---

---

Exhibit 11

# CODE OF BUSINESS ETHICS

# SEABRIDGE GOLD INC.

# November 7, 2007



---

---



# CODE OF BUSINESS ETHICS

# TABLE OF CONTENTS

|                                      |      
|------------------------------------- | -----
|
|
|
|
|Fundamental Principles                | 3    
|
|Guidelines for Directors and Officers | 4-5  
|
|Communications and Disclosure Policy  | 6-9  
|
|Insider Trading Policy                | 10   
|
|Appendix A: Material Information      | 11-12



---

---



# SEABRIDGE GOLDS
CODE OF BUSINESS ETHICS (COBE)

# FUNDAMENTAL PRINCIPLES

The following fundamental Principles
of appropriate business conduct have been established for all personnel working for or
representing Seabridge Gold Inc. (the Company or Seabridge). They
are applicable in all countries in which the company operates.

# Fundamental Principles

|A. | Compliance
with Laws
|-- | --------------------

| | The
Company will conduct its business in full compliance with all laws, regulations and other
legal requirements applicable wherever the Company is carrying on business. No personnel
shall directly or indirectly give, offer or agree to give or offer a loan, reward,
advantage or benefit of any kind to a foreign public official or to any person for the
benefit of a foreign public official in contravention of the Corruption of Foreign
Public Officials Act.
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|B. | Conflict
of Interest
|-- | --------------------

| | Personnel
must ensure that no conflict exists between their personal interest and those of the
Company. Personnel should also avoid placing themselves in positions that may be
perceived as conflicts.
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|C. | Fiscal
Integrity and Responsibility
|-- | -----------------------------------

| | While
all personnel have a responsibility to protect the Companys assets, the Management
of the Company is specifically responsible for establishing and maintaining appropriate
internal controls to safeguard Company assets against loss from unauthorized or improper
use or disposition.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|D. | Health,
Safety and Environment
|-- | ------------------------------

| | The
Company is committed to providing a safe and healthy working environment and protecting
the public interest with standards and programs that meet or exceed industry standards
and applicable government codes, standards and regulations in all jurisdictions in which
it does business.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | The
Companys operations are to be conducted in a manner that protects the health and
safety of our personnel and all people in the Communities where the Company operates.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|E. | Employment
Practices
|-- | --------------------

| | The
Company is committed to a workplace environment where personnel are treated with dignity,
fairness and respect. All personnel have the right to work in an atmosphere that provides
equal employment opportunities and is free of discriminatory practices and illegal
harassment.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|F. | Confidential
Information
|-- | ------------------------

| | In
the course of employment, personnel may have access to information that is non-public,
confidential, privileged, or of value to competitors of the Company or that may be
damaging to the Company if improperly disclosed. Personnel may also have access to the
confidential information of companies with which the Company does business.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Personnel
must protect the confidentiality of information concerning the Company and its business
activities as well as that of companies having business dealings with the Company.
Personnel who leave the Company have an ongoing obligation to keep such information
confidential.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

- 3 -

---

---



# SEABRIDGE GOLDS
CODE OF BUSINESS ETHICSGUIDELINES FOR
DIRECTORS AND OFFICERS

Directors and Officers have a duty to
manage or supervise the management of the business and affairs of the Company. In carrying
out this duty the Company expects Directors and Officers to act honestly and in good faith
with a view to the best interests of the Company. To this end the Board of Directors has
committed itself to maintaining a high standard of Corporate Governance which incorporates
as its basis, principles of good conduct and high ethical behaviour.

To discharge their duties, the
Directors have adopted the following principles for business conduct and ethical
behaviour.

# Compliance with Law

Directors and Officers shall conduct
their business and affairs in full compliance with applicable laws, rules and regulations
and shall encourage and promote such behaviour for themselves, Officers and employees.

# Conflicts of Interest

The Directors shall conduct their
business and affairs in a manner that ensures their private or personal interests do not
interfere or appear to interfere with the interests of the Company, including conflicts
relative to personal, financial or other gain. Should conflicts arise, or be perceived to
arise, Directors and Officers shall immediately make full disclosure in an appropriate
manner to the Board of Directors.

# Fair Dealing

The Company adheres to a policy of
Fair Dealing in all its undertakings. Directors and Officers shall endeavour to deal
fairly with the Companys customers, suppliers, competitors and employees. Taking
unfair advantage through manipulation, concealment, abuse or privilege, misrepresentation
and other unfair dealing practices is unacceptable.

