In The News

Portland Holdings Inc. Announces Sale of Berkshire-TWC Financial Group Inc. to Manulife Financial Corporation

For Immediate Release

June 26, 2007

Toronto - Portland Holdings announced today that subject to regulatory approvals, Manulife Financial Corporation will acquire Berkshire’s mutual fund and securities dealerships in Canada, consisting of more than 700 Advisors and 237 branches across Canada. The deal is expected to close by August 31, 2007.

Both Manulife and Berkshire have similar strong cultures designed to serve the needs of investors through independent advisors. This will provide Berkshire’s clients and advisors with access to Manulife’s platform of insurance, wealth and banking products and services.

“This sale reflects the continuation of the overall strategy to keep building momentum for our independent advisors and their clients. We are committed to ensuring our clients continue to receive high-quality service and are very pleased that Manulife Financial is the purchaser of our business, since they share our passion for service and providing advisors and clients with a broad array of products and services,” said Michael Lee-Chin, Chairman of Portland Holdings “I have spent many years building a legacy and I am very pleased to see that it is being handed over to a very capable and reputable organization that is committed to the independence of its advisors,” added Lee-Chin.

When combined with Manulife Securities, International Limited, the transaction will create a sales force of 1,500 independent advisors and a business with almost $19 billion in assets under administration. National Bank was the investment advisor to Portland Holdings

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Marcia Stewart
Legal Counsel
Portland Holdings