NON-GAAP FINANCIAL MEASURES 

Certain measures used in this MD&A, specifically listing fees received, initial listing fees received, additional listing fees received, total revenue based on initial and additional listing fees received, as well as revenue, net income and earnings per share (basic and diluted) without giving effect to the implementation of EIC-141 do not have standardized meanings prescribed by Canadian GAAP. We present these measures to provide an indication of how initial and additional listing activity in the period presented and the fees received for these activities impact the financial performance and cash flow of the business. In addition, net income excluding amortization does not have a standardized meaning prescribed by Canadian GAAP. These measures are unlikely to be comparable to similar measures presented by other issuers.