Toronto Stock Exchange Circuit Breakers -- Q3 2001

It is the policy of The Toronto Stock Exchange to co-ordinate with U.S. markets when "circuit breakers" are invoked. The circuit breaker trigger points are set at three fluctuating levels representing 10%, 20% and 30% of the Dow Jones Industrial Average (DJIA).

The levels are calculated by the NYSE at the beginning of each calendar quarter, using the average closing value of the DJIA for the preceding month. Each trigger is rounded to the nearest 50 points.

For the third quarter 2001, trading halts will be triggered when the DJIA declines below its closing value on the previous trading day by:

Level 1 (10%) -- 1,100 points
Level 2 (20%) -- 2,150 points
Level 3 (30%) -- 3,250 points

The length of the halts will be as follows:

Level 1 Halt

before 2:00 p.m. - one hour;
at 2:00 p.m. or later but before 2:30 p.m. - 30 minutes;
at 2:30 p.m. or later - trading shall continue, unless there is a Level 2 halt.

Level 2 Halt

before 1:00 p.m. - two hours;
at 1:00 p.m. or later but before 2:00 p.m. - one hour;
at 2:00 p.m. or later - trading shall halt and not resume for the remainder of the day.

Level 3 Halt

at any time - trading shall halt and not resume for the remainder of the day.