November 27, 2006 Securities

Montréal – The Autorité des marchés financiers (AMF) has launched a penal proceeding in Québec Court (Criminal and Penal Division), in the judicial district of Montréal, against D. Paul Gagné.

The AMF has filed one count against Mr. Gagné for failing to comply with a decision of the Commission des valeurs mobilières du Québec by withdrawing funds belonging to TIP Funds Canada held at the Royal Bank of Canada in contravention of the Commission’s decision whereby he was ordered to refrain from withdrawing funds belonging to TIP Funds Canada, thereby committing an offence under section 195(1) of the Securities Act and being liable to the penalty provided for under section 202 of the Act.

The AMF is seeking a total fine in the amount of $20,000 against Mr. Gagné on this count.

The Autorité des marchés financiers (AMF) is the regulatory and oversight body for Québec’s financial sector.

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