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THE TORONTO STOCK EXCHANGE INC. (TSX)

MARKET-ON-CLOSE SYSTEM

NOTICE OF COMMISSION APPROVAL

On May 13, 2003, the Commission approved amendments to the rules and policies of the TSX to implement a new Market-On-Close System. Proposed amendments were initially published on June 28, 2002, at (2002) 25 OSCB 4190. Revised proposed amendments were published on November 22, 2002, at (2002) 25 OSCB 7935. Some changes have been made to the amendments since the publication in November, 2002. The amendments are published in Chapter 13 of this Bulletin, along with a summary of comments received and responses from the TSX. The amendments have been black lined to indicate the changes from the version published in November, 2002.