DELIVERING ON THE PROMISE

The promise was challenging but clear – provide a high-quality, high-value, new-concept company to investors by drawing on more than 150 years of leadership in the Canadian capital markets while competing in strengthening global capital markets.

In 2004, TSX Group delivered on that promise.

Listing and trading, two of our core business functions, returned to very strong growth levels based on the broad and deep strength found in Canadian capital markets.

We expanded into new marketplaces through our purchase of NGX Canada Inc., operator of a leading energy exchange for the trading and clearing of natural gas and electricity contracts. NGX had a history of strong growth, and offers TSX Group and its shareholders a very promising future. We achieved this through a clear, effective strategy, designed and executed by capital market professionals working out of our five national offices.

And the markets reacted well. The quality and value of the company are being increasingly recognized by investors. They understand what drives our business and they share in our successes.

We face the future with a record of achievement of which we are proud.