July 6, 2007 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) ruled, in a decision handed down on June 21, 2007, that Gauthier et Cie, Gestion de placements inc. (Gauthier) was guilty of violating section 209 of the Securities Regulation whereby a securities adviser with an unrestricted practice is required to possess a working capital at least equal to the sum of $25,000 and the amount deductible under the insurance policy or the bonding prescribed by section 213 of the Regulation.

The BDRVM has therefore imposed an administrative penalty on Gauthier in the amount of $3,500 pursuant to section 273.1 of the Securities Act.

In its decision, the tribunal noted the need to maintain the confidence of investors in the financial markets and the importance of co-operation from firms for the purpose of upholding capital standards intended to ensure solvency in the industry.

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

— 30 —

Information:

Media only:
Frédéric Alberro (514) 940-2176

Information Centre: (877) 525-0337