Dundee Bancorp Inc. Acquires Control of US$3 Billion Asset Manager.

TORONTO--(BUSINESS WIRE)--July 8, 1998--Dundee Bancorp Inc.(TSE:DBC.A.) Dundee Bancorp Inc. announced today that it has entered into a Letter of Intent with PMC International, Inc. (PMCI) whereby Dundee would invest US$24 million into PMCI by subscribing to approximately 6,000,000 newly-issued shares of outstanding common stock at US$4.00 per share. Upon closing of the transaction, Dundee would own 55 percent of the outstanding common stock of PMCI. The transaction would not involve any changes in the PMCI management team or operating structure. The completion of the transaction is subject to execution of a definitive agreement and the satisfaction of certain other conditions including without limitation the satisfactory conclusion of due diligence by Dundee. There can be no assurance that the transaction will be consummated.

Denver-based PMC International, Inc. is a leading independent provider of individually managed and wrap account services in the U.S. The company has grown to manage and/or administer approximately US$3 billion in high-net-worth and institutional client assets utilizing third party mutual funds and separately managed accounts. The PMCI companies serve banks, insurance companies and the independent broker/dealer advisory community in more than ten countries.

Ned Goodman, Chairman of Dundee, stated "PMCI with very rapid recent growth has developed into one of the more exciting financial services companies in the U.S. Their products and services represent a comprehensive and integrated platform for continued growth. The company's strong position with the independent broker/dealer advisory community, as well as their strategic corporate relationships, suggest that PMCI is poised for future success on a world-wide basis."

"Dundee's investment provides PMCI with the catalyst to expand our growth through an infusion of working capital. Their investment decision validates the company's excellent business plan and future potential," said Kenneth S. Phillips, PMCI's President and CEO. "This strategic partnership allows us to benefit from not only the financing, but also from Dundee's vision and commitment in the financial services field."

Dundee, headquartered in Toronto, is one of Canada's leading investment management firms and has substantial diversified international business interests. Dundee provides investment management and administrative services to the Dynamic Mutual Funds, several closed-end funds, pension funds and private individuals. Dundee is also engaged in securities brokerage, financial planning and advisory services to corporations and individuals as well as merchant banking for its own account.

    CONTACT: Dundee Bancorp Inc.
              Ray Benzinger, 416/365-5113