Notice of Hearing: In the Matter of Argus Corporation Limited et al. - Certain Directors, Officers and Insiders

IN THE MATTER OF THE SECURITIES ACT
R.S.O. 1990, c. S.5, AS AMENDED (the "Act")

- and -

IN THE MATTER OF
CERTAIN DIRECTORS, OFFICERS AND INSIDERS OF
ARGUS CORPORATION LIMITED
(BEING THE INDIVIDUALS AND ENTITIES LISTED

IN SCHEDULE "A" HERETO)

NOTICE OF HEARING
(Subsection 127(1) and 127(5))

TAKE NOTICE that the Ontario Securities Commission (the "Commission") will hold a hearing pursuant to section 127 of the Act (a "Hearing") at 20 Queen Street West, 17th Floor Hearing Room, Toronto, Ontario commencing on the 3rd day of June, 2004 at 10:00 a.m. or as soon as possible after that time;

TO CONSIDER whether, pursuant to subsection 127(1) of the Act, it is in the public interest for the Commission to make an Order:

•  that trading, whether direct or indirect, by any of the individuals and entities listed in Schedule "A" in securities of Argus Corporation Limited ("Argus") cease until two business days following the receipt by the Commission of all filings Argus is required to make pursuant to Ontario securities laws or for such period as the Commission may determine; and/or

•  such other order as the Commission may deem appropriate;

BY REASON OF the allegations set out in the Statement of Allegations of Staff of the Commission and such additional allegations as the Staff may advise and the Commission may permit;

AND FURTHER TAKE NOTICE that any party to the proceeding may be represented by counsel at the Hearing;

AND FURTHER TAKE NOTICE that if a party fails to attend the Hearing, the Hearing may proceed in the absence of that party and such party will not be entitled to receive any further notice of the proceeding;

AND FURTHER TAKE NOTICE that, pursuant to subsection 127(7) of the Act, the temporary order may be extended until the Hearing is concluded or under subsection 127(8) of the Act if satisfactory information is not provided within the fifteen-day period.

DATED at Toronto , this 25th day of May, 2004.

Ontario Securities Commission

" Rose Gomme "
_____________________________
A Secretary to the Commission

Schedule "A"