Counsel Group of Funds Inc. announced today that it will be changing the investment strategy for eight of its mutual funds under management by switching each of these funds’ designated underlying fund investment in AGF International Stock Class to Brandes International Equity Fund. Commencing in or around September 2002, Counsel’s Conservative Portfolio, Balanced Portfolio, Balanced RSP Portfolio, Growth Portfolio, Growth RSP Portfolio, All Equity Portfolio, All Equity RSP Portfolio and Select Value will begin investing in securities of Brandes International Equity Fund in accordance with specified investment allocations.

The Brandes International Equity Fund is an international equity fund that seeks long-term capital appreciation by investing primarily in the equity securities of non-Canadian and non-U.S. issuers whose equity market capitalizations exceed $1 billion at the time of purchase. The portfolio advisor for the Brandes International Equity Fund is Brandes Investment Partners which employs a Graham & Dodd value approach to stock selection. Generally, stocks of companies that are financially strong and have a measurable worth will be bought when, in Brandes’ view, the stock is selling at a price below its estimated worth or its intrinsic value and sold when they become fully valued.

Counsel Group of Funds Inc. is a Canadian mutual fund company that manages 19 mutual funds (with total assets of approximately $500 million) that are offered and distributed to investors through registered brokers, dealers and financial planners across Canada (except Quebec).