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<div>
Effective April 2, 2012, CNSX Markets ("CNSX", "Exchange" or "Canadian National Stock Exchange") will introduce a new fee schedule applicable to issuers of equity, debt and structured products listed on the Canadian National Stock Exchange. This fee schedule replaces the fee schedule established in 2003. The fees for structured products introduce a new category of listing fees.
A. Equity Securities - Fees for Listing Applicants and Listed Companies
Initial Listing fee - $12,000 
A non-refundable deposit of $2,000 must accompany the Listing Application, and the balance of $10,000 is payable prior to the Listing Date.
Monthly Fee - $500 
The monthly maintenance fee is due on the first business day of each month the Company is listed. The first monthly fee will include the fee for the portion of the month in which the Company was listed. In the event of suspension or delisting, no portion of the fee will be refunded.
Application Following a Fundamental Change - $10,000 
The Issuer resulting from a fundamental change of a Listed Company must make a complete application to qualify for listing.
Requalification Fee - $1,000 
A Listed Company which has had its securities suspended from trading will be required to pay a requalification fee in addition to curing the default or breach that gave rise to the suspension.
B. Fees for Listing Structured Products
Initial Listing fee - $10,000 
A non-refundable deposit of $2,000 must accompany the Listing Application, and the balance of $8,000 is payable prior to the Listing Date. The Initial Fee includes the first security of the issuer to be listed on the exchange.
Subsequent Issues - $2,000 
This fee is payable upon listing, for each additional security listed on the exchange following the initial listing. For new securities posted on an if as and when issued basis, the fee is payable on the date of issue.
Monthly Fee - variable 
The fee is based on the total value of the security. For securities with a fixed term, the fee will be determined at the time of issuance and remain fixed for the full term.
For each security: an annual rate of 6 basis points (�bps�) on the value less than or equal to $10,000,000 ($600 per $1,000,000 per annum) plus 3 bps for the value exceeding $10,000,000, divided by 12, subject to a minimum monthly fee of $100.
Note: GST or HST will be applied to all fees, as applicable.
Questions about this notice may be directed to: 
Robert Cook, President 
Robert.Cook@cnsx.ca or 416.572.2000 x2470
</div>

Notice 2012-001 - CNSX Markets Inc. Listing Fee Schedule