On September 20, 2002, the Canadian Securities Administrators (the “CSA”) published for comment proposed National Instrument 81-106 - Investment Fund Continuous Disclosure and its companion policy 81-106CP and Form 81-106F1 - Contents of Annual and Quarterly Management Reports of Fund Performance (together “NI 81-106”), which introduce a new continuous disclosure regime for investment funds. NI 81-106 (i) introduces annual and quarterly management reports of fund performance, (ii) revises the requirements for annual and interim financial statements and (iii) changes the current requirements for simplified prospectus and annual information form content. The CSA will accept comments from interested parties received by December 19, 2002.

type Investment Funds Advisory - Proposed National Instrument 81-106 and Companion Policy 81-106CP Investment Fund Continuous Disclosure, and Form 81-106F1 Contents of Annual and Quarterly Management Reports of Fund Performance