# Confidentiality

Directors and Officers shall maintain
the confidentiality of information entrusted to them except in circumstances where
disclosure is authorized or mandated by law or requirement of securities regulatory
authorities or stock exchange. Confidential information shall not be used for personal
gain.

# Protection and Proper
Use of Common Assets

Directors and Officers shall ensure
that the Companys assets are protected and properly and efficiently used for
legitimate business purposes.

# Corporate Opportunities

Directors owe duty to advance the
Companys legitimate interests whenever an opportunity arises and are prohibited
from:

|a) | Taking
personal advantage of opportunities discovered through the use of
               corporate assets, property, information or their position;
|-- | --------------------------------------------------------------------------------------------------------------------------------------------------

|b) | Using
or deploying corporate assets, property, information or their position for
               personal gain; and
|-- | ------------------------------------------------------------------------------------------------------------------

|c) | Competing
with the Company.
|-- | ---------------------------

# Provision of Services

Directors may from time to time be
asked to provide professional services to the Company above and beyond their duties as
Directors, relating to their areas of professional competence. In such cases, management
shall: (a) define the services to be provided in writing, the competencies involved and
the qualifications of the Director whose services may be engaged; (b) obtain at least two
quotes for the provision of the required services by fully qualified, third party
providers; (c) bring the proposed contract and competing bids before the Board of
Directors for a discussion to be made without the participation of the conflicted
Director.

- 4 -

---

---



# Incident Reporting

Directors and Officers are encouraged
to promote ethical behaviour in all things they do and to ensure a healthy ethical
workplace. The Company, through the principles and standards adhered to by Directors,
encourages Officers and leaders to talk with employees about ethical behaviours and to
provide guidance on their ethical concerns including advising employees on appropriate
actions to be taken or behaviours to be followed. Violations of laws, rules, regulations
or this Code of Business Conduct are to be reported to the Board of Directors, in
accordance with the Companys Whistleblower Policy.

The Directors, on behalf of the
Company, will not allow any retaliation by Officers in respect of reports made in good
faith by any employee.

# Waivers

Directors and executive Officers
whose conduct or actions have failed to meet or whose future conduct or actions may not
meet the principles and standards set out in this Code of Business Conduct must report
such failure or anticipated failure immediately to the Board of Directors. Such report
shall contain a request for a waiver of such conduct and be filed with the Board of
Directors for review. The Board of Directors shall examine the circumstances related to
the failure or requested waiver for anticipated failure and make an appropriate
determination. Any determination of the Board of Directors that noncompliance with the
Code of Business Conduct has occurred or that, under the circumstances, a waiver be
granted to a Director or officer shall be reported promptly to the shareholders by posting
on the Companys website.

# Annual Review

Annually, the Company expects each
Director to review this Code of Business Ethics and to satisfy themselves that they have
adhered to the stated principles and standards, or if they have failed to do so, to ensure
such noncompliance has been reported to the Board of Directors. A status report on
compliance with the Code will be included in the Companys Annual Information
Circular.

- 5 -

---

---



# SEABRIDGE GOLDS
CODE OF BUSINESS ETHICS COMMUNICATIONS AND
DISCLOSURE POLICY

|1. | Background
|-- | ----------

| | n | Seabridge
Gold Inc. is committed to making full and timely disclosure of all           material
information related to the Company and its operations and to complying           with all
aspects of the law in this respect.
| | - | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | n | Amendments
to the Ontario Securities Act [Act] in December 2005 have           created a
new potential liability for a broad group of persons, including its           directors,
insiders and influential persons and Seabridge is a Reporting Issuer           under the
Act.
| | - | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | n | Seabridge
and its directors, insiders and influential persons are potentially           liable to
personal liability for misrepresentations in corporate communications,
          including oral public statements, and for failure to make timely disclosure of
          material facts and changes thereto.
| | - | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | n | Under
this legislation, investors have the right to sue a Reporting Issuer and           its
directors, officers, influential persons and experts for damages if they buy           or
sell shares in a company while there is an uncorrected misrepresentation or
          during the period when the issuer has failed to make timely disclosure of a
          material change.
| | - | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | n | Seabridge
has approved this Communications and Disclosure Policy to help ensure           that its
commitment to full and timely disclosure is maintained at all times.
| | - | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------

|2. | Purpose
of the Communications and Disclosure Policy
|-- | ---------------------------------------------------

| | The
purpose of the Companys Communications Policy is to ensure that:
| | ---------------------------------------------------------------------

