Securities Trading Policy

9. Employee Option Plans

Insider trading does not apply to applications for or exercise of options under employee or executive option plans.

The exercising of options issued under an employee or executive option plan are exempt of the limitation periods as outlined in section 7 of this policy.

However, insider trading rules and this policy do apply in relation to the subsequent disposal of any Securities acquired under an option. Where a director or employee exercises options while in the possession of price sensitive information, he/she will have to fund the exercise of the options without the financial assistance of a simultaneous sale of some or all shares just acquired.

If the options expire inside a trading window described in section 7 of this policy, then a director or employee may simultaneously exercise and sell any Securities subject always to compliance with insider trading laws.