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Letter from the Chairman

It is my pleasure to once again report to you on behalf of TSX Group’s Board of Directors. This past year was marked by achievement and growth for the company, punctuated with an important milestone in the evolution of Canadian capital markets. The Board of Directors continues to work together with TSX Group’s senior management team to build on our track record of strong operating performance and execute on our long-term strategy for growth.

It is a key responsibility of the Board to ensure that the company operates within appropriate governance policies and guidelines. TSX Group has a history of leadership in corporate governance and has shown the ability to foster corporate growth while serving the best interests of Canadian capital markets. Good governance is what we ask for from our listed issuers and what we demand of ourselves.

Consolidation within the exchange industry is a topic I have touched on in prior letters, as exchanges continue forging alliances worldwide – across borders, time zones and oceans. In December, we announced our agreement to combine with la Bourse de Montréal to create the new TMX Group Inc. We are very excited about the combination and believe it will enable us to better meet the needs of Canadian investors, intermediaries, entrepreneurs and issuers, and will strengthen our global market position.

On behalf of all shareholders, I would like to thank Richard Nesbitt for his diligence and leadership over the past three years. We wish him all the best in his new career. The Board is managing the succession process and we anticipate a smooth leadership transition in 2008. In the interim, our Co-CEOs, Rik Parkhill and Michael Ptasznik, are providing the transitional leadership that will ensure that we continue to operate efficiently and move forward to achieve our strategic objectives.

In closing, I would like to express gratitude to my fellow Directors for their contributions to the Board’s regular and special meetings last year and also to TSX Group management and employees for their continuing hard work and dedicated efforts to lead the company into the future.

Wayne Fox Chair, Board of Directors TSX Group Inc.