THIERRY GEVAERT

WHEREAS:

(A)         On May 13, 2010, the Alberta Securities Commission (“ASC”) issued a Decision against Thierry Gevaert (“GEVAERT”);

(B)         On January 18, 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 of The Securities Act, R.S.M. 1988, c. S50 as amended (“Act”) with respect to GEVAERT;

(C)         GEVAERT 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 sections 148 and 19(5) of the Act, GEVAERT cease trading in securities and subsection 19(1) of the Act, with respect to such of the trades referred to in that subsection, and subsection 19(2) of the Act, with respect to such of the securities referred to in that subsection, do not apply to GEVAERT until May 13, 2015, except that this order does not preclude GEVAERT from trading in securities through a registrant, who has first been given a copy of this order, in:

(a)          a non-registered account for the benefit of GEVAERT, or;

(b)          in an account for a registered retirement savings plans, registered retirement income fund or registered education savings plan, as defined in the Income Tax Act (Canada), for the benefit of one or more of GEVAERT, his spouse and his dependent children.

2.                            THAT, pursuant to section 148.3 of the Act, GEVAERT resign all positions he holds as a director or officer of any issuer that trades in securities to the public and is prohibited from becoming or acting as a director or officer or both of any such issuer until May 13, 2015.

BY ORDER OF THE COMMISSION

"Douglas R. Brown"

Director, Legal and Enforcement