Securities

Montréal – On December 20, 2016, Per Diem Judge Gilles Charest of the Court of Québec, district of Québec City, dismissed all charges brought against Karl Talbot by the Autorité des marchés financiers (the "AMF") as part of its penal proceeding launched in June 2012. Essentially, the judge ruled that the proceeding launched in June 2012 was prescribed under the Securities Act. Karl Talbot faced 107 charges of illegal practice as a dealer and aiding in making a distribution without a prospectus.

Moreover, Judge Charest dismissed the other allegations stated by Karl Talbot as part of his motion for nonsuit and for a stay of proceedings. In particular, the judge concluded that the AMF had acted in good faith in conducting a true normalization process, that the pre-charge delay did not prejudice the fairness of an eventual trial, that the amount of fines sought did not show that the AMF had acted abusively and that the AMF had legitimate reasons for notifying the public of the charges filed.

Further to this decision, on March 2, 2017, the AMF also decided to withdraw the charges filed in this matter against two other defendants, Jean Boivin and Guy Normandin. They faced charges of illegal practice as a dealer and aiding with an illegal distribution.

On April 12, 2017, the Superior Court authorized the notices of appeal, allowed the motions to withdraw the guilty pleas and set aside the guilty pleas in this matter regarding André Jacques, Denis Nadeau and Richard Lemay. On June 8, 2017, the AMF withdrew the charges brought against the three defendants. They faced charges of illegal practice as a dealer and aiding with an illegal distribution.

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

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