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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

Non-GAAP Financial Measures

Toronto Stock Exchange customers are billed for initial and additional listing fees, and with this system, there is a lag between the time when securities are issued or reserved and the time when these listing fees are paid by Toronto Stock Exchange listed issuers. For TSX Venture Exchange issuers, fees are paid either prior to, or at the time of, listing or reserving securities. In order to reflect these activities, we have adopted the terms “issuer services fees billed”, “initial listing fees billed” and “additional listing fees billed”.

Certain measures used in this MD&A, specifically “initial listing fees billed”, “additional listing fees billed”, “total revenue based on initial and additional listing fees billed” and “issuer services revenue based on initial and additional listing fees billed” do not have standardized meanings prescribed by Canadian GAAP and therefore are unlikely to be comparable to similar measures presented by other issuers. We present these non-GAAP revenue measures as an indication of how initial and additional listing activity and the fees billed or received in connection with the listing or reserving of securities impact the financial performance and cash flows of our business. Management uses these measures to assess the effectiveness of our strategy to serve our listed issuers and to manage the listings portion of our business.

We present “earnings per share prior to a reduction in the value of the future tax asset” as an indication of operating performance exclusive of tax charges, which primarily relate to lower federal corporate income tax rates and other adjustments. This measure does not have a standardized meaning prescribed by Canadian GAAP and therefore is unlikely to be comparable to similar measures presented by other issuers. Management uses this measure to assess financial performance excluding the reduction of the future tax asset.

We present “adjusted earnings per share prior to a reduction in the value of the future tax asset in 2007 and prior to loss on termination of joint venture in 2008” as an indication of operating performance exclusive of the adjustment to the value of the future tax asset (see above) and the payment made on April 1, 2008 to ISE Ventures, LLC (ISE Ventures), a wholly-owned subsidiary of International Securities Exchange Holdings, Inc. (ISE), related to terminating our proposed derivatives joint venture. This measure does not have a standardized meaning prescribed by Canadian GAAP and therefore is unlikely to be comparable to similar measures presented by other issuers. Management believes this measure allows it to assess operating performance excluding the reduction of the future tax asset and the type of payment made to ISE Ventures.