As an issuer whose common shares are listed on the Toronto Stock Exchange (TSX) and New York Stock Exchange (NYSE), the Corporation is subject to various guidelines, requirements and disclosure rules governing the independence of the members of the Board of Directors and Committees, including those requirements and rules imposed by the Governance Guidelines, the Audit Committee Rules, the Disclosure Rules, the NYSE Rules and the Sarbanes-Oxley Act.

The Corporation meets the standards of the Governance Guidelines and Audit Committee Rules regarding independence and conforms to the standards of the applicable NYSE Rules regarding independent board members.

On the recommendation of the Corporate Governance and Nominating Committee, the Board of Directors has affirmatively determined that ten of the eleven members of the Board of Directors have no direct or indirect material relationship with the Corporation and are therefore independent under the Governance Guidelines and Audit Committee Rules. Only Kevin A. Neveu, the Chief Executive Officer of Precision, is not independent because of his executive office with the Corporation.

Please refer to Precision's current Information Circular for additional information.