Proposed Amendments To The CDS Fee Schedule

The Canadian Depository for Securities Limited and CDS Clearing and Depository Services Inc. (collectively, "CDS") operates the depository and the clearing settlement system for equities and fixed income securities in Canada and is the sole provider of such services of the Canadian cash market. In November 2014, CDS submitted a proposal to amend its fee schedule relating to issuer services (the "Issuer Fee Proposal") for approval to the Ontario Securities Commission, the Autorité des marchés financiers and the British Columbia Securities Commission (collectively, the "Regulatory Authorities"). CDS must file any proposed amendments to its fee schedule with the Regulatory Authorities for approval pursuant to its recognition orders. Under the Issuer Fee Proposal, CDS requests to amend issuance and eligibility fees and to start charging entitlement and corporate action event management fees to issuers, either directly or through their transfer agents. This is the first