/NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES WIRE SERVICES/

TORONTO, March 11 /CNW/ - Equitable Group Inc. ("Equitable Group") announced today that it has filed a final prospectus with regulatory authorities in each of the Provinces and Territories of Canada and has entered into an underwriting agreement in respect of its initial public offering of common shares. The initial public offering price is $17.50 per share and the offering size is $54,250,000.

The offering includes a treasury offering of 1,027,113 common shares and a secondary offering of 2,072,887 common shares. The net proceeds of the treasury offering are estimated to be approximately $15 million and will be used to increase regulatory capital in Equitable Group's wholly owned subsidiary, The Equitable Trust Company, to support growth, and for general corporate purposes of The Equitable Trust Company. The common shares of Equitable Group have been conditionally approved for listing on the Toronto Stock Exchange under the symbol ETC. Closing of the initial public offering is scheduled for March 18, 2004.

The initial public offering will be sold by a syndicate of underwriters led by BMO Nesbitt Burns. The underwriters have been granted an over-allotment option from certain selling shareholders of Equitable Group, exercisable for 30 days from closing, to purchase up to an additional 285,714 common shares at the issue price. Equitable Group will not receive any of the proceeds from the sale of shares through the exercise of the over-allotment option.

About Equitable Group

Equitable Group (www.equitabletrust.com) provides first mortgage financing through its wholly owned subsidiary, The Equitable Trust Company, on properties located in and around the Greater Toronto Area. The Equitable Trust Company was founded in 1970 and is now a leading mortgage lender in its chosen market niches: multi-unit residential and alternative single dwelling mortgage financing. The Company also issues Guaranteed Investment Certificates as a nationally licensed, CDIC insured deposit-taking institution.

This news release contains forward-looking statements that are subject to risks and uncertainties. Investors are cautioned to review the risks and uncertainties section of Equitable Group's filings with securities administrators for further detail.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to qualification under the securities laws of any such jurisdiction.

THE MATERIAL SET FORTH HEREIN IS FOR INFORMATIONAL PURPOSES ONLY AND IS NOT INTENDED, AND SHOULD NOT BE CONSTRUED, AS AN OFFER OF SECURITIES FOR SALE INTO THE UNITED STATES. THE SECURITIES OF THE COMPANY DESCRIBED HEREIN HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR THE LAWS OF ANY STATE, AND MAY NOT BE OFFERED OR SOLD WITHIN THE UNITED STATES, EXCEPT PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND APPLICABLE STATE LAWS. THERE IS NO INTENTION TO REGISTER ANY PORTION OF THE OFFERING IN THE UNITED STATES OR TO CONDUCT A PUBLIC OFFERING OF SECURITIES IN THE UNITED STATES.

For further information:
Geoffrey Bledin, President and CEO, (416) 515-7000;
Stephen Coffey, Senior Vice President and CFO, (416) 515-7000