New Disclosure Requirements for 2005 Annual Filings

Over the past few years, Canadian reporting issuers have been required to comply with gradually increasing disclosure requirements, changing their policies and practices along the way. As a result of securities law requirements enacted or amended in the summer of 2005, filings required to be made for the year ended December 31, 2005 are also subject to new disclosure requirements. These include: additional certifications in CEO and CFO certificates, along with corresponding disclosure in annual MD&A, as well as new disclosure relating to corporate governance practices in management information circulars and annual information forms.

Originally adopted as of March 30, 2004 and amended effective June 6, 2005, Multilateral Instrument 52-109 Certifications of Disclosure in Issuers’ Annual and Interim Filings (the Certification Rule) requires Canadian reporting issuers to file interim and annual certificates, certified by the chief