March 9, 2004 Decisions and Freeze and cease trade orders Securities

Montréal – On March 1, 2004, Luc Lefebvre, a Superior Court judge for the district of Montréal, granted a motion by the Agence nationale d’encadrement du secteur financier (also known by the name “Autorité des marchés financiers” or “AMF”) for the issuance of a special rule ordering Bernard Letarte, Charles A. Morin, Carole Janelle, Mijanou Dubois, Liliane Colpron and Josée Fiset to appear in court to answer a contempt of court charge.

The order followed the refusal of the six accused to appear before AMF staff on February 23, 2004, in contravention of the Québec Securities Act (the “Act”). The AMF wishes to submit these individuals to an examination and is asking them for the required documents by subpoena, in accordance with the Act.

Under the Act, AMF investigators have the power to compel a person to testify and / or provide certain documents. If the person fails to comply, the AMF may file a motion for the issuance of a special rule ordering the person to appear to answer a charge of contempt of court or it may institute penal proceedings.

Established on February 1, 2004, the Autorité des marchés financiers (AMF) is the regulatory and oversight body for Québec's financial sector. The AMF merges 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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