| | a) | The
Board is made aware of changes in the Companys affairs in a timely
          manner;
| | -- | -----------------------------------------------------------------------------------------

| | b) | A
proper assessment is made of information to determine if it is material
          information;
| | -- | ------------------------------------------------------------------------------------------------

| | c) | Information
is properly reviewed and approved before being disclosed;
| | -- | ---------------------------------------------------------------------

| | d) | The
Company complies with its continuous disclosure obligations;
| | -- | ----------------------------------------------------------------

| | e) | Disclosure
of material information, and any corrections to previously disclosed
          information, is made in a timely way;
| | -- | -------------------------------------------------------------------------------------------------------------------------------

| | f) | The
Company avoids selective disclosure           of Company information;
| | -- | -------------------------------------------------------------------------

| | g) | The
communications process between the Company and           its external stakeholders is
controlled;
| | -- | -----------------------------------------------------------------------------------------------------

| | h) | Blackout
periods for insiders are           appropriately determined, communicated and enforced
until appropriate           disclosures are made; and
| | -- | -----------------------------------------------------------------------------------------------------------------------------------------------------

| | i) | The
system is monitored for its effectiveness .
| | -- | -----------------------------------------------

- 6 -

---

---



|3. | Disclosure
of Material Information
|-- | ----------------------------------

| | 3.1 | Determination of Whether Information is Material
| | --- | ------------------------------------------------

| | Information
about the Company is considered to be material if it has a significant effect or would
reasonably be expected to have a significant effect on the market price of the Companys
securities. The determination of whether information is material is subjective. The list
of events set forth in Appendix A, although not exhaustive, should be considered in
making the determination of whether information is material.
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 3.2 | Method
and Content of Disclosure of Material Information
| | --- | --------------------------------------------------------

| | The
Company shall disclose all material information to external stakeholders as soon as
practicable after the event, giving rise to the material information, has occurred. All
material information shall be disclosed via press release, using a news service approved
by the Toronto Stock Exchange and the American Stock Exchange. The material information
shall also be posted on the Companys website.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | The
press release shall include sufficient information to enable external stakeholders to
understand the nature and timing of the event giving rise to the material information as
well as to allow such stakeholders to make an informed assessment of the effect of the
material information on the market price of the Companys securities.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 3.3 | Responsibility
for Disclosure of Material Information (Disclosure Committee)
| | --- | ----------------------------------------------------------------------------

| | The
Company shall constitute a Disclosure Committee which shall have primary responsibility
for the disclosure of material information. Unless subsequently amended by the Board,
membership of this committee shall comprise the Chief Executive Officer (CEO) and the
Board Chairman (Chair). These individuals have been designated to serve on this committee
by virtue of their positions within the Company:
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (a) | They
are completely familiar with the operations of the Company;
| | --- | ----------------------------------------------------------------

| | (b) | They
are continuously up-to-date on pending material developments within the
          Company; and
| | --- | ---------------------------------------------------------------------------------------------------

| | (c) | They
have sufficient understanding of the disclosure rules to enable them to
          determine whether information is material and hence requires disclosure.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------

| | From
time to time, the committee may designate other directors or officers of the company to
be responsible for specific disclosures.
| | -------------------------------------------------------------------------------------------------------------------------------------

| | 3.4 | Disclosure
Guidelines
| | --- | ---------------------

| | n | The CEO
and the CFO will report at each Board meeting as to whether they have knowledge of any
material facts that should be disclosed.
| | - | ---------------------------------------------------------------------------------------------------------------------------------------

| | n | The
CEO will discuss, in a timely manner, all matters that he believes are           likely
to be material facts with a member of the Board who has relevant           experience.
| | - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | n | The
Disclosure Policy will be kept current and posted on the Companys
          website.
| | - | -----------------------------------------------------------------------------------------

| | n | The
Policy will be subject to a review by the Disclosure Committee for its
          effectiveness on an annual basis and this review will be discussed with the
          Board.
| | - | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

