TSXgroup

December 18, 2008

BULLETIN TYPE: Notice to Issuers
BULLETIN DATE: December 18, 2008

Re: General guidance in connection with policies published December 15, 2008

Further to the Exchange’s bulletin dated November 3, 2008 (the “Bulletin”), the following provides further guidance regarding the amended policies published December 15, 2008.

Policy 5.1, section 3.1(a):
- Finder's Fees for Tier 2 Issuers cannot be paid until Exchange acceptance

In the Bulletin, the Exchange noted that a Tier 1 or Tier 2 issuer was free to pay a finder's fee prior to Exchange acceptance. The Exchange has reverted, effective December 15, 2008, to the unamended version of Policy 5.1 (s. 3.1(a)), which requires that the Exchange must first accept any proposed finder’s fees or commission payable by a Tier 2 issuer.

Policy 3.1, section 5.9:
- CEO and CFO - Roles to remain split

The contemplated ETF amendments noted in the Bulletin had allowed the CEO and CFO roles to be filled by the same person. The Exchange has reverted, effective December 15, 2008, to the original requirement: the CEO and CFO roles once again cannot be occupied by the same individual (except in the case of a CPC).

Policy 3.4, section 6:
- Notification required for Tiers 1 and 2 investor relations, market-making and promotional service providers

Contemplated Tier Harmonization changes noted in the Bulletin did away with the requirements to file IR agreements and related marketing materials, approve IR payments and file Form 3Cs. The Exchange has inserted, effective December 15, 2008, a requirement that any person engaged in the performance of IR, market-making or promotional activities must file with the Exchange a Form 3C together with payment of the applicable fee in addition to any PIF.

Policy 4.4:
- Stock option expiry on termination

Contemplated Policy 4.4 noted in the Bulletin had removed the 90-day expiry provision requirement for Tier 2 eligible optionees. The Exchange has inserted, effective December 15, 2008, a requirement that both Tier 1 and Tier 2 stock option plans contain provisions providing for a reasonable expiry period following termination of an eligible optionee.

If you have questions about these changes, please contact:

In British Columbia:	Andrew Hancharyk, Phone: 604-602-6982, Fax: 604-844-7502.
In Alberta:	Roy Homyshin, Phone: 403-218-2826, Fax: 403-234-4338 Peter Varsanyi, Phone: 403-218-2860, Fax: 403-234-4211.
In Ontario:	Tim Babcock, Phone: 416-365-2202, Fax: 416-365-2224.
In Québec:	Louis Doyle, Phone: 514-788-2407, Fax: 514-788-2421 Sylvain Martel, Phone: 514-788-2408, Fax: 514-788-2421.