Changes to Standard Life Mutual Funds Ltd.’s family of funds

MONTREAL, Oct. 7, 2005 – Following the Federal government’s decision to eliminate the 30% limit on foreign content in all tax-deferred retirement plans, investors can now take advantage of investing in foreign financial markets without imposed limits and no longer need to do so using RSP funds.

As a result, Standard Life Mutual Funds Ltd. (the manager of Standard Life Mutual Funds), announced today that it will be terminating three of its RSP funds, which were specifically designed to allow investors to increase their exposure to foreign content while respecting the limit.

The Standard Life Tactical Global Equity RSP Fund, the Standard Life Tactical US Equity RSP Fund and the Standard Life S&P 500(R) Index RSP Fund will be terminated on or about December 13, 2005, or as soon as possible thereafter. The termination of these funds will benefit all unitholders of remaining funds by offering economies of scale.

As of October 7, 2005, the deferred sales charge option of these three funds will be closed to new purchases, including transfers and switches.

About Standard Life:

In Canada, The Standard Life Assurance Company of Canada and its affiliated companies have $36.1 billion in assets under management and offer a wide range of financial products, including group savings and retirement, group insurance, individual life insurance, savings and retirement, and mutual funds. They also provide portfolio management and real estate and mortgage investment services. Total premium income and deposits reached $4.7 billion in 2004 with over 1.2 million customers. ( ).