NEW PRACTICE NOTE TO THE EXCHANGE LISTING RULES

Practice Note 20 on the Allocation of Securities Subscribed For by an
Issuer's Employees In Conjunction with Its Initial Share Offer

Issuers are notified that the following guidelines are not exhaustive and that the Exchange reserves the right to consider other factors as appropriate in particular circumstances.

Pink Form Allocation Guidelines

1. The Issuer shall demonstrate to the Exchange's satisfaction the fairness of the basis of allocation. The basis of allocation shall be fully disclosed in the Prospectus. The factors underlying any subjective basis of allocation adopted by the Issuer shall be set out in the Prospectus to the extent reasonably possible. The Issuer is advised to consult the Exchange in advance in respect of these matters.
2. The Issuer shall issue written guidance to all employees on the allocation of shares under the Pink Form application detailing the basis of allocation.
3. The Issuer shall not accept application from employees for shares in excess of the number available under the Pink Forms. All applications in excess of the shares available under the Pink Form shall be rejected. Such information shall also be included as one of the conditions on the Pink Form application.
4. If a "scale down" ratio formula is used by the Issuer to determine the allotment of shares to employees, such ratio shall be applied in an equitable manner and shall not favour employees applying for a large number of shares.
5. The Issuer shall include in the announcement of the results of allotment any exception(s) noted in the Pink Form Allocation.

New Practice Note 20 to the Exchange Listing Rules takes effect on June 15, 2000.

Reprinted pages of the Exchange Listing Rules will be distributed in due course.

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