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LIQUIDNET CANADA

NOTICE OF APPROVAL OF PROPOSED CHANGES



On December 4, 2014, the Ontario Securities Commission (OSC) approved changes proposed by Liquidnet Canada. The changes approved include:

• Indications manually added to the pool will default to "active" status;

• Indications ineligible to trade default to "outside" status;

• Automatic conversion of indications to "outside" status;

• Removing restriction to allow liquidity partners (LPs) to submit directed orders; and

• Addition of closing price negotiation proposals.

A notice requesting feedback on the proposed changes was published on the OSC website and in the OSC Bulletin on October 23, 2014, at (2014), 37 OSCB 9648. No comments were received on the proposed changes.

Liquidnet Canada will publish a notice indicating the date of implementation of the approved changes.