October 25, 2004 Securities

Montréal – The Agence nationale d’encadrement du secteur financier (also known as the “Autorité des marchés financiers” or the “AMF”) is launching penal proceedings against Louis Talbot before the Court of Québec (Criminal and Penal Division) in the judicial district of Hull.

• Mr. Talbot faces twenty-three (23) counts for acting as an adviser within the meaning of section 5 of the Securities Act (the “Act”), without being duly registered as such with the AMF, thereby violating sections 148 and 202 of the Act. He is liable to a minimum fine of $1,000 on each count.

• Mr. Talbot also faces twenty-three (23) counts for having assisted Le Groupe Montferrand with the distribution of its securities without a prospectus approved by the AMF, thereby violating sections 11, 202, 204 and 208 of the Act. He is liable to a minimum fine of $5,000 on each count.

If found guilty on all counts, Mr. Talbot will be required to pay a minimum fine totalling $138,000, plus costs.

Established on February 1, 2004, the Autorité des marchés financiers is the regulatory and oversight body for Québec’s financial sector. The AMF consists of the Commission des valeurs mobilières du Québec, the Bureau des services financiers, the Régie de l’assurance-dépôts du Québec, the Fonds d’indemnisation des services financiers and the Inspector General of Financial Institutions.

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