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Dundee Bank of Canada S&P/TSX 60® Absolute Return V-Notes, Series 1

Early Trading Fees

During the first 2 years following the Issue Date, an Early Trading Charge will apply to any secondary market sale of a Note through the Selling Agent. The Early Trading Charge will be equal to a percentage of the Principal Amount of the Note, determined as follows:

If Sold Within	Early Trading Fee
0 - 6 months	3.50 %
7 - 12 months	2.00 %
13 - 18 months	1.50 %
Thereafter	Nil

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