2002 was a challenging year for AGF, but we did not waver from our commitment to our shareholders. AGF is built to deliver in the most difficult environments and to withstand the vagaries of economic cycles, just as it has been doing for the last 45 years.

In these difficult times, we see an opportunity to further differentiate AGF. Turbulent markets shape a company's character and innovation. Wherever AGF operates, we strive to create growth and profitability through risk diversification, careful cost control and the development of innovative products and services. Through it all we keep our eyes firmly on the future, committed to our investors and to the growth of this company.

C. Warren Goldring
Chairman