MEMORANDUM OF UNDERSTANDING WITH THE HONG KONG

SECURITIES & FUTURES COMMISSION

The Memorandum of Understanding ("MOU") which was entered into between the Ontario Securities Commission and the Hong Kong Securities & Futures Commission, and published in the OSC Bulletin ((1997), 20 OSCB 1025), received approval by the Ontario Minister of Finance on April 23, 1997, thus becoming effective on that date in accordance with subsection 143.10(3) of the Securities Act, R.S.O. 1990, c. S.5, as am. The MOU provides a framework for mutual cooperation and the exchange of information in matters relating to the administration and enforcement of Ontario and Hong Kong securities and futures laws.