December 27, 2007 Decisions and Freeze and cease trade orders Securities

Montréal – At the request of the Autorité des marchés financiers (the “AMF”) and further to the decision of the Bureau de décision et de révision en valeurs mobilières (the “BDRVM”) on December 20, 2007, Minister Raymond Bachand (on behalf of Minister of Finance Monique Jérôme-Forget) has appointed as provisional administrator Jean Robillard of the firm Raymond Chabot Grant Thornton to administer the property of Triglobal Capital Management Inc. (“Triglobal”).

As part of its investigation, the AMF noted, among others, illegal investments in tax havens with Focus Management Inc. (“Focus”) and Ivest Fund Ltd. (“Ivest”), whose head offices are located, respectively, in the Cayman Islands and the Bahamas. These investments were offered by Triglobal to individuals and/or corporate entities.

The investigation by the AMF showed that between 1997 and 2007, Québeckers who invested in Focus or Ivest through representatives, related persons and/or officers of Triglobal had each invested between $10,000 and $350,000.

The BDRVM stated that it was concerned by the following allegations and facts in particular:

• these illegal investments amount to several millions of dollars;
• the attitude of Triglobal and its officers hindered the work of the AMF investigators;
• the respondents are not registered as dealers or advisors with the AMF;
• certain investors recently found it difficult or have been unable to recover their investments.

In addition, the BDRVM has prohibited Triglobal from carrying out any activity in respect of a transaction in securities regarding any form of investment governed by the Securities Act and from carrying on business as a dealer and an adviser. The BDRVM has also issued cease trade and other orders against Triglobal and related companies and individuals (Thémistoklis Papadopoulos, Franco Mignacca, Société de gestion de fortune Triglobal inc., PNB Management Inc., Anna Papathanasiou, 3769682 Canada inc., Mario Bright and Joseph Jekkel).

The primary role of the provisional administrator is to take all conservatory measures to secure the securities, property, and books and documents of Triglobal and its clients. The provisional administrator took control of Triglobal on December 24, 2007.

The provisional administration will continue the operations of Triglobal in the sectors for which it is registered, namely, group savings plan brokerage, financial planning and scholarship plan brokerage. For more information, the administrator has set up a dedicated telephone line and a website for representatives and investors: 514-954-4637 or www.raymondchabot.com/triglobal.

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

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