Press Release

Termination of Altamira Global Telecommunications Fund, Altamira RSP Japanese Opportunity Fund, Altamira RSP Global Diversified Fund and Altamira RSP Biotechnology Fund

Toronto, July 17, 2003/CNW/ - Altamira Investment Services Inc. ("AISI"), the Trustee and Manager of the Altamira Global Telecommunications Fund, Altamira RSP Japanese Opportunity Fund, Altamira RSP Global Diversified Fund and Altamira RSP Biotechnology Fund (the "Funds"), announced today that effective immediately the Funds have ceased distribution of their units and will be terminated on September 30, 2003. Redemption of units of the Funds will continue to be accepted until the termination date.

The decision to terminate the Funds results from weaker than anticipated growth in their assets due to unfavourable market conditions. Accordingly, their associated fixed costs are being shared by a relatively small number of unitholders, thereby adversely affecting their returns. AISI has therefore concluded that it is in the best interests of unitholders that the Funds be terminated.

Investors will be able to redeem or switch their holdings in the respective Funds until September 30th, 2003. Any remaining assets on this date will be sold and the proceeds distributed proportionately to the relevant unitholders.

Unitholders will not be required to pay any redemption fees as a consequence of the termination of the Funds and all costs associated with the termination will be borne by AISI.

As required by the Declaration of Trust of the respective Funds, AISI has provided unitholders with 60-days notice prior to the termination of the Funds.

Altamira, a subsidiary of the National Bank of Canada, is a leading investment management company that offers a wide range of products and services to individual and institutional clients. The company is headquartered in Toronto with offices across the country.