WINNIPEG, Manitoba—Crocus Investment Fund today announced the appointment of three new members to the Fund's Board of Directors. Joining the Fund are Alan Brownridge as a "Community" designate appointed by the Board, Allan Martyszenko, representing the "I" Class shareholders (Institutional Investors), and Art Reimer as a designate of the Sponsor (Manitoba Federation of Labour). The Fund also announced that Van Hall, a representative of the Class "A" Common Shareholders was elected as Chair of the Board and Darlene Dziewit, Vice-Chair.

"Mr. Brownridge, Mr. Martyszenko and Mr. Reimer each bring specific new experience to the Crocus Board of Directors," said Alfred Black, President and CEO at Crocus. "When combined with Harold Buchwald, the newly appointed delegate of the Manitoba Government, and the five new members announced earlier, the Fund has a strong board with the skills and experience needed during the next phase of the Fund's development."

"The new Board of Directors has established four working committees, in addition to electing its chair and vice-chair," said Van Hall, newly elected Chair of the Board. "These committees reflect key priority areas for the Board and are consistent with recommendations made in the governance and operational review that was undertaken by Deloitte and Touche LLP, at the request of the former Board of Directors. Committees are already at work and the new Board expects to communicate to shareholders as soon as possible after the release of the report by the Office of the Auditor General (OAG) now due for release on May 30, 2005."

With the Board appointments announced today, the Crocus Board of Directors includes nine members and two positions remain vacant, including one delegate of the Sponsor (Manitoba Federation of Labour) and one representative of the Class "A" Common Shareholders.

"The Board's Governance, Policy & Nominating Committee will establish the process for filling the Class 'A' vacancy on the Crocus Board," added Darlene Dziewit, Vice-Chair of the Board. "The Fund has received a number of phone inquiries from interested shareholders but we believe it is prudent to read and understand the implications of the OAG report before proceeding. The Board is absolutely committed to involving all shareholders in the process for selecting a new member to represent the Class 'A' Common Shareholders and can be assured that they will have a direct say in electing their representative."

Biographies for the new members and a chart showing the composition of the Crocus Board of Directors resulting from today's announcement are attached.

Biographical Notes:

Alan Brownridge recently retired from I.G. Investment Management Ltd. (IGIM), where he served in a number of investment management positions over the past twenty years. Most recently, Alan was one of three managing partners responsible for mutual fund assets, managed by an investment team based in Winnipeg, Toronto, Montreal, New York, Dublin and Hong Kong. In his role with IGIM, he was head of fixed income management, encompassing a range of mutual fund products including: government, corporate and global bond funds, as well as money market products, and a real property fund. Mr. Brownridge was portfolio manager for Investors Government Bond Fund, Investors Canadian Balanced Fund, and Investors Global Bond Fund.

Allan Martyszenko is senior partner in Martyszenko, Craig & Ross, where he has been responsible for hundreds of business valuations in addition to providing a full range of financial advisory services to a wide range of clients. He is currently Chairman of the Board of Wes-T-Rans Company, a major truck parts distributor and brake and power train re-manufacturer, is a member of the Board of Directors of TRU-SERV Canada (True Value Hardware), ScootAround Inc. (a mobility enhancement company) and ScootAround Financial. Before joining his current firm in 1998, Allan was President and Chief Operating Officer of G. Henderson Distributors Limited, a $100 million building material distribution company. Allan spent fourteen years with Price Waterhouse after graduating from the University of Manitoba and ultimately served as the Winnipeg partner responsible for Price Waterhouse Financial Advisory Services.

Art Reimer started his career as a teacher in 1964 at Steinbach Collegiate and served as President of the Manitoba Teachers' Society in 1976-77. Mr. Art Reimer then worked for nearly twenty-five years in various senior administrative positions with the Manitoba Teachers Society, including General Secretary from 1996 to 2004, before retiring in 2005.

Composition of the Crocus Investment Fund Board of Directors @ May 25, 2005

• Lloyd LeVan (Van) Hall
• Vacant

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

• Harold Buchwald

• Martyszenko

• Alan Brownridge