November 25, 2008 Decisions and Freeze and cease trade orders Securities

Montréal – At the request of the Autorité des marchés financiers (AMF), the Bureau de décision et de révision en valeurs mobilières (BDRVM) issued a reciprocal cease trade order on October 9, 2008 against six open-end investment companies associated with the promotion of real estate projects in Mexico as well as a reciprocal order prohibiting nine individuals from acting as securities advisers. Both reciprocal orders are further to orders issued by the Saskatchewan, Alberta and Ontario financial authorities.

Under the order, the BDRVM prohibited LandBankers International MX, S.A. de C.V. ("LandBankers"), Sierra Madre  MX, S.A. de C.V. ("Madre Holdings"), Bonzac Asociados, S.A. de C.V., L&B LandBanking Trust, S.A. de C.V., Especialistas en Tierra Ejidales Y Communales, S.A. de C.V. and Grupo Sierra Vallarta, S.A. de C.V. from carrying on any activity, directly or indirectly, in respect of a transaction in securities, in particular for the purpose of seeking subscribers or purchasers for their securities in Québec, including by distributing promotional material about their securities or real estate projects.

The BDRVM also prohibited Brian J. Wolf Zacarias, Roger Fernando Ayuso Loyo, Alan Hemingway, Kelly Friesen, Sonja A. McAdam, Ed Moore, Kim Moore, Jason Rogers and Dave Urrutia from acting as advisers, as defined in the Securitie  Act.

In support of its decision, the BDRVM noted the following facts and allegations submitted by the AMF:

• distributions were made in Québec by companies that did not file a prospectus with the AMF or obtain a receipt for a prospectus or a prospectus exemption;
• the distributions were made by persons who were not registered with the AMF as securities dealers or advisers;
• according to the information in the cease trade orders issued by the Saskatchewan Financial Services Commission, the Alberta Securities Commission and the Ontario Securities Commission, the individuals soliciting Canadian investors represented that the value of the securities of LandBankers and Sierra Madre would double in two months and that Sierra Madre would be listed on an exchange in 2008.

The delay between the decision handed down by the BDRVM and the publication of this news release is due to the procedures for service of the decision on the respondents, several of whom were outside the country.

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

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