Orders and Exemptions

TH E MAN LTD S A. S ECURLTIE S COMMISSION THE SECURITIES ACT Order No. 6411 Section 148 October 5, 2011 RICHARD BRUCE KOWALCHUK WHEREAS: (A) On April 14, 2011, the Director, Enforcement of the Alberta Securities Commission ("ASC") entered into a Settlement Agreement and Undertaking with Richard Bruce Kowalchuk ("KOWALCHUK"); (B) On August 11, 2011, The Manitoba Securities Commission ("Commission") issued a Notice of Hearing ("Notice") giving notice of its intention to hold a hearing to consider whether or not it was in the public interest to grant orders pursuant to section 148.4 The Securities Act, R.S.M. 1988, c. S50 as amended ("Act") with respect to KOWALCHUK; (C) KOWALCHUK has consented to the issuance of this Order and has waived his right to a full hearing ; (D) The Commission is of the opinion that it is in the public interest to make this order. IT IS ORDERED: 1. THAT pursuant to section 148 of the Act, KOWALCHUK cease trading in securities until and including April 14, 2021, except that this order does not preclude KOWALCHUK from : (a) trading in securities listed and PQsted for trading on the Toronto Stock Exchange, the TSX Venture Exchange or the New York Stock Exchange or issued by a mutual fund which is a reporting issuer, in one personal account, through a reg istrant who has first been given a copy of this order; (b) trading in one registered reti rement savings plan, one locked-in retirement account, and one tax-free savings account for himself and a registered education savings plan account for each of his children, provided that such trading is through a registrant who has first been given a copy of this order; and :;[)()--1410 SI. Ma ry AwnlJ~, Wi nni[)l.'l:, ~Iil nj tollil fU C ~I(S tel : (2(,H) '145._S4!i fax; (10-1) C) -I S.nBO www.msq(oY.l11b.ca

Page 2 (c) purchasing shares in an issuer whose shares are not distributed to the public. BY ORDER OF THE COMMISSION eputy Director