EXTEND OUR PRE-EMINENT DOMESTIC POSITION

While enhancing our core, we are also exploiting growth opportunities in non-equity marketplaces. Energy trading is one such field, which we entered through our acquisition of NGX Canada Inc., operator of a Calgary-based energy exchange. Electronic fixed income is another field which we are tapping into through our substantial ownership position in CanDeal.ca Inc., a fully electronic marketplace that traded $88 billion in debt securities during 2004. Taken together, NGX and CanDeal.ca Inc. are pipelines to our future growth in the North American markets.