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CORPORATE GOVERNANCE: POLICIES

POLICY STATEMENT – BLACK-OUT PERIODS

Black-Out Periods in respect of Insider Trading

Purpose

The purpose of this Policy Statement is to set forth the black-out periods in order to assist the directors, officers, senior management and other employees of the Company to fulfill their legal obligations in respect of the prohibition from trading in securities of the Company while in possession of material information about the Company that has not been disclosed to the public. This Policy Statement should be read in conjunction with any Insider Trading Policy that may be adopted by the Board of Directors of the Company.

Blackout Periods

All directors, officers, senior management and other employees with knowledge of confidential or material information about the Company and its subsidiaries are prohibited from trading securities of the Company, until the information has been fully disclosed and a reasonable period of time has passed for the information to become widely available to the public by news release or other means. The time during which trading is restricted is commonly referred to as a “blackout period”.

Pursuant to this policy, no trade in securities of the Company is allowed by the directors, officers, senior management and other employees for the period from the last 15 days of a financial quarter-end until three (3) trading days after the issuance of a news release disclosing the results for such quarter. This period equally applies to the fourth quarter (i.e. financial year end).

Additional Information

Any director, officer, senior manager or other employee can contact the Chief Executive Officer or the Corporate Secretary if he or she has any questions with respect to any aspect of this Policy Statement.

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