Service of hearing notices Securities

Montréal – The Bureau de décision et de révision en valeurs mobilières (BDRVM) summoned Jean Desbiens to a public hearing at the request of the Autorité des marchés financiers (AMF), which would like to impose sanctions against him, namely an administrative penalty and a prohibition from acting as a director.

The AMF makes several allegations against Jean Desbiens, who is domiciled in Québec, with respect to the administration of Fonds de Placements Excellence, notably the registration of the securities, the redemption of the units prior to dissolution, the sale of certain assets, the distribution of debentures and misrepresentations.

The BDRVM hearing will take place on October 18, 2006.

The AMF has already frozen the assets of Fonds de Placement Excellence to protect unitholders (see the AMF’s August 8, 2005 release).

The AMF is the regulatory and oversight body for Québec’s financial sector.

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