- 7 -

---

---



| | n | The
CEO will, on an annual basis, remind all employees of the existence of, and           the
need to comply with, the Disclosure Policy.
| | - | -----------------------------------------------------------------------------------------------------------------------------------------

| | n | The
Disclosure Committee will be responsible for determining blackout periods           when
insiders will not be allowed to trade in the Companys shares, and for
          giving proper notification of the commencement and close of the blackout
periods           to all insiders.
| | - | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | n | All
press releases (and other disclosure not normally approved by Board           resolution)
will be reviewed with at least one independent member of the Board           with
relevant experience before issuance.
| | - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | n | All
presentations to analysts, shareholders and potential shareholders           concerning
the Company will use up-to-date content and will be posted in a           timely manner
on the Companys website. The CEO will keep a log of all such
          presentations recording the audience, the date and nature and content of the
          presentation. The Chairman will review this log on a regular basis.
| | - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | n | In
all outside presentations forward looking information will be properly
          identified and appropriate cautionary statements on such content will be made.
| | - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------

|4. | Authorized
Spokespersons
|-- | ------------------------

| | The
CEO is the only individual authorized to communicate with analysts, shareholders and
other stakeholders regarding the material disclosed by the Company. By establishing this
restriction, the Company ensures that:
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (a) | A
consistent message is delivered to external stakeholders regarding Company
          matters;
| | --- | -----------------------------------------------------------------------------------------------

| | (b) | Only
information authorized to be disclosed to external stakeholders is           disclosed;
and
| | --- | ------------------------------------------------------------------------------------------------

| | (c) | Selective
disclosure of material information is avoided.
| | --- | --------------------------------------------------------

| | In
certain circumstances, the CEO may, on a case-by-case basis, delegate his responsibility
for external communication to other suitably qualified individuals within the Company.
However, without such explicit delegation, external communication is restricted to the
CEO.
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Where
a news release contains information based on the Companys financial statements
prior to the release of such statements, such news release should first be reviewed by
the audit committee.
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|5. | Selective
Disclosure
|-- | --------------------

| | Selective
disclosure of Company information is prohibited except where such disclosure is in the
necessary course of business.* It is for this reason that communications with
external stakeholders are restricted to a limited number of individuals within the
Company, as outlined in section 3.3 of this Policy.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | *
See National Policy 51-201 Disclosure Standards.
| | --------------------------------------------------

| | In
the event of inadvertent disclosure of material information to an external stakeholder,
the Company shall, as soon as practicable after the disclosure, issue a press release to
inform all external stakeholders of the material information.
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|6. | Maintaining
Confidentiality
|-- | ---------------------------

| | The
Company shall provide to all employees on-going education on the importance of
maintaining the confidentiality of Company information and on the protocol to be followed
in the event that they are asked (whether orally, in writing or electronically) by
external stakeholders or others to comment on the Companys material or confidential
information.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

- 8 -

---

---



|7. | Electronic
Communications
|-- | -------------------------

| | The
CEO shall have responsibility for ensuring that the Companys financial and
shareholder repots filed on the Company website are accurate and up-to-date and that they
are maintained in a separate, easily accessed area of the website.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | The
Company shall not publish financial analyst reports on the Company website as to do so
may create the impression that the Company endorses the contents of the reports. Access
to such reports should be a link to the site where such reports have been published by
their authors.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | It
is recommended that Directors, Officers and employees refrain from participating in
discussions about the Company on electronic chat rooms or news groups except to post news
releases or links in the public domain or as may be required to correct factual errors by
posting information which has previously been widely disseminated by the Company. Chat
rooms or news groups may be the genesis for rumors about the Company. The Company, its
Directors, Officers and employees shall not respond to such rumors on the chat rooms or
news groups but should follow the procedure set out below.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|8. | Rumors
|-- | ------

| | If
a rumor (whether from a chat room, news group or other, non-electronic source) is
circulating about the Company and the Company is concerned that it may have a material
impact on the market price of the Companys shares, then:
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (a) | The
CEO shall contact Market Surveillance at the Toronto Stock Exchange to           advise
them of the situation;
| | --- | ------------------------------------------------------------------------------------------------------------------

| | (b) | The
Company shall consider the requirements of issuing a clarifying press           release
to quell the rumor, in accordance with the provisions of section 3 of           this
Policy.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

- 9 -

---

---



# SEABRIDGE GOLDS
CODE OF BUSINESS ETHICS INSIDER TRADING POLICY

Directors, Officers and senior
managers (Insiders) are from time to time in possession of information which
may constitute an undisclosed material fact. This policy is designed to ensure that
Insiders do not use such undisclosed material facts to trade in the Corporations
securities.

# List of Insiders

The Corporation will maintain a list
of individuals including Directors, Officers, senior managers and advisors who will be
governed by the Insider Trading Policy (Designated Insiders).

