Market Regulation Services Inc. (RS) Adjusts Trades in Pinetree Capital Inc. (TSX Symbol PNP)

    TORONTO, April 4 /CNW/ - On March 30, 2007, RS adjusted approximately
2,300 trades in Pinetree Capital Inc. (PNP) after a significant price drop in
the security. RS took this action to protect market integrity and to ensure a
fair and orderly market for trading in securities of Pinetree Capital Inc.
    Shortly after 10:09 a.m. on March 30, 2007, the trading price of Pinetree
Capital Inc. fell on the TSX from $23.66 to a low of $17.33 in a period of
less than four minutes. The price decline represented a drop of almost 27 per
cent. There was no material news to account for the price movement. RS imposed
a regulatory halt on trading of Pinetree Capital Inc. at 11:03 a.m. pending a
    Following that review, market integrity officials of RS determined that
many of the trades had occurred at an unreasonable price. In accordance with
Rule 10.9 of the Universal Market Integrity Rules and internal procedures
regarding unreasonable trades, RS varied the price of all trades in Pinetree
Capital Inc. that were determined to have executed at an unreasonable price.
Accordingly, the execution price of all trades between 10:09 a.m. and 11:03
a.m. on March 30, 2007 that occurred at a price below $21.30 was adjusted to a
price of $21.30. RS communicated its decision to dealers prior to authorizing
the resumption of trading in Pinetree Capital Inc. at 12:00 noon.
    Questions about an affected trade should be directed to the dealer who
handled the order. Questions regarding the ruling by RS are to be directed to
inquiries at 416-646-7299 or

    About Market Regulation Services Inc. (RS)

    Market Regulation Services Inc. ("RS") is the regulation services
provider for Canadian equity markets including the TSX, TSX Venture Exchange,
Canadian Trading and Quotation System, Bloomberg Tradebook Canada Company,
Liquidnet Canada Inc., Markets Securities Inc., Shorcan ATS Limited and Pure
Trading. RS is recognized by the Autorité des marchés financiers in Québec and
the securities commissions of Ontario, Manitoba, Alberta and British Columbia
to regulate the trading of securities on these marketplaces by participant
firms and their trading and sales staff. RS is mandated to conduct its
regulatory activities in a neutral, cost-effective, service-oriented and
responsive manner.

For further information:

For further information: (416) 646-7299 or

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Investment Industry Regulatory Organization of Canada (IIROC)

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