FORWARD-LOOKING STATEMENTS

This annual report contains forward-looking statements, which are not historical facts but are based on certain assumptions and reflect TSX Group’s current expectations. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations. Please see Forward-Looking Statements, Risks and Uncertainties in the 2004 Management's Discussion and Analysis for a description of some of the risk factors that could cause actual events or results to differ materially from current expectations.