June 19, 2013 Organization

Montréal - Today the Cabinet of the Government of Québec appointed M^e Louis Morisset President and Chief Executive Officer of the Autorité des marchés financiers (the "AMF") for a five-year term, effective July 2, 2013.

M^e Morisset will take over from Mario Albert, who has led the AMF since 2011, further to Mr. Albert's appointment as a member of the board of directors and President and Chief Executive Officer of Investissement Québec.

Since joining the AMF in May 2006, M^e Morisset has served as Superintendent, Securities Markets. In this position, he oversaw the enforcement of legislation and regulations pertaining to public offerings by companies and mutual funds, the continuous disclosures that these entities are required to provide and their governance, take-over bids and issuer bids, the creation and marketing of derivatives, and market operations. He was also tasked with the supervision of exchanges and clearing houses that carry on activities in Québec, as well as the Québec activities of the Investment Industry Regulatory Organization of Canada (IIROC). Over the years, he has assumed other responsibilities, such as overseeing market structures and derivatives markets in 2009 and, in 2012, AMF Public Affairs and Communications, which includes the development and implementation of financial education initiatives.

Through his active participation on the AMF's Executive Committee, M^e Morisset has acquired in-depth knowledge of the issues facing an integrated regulator such as the AMF, including consumer protection, the solvency of financial institutions and insurers, market monitoring and surveillance, the oversight of market intermediaries, the emergence of new financial products and services, and investor education. His contribution to the development of the 2012-2017 strategic plan and his role as Chair of the AMF Integrated Risk Management Committee are also noteworthy.

Recently, M^e Morisset initiated and greatly contributed to discussions by the AMF on the role of boards facing unsolicited take-over bids which led to the launch of an important consultation in March 2013. In 2011 and 2012, he directed the work which resulted in the AMF's approval of the acquisition of TMX Group by the Maple Group.

M^e Morisset actively participates in the regulatory co-ordination and harmonization initiatives of the Canadian Securities Administrators (CSA) This link will open in a new window. On the international scene, he represents the AMF on the board of the International Organization of Securities Commissions This link will open in a new window (IOSCO), and has actively collaborated on IOSCO initiatives over the past several years, including co-chairing IOSCO's special task force charged with examining the role of securities regulators in respect of systemic risk This link will open in a new window in the wake of the 2007-2008 financial crisis. He was also elected to serve two consecutive terms as chair of the Monitoring Group mandated to supervise the implementation and application of the IOSCO Multilateral Memorandum of Understanding Concerning Consultation and Cooperation and the Exchange of Information.

Prior to joining the AMF, M^e Morisset was a partner at the law firm Stikeman Elliott LLP, where he acquired extensive experience in Canada, the U.S. and Europe in securities law and corporate finance.

M^e Morisset is a member of the Board of Directors of the Institute for Governance of Private and Public Organizations This link will open in a new window, Finance Montréal This link will open in a new window, the financial services cluster of Québec, and the Montreal Structured Finance and Derivatives Institute This link will open in a new window. He is also a member of the Accounting Standards Oversight Council This link will open in a new window (AcSOC).

Mr. Morisset graduated in law from the University of Montréal in 1995 and was called to the Bar of the Province of Québec in 1996.

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

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