December 20, 2004 Organization

Montréal. The Autorité des marchés financiers (“AMF”) wishes to clear up any misconceptions which may exist following various media reports last week.

If insiders fail to report trades, or report their trades late, they are liable to a penalty in Québec. Every week the AMF publishes a list of insiders who filed their reports late. This measure has proven to be very effective—since it was implemented 18 months ago, the number of insider reports filed late has fallen by 21% to 8%.

The AMF will not hesitate to take court action for more serious cases of late filing and against repeat offenders.

The AMF believes that these measures will be as much of a deterrent as administrative penalties imposed in other provinces. In addition to the two existing measures, the AMF will also impose administrative penalties over the coming weeks. This new measure stems from Bill 72, which was adopted by the Québec National Assembly on December 17, 2004.

“It is important for all those affected to be aware that the AMF considers the late filing of insider reports to be a serious offence”, said the AMF’s President and CEO, Jean St- Gelais. “The AMF disagrees with claims that it does not take the failure to file insider reports or late filing seriously and reminds all insiders that they must abide by the rules”.

The Québec Securities Act defines an insider as a senior executive of a reporting issuer and of its subsidiaries or any person who exercises control over more than 10% of the voting shares.

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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Information:

Journalists only:
Philippe Roy (514) 940-2176
Issuers, dealers, advisers and representatives: (877) 525-0337, dial 9 for English, then dial 1 for industry
Investors: (877) 525-0337, dial 9 for English,then dial 2 for consumers