Policy Statement on Timely Disclosure

Introduction It is a cornerstone policy of Toronto Stock Exchange (TSX or the Exchange) that all persons investing in securities listed on TSX have equal access to information that may affect their investment decisions. Public confdence in the integrity of the Exchange as a securities market requires timely disclosure of material information concerning the business and affairs of companies listed on the Exchange, thereby placing all participants in the market on an equal footing. The timely disclosure policy of the Exchange is the primary timely disclosure standard for all TSX listed issuers. National Policy 51-201 Disclosure Standards (NI 51-201) , assists issuers in meeting their legislative disclosure requirements. While the legislative and Exchange timely disclosure requirements differ somewhat, the Canadian Securities Administrators clearly state in NI 51-201 that they expect TSX listed issuers to comply with the requirements of the Exchange. To minimize the number of authorities that must be consulted in a particular matter, in the case of securities listed on the Exchange, TSX is the relevant contact. The issuer may, of course, consult with the government securities administrator of the particular jurisdiction. In the case of securities listed on more than one stock market, the issuer should deal with each market. The requirements of the Exchange and NI 51-201 are in addition to any applicable statutory requirements. The Exchange enforces its own policy. Companies whose securities are listed on the Exchange are legally obligated to comply with the provisions on timely disclosure set out in section 75 of the Securities Act (Ontario) (OSA) and the regulation under the OSA. Reference should also be made to National Instrument 71-102 - Continuous Disclosure and Other Exemptions Relating to Foreign Issuers, National Instrument 55-102 - System for Electronic Disclosure by Insiders, National Instrument 62-103 - The Early Warning System and Related Take-Over bid and Insider Reporting Issues, and National Instrument 62-104 Take-Over Bids and Issuer Bids. In addition to the foregoing requirements, companies whose securities are listed on the Exchange and who engage in mineral exploration, development and/or production, must follow the “Disclosure Standards for Companies Engaged in Mineral Exploration, Development and Production” as outlined in Appendix B of the TSX Company Manual (Manual) for both their timely and continuous disclosure. Market Surveillance division of Investment Industry Regulatory Organization of Canada (IIROC) monitors the timely disclosure policy on behalf of the Exchange. 3