Performance

Issuer Services

TSX Group owns Toronto Stock Exchange, our senior equity market, and TSX Venture Exchange, our public venture capital market. With a combined 3,951 listings, together we form the second largest equity exchange group in the world by number of listings. With $2.2 trillion in issuer market capitalization, we are also seventh largest in the world and the third largest exchange group in North America. Issuer services revenue increased 23% in 2007 over 2006. In addition to a very active secondary capital market and record graduations to TSX from TSXV, we are seeing good results from our international business development activities.

Trading

We offer trading in multiple asset classes – equities, fixed income and energy – through TSX, TSXV, Shorcan and Natural Gas Exchange. We will continue to ensure we provide the capacity and speed that our customers need. 2007 trading revenue increased by 16% over last year, and there were many key milestones as our customers set records for volumes traded on our equity and energy exchanges. We again implemented important changes in our equity trading fee model and, on the technology front, we began the roll-out of TSX Quantum, our new trading engine. NGX’s transformative alliance with IntercontinentalExchange Inc. was successfully launched on February 9, 2008.

Market Data

TSX Group offers real-time, historical and index data as well as corporate information, news, fixed income and foreign exchange data to help investors make decisions on the Canadian capital markets. Market data has been our fastest growing source of revenue and a key source of growth in foreign markets, especially in the U.S. Average revenue growth over the past five years in this area of our business has been solid at 15% and growth has accelerated – it was up 27% compared to last year. As well, we set a record with over 160,000 market data subscriptions at the end of 2007.