Launch of new brand for leading Emerging Market investment management firm

Montreal, 18 October 2004 – IFPT Management Inc has announced that it has changed its name to Cordiant Capital Inc in order to reflect a broader range of investment funds under management and the development of new funds in the future.

Cordiant will continue to serve as manager of the highly successful and innovative International Finance Participation Trust. IFPT is an absolute return, floating rate, inflation protected instrument that bears little or no correlation to any other asset class. The highly diversified portfolio now participates in loans in 44 socially and environmentally responsible projects in 20 countries and 24 different sectors. Most loans carry the protection of the World Bank’s Preferred Creditor Status, and all are in good standing. Cordiant is currently preparing the launch of the second tranche of IFPT.

In May 2004, Cordiant was selected to co-manage the C$200 million Canada Investment Fund for Africa. CIFA, a joint public-private sector initiative, was designed to provide risk capital for private investments in Africa and is aimed at promoting sustainable economic growth and social development on the continent. Cordiant, partnering with Actis of the United Kingdom, was chosen to manage the fund from an extensive list of international candidates. CIFA is expected to launch in the new year.

“This is an exciting time for Cordiant,” said David Creighton, the firm’s President and CEO. “We have successfully delivered on our mandate to create and manage a diversified portfolio of emerging market assets while generating a return which is superior to our original estimates. We are now poised to replicate this first fund while also preparing for the launch of CIFA. To reflect this broad range of funds, we have chosen a new brand which encompasses these and future operations.”

Cordiant is a portfolio manager headquartered in Montreal, Quebec. The Company specializes in international private sector investments with emphasis in emerging and high growth markets. In 2001 it raised US$360 million for the launch of IFPT, a Trust that offers Canadian pension and endowment funds access to an absolute return through carefully selected project finance loans in emerging markets.

For further information
David G. Creighton
Cordiant Capital Inc.
Suite 2400, 1010 Sherbrooke Street West,
Montréal, QC, H3A 2R7, Canada
Tel: +1 (514) 286-1142,
e-mail/courriel: dcreighton@cordiantcap.com
www.cordiantcap.com