|   SEDAR and CDS

IMPORTANT NOTE
Some filings with SEDAR require CDS and/or CSA fees to be paid at the time of the filing (see SEDAR Related Fees for more info). TNT Filings does not front payment of SEDAR fees. For filings that do require fee payments, a TNT Filings representative will inform you of the fees and how to send payment ahead of time.

SEDAR RELATED FEES

What Are CDS Fees? CDS charges an annual fee to each issuer. This fee is only payable electronically and must be paid at the time the issuer's annual financial statements are filed with SEDAR. Some provincial taxes may also apply (QST or HST). The current CDS fees for 2005 are:

Issuers Annual Filing Service Charge for Continuous Disclosure(1)

• Single Jurisdiction Issuer(2): $705.00
• Multi-Jurisdiction Issuer(3): $1,595.00
• Mutual Fund: $555.00

(1) Includes all continuous disclosure filings permitted to be filed electronically via SEDAR and excludes the annual information form for POP issuers, Non-POP issuers, and Resale of Securities (MI 45-102) and other filings listed separately in Appendix O of the SEDAR Filer Manual, Part B (Other Filings). These charges are payable at the time of the filing of the initial filer profile (pro rata) and annually thereafter when the annual financial statement is filed.

(2) A "Single Jurisdiction Issuer" is an issuer that is a reporting issuer in only one jurisdiction.

(3) A "Multi Jurisdiction Issuer" is an issuer that is a reporting issuer in more than one jurisdiction. In addition to the annual continuous disclosure fee, certain filings made with the securities commissions are also subject to CDS fees.

What Are CSA Fees? The electronic payment of CSA filing fees as required by the securities regulatory authorities in Canada must also be done through SEDAR.

The Provincial Securities Commissions require fees to be paid when filing certain documents. These fees can only be paid to the individual provinces through the SEDAR system. The types of filings that require fees as well as the amount to be paid vary between commissions. Fees only need to be paid to provinces where companies are reporting issuers. There is no tax added to CSA Fees.

The following table shows the fees charged for Annual Financial Statements by the Provincial Securities Commissions to Non-POP issuers.

* Ontario Fees are calculated according to OSC Rule 13-502
** if you are listed on the TSX your fee is $850.00

Please visit the individual Provincial Commission's website for more information on documents that require fees.