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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

2007 Management's Discussion and Analysis

This Management’s Discussion and Analysis (MD&A) of TSX Group Inc.’s (TSX Group) financial condition and results of operations is provided to enable a reader to assess our financial condition, material changes in our financial condition and our results of operations, including our liquidity and capital resources, for the financial year ended December 31, 2007, compared with the year ended December 31, 2006. This MD&A is dated January 30, 2008 and should be read carefully together with our 2007 consolidated financial statements and related notes for the corresponding period. Each of these documents is filed with Canadian securities regulators and can be accessed through www.sedar.com, or our website at www.tsx.com. All amounts are in Canadian dollars unless otherwise indicated and are based on financial statements prepared in accordance with Canadian generally accepted accounting principles (GAAP), unless otherwise specified.

Additional information about TSX Group, including our most recent Annual Information Form is available through www.sedar.com and on our website www.tsx.com. We are not incorporating information contained on the website in this MD&A.