Annual Reports

The annual management report complies with Rule 51-102A of the Canadian Securities Administration as regards continuing information from reporting issuers. The management report presents management's views on the Company's current activities and on the annual financial results, as well as an overview of activities during the coming year.

The Company's management has developed and supervised control procedures for the presentation of financial information and for disclosure requirements, which in its opinion provide a reasonable assurance that important information is communicated as appropriate, or disclosed in a timely manner. Management considers that the Company's control procedures give reasonable assurance that the Company's accounts and its financial statements have been prepared in accordance with generally-recognized Canadian accounting practice.