John MacNaughton retired as Director and Chairman of the Board of CNSX Markets, Inc. effective July 26, 2010. John served the company with distinction since February 2006 and guided the company through a period of extraordinary change as we launched into the multiple market environment that has had a major impact on the equity markets in Canada. John's unparalleled depth of experience within the Canadian capital markets has been of enormous benefit to the company as we expanded the scope of our operations. We are very grateful to him for his leadership, counsel and generous service to his colleagues on the Board, management and staff.

John A. MacNaughton, is Chairman of the Business Development Bank of Canada and Chairman of CNSX Markets Inc. He is a Director of Nortel Networks Corporation and TransCanada Corporation. He is Vice Chairman of the Canadian International Council, Vice Chairman of the University Health Network and Governor of the International Advisory Board of the Centre for International Governance Innovation. Mr. MacNaughton served from 1999 to 2005 as the founding President and Chief Executive Officer of the Canada Pension Plan Investment Board. Mr. MacNaughton spent the previous 31 years in the investment business with Nesbitt Burns (the investment banking arm of Bank of Montreal) and predecessor companies. He was President of Burns Fry and then Nesbitt Burns from 1989 until 1999. Mr. MacNaughton is a member of the Order of Canada. He has served previously as Chairman, Canadian Institute of International Affairs; Chairman, Princess Margaret Hospital Foundation; Chairman, Investment Dealers Association of Canada; President, The Empire Club of Canada; National Secretary, Progressive Conservative Association of Canada; Vice President and Director, The Canadian Stage Company; and Governor, Ryerson Polytechnical Institute (now University).