Notice to Participating Organizations - TSX Share Certificate Requirements - Toronto Stock Exchange (TSX Inc.)

The Security Transfer Association of Canada ("STAC") has developed "generic" certificate requirements in Canada (the "STAC Requirements"). STAC has confirmed that they are satisfied with the security features of generic certificates. Generic certificates have also been endorsed by various issuer associations and the Legal and Regulatory Working Group of the Canadian Capital Markets Association ("CCMA").

Effective immediately, Toronto Stock Exchange ("TSX") will allow issuers to use generic certificates that are in compliance with STAC Requirements. Issuers must provide TSX a specimen certificate with a letter from the issuing transfer agent confirming that the generic certificate is in compliance with STAC Requirements.

Generic certificates now provide issuers with an alternative to traditional customized bank note certificates. Appendix D of the TSX Company Manual covering share certificate requirements will be updated to reflect that issuers may now use generic certificates as an alternative to customized share certificates. Appendix D will also be modified to reflect the existing TSX practice of exempting non-exempt industrial issuers from certain requirements set out in Appendix D.

Issuers interested in using generic certificates should contact their transfer agent. STAC Requirements may be obtained from STAC at (604) 691-7360.

Participating Organizations and other TSX constituents requiring further information on TSX share certificate requirements should contact Gerald Ruth, Director, Listings, at (416) 947-4543 ([email protected]).

LEONARD PETRILLO
VICE PRESIDENT
GENERAL COUNSEL & SECRETARY

The Toronto Stock Exchange is a member of the TSX group of businesses.

Appendix D Revisions Relating to Generic Certificates

REQUIREMENTS RESPECTING SHARE CERTIFICATES

Listed companies that qualify for the use of the book-entry only system administered by the Canadian Depository for Securities Limited are only required to provide the Exchange with a copy of their global certificate. All other listed companies must satisfy Exchange requirements for generic certificates or customized share certificates as detailed below.

GENERIC CERTIFICATES

Listed companies may use generic certificates that comply with the Security Transfer Association of Canada requirements ("STAC Requirements"). When proposing to use generic certificates, the listed company must provide the Exchange with a definitive specimen of the certificate and a letter from the issuing transfer agent confirming that the generic certificate is in compliance with all STAC Requirements. Listed companies interested in using generic certificates should contact their transfer agent for further information on STAC Requirements.