Four USC Education Savings Plans Appoint New Investment Manager

    TORONTO, July 21 /CNW/ - The International Scholarship Foundation
("ISF"), the sponsor and promoter of the USC Education Savings Plans, today
announced the appointment of a new investment manager for the USC Family
Multiple Student Education Savings Plan, the USC Family Multiple Student
Education Savings Plan - Grandfathered, the USC Family Single Student
Education Savings Plan and the USC Family Single Student Education Savings
Plan - Grandfathered (collectively, the "Plans").
    The ISF has appointed Fiera Capital Inc. ("Fiera") as the investment
manager of the Plans replacing the previous third-party investment manager of
the Plans. Like the previous manager, Fiera will actively manage the Plans.
Active management strategies attempt to capitalize on expectations of interest
rate movements and therefore tend to have greater exposure to interest rate
risk than passive strategies.
    The Plans remain conservative investment funds suitable for investors
focusing on a long term savings program, intended to fund post-secondary
education, and generally for those investors having a lower tolerance for
risk. This change to the Plans is not expected to have a significant impact on
the overall level of risk associated with an investment in the Plans.
Furthermore, the Plans' investment philosophy, style and method remain the
same. The risk of investing in the Plans and their suitability for investors
remain as discussed in the Prospectus for the Plans.

    The International Scholarship Foundation has been sponsoring and
promoting education savings plans in Canada for over forty years. USC
Education Savings Plans Inc. ("USCI"), a wholly-owned subsidiary of the ISF,
has also been distributing RESPs for more than 40 years and administers more
than $2.3 billion. USCI has approximately 400 licensed sales representatives
across the country.

For further information:

For further information: Mark George, Chief Financial Officer of The
International Scholarship Foundation, at (905) 270-4630 ext 4329

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