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 ISIN Issuance and Eligibility
 The Canadian Depository for Securities Limited
 CDS Clearing and Depository Services Inc.
 CDS Innovations Inc.
 Proud Silver Sponsor of CIRI
Quarterly Update Q4 2010
The board of directors of the Canadian Depository for Securities Limited elected David Wood as chairman of the board. Mr Wood was previously a member of the CDS board of directors from 1990 to 2006, serving as chair of the Finance Committee and member of the Executive Committee.

CDS implemented TRAXTM transfer requests, which provides participants and transfer agents with the ability to process securities transfer instructions. TRAX enables direct communication of deposit and withdrawal instructions related to buy-backs, treasury orders and global transfers for CDSX-eligible securities.

Price discounts to clearing fees were continued in the fourth quarter. A 25 per cent discount was applied to clearing fees for trades received from the organized markets (stock exchanges and alternative trading systems) and a 10 per cent discount was applied to clearing fees for non-exchange trades. The discounts were a result of the high volume of trades processed in the first three quarters.

A soft cap for the daily National Securities Clearing Corporation (NSCC)/Depository Trust Company (DTC) net settlement obligations was introduced to enhance risk controls by monitoring New York Link (NYL) participants whose net payment obligations to NSCC/DTC exceed a predefined threshold.

Service level standards - Status as at October 31, 2010

Reliability/availability measuresResult
CDSX availability 99.8% annual average99.9%
NCS availability 99.6% annual average99.9%
Operational reliability 99.4% annual average99.9%
Payment exchange 99.6% annual average* 100%
Days of disruptionOne day or less per yearNone
Disaster recovery planCDS will complete a successful annual community-involved test

CDS will complete a successful annual processing cycle test per year
Completed on January 30, 2010

Completed on June 5, 2010
Customer service measures
ClaimsClaims submitted by customers will be processed within 20 business days. Management's decision will be presented to the Audit/Risk Committee at its next meeting for information purposes. The target is to keep claims approved by management to less than $50,000 in any fiscal year. 6 - $40,302.72
Entitlement processing measures
Payments on payable date entitlement payments (in dollars) will be paid as follows:
1. 99.9% of income entitlements (interest and dividends) on payable date99.9%*
2. 99.9% of all corporate actions (reorganizations) on payable date where pre-determined**99.9%*
Published Information99.0% of entitlement information bulletins will be published within 24 hours of receipt of information.100%
*Excluding customer extensions.
**Where not pre-determined, deemed to be date on which funds are released to CDS.