Performa Gains Membership in the MFDA

MONTREAL, May 22, 2002 – Performa Financial Group Limited
(Performa) announced today that beginning June 1, 2002, it will become a full-fledged
member of the Mutual Fund Dealers Association of Canada (MFDA). The Board of Directors
accepted Performa’s membership request during their last meeting earlier in May.

“Performa is very pleased to become a member of the
MFDA. We are thrilled about the opportunities the new regulatory requirements and the
technological advancements essential to remain competitive in this industry are opening
for us,” said Jean-Daniel Côté, President of Performa.

“In these times of consolidation, advisors are looking
for a stable partnership with a dealer that will support them every step of the way, with
a pressure-free product offering and respect for their independence. As a subsidiary of
Standard Life, Performa offers financial stability, long-term commitment and impeccable
reputation to its advisors,” added Mr. Côté.

Performa is a dynamic mutual fund dealership whose mission
is to support the independent financial advisor in the delivery of unsurpassed quality
products and services to consumers so they can attain their financial goals. Performa is a
wholly-owned subsidiary of The Standard Life Assurance Company, one of the world’s most
financially stable organizations and proud holder of the AAA rating from both Moody’s and
Standard & Poor’s.

The MFDA is the mutual fund industry’s self-regulatory
organization (SRO) for the distribution side of the industry. The national standards
established by this organization consolidate the regulatory requirements applicable to
mutual fund dealers to protect clients’ interests.