Hearings and Proceedings

THO M PSON DORFMAN S WEATMAN L LP February 23, 2011 The Manitoba Securities Commission 5 th Floor, 400 St. Mary A venue Winnipeg MB R3C 4 K5 Attention : Mr. Doug Brown Dear Sir: Re: Jory Capital Inc . / Patrick Cooney / UROC Our Matter No . 0099126 AJS We act for Jory Capital Inc. ("Jory") and Patrick Cooney . Mr. Cooney (collectively the "Appellants") Commission from the decision of the llROC Hearing Panel dated January 28, 2011 and rendered January 31, 2011 (following a hearing held on January 18,2011) in respect of the sanctions to be imposed on Jory and Mr. Cooney (the "Sanctions"). The Sanctions arise from findings of liability made against them as a result of a hearing conducted in late 2010. Grounds of Appeal The following are the grounds of appeal: 1. The Sanctions are excessive; 2 . The Sanctions are inconsistent with IIROC's own Dealer Member Disciplinary Sanction Guidelines ; 3. The Sanctions would have the effect of preventing Jory from carry ing on its business and would almost certainly result in Jory ceasing to exist, a result which would be contrary to the public interest; and C,mwl'~1 1'1~1-T 220() 101 IJ1)n.I,g,o,\ n oUlI l. \ Inl1ipt·~, Manitoha, ~ 'Jj1.1tlJ H ~ H H ~ ' " w \V. lc.bl"w.com FEB 2 3 2011 Writer's Name Art Stacey Writer's Direct Telephone (204 ) 934-2537 Internet E-mail Address aj,@tdslaw.com Writer' s Direct Fax (204) 934-0537 Legal Ass istant Tracey Jarrin Direct Telephone (204) 934-2589 Internet [-mai l Address traceyj (£I)tdsla II .com DELIVERED By this letter Jory and hereby appeal to The Manitoba Securities

THOMPSO DORFMA SWEATMA liP 4. Such other grounds as shall be advised in the Factum to be filed on behalf of .lory and Mr. Cooney. Materials to be Relied Upon 00 the Appeal The Appellants will rely upon the following materials at the hearing of the appeal: 1. The Record of Proceedings before the Hearing Panel on January 18, 2011; 2. The Factum of the Appellants, to be filed; and 3. Such further and other materials as counsel may advise. Yours truly, SWEATMAN LLP AJS cc The Investment Industry Regulatory Organization of Canada Suite 2800 - Royal Centre 1055 West Georgia Street P.O. Box 11164 Vancouver BC V6E 3R5 Attention: Ms. Wietzke Gerber ( .,"''''1 PI.Lt' 22()0201 !'orl.g" .~Vl"llUC , Wi",,,!'''!'_M .,ni,,,IIJ, ('llll.<i It III '\1 l , vww.h..lslaw,l:on'll