July 8, 2002
For Immediate Release

New Rules for Issuers- Communications with Shareholders

Montréal - New rules adopted by Canada's securities regulators will allow securities issuers to better identify their shareholders and to communicate with them directly.

Currently, an issuer cannot generally obtain the names of shareholders who hold its securities through a broker or other intermediary. National Instrument 54-101 (Communication with beneficial owners of securities of a reporting issuer) permits issuers, as of September 2002, to obtain from brokers the names of their shareholders who have not objected to being identified. In addition, it allows issuers holding shareholder meetings on or after September 1, 2004, to send meeting materials directly to these non-objecting shareholders. National Instrument 54-102 (Interim financial statement and report exemption) establishes procedures that will allow issuers to send interim financial statements and reports only to shareholders who specifically request the documents.

These measures will allow issuers to determine who their shareholders are and to choose how to communicate with them, said Doug Hyndman, Chair of the Canadian Securities Administrators. Shareholders can still remain anonymous, he added, but it will be their choice, and not the choice of their brokers.

The rules came into effect on July 1, 2002. As Quebec is still awaiting regulatory approval of the rules, it has enacted temporary exemptions to allow Quebec issuers to benefit from the harmonized standards.

The rules may be viewed at the commission websites listed below.

The CSA, comprised of the thirteen provincial and territorial authorities, administer Canadian securities regulations to protect investors and to ensure an efficient and effective securities market.

Media relations contacts:

Joni Delaurier
Alberta Securities Commission
403-297-4481
www.albertasecurities.com

Michael Bernard
B.C. Securities Commission
604-899-6524
1-800-373-6393 (B.C. & Alberta only)
www.bcsc.bc.ca

Ainsley Cunningham
Manitoba Securities Commission
204-945-4733
1-800-655-5244 (Manitoba only)
www.msc.gov.mb.ca

ric Pelletier
Ontario Securities Commission
416-595-8913
www.osc.gov.on.ca

Barbara Timmins
Commission des valeurs mobilires du Qubec
514-940-2176
1-800-361-5072 (Quebec only)
www.cvmq.com