WINNIPEG, Manitoba—Crocus Investment Fund today announced the appointment of five new members to the Fund's Board of Directors. The Fund also announced the resignation of Charlie Curtis from the Board effective May 12, 2005. Joining the Fund are Lloyd LeVan (Van) Hall as a designate of the "A" Class Shareholders, and Carol Bellringer, Darlene Dziewit, Jim Husiak, and Leney Richardson.

"The Fund is pleased to formally announce the appointment of new members to the Fund's Board of Directors," said Alfred Black, President and CEO at Crocus. "This is an important step in the Fund's progress and shareholders can be confident that the new Board will work diligently on their behalf."

The Crocus bylaws and legislation allow for the Board to include up to eleven members. Today's announcement confirms the appointment of four members by the Fund's sponsor (Manitoba Federation of Labour) and one designate of the "A" Class shareholders. These new members join Ron Waugh who remains the delegate for the "G" Class Shareholder (Government of Manitoba) to form a six-member Board at this time.

"These individuals were specifically selected for the skills and expertise they bring to the Fund at this important time," added Black. "They will get to work immediately on key issues that are important to shareholders. The focus will be determining the best way for the Fund to move forward. The new members can build on the work undertaken over the last several months including dealing with the dozens of recommendations related to governance and organizational management identified in the report prepared by Deloitte and Touche, that was commissioned by the outgoing Board in December."

The composition of the Crocus Board of Directors resulting from today's announcement is attached.

Composition of the Crocus Investment Fund Board of Directors @ May 12, 2005

• Lloyd LeVan (Van) Hall
• Vacant

• Carol Bellringer
• Darlene Dziewit
• Jim Husiak
• Leney Richardson
• Vacant
• Vacant

• Ron Waugh

• Vacant

• Vacant