July 4, 2012 Organization Securities

Montréal - The Autorité des marchés financiers (the "AMF") is today publishing its decision recognizing, as a clearing house, Maple Group Acquisition Corporation ("Maple"), and The Canadian Depository for Securities Limited and CDS Clearing and Depository Services Inc. (collectively, "CDS").

On May 3, 2012, the AMF published its other decisions related to the proposed transactions by Maple, including the decision authorizing Maple to pursue its acquisition of CDS.

At the same time, the AMF announced that it was launching a consultation on CDS. The AMF sought further comments, in particular with respect to the governance structure and new pricing model proposed by Maple.

The AMF took into account the comments made as part of the public consultation and studied the various issues raised by the proposed transaction.

The conditions that the AMF has imposed on Maple and CDS adequately address these issues. These conditions, which are complementary to the current legislative and regulatory framework, are incorporated into the decision published today.

The AMF is also issuing decisions to suspend and review certain conditions set out in its other decisions issued with respect to the proposed acquisitions by Maple, in particular to enable the implementation of transitional measures.

The Autorité des marchés financiers is the regulatory and oversight body for Québec's financial sector.

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