G.T.C. Transcontinental Group Ltd. announced today that its board of directors approved a change of name and a forthcoming two-for-one stock split. The proposed name is "TRANSCONTINENTAL INC." The Corporation believes that the change of name, which is subject to shareholders' approval, is appropriate to increase the recognition of its corporate identity. The stock split, subject to regulatory and shareholders' approvals, is targeted for completion in April 2003, thereby enabling the number of Class A Subordinate Voting Shares outstanding to increase from approximately 35,180,000 to 70,360,000 and the number of Class B Shares outstanding to increase from approximately 9,180,000 to 18,360,000. The Corporation believes that the stock split reflects a strong belief in Transcontinental's long-term potential and will allow individual investors to participate more easily in the growth of Transcontinental.