If disclosure of material information is delayed, complete

confidentiality must be maintained. In the event that such

confidential information, or rumours respecting the same, is

divulged in any manner (other than in the necessary course

of business), the company is required to make an immediate

announcement on the matter. Market Surveillance must be

notified of the announcement in advance in the usual manner.

During the period before material information is disclosed,

market activity in the company’s securities should be closely

monitored. Any unusual market activity probably means that

news of the matter is being disclosed and that certain persons

are taking advantage of it. In such case, Market Surveillance

should be advised immediately, and a halt in trading will be

imposed until the company has made disclosure on the matter.

At any time when material information is being withheld from

the public, the company is under a duty to take precautions to

keep such information completely confidential. Such information

should not be disclosed to any officers or employees of the

company, or to the company’s advisors, except in the necessary

course of business. The directors, officers and employees of a

listed company should be reminded on a regular basis that

confidential information obtained in the course of their duties

must not be disclosed. It is contrary to law under the Ontario