SOLID RESULTS FOR INVESTMENT SASKATCHEWAN'S 2003 FINANCIALS

Investment Saskatchewan Inc. tabled its 2003 annual report and financial statements before the Saskatchewan Legislature today. The corporation posted a net income of $7.5 million and growth in assets of $32.7 million.

Investment Saskatchewan Inc., formerly CIC Industrial Interest Inc. (CIC III), was restructured and renamed in September 2003 as part of the government's decision to give the entity greater independence and a separate identity from Crown Investments Corporation of Saskatchewan (CIC). Investment Saskatchewan is governed by an arms-length board of directors and presently manages a portfolio of direct investments and investments in funds totalling $605 million.

The corporation posted positive results despite turmoil in the Canadian livestock and meat industries related to BSE and the negative impacts of the rising Canadian dollar on investee results. A small loss on the sale of investments, lower interest revenues, and a decrease in other revenues also influenced results negatively. Positive influences on results included equity earnings from larger investments, in particular Saskferco and the Meadow Lake OSB project, which came on stream in the fall of 2003.

"Overall, we're pleased with the results of the corporation," said Eric Cline, Minister responsible for Investment Saskatchewan. "It's been a challenging year – from a number of perspectives – and yet, the corporation has held its own, and even seen substantial gains in some areas. We believe that with the new structure and new mandate announced last fall, Investment Saskatchewan will continue to make a significant and positive contribution to the provincial economy."

The companies in which Investment Saskatchewan invests contribute significantly to the Saskatchewan economy. They employ Saskatchewan people, purchase local goods and services, and provide other economic spin-offs. In 2003, the portfolio's investee companies, including fund investees, purchased $1 billion in goods and services in Saskatchewan, provided 5,250 Saskatchewan jobs, and accounted for $225 million in capital expenditures and new construction in the province.

Please refer to the attached Corporate Profile for statistical information.

-30-

For More Information, Contact:

Lanis Anthony Investment Saskatchewan Regina Phone: (306) 787-7273