Mr. Rick Skauge reports

OLYMPIA FINANCIAL GROUP INC. ANNOUNCES OLYMPIA TRUST COMPANY'S INTENTION TO APPLY FOR CONTINUANCE AS A FEDERAL TRUST COMPANY

Olympia Trust Company, a wholly owned subsidiary of Olympia Financial Group Inc., intends to make an application to the Minister of Finance (Canada) for continuance as a federal trust company under the Trust and Loan Companies Act (Canada).

Olympia Trust's proposed continuance as a federal trust company is subject to the prior approval of the minister and receipt from the Superintendent of Financial Institutions of an order to commence and carry on business. Olympia Trust has entered the second phase of the application process, and provided that Olympia Trust's continuance as a federal trust company is approved, Olympia Trust intends to seek registration as a trust corporation under the Loan and Trust Corporations Act (Ontario), which will permit Olympia Trust to solicit new customers, explore new business opportunities and otherwise conduct business in Ontario, Canada's largest financial service market.

About Olympia Financial Group Inc.

Olympia conducts most of its operations through its subsidiary Olympia Trust, a non-deposit-taking trust company. Olympia Trust is licensed to conduct trust activities in Alberta, British Columbia, Saskatchewan, Manitoba, Quebec, Newfoundland and Labrador, Prince Edward Island, New Brunswick, and Nova Scotia. Olympia Trust administers self-directed registered plan accounts, corporate trust and transfer agency services. Olympia also provides currency exchange and global payment service through its subsidiary Olympia Currency and Global Payments Inc., and offers private health service plans and information technology services to exempt market dealers, registrants and issuers through its subsidiary Olympia Benefits Inc.

Olympia's common shares are listed on the Toronto Stock Exchange under the symbol OLY.

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