December 5, 2011 Organization Securities

Montréal - Further to the statements made yesterday by two former officers of Raymor, the Autorité des marchés financiers (the AMF) would like to clarify some facts.

At the outset, the AMF rejects all allegations that it is acting under the pressure of organized crime or in collusion with major law firms and syndics with respect to certain files, including the matter of Raymor. Such allegations are gratuitous, defamatory and, above all, completely groundless. AMF personnel are subject to a strict code of ethics, and their daily decisions and actions are guided by integrity and professionalism.

In January 2010, the Superior Court of Québec accepted a restructuring plan under which all the shares of Raymor were cancelled and, as a result, the company, placed under the protection of the Bankruptcy and Insolvency Act since January 2009, was sold to a group of private investors. In February 2010, a group of minority shareholders of Raymor appealed the decision and asked the Bureau de décision et de révision (the Bureau) to review the rulings issued by the AMF in this matter. The arguments made by this group of minority shareholders were successively dismissed by the Superior Court, the Bureau and the Court of Appeal.

In addition, contrary to insinuations, the AMF met with the former officers of Raymor on numerous occasions to hear their views and analyze new facts. However, these meetings and discussions did not provide evidence warranting a change in the AMF's position.

The AMF again stresses that it has always been and remains prepared to examine any new facts related to a possible scheme to privatize the company fraudulently.

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

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