Notice of Hearing: In the Matter of Philip Services Corp. et al.

IN THE MATTER OF THE SECURITIES ACT
R.S.O. 1990, c.S.5, as amended

-and-

IN THE MATTER OF
PHILIP SERVICES CORP., ALLEN FRACASSI,
PHILIP FRACASSI, MARVIN BOUGHTON,
GRAHAM HOEY, ROBERT WAXMAN
AND JOHN WOODCROFT

NOTICE OF HEARING

TAKE NOTICE THAT the Ontario Securities Commission will hold a hearing pursuant to sections 127(1) and 127.1(1) under the Securities Act, R.S.O. 1990, c.S.5, as amended, at its offices on the 17 th Floor, 20 Queen Street West, Toronto, Ontario, commencing on March 3, 2006 at 10:00 a.m., or as soon thereafter as the hearing can be heard;

AND TAKE NOTICE that the purpose of the hearing is for the Commission to consider whether it is in the public interest to make an order approving the Settlement Agreement entered into by Staff of the Ontario Securities Commission and Allen Fracassi, Philip Fracassi, Marvin Boughton, Graham Hoey and John Woodcroft;

BY REASON OF the allegations set out in the Statement of Allegations of Staff and such additional allegations as counsel may advise and the Commission may permit;

AND TAKE FURTHER NOTICE that any party to the proceeding may be represented by counsel if that party attends or submits evidence at the hearing; and

AND TAKE FURTHER NOTICE that upon the failure of any party to attend at the time and place aforesaid, the hearing may proceed in the absence of that party and such party is not entitled to any further notice of the proceeding.

DATED at Toronto this 15 th day of February, 2006.