January 20, 2006

Since March 1, 2003, securities issuers, dealers and advisers have benefited from a 15% reduction of the fees payable to the Autorité des marchés financiers (AMF) under section 271.12 of the Securities Regulation. This fee reduction will end on February 28, 2006.

The AMF applied this reduction, in particular with respect to SEDAR fees, pursuant to Québec securities legislation. This fee reduction was a response, in 2003, to the wishes expressed by industry representatives that securities issuers, dealers and advisers recover a portion of the surpluses they generated during the fiscal years prior to 2003.

Effective March 1, 2006, issuers, dealers and advisers who file documents will no longer benefit from the 15% fee reduction.

For further information on the termination of the fee reduction period, or new examples on how to calculate the fees payable (available in French only), please refer to the section Fees payable to the AMF of the AMF's website or contact the AMF's Information Centre:

Toll-free: 1 877 395-2263
Fax: 1 418 647-9963