Canadian Warrants

instrument governing the terms of the warrants issued or made issuable pursuant
to the May warrant indenture. The February warrants and the May warrants are
hereinafter referred to as the combined warrants.

Each combined warrant entitles holder to purchase one common share of the
company at a price of $1.80 per share at any time prior to 5 p.m. (Toronto time) on
Feb. 20, 2009.

The indenture governing the combined warrants provides for appropriate
adjustments to the warrants in the event of stock dividends, subdivisions,
cconsolidations and other forms of capital reorganization.

The indenture will require that the warrant trustee (in its capacity as warrant trustee
under the February, 2004, warrant indenture) send, within three business days of
the effective date, notice to the May warrantholders to surrender their certificates
representing May warrants in order to obtain certificates in the form required under
the February, 2004, warrant indenture. Any certificate originally issued under the May
warrant indenture and tendered for exchange must be surrendered by the May
warrantholder at the principal transfer office of the warrant trustee in Toronto, Ont.,
and thereupon cancelled by the warrant trustee, and within a further three business
days, the warrant trustee shall deliver to such May warrantholder a certificate or
certificates evidencing the May warrants in the form required under the February,
2004, warrant indenture

Envoy warrants called to trade

2004-05-10 19:15 ET - Warrants Called to Trade
TSX bulletin 2004-0477
A total of 12.5 million common share purchase warrants of Envoy Communications
Group will be listed and posted for trading at the open on Wednesday, May 12, 2004,
uunder the following trading information:

Symbol: ECG.WT.A
Cusip No.: 293986 12 1
Designated market-maker: A. George, Orion Securities Inc.
OOther markets: None

The listing covers warrants forming part of 25 million units sold to the public at a
price of $1.05 per unit pursuant to the terms of a short form prospectus dated May 6,
2004. Each unit consists of one common share and one-half of a warrant. The units
sseparated immediately upon closing of the public offering.

Each warrant entitles the holder to purchase one common share of Envoy at a price
of $1.80 per share at any time prior to 5 p.m. (Toronto time) on Feb. 20, 2009.
The warrants are governed by the terms of a warrant indenture dated May 12, 2004,
between Envoy and Computershare Trust Company of Canada as trustee. The
warrant indenture provides for appropriate adjustments to the warrants in the event
of stock dividends, subdivisions, consolidations and other forms of capital
reorganization.

Envoy to list 16,266,453 warrants on Feb. 20

2004-02-18 18:46 ET - Warrants Called to Trade
TTSX bulletin 2004-0154

A total of 16,266,453 common share purchase warrants of Envoy Communications
Group will be listed and posted for trading at the open on Friday, Feb. 20, 2004,
uunder the following trading information:

Symbol: ECG.WT
Cusip No: 293986 11 3
Designated market-maker: A. George, Orion Securities Inc.
OOther markets: None

The listing covers warrants forming part of 26,318,800 units sold to the public at a
price of $1.33 per unit pursuant to the terms of a prospectus dated Feb. 13, 2004.
Each unit consists of one common share and one-half of a warrant. The units
sseparated immediately upon closing of the public offering.

Each warrant entitles the holder to purchase one common share of Envoy at a price
of $1.80 per share at any time prior to 5 p.m. (Toronto time) on Feb. 20, 2009.
The warrants are governed by the terms of a warrant indenture dated Feb. 20, 2004,
between Envoy and Computershare Trust Company of Canada, as trustee. The
warrant indenture provides for appropriate adjustments to the warrants in the event
of stock dividends, subdivisions, consolidations and other forms of capital
reorganization.