# Prior Clearance

The Board of Directors has mandated
the Disclosure Committee to monitor and enforce the Insider Trading Policy. Designated
Insiders must obtain prior approval from the Disclosure Committee (or its designee) prior
to buying or selling any of the Corporations securities including the exercise of
options. The Disclosure Committee may refuse permission to trade if, in his sole judgment,
there are undisclosed material facts (see the Disclosure Policy for a definition) or other
potentially sensitive developments within the Corporation which Designated Insiders either
know or could reasonably be expected to know. The Disclosure Committee is not required to
provide an explanation for its decisions.

# No-Trade Periods

The Disclosure Committee will from
time to time advise all Corporation Directors, employees and advisors in writing that they
may not trade in the Corporations securities during a specific time period, with or
without explanation. These No-Trade Periods will include the five trading days immediately
preceding and two trading days immediately following the issuance of financial statements
as well as periods during which the Corporation is involved in sensitive negotiations to
conclude such matters as financings, acquisitions or divestitures. All such developments
which could constitute undisclosed material facts must be reported to the Disclosure
Committee to determine if a No-Trade Period is appropriate.

- 10 -

---

---



# APPENDIX A

# Examples of
Information That May Be Material

# (Reproduced from
National Policy 51-201)

# Changes in Corporate
Structure

| |  | changes  in
share ownership that may affect control of the company
| | - | ------------------------------------------------------------------

| |  | major
reorganizations, amalgamations, or mergers take-over bids, issuer bids, or insider bids
| | - | ---------------------------------------------------------------------------------------------

Changes in Capital Structure

| |  | the
public or private sale of additional securities
| | - | ---------------------------------------------------

| |  | planned
repurchases or redemptions of securities
| | - | ------------------------------------------------

| |  | planned
splits of common shares or offerings of warrants or rights to buy shares
| | - | --------------------------------------------------------------------------------

| |  | any
share consolidation, share exchange, or stock dividend
| | - | ----------------------------------------------------------

| |  | changes
in a companys dividend payments or policies
| | - | ----------------------------------------------------

| |  | the
possible initiation of a proxy fight
| | - | ----------------------------------------

| |  | material
modifications to the rights of security holders
| | - | --------------------------------------------------------

Changes in Financial Results

| |  | a
significant increase or decrease in near-term earnings prospects
| | - | ------------------------------------------------------------------

| |  | unexpected
changes in the financial results for any period
| | - | ----------------------------------------------------------

| |  | shifts in
financial circumstances such as cash flow reductions, major asset write-offs or
write-downs
| | - | -----------------------------------------------------------------------------------------------------

| |  | changes
in the value or composition of the companys assets any material change in the
companys accounting policies
| | - | --------------------------------------------------------------------------------------------------------------------

Changes in Business and Operations

| |  | any
development that affects the companys resources, technology, products or markets
| | - | -------------------------------------------------------------------------------------

| |  | a
significant change in capital investment plans or corporate objectives
| | - | ------------------------------------------------------------------------

| |  | major
labour disputes or disputes with major contractors or suppliers
| | - | ---------------------------------------------------------------------

| |  | significant
new contracts, products, patents, or services or significant losses or contracts or
business
| | - | --------------------------------------------------------------------------------------------------------

| |  | significant
discoveries by resources companies
| | - | ----------------------------------------------

| |  | changes
to the board of Directors or executive management (CEO, CFO, COO or president)
| | - | --------------------------------------------------------------------------------------

| |  | the
commencement of, or developments in, material legal proceedings or regulatory matters
| | - | -----------------------------------------------------------------------------------------

| |  | waivers
of corporate ethics and conduct rules for Officers, Directors and other key employees
| | - | ---------------------------------------------------------------------------------------------

| |  | any
notice that reliance on a prior audit is no longer permissible
| | - | ------------------------------------------------------------------

| |  | de-listing
of the companys securities or their movement from one quotation system or exchange
to another
| | - | ---------------------------------------------------------------------------------------------------------

- 11 -

---

---



Acquisitions and Dispositions

| | Significant
acquisitions or dispositions of assets, property or joint venture interests acquisitions
of other companies, including a take-over bid for, or merger with, another company
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Changes in Credit Arrangements

| |  | the
borrowing or lending of a significant amount of money
| | - | ---------------------------------------------------------

| |  | any
mortgaging or encumbering of the companys assets
| | - | -----------------------------------------------------

| |  | defaults
under debt obligations, agreements to restructure debt, or planning enforcement
procedures by a bank or any other creditors
| | - | ------------------------------------------------------------------------------------------------------------------------------------

| |  | changes
in rating agency decisions significant new credit arrangement
| | - | ---------------------------------------------------------------------

- 12 -

---

---