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The following terms and conditions ("Terms of Use") govern the relationship between you, TMX Group Inc. ("TMX Group") and its affiliates and subsidiaries, including, where applicable, TSX Inc., TSX Venture Exchange Inc., Montreal Exchange Inc., Equicom Group Inc., Natural Gas Exchange Inc. and Shorcan Brokers Limited (collectively, the "TMX" or "we") in the use of the TSX.com and/or TMXmoney.com websites, located at www.tsx.com and www.tmxmoney.com respectively (collectively, "the Websites"). By using the Websites, you are agreeing to comply with and be legally bound by the terms and conditions as set out in these Terms of Use. If these Terms of Use are not acceptable to you, please do not use the Websites. We may update these Terms of Use from time to time and you are responsible for periodically reviewing the most current version on the Websites. Your continued use of the Websites will be deemed your conclusive acceptance of the updated Terms of Use.

In this Terms of Use, the phrase "Information Providers" includes, but is not limited to, any licensors