Over the past 18 months iSTAR has gone through a dramatic transition as we have integrated several unique businesses to create one unified, publicly-traded national Internet company. The challenge in the midst of this transition is creating a corporate culture which is comprised of an appropriate set of business oriented Human Resource guidelines and policies. It is very important for all of us to be aware that as a publicly-traded company we are ultimately accountable to the shareholders of the company and our customers. Creating and maintaining a corporate environment and a public image that will ensure the long term success of the company is a responsibility we all share.

A few recent events have highlighted the need to clarify certain responsibilities in this regard. The Executive Management Committee (EMC) is concerned that some employee personal homepages are inappropriately linked to our business. Content of these pages ranges from employees offering or promoting non-iSTAR related business services on a company web-page, disparaging remarks concerning an iSTAR customer, employee sites connecting to sites that could be considered offensive or of a pornographic nature, and employees posting their personal resumes.

Based on these instances which we would deem inappropriate company web-site use, the following should be viewed as a minimum set of criteria in terms of usage guidelines:

1.

If the website is devoted to your personal life and contains views relating to sensitive matters such as religion, race, politics or sex, it must be kept completely separate from your business association with iSTAR. To be perfectly clear on this matter, we request you do not mention your association with iSTAR on a personal site whether supplied by iSTAR or not. It is not enough to disclaim your views as being "independent" from iSTAR's.

2.

While you are employed at iSTAR, it is not appropriate to use an iSTAR-supplied personal website to post a resume or conduct or promote a business of any kind.

3.

As is the case with all of our customers, the content on the site must not be illegal under the laws of Canada. As an example, this would include not providing access through your site to unauthorized software or other copyrighted works.

4.

The content must also be consistent with the goals iSTAR has established as part of the company's corporate image. For instance, our promotion of Net Safety, geared at "net-proofing" children against offensive content has been a very key and visible initiative over the last year. Therefore, a personal page should not be distributing offensive, but not illegal content such as pornography.

5.

Finally, web-sites by individuals representing themselves as iSTAR employees who are not in the employ of the organization will be removed immediately.

This policy is not intended to restrict your personal views and rights. Our intention is to ensure that in each of our business dealings, the paramount objective is to appropriately represent the company. Our responsibility and accountability to our colleagues, customers and shareholders is to always present iSTAR in the most favourable light in the public eye, regardless of the medium. With this in mind, we would ask any employee who currently has a web page to review its content and ensure compliance with these guidelines.

As I mentioned in a recent message, part of the process in creating our corporate culture is the creation of a strong set of statements around corporate values. Margo Langford will be sending out a message seeking volunteers from across the country, across all levels and departments to participate in the discussions that will lead to the formal articulation of our corporate values. We encourage you to volunteer for this team and lend us your ideas to help iSTAR grow and prosper.