Proceedings

News Release
Communiqué

Ontario

Ontario Securities
Commission

20 Queen St. W.
Box 55, Suite 1900
Toronto, ON M5H 3S8

FOR IMMEDIATE RELEASE

January 20, 2004


NOTICE FROM THE OFFICE OF THE SECRETARY, OSC

IN THE MATTER OF
PATRICK FRASER KENYON PIERREPONT LETT,
MILEHOUSE INVESTMENT MANAGEMENT LIMITED
and PIERREPONT TRADING INC.

TORONTO - In the Matter of Patrick Fraser Kenyon Pierrepont Lett, Milehouse Investment Management Limited and Pierrepont Trading Inc., the Panel has requested that counsel re-attend to make submissions on the following issues:

1. In the Amended Statement of Allegations, it is alleged that the Respondents, Patrick Lett and his companies, traded in securities without being registered contrary to section 25(1)(a) of the Securities Act. What are the "securities" Staff alleges were being traded? and

2. Having regard to submissions made in response to the first question above, was there "trading" by the Respondents and was such trading in Ontario?

Staff and Counsel for Lett, Milehouse and Pierrepont will appear before the Commission to make submissions on these issues on January 29, 2004 at 10:00 a.m.

A copy of the Amended Statement of Allegations is available at www.osc.gov.on.ca or from the Commission, 20 Queen Street West, 19th Floor, Toronto, Ontario.

OFFICE OF THE SECRETARY
JOHN P. STEVENSON
SECRETARY

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Eric Pelletier
Manager, Media Relations
416-595-8913

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(416) 593-8314
1-877-785-1555 (Toll Free)