The annual management report complies with standard 51-102A of the Canadian authorities in securities regarding continuous information for reporting issuers. The annual report presents the management point of view on the current activities of the Company and on the annual financial results as well as an overview of the activities during the coming year.

The management of the Company has designed and oversees control methods with regard to the presentation of the financial information and of disclosures that, in his opinion, provide reasonable certainty that important information is communicated as appropriate or supplied quickly. In the opinion of management, the Company's control procedures provide reasonable assurance that Company accounts and the Company's financial statements have been prepared in according with accounting principles generally accepted in Canada.