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Notice 2003-012 CNQ Flat Trade Fee & Flexible Fee Schedule

December 10, 2003

CNQ INTRODUCES FLAT TRADE FEE AND FLEXIBLE FEE SCHEDULE OPTIONS FOR DEALERS

Trade Fees

Effective January 1st, 2004, CNQ is offering CNQ Dealers the choice between remaining with the current trading fee model or choosing an alternative pricing regime comprised of a flat fee of $9.85 per trade for each side of a trade, with a maximum of $12 for each executed order completed in a day. For most trades, this innovative approach will represent a cost savings over the existing value and volume fee structure currently in place. As the level of trading activity continues to increase on CNQ the savings will likely become even more pronounced.

The existing fee model is based on volume and value. For trades in shares priced at or below $1.50 per share, the value based component of the fee is 0.35%, ($3.50 for each $1000 value of the trade) and the volume based component is 0.005%, ($0.05 for 1000 shares). The maximum trading fee for shares priced at or below $1.50 is $30 per trade, minimum trade fee is $4 per trade. For trades in shares priced above $1.50, the volume component is 0.35% ($3.50 for 1000 shares) and the value component is 0.005% ($0.05 for each $1000 value of the trade). The minimum trade fee per trade is $4 and the maximum is $100, respectively. These are all quoted in Canadian dollars.

Firms will be required to commit to the fee structure of their choice on a quarterly basis, in advance, and will be contacted by CNQ before the end of December. Please note that the fee option chosen will apply to all trading by each Dealer and is not applied on an individual security basis.

Access Fees

Effective immediately, CNQ is also extending the monthly access fee holiday for another six months. This represents a further saving to each firm of $1250 per month on top of the reductions in trading fees.

CNQ is providing a unique trading fee schedule in response to suggestions from dealers. The innovative flat fee and cap on executed orders completed in a day gives CNQ dealers a choice of their preferred fee option so that they can adopt the alternative that best fits their own business model.

Please direct any questions to Natasha Blackburn, Manager, Dealer Relations at 416-572-2000 Ext. 2478.

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