The Toronto Stock Exchange
By-Law Number 2

Notice of Commission Approval

The Commission has approved By-Law Number 2 of the Toronto Stock Exchange (the "TSE") regarding appeals of TSE decisions to the Board of Directors. With the transfer of disciplinary matters to Market Regulation Services Inc., Part 7 of the Rules of the TSE has been appealed. In order to provide an appeals process for matters unrelated to discipline, the TSE has adopted By-Law Number 2. The TSE intends to amend the appeals process to provide greater details at a later date. However, in the interim, there is a need for the immediate implementation of a simplified appeals process. By-Law Number 2 is being published in Chapter 13 of this Bulletin.