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<div>
			AMENDMENT TO CNQ FEES 
On July 3, 2003, the Board of Directors of Canadian Trading and Quotation System Inc. (�CNQ�) approved amendments to CNQ Policy 10 to be effective immediately. The amendments respond to comments and concerns expressed by investment dealers who are participating in CNQ�s marketplace. 
The amendments reduce trading fees for larger-value trades. With the previous fee schedule, dealers commented that the value component of the fee for trades in higher-priced stocks could be greater than the commission charged by those dealers. The fee reduction flips the current fee calculation for stocks trading above $2.00, so that it will be $0.05 per $1000 of value and $4.00 per 1000 shares, instead of $4.00 per $1000 of value and $0.05 per 1000 shares. The fee for stocks trading at or under $2.00 has not changed. 
In addition, a maximum fee of $100 per trade has been set. Previously, there was no maximum. The minimum fee of $4 is not changed. 
Dealers will also be exempt from the monthly participation fee for the six months following the commencement of trading on July 25, 2003. 
The issuer fees have been amended to provide that CNQ can recover costs charged by Regulation Services for conducting background reviews if those fees are higher than normal. This may be the case if, for example, a company has a number of foreign principals as those background checks can be quite expensive or if an expedited review is required to accommodate an issuer�s desire for a faster approval, and the cost to CNQ may exceed the quotation fee paid by the issuer. 
 APPENDIX �A� 
Be it resolved that: 
1. Policy 10 is amended by replacing footnote 1 of the schedule of issuer fees with the following: 
�CNQ may also charge the Issuer an additional fee to recover higher-than-normal costs borne by CNQ as a result of additional charges imposed by the Market Regulator to conduct background checks on principals of a CNQ Issuer.� 
2. Policy 10 is further amended by replacing the schedule of Trading Fees for Dealers with the following: 
� $4.00 per $1000 of value and $0.05 per 1000 shares for stocks trading at $2.00 or less, payable by each side of the trade, subject to a minimum of $4 and a maximum of $100; and 
� $0.05 per $1000 of value and $4.00 per 1000 shares for stocks trading above $2.00, payable by each side of the trade, subject to a minimum of $4 and a maximum of $100. 
3. Policy 10 is further amended by adding the following note after the schedule: 
 �The monthly access fee is waived for the six months following the commencement of trading on July 25, 2003.� 
Passed and enacted this 3rd day of July, 2003 to become effective immediately. 
					 �Ian Bandeen�				Chairman 
					 	�Timothy Baikie�			 Secretary </div>

Notice 2003-002 - Amendment to CNQ Fees