Rockwater completes acquisition of Toronto's Brawley Cathers Limited

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					                                 Rockwater completes acquisition of
                                 Toronto’s Brawley Cathers Limited.
                                 First Associates enhances its Wealth Management presence
                                 in the Toronto market

(Toronto, Ontario, November 24, 2003) William D. Packham, President and CEO of Rockwater
Capital Corporation, announced today that Rockwater has completed the acquisition of Brawley
Cathers Limited (“Brawley Cathers”), an independent investment management firm. The
acquisition, first announced on September 3, 2003, was completed by way of an asset purchase.
Effective immediately, the Brawley Cathers business will begin serving clients as part of First
Associates Investments Inc. (“First Associates”), Rockwater’s wholly owned full service
investment dealer subsidiary. The purchase terms and price were not disclosed.

Brawley Cathers was established in 1932 in Toronto, Ontario and has grown to become a well-
regarded, successful wealth management firm, providing investment advice and service to a wide
range of individual and institutional clients across Canada.

“Everyone at Brawley Cathers is to be congratulated on building such a successful and well-
respected organization,” said Bill Packham. “Their client focus and service commitment make
them an ideal addition to our First Associates team. We are very pleased to have them join us
and look forward to building our businesses together.”

“The acquisition enhances our presence in the Toronto market by adding a team of high quality
Investment Advisors to our expanding First Associates Private Client Group,” said Bill Fulton,
COO of both Rockwater and First Associates. “It also brings our total client assets under
administration to over $5.1 billion, surpassing our $5 billion target for 2003.”

“We are very excited about beginning to operate under the First Associates banner,” said David
Stovel, President and CEO of Brawley Cathers. “The independent and entrepreneurial
environment that Rockwater has created in the firm will allow us to focus on what we do best -
delivering top quality service and advice to our clients. We are looking forward to contributing to
the overall success of the company.”

Rockwater Capital Corporation (TSX: RCC) is a unique financial services firm that is building the
leading independent investment management alternative in Canada. Rockwater serves individual,
corporate and institutional clients through its operating subsidiaries First Associates Investments
Inc., a full-service investment dealer and member of the Investment Dealers Association of
Canada, and Rockwater Asset Management Inc., an Investment Counseling / Portfolio
Management firm registered through the Ontario Securities Commission.


For further information:

William D. Packham
President and CEO
Rockwater Capital Corporation