Equity Compensation Plan Disclosure Requirements

The significant changes in the securities laws following the enactment of the Sarbanes-Oxley Act of 2002 are not the only changes that will affect your ongoing disclosure obligations. On December 21, 2001, the Securities and Exchange Commission (the "SEC") amended the disclosure requirements relating to equity compensation plans in annual reports on Forms 10-K and 10-KSB and proxy and information statements (Release Nos. 33-8048, 34-45189).

The amendments require registrants to provide information in a plain-English format that will assist investors in assessing the potential dilution and "overhang" resulting from their entire equity compensation program.

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