Order issued against Portus Alternative Asset Management

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”) has issued an order against Portus Alternative Asset Management prescribing certain conditions to the firm’s registration as a securities adviser with an unrestricted practice. Portus Alternative Asset Management has some forty clients in Québec.

The decision, effective February 11, 2005, prohibits Portus from opening new accounts on behalf of clients and from accepting funds or assets for investment purposes from current clients. The order does not prevent investors from accessing accounts they hold at Portus.

The AMF requested the order in light of irregularities uncovered in respect of the sales practices and record keeping carried out by Portus. The order remains effective until it is amended or revoked following a hearing before the BDRVM.

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

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