Argus Corporation Limited Announces Permanent Management Cease Trade Order.

Business Editors

TORONTO--(BUSINESS WIRE)--June 4, 2004

Argus Corporation Limited ("Argus") (TSX:AR.PR.A) (TSX:AR.PR.D) (TSX:AR.PR.B) has announced that the Ontario Securities Commission (the "Commission") yesterday issued a Management and Insider Cease Trade Order (the "Order") whereby the temporary management and insider cease trade order issued by the Commission on May 25, 2004 became permanent.

The Order issued yesterday prohibits trading by certain directors, officers and insiders of Argus in securities of Argus, subject to certain exceptions.

The temporary order and the Order result from the delay of Argus in filing its financial statements for the fiscal quarter ended March 31, 2004 and its related Management's Discussion and Analysis. These were due on May 15, 2004.

The Order will be in place until two business days after Argus has made all of its filings.

Argus continues to review with the Commission the financial statements and other disclosure that it will need to be current in its filings. Argus is taking active steps to prepare its financial statements. These statements now require consolidation of its investment in Hollinger Inc. as a result of a change in accounting policy.

Argus announced on June 1, 2004 that it had appointed Zeifman and Company LLP as its auditor and had accepted the resignation of its former auditor PricewaterhouseCoopers LLP. This was done to facilitate the preparation of the required consolidated financial statements. One additional independent director, Donald M.J. Vale, was appointed to the Board and Audit Committee of Argus on May 26, 2004 in order that the Audit Committee of Argus be constituted with the required two independent directors.

There has been no other material change from the information contained in Argus' News Release on May 25, 2004 announcing the temporary management cease trade order and the reappointment of Paul A. Carroll to Argus' Board and Audit Committee.

As a part of the Order issued yesterday, certain regulatory provisions requiring disclosure by Argus' directors and officers of the cease trade orders in certain regulatory filings are to not apply for a period of no longer than 35 days from today. A review is to be sought in this period by one of Argus' directors from a decision of the Director of the Commission as to the extent that these regulatory provisions apply. A date for a Hearing by the Commission has been tentatively scheduled for July 5, 2004.