Securities Decisions and Freeze and cease trade orders

Montréal – At the request of the Autorité des marchés financiers (AMF), the Bureau de décision et de révision en valeurs mobilières (BDRVM) issued, on June 14, 2006, a freeze order on the funds, securities and other assets of Groupe financier Fides inc., La Fiducie Fides and 9166-6198 Québec inc. as well as a cease trading order in respect of Groupe financier Fides inc. and La Fiducie Fides. The president of Groupe financier Fides inc. and of 9166-6198 Québec inc. as well as the trustee of La Fiducie Fides is André Lacombe. Groupe financier Fides inc. is headquartered in Drummondville.

The BDRVM made the decision because the Respondents distributed loan agreements without obtaining a receipt therefor from the AMF in accordance with section 11 of the Securities Act. Groupe financier Fides inc. and La Fiducie Fides advised investors that capital and interest could not be reimbursed.

Because of the urgency of the situation, the BDRVM believed it was in the public interest to issue the freeze and cease trading orders mentioned above without a prior hearing. The BDRVM has informed the Respondents that a hearing may be held within fifteen days of this decision.

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

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