8.1 Announcements of Material Information should be factual and balanced, neither overemphasizing

favourable news nor under-emphasizing unfavourable news. Material

unfavourable news must be disclosed just as promptly and completely as material

favourable news.

8.2 It is appreciated that it may not be practical to include in a news release the level of detail

that would be included in a prospectus or similar disclosure document. However, news

releases must contain sufficient detail to enable investors and media personnel to

appreciate the true substance and importance of the information so that investors may

make informed investment decisions. The guiding principle should be to communicate

clearly and accurately the nature of the information, without including unnecessary

details, exaggerated reports or editorial commentary designed to colour the investment

community’s perception of the announcement one way or another. Additional guidelines

for news releases are set out in Appendix 3E to this Policy.

8.3 The responsibility for the adequacy and accuracy of the content of news releases rests

with the directors of an Issuer.

8.4 All news releases must include the name of an officer or director of the Issuer who is

responsible for the announcement, together with the Issuer’s telephone number. The

Issuer may also include the name and telephone number of an additional contact person.

8.5 The Issuer should be prepared to provide further information, if required by the

Exchange.

8.6 All news releases must contain the following statement in a prominent location: