Equitable Life of Canada Completes Installation of Novinsoft Inc.’s Illustration System

December 12, 2003, Toronto — Novinsoft Inc., a leading developer of Illustration Systems for the Canadian life insurance industry is pleased to announce the completion of their initial Illustration System release for Equitable Life of Canada using the Novinsoft Illustration Framework. The Equitable Life Savings and Retirement Products Illustration System was developed to effectively illustrate the enhanced Personal Investment Portfolio, Registered Retirement Income Fund, Life Income Fund, Interest Income Fund, and Payout Annuity products. Incorporated into the design of this new system were some “bells and whistles” including: multiple scenarios (up to 5 quotes on one report), spreadsheet functionality, automatic interest and annuity updates from the web, a loan calculator, and a “tree-structure” design for easy access to marketing material.

Tami Dietrich, Equitable Life’s Manager, Marketing Services said “Working with Novinsoft to design and develop a state of the art illustration system to support our Individual Savings and Retirement Line of business has been a truly rewarding experience. We are excited to be able to have an illustration system that we feel supports the marketing needs of our Managing General Agencies and their producers.”

Neil Menear, President of Novinsoft, said “We’re very happy with how the Equitable Life Illustration System has turned out. With all the new features Equitable Life has added, it’s a Cadillac system that we’re proud to be associated with. We look forward to working with them on further new development.”

About Equitable Life of Canada

Throughout it’s more than 80 years in operation Equitable Life has provided generations of policyholders with sound financial protection. We remain committed to delivering long-term value to our many clients as an independent, mid-sized mutual Canadian life insurance company.

In the financial services industry of the new millennium, Equitable Life of Canada provides a choice – a wise choice for our policyholders� now and from many years to come!

Equitable Life offers our clients a wide selection of quality products to meet their financial needs, including life insurance, annuities, critical illness insurance, segregated funds and employee benefit plans.

About Novinsoft Inc.

Novinsoft, a Canadian company established in 1993, is the leading developer of Individual Life Marketing and Product Illustration Systems for the Canadian Insurance industry. Novinsoft supplies Wealth Management Systems, Needs Analysis, and Sales Tools to a number of major Financial Services companies to assist in the sale of financial and insurance products.

With their knowledge of the industry, and actuarial and programming expertise, Novinsoft specializes in working with clients to custom design and develop systems to client specific and unique requirements. For more information, visit the company’s web site at www.novinsoft.com.