New Executive Compensation Disclosure Rules Affect Issuers With Year Ends On Or After December 31, 2008

The Canadian Securities Administrators (CSA) adopted new rules for executive compensation disclosure on September 18, 2008. Publicly traded issuers in Canada are required to disclose compensation awarded to executive officers during any fiscal year ending on or after December 31, 2008 in accordance with the new rules. Most Canadian issuers will be required to comply with the new rules in their proxy circulars for their next annual meeting. As of December 31, 2008, issuers with financial years ending prior to December 31, 2008 may voluntarily comply with the new rules in lieu of the current ones.

The new disclosure requirements represent the first major overhaul of executive compensation disclosure practices in Canada in 15 years. While the new requirements reflect in large measure changes adopted by the U.S. Securities and Exchange Commission (SEC) in 2006, there are some significant differences.