Pure Trading Code Lock-Down Notice The Pure Trading team is pleased to advise our dealers, vendors and other market intermediaries that the “Go Live” version of the Pure Trading system will be installed on Pure’s external test environment Sunday evening, July 22. From that point on, the trading engine and gateway code will be formally locked down: Pure Trading will not introduce any further changes to the system unless we discover or are advised of “critical” issues affecting the proper operation of the system.

Formal regression testing by industry participants with the Pure Trading test environment can begin Monday July 23.

 To facilitate the regression testing process, we will be providing release notes for the new version of the software, along with updated versions of the programmer’s guides. These documents will be posted on the Pure Trading web site at:

http://www.puretrading.ca/Page.asp?PageID=1180&SiteNodeID=125&BL_ExpandID=.

In the meantime, Pure Trading will be implementing an intermediate release in its external test environment this evening. This release addresses all of the current outstanding issues with the system, save one minor issue that will be remediated before the end of the week. Remediation will have no impact on access vendors and dealers connecting to the system. The principal changes from the version of the software currently in the GTE are:

• Compliance with the new short sale rules, announced by Market Regulation Services on July 6.

• Elimination of support for the three special fill terms order types: “All or None”, “Minimum Fill” and “Lots Of” based on consultation with industry participants. This change will reduce the risk of trade through violations for the limited number of dealers continuing to use these order types in a multiple marketplace environment. This change also means that Pure Trading will not be supporting Fix tag 59 value 4 (Fill or Kill), as well as the above-noted order types on the STAMP gateway.

• Re-use of cancelled or expired user order id’s to easily integrate into existing STAMP-based order entry and management systems in Canada.

Pure Trading’s launch date is dependent on the successful completion of industry participants’ regression testing and roll-out of production order entry and order management system software upgrades. Based on the timeframes required by the participants and given Pure’s prior stated intention of launching on a Thursday or Friday, the first possible launch dates are in late August. The Pure Trading team will provide further details as regression testing proceeds.

For further information or questions about the lead up to the launch of Pure Trading, please contact CNQ Market Operations at 416-306-0772 or marketops@cnq.ca.

July 17, 2007