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• Letter from the Chairman
• Letter from the Interim Co-CEOs
• Statement of Corporate Governance Practices
• Management's Discussion and Analysis
• Introduction
• Non-GAAP Financial Measures
• Executive Summary of Vision, Strategies and Key Current Initiatives
• Overview of the Business
• Year Ended December 31, 2007 Compared with Year Ended December 31, 2006
• Liquidity and Capital Resources
• Quarterly Information
• Critical Accounting Estimates
• Change in Accounting Policy
• Disclosure Controls and Procedures and Internal Controls over Financial Reporting
• Strategies and Outlook
• Forward-looking Information, Risks and Uncertainties
• Management Statement
• Auditors' Report to the Shareholders
• Consolidated Financial Statements
• Notes to the Consolidated Financial Statements
• Three-year Review: Financial Information
• Three-year Review: Market Statistics
• Corporate Information

Executive Summary of Vision, Strategies and Key Current Initiatives¹

Our vision: To be a leading Canadian public company that is the best operator of electronic marketplaces on a global standard.

Our strategies:

• To continue to focus on growth of our core business domestically in terms of superior technology, order flow and products and services.
• To achieve a leadership position in all asset classes inside Canada, with a particular focus on fixed income, energy and derivatives.
• To pursue aspirations beyond Canada based on our competitive advantages.

Key current initiatives:

• Technology: In December 2007, we launched TSX Quantum™, our new trading engine which we expect to greatly increase capacity and improve the performance of our equity markets next year. Phased roll-out is planned to continue throughout 2008.
• Derivatives: On December 10, 2007, we announced, together with Montréal Exchange Inc. (MX), that we had agreed to combine TSX Group and MX to create TMX Group Inc. (TMX Group) a leading, integrated, multi-asset class exchange group. The head office of TMX Group will be located in Toronto, and the head office of MX and the derivatives trading and related product operations will remain in Montreal. The combination is subject to approval of MX shareholders and regulatory approvals including approvals from Québec’s Autorité des marchés financiers, the Competition Bureau, Toronto Stock Exchange and the United States Securities and Exchange Commission. We currently expect the transaction to close in the first quarter of 2008. (See “Combination with MX” under the section "Strategies and Outlook” for a discussion of the transaction.)
• Energy: On March 28, 2007, we announced an arrangement to combine Natural Gas Exchange Inc.’s (NGX) strengths in physical clearing with the advanced technology capabilities of IntercontinentalExchange Inc. (ICE), scheduled to launch in the first quarter of 2008. In September 2007, we purchased an option from Enbridge Inc. (Enbridge) and Circuit Technology Ltd. (Circuit Technology) to acquire all the shares of NetThruPut Inc. (NTP), the leading Canadian electronic platform and clearing facility for crude oil. The option is exercisable after March 15, 2009.
• International business development: Leveraging our strengths in the natural resource sector and our Small-Medium Enterprise (SME) expertise, we have been promoting Toronto Stock Exchange and TSX Venture Exchange as listing destinations. In 2007, we completed a successful nine-city U.S. campaign with a particular focus on SMEs.

¹ The “Executive Summary of Vision, Strategies and Key Current Initiatives” section above contains certain forward-looking statements. Please refer to “Forward-Looking Information, Risks and Uncertainties” for a discussion of risks and uncertainties related to such statements.