Significant Changes to TSX Rules

Edited by C.L. Sugiyama

Effective January 1, 2005, the Toronto Stock Exchange (the "TSX") has amended the Toronto Stock Exchange Company Manual. These amendments are intended to provide issuers, investors and their respective advisors with a complete and transparent set of standards and practices that will give more certainty when planning and completing transactions. The TSX published a recent Staff Notice on March 21, 2005 providing interpretation of the amendments. These amendments include significant changes to the TSX policies on:

• Private Placements (including changes to Pricing, Size and Discounts, TSX Acceptance, Warrants, Insider Participation and Security Holder Approval);

• Security Based Compensation Arrangements (including changes to Annual Disclosure, Approval, Flexibility of Plans, Removal of Restrictions, Amendments and Amendments to Insider Securities);