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COMPLETE 2004 ANNUAL REPORT
DELIVERING ON THE PROMISE
YEAR IN REVIEW AND FINANCIAL HIGHLIGHTS
TSX GROUP AT A GLANCE
CHAIR'S LETTER TO SHAREHOLDERS
CEO'S LETTER TO SHAREHOLDERS
STATEMENT OF CORPORATE GOVERNANCE PRACTICES
2004 MANAGEMENT'S DISCUSSION AND ANALYSIS
MANAGEMENT STATEMENT
AUDITORS' REPORT TO THE SHAREHOLDERS
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED STATEMENTS OF INCOME
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY
CONSOLIDATED STATEMENTS OF CASH FLOWS
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
FIVE-YEAR REVIEW
BOARD OF DIRECTORS AND SENIOR MANAGEMENT
PARTICIPATING ORGANIZATIONS AND MEMBERS
SHAREHOLDER INFORMATION
LISTED ISSUERS