Proceedings

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IN THE MATTER OF

THE SECURITIES ACT,

R.S.O. 1990, c. S.5, AS AMENDED

AND

IN THE MATTER OF

PORTUS ALTERNATIVE ASSET MANAGEMENT INC.,

PORTUS ASSET MANAGEMENT INC.,

BOAZ MANOR, MICHAEL MENDELSON,

MICHAEL LABANOWICH AND JOHN OGG

AND

IN THE MATTER OF

A SETTLEMENT AGREEMENT BETWEEN STAFF OF

THE ONTARIO SECURITIES COMMISSION AND

MICHAEL LABANOWICH

ORDER

(Sections 127(1))

WHEREAS on August 23, 2012, the Ontario Securities Commission (the "Commission") issued a Notice of Hearing pursuant to sections 127 of the Securities Act, R.S.O. 1990, c.S.5, as amended (the "Act") in respect of Michael Labanowich ("Labanowich");

AND WHEREAS Labanowich entered into a Settlement Agreement with Staff of the Commission dated August 27, 2012 (the "Settlement Agreement") in which Labanowich agreed to a proposed settlement of the proceeding commenced by the Notice of Hearing, subject to the approval of the Commission;

AND UPON reviewing the Settlement Agreement and upon hearing submissions from counsel for Labanowich and from Staff of the Commission;

AND WHEREAS the Commission is of the opinion that it is in the public interest to make this Order;

IT IS HEREBY ORDERED THAT:

(a) the Settlement Agreement is approved;

(b) pursuant to clause 7 of subsection 127(1) of the Act, Labanowich resign all positions he holds as a director or officer of an issuer;

(c) pursuant to clause 8 of subsection 127(1) of the Act, Labanowich is prohibited for a period of six years from the date of this Order from becoming or acting as a director or officer of any reporting issuer;

(d) pursuant to clause 8.2 of subsection 127(1) of the Act, Labanowich is prohibited from becoming or acting as a compliance officer of a registrant; and,

(e) pursuant to section 127.1 of the Act, Labanowich shall pay costs to the Commission in the amount of $25,000.

DATED AT TORONTO this 27th day of August, 2012.

" James E. A. Turner "
James E. A. Turner