renewed the freeze order against TIP until January 22.

As a result, TIP Funds Canada Ltd. must refrain from withdrawing or appropriating funds on deposit in two accounts at National Bank Trust. National Bank Trust cannot dispose of the funds on deposit in the two accounts.

Furthermore, TIP Investment Advisors Ltd. and Paul Gagne must refrain from withdrawing or appropriating funds belonging to TIP Funds Canada Ltd. This freeze order is a protective measure aimed at safeguarding investors while the QSC continues its investigation.

The hearing regarding TIP Investment Advisors Ltd. and Paul Gagne will continue before the QSC on February 18 and 19. It will take place at 9:30 a.m., at the head office of the QSC, at 800 square Victoria, 23rd Floor, in Montreal.