January 5, 1996

ScotiaBank is one of North American's largest financial institutions with over $ 135 billion in assets. ScotiaMcLeod is one of Canada's leading investment banking firm. We are well positioned to serve the financial needs of investors now and in the future with offices in major centres across Canada as well as offices in 44 countries around the world.

Our goal is to built profitability on ScotiaMcLeod - ScotiaBank's past success. We know that the primary means of achieving that objective is to continue to provide superior value to our clients.

For the purpose of the immigrant investor program, we are pleased with our partnership with Brownstein Brownstein & Associates in their quality of attorneys in Canadian immigration. This firm has been recognized by the Secretary of State for Multiculturalism and Member of Parliament for Canada as one with an upstanding reputation, specializing in Canadian immigration matters.

In January 1996, the firm was selected to participate as a business delegate on the Prime Minister of Canada, Mr. Jean Chretien, trade mission to India and South Asia.

Brownstein Brownstein & Associates will provide their valuable expertise to the investor of India.