December 22, 2011 Decisions and Freeze and cease trade orders

On November 28, 2011, the Bureau de décision et de révision noted the undertaking between Cordiant Capital inc. and the Autorité des marchés financiers (the AMF). In this undertaking, Cordiant Capital inc., a portfolio manager pursuant to the Securities Act, admits the facts alleged in the motion served by the AMF on July 22, 2011, confirms having designated and registered a chief compliance officer in compliance with Regulation 31-103 respecting Registration Requirements and Exemptions, and agrees to pay an administrative penalty of $ 10,000.