PRESS RELEASE

Financial Services Income STREAMS Monthly Distribution

TORONTO, ONTARIO - May 19, 2004 - 9:00 am / CCN Matthews - The Board of Directors of Financial Services Income STREAMS ("FSI STREAMS") declares its regular monthly distribution of $0.1458 per Equity Dividend share (TSX: STR.E). Distributions are payable June 10, 2004 to shareholders on record as of May 31, 2004. A distribution for FSI STREAMS Capital Yield shares (TSX: STR) will not be declared for the month of May, as per the variable distribution program outlined below.

FSI STREAMS, which commenced operations in October 2000, is a split share corporation consisting of an Equity Dividend share and a Capital Yield share. The split share structure was created to provide an appropriate balance between capital protection and distribution objectives.

The original investment objectives for Equity Dividend shares are:
a) to provide fixed, cumulative monthly cash dividends in the amount of $0.1458 per Equity Dividend share to yield 7.0% per annum; and
b) to return the original investment amount of $25 per share on termination on February 1, 2011.

The original investment objectives for Capital Yield shares are:
a) to provide monthly cash dividends targeted to yield a minimum of 10% per annum; and
b) to return the original investment amount of $25 per share (through a capital repayment forward agreement) and a pro rata share of any residual balance left in the active or "managed" portfolio after paying holders of Equity Dividend Shares their original investment amount of $25 per share.

The managed portfolio (the managed portion of the assets of FSI STREAMS not subject to the repayment forward contract) is invested in a diversified portfolio of North American financial services stocks selected from the three major North American Financial services indices. The three indices are the TSX Financial Services Index, the S&P Financials Index and the S&P Midcap Financial Index. The managed portfolio can also invest up to 20% in non financial service companies selected from the TSX 300 Index and the S&P 500 Index. To provide additional returns above the dividend and interest income earned on the managed portfolio, a covered call writing program generates option premium income on stocks held in the portfolio.

The Capital Yield share variable distribution program, effective July 2003, is based on the size of the mid-month managed portfolio as follows:

 Managed Portfolio per unit                           Capital Yield Share Distribution                        Monthly 
Mid month (net of distributions)                            Payment Annual Rate                                  Payment

Over $29                                                                    $2.50                                                        $ 0.2083

$28 to $29                                                                  $2.00                                                        $ 0.1667

$27 to $28                                                                  $1.50                                                        $ 0.1250

$26 to $27                                                                  $1.00                                                        $ 0.0833

Under $26                                                                    Nil                                                            Nil   

The managed portfolio as of May 14, 2004 was $24.84. Based on the above targeted variable distribution program there will not be a regular distribution to Capital Yield (TSX: STR) shareholders for the month of May 2004. To date, Capital Yield shareholders have received 21 monthly distributions for a total of $4.25 per share.

The share conditions for the Capital Yield shares include a provision that the regular distribution on that class of shares may not be declared if the managed portfolio per unit (excluding the value of any forward agreements entered into for the benefit of Equity Dividend shares) declines to a level below 120% of the original issue price of an Equity Dividend share, less any amounts to be received upon termination from forward agreements entered into for the benefit of Equity Dividend shares.

Other important key related components of FSI STREAMS include the following:

a) The capital repayment forward agreement with TD Bank remains in force and will provide Capital Yield shareholders with a payment of $25.00 per share on February 1, 2011.

b) Holders of Equity Dividend shares will continue to receive their regular monthly fixed distribution of $0.1458 per share.

To date, Equity Dividend shareholders have received 43 monthly distributions for a total of $6.36 per share, including the May 2004 declared distribution. These fixed, cumulative monthly distribution levels remain intact for the Equity Dividend shares. Steps have been taken to further enhance and strengthen the position of Equity Dividend shareholders. An Equity Dividend share repayment forward agreement has been purchased that will provide for a payment of $8.25 per Equity Dividend share outstanding on the February 1, 2011 termination date.

 For further information, please contact Investor Relations:
Quadravest Capital Management 416-304-4443

This news release contains certain forward-looking statements that involve a number of known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in our forward-looking statements.  Actual outcomes and results may differ materially from those expressed in such forward-looking statements.  Further, a forward-looking statement speaks only as of the date on which such statement is made.