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• Letter from the Chair
• Letter from the CEO
• Statement of Corporate Governance Practices
• Management's Discussion and Analysis
• Introduction
• Non-GAAP Financial Measures
• Executive Summary of Vision, Strategies and Priorities
• Market Conditions and Outlook
• Overview of the Business
• Core Business of TMX Group
• Year Ended December 31, 2008 Compared with Year Ended December 31, 2007
• Segment Analysis
• Liquidity and Capital Resources
• Selected Annual Information
• Quarterly Information
• Critical Accounting Estimates
• Adoption of Accounting Policies
• Financial Instruments Disclosure and Presentation
• Disclosure Controls and Procedures and Internal Control over Financial Reporting
• Strategy
• 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
• Board of Directors
• Senior Management
• Shareholder Information

Executive Summary of Vision, Strategies and Priorities²

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

Our strategy: To expand our integrated business, both domestically and internationally, by offering innovative cash and derivatives products across multiple asset classes.

Our priorities:

• Integrate:

We completed our combination with MX to further diversify our revenue base and to realize revenue and cost synergies. The combination also creates a substantially larger entity that is better positioned to compete.

• Enhance:

We will continue to enhance our product and services offering to compete for increased market share in cash, derivatives and energy markets.

• Innovate:

We plan to innovate by continuing to introduce new, customer-focused products, services and solutions to our marketplaces, including those that combine the cash and derivatives markets.

²The “Executive Summary of Vision, Strategies and Priorities” 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.