December 19, 2011

On January 3rd, 2012 CNSX Markets intends to implement changes to the trading fee schedule for CNSX listed securities. An additional fee range will be introduced for equity securities trading at less than $0.10. The Designated Market Maker credit for passive trades will be replaced with a rebate for all passive trades, and the fees for odd lot trades will be reversed such that the active side earns the rebate and the passive side pays the fee. The minimum and maximum fees will also be eliminated. The fee for crosses will not change.

New fees have been introduced for structured products, as noted below. The $0.10 per $1,000 par value fee will apply to both sides of the trade, subject to a $1.00 minimum.

The flat fee for government bonds will not change.

CNSX LISTED Securities

Trading Fees 

A. Equity Securities (shares, warrants, rights)

Price Range Per Share                          Active Fee     Passive Rebate
Less than $0.10                                     $0.0006          $0.0001
$0.10 - $0.99                                          $0.0011          $0.0003
Equal to or greater than $1.00                $0.0015         $0.0006

� Odd lot trades will be subject to reverse pricing, having the effect of the active side earning the rebate and the passive side paying a fee.
� Crosses will be charged a flat fee of $9.75 per trade.

B. Debt Securities

i. Government Bonds
   A flat fee will be charged at a rate of $9.75 per side per trade.

ii. Notes and Structured Products
   $0.10 per $1,000 par value per side, subject to a $1.00 minimum fee.

Access fees

There is no monthly access fee for dealers to trade CNSX listed securities.

Effective Date

The changes will be effective January 3, 2012.

Questions

Questions about this notice may be directed to:
Mark Faulkner
Vice President, Listings & Regulation
Mark.Faulkner@cnsx.ca or 416.572.2000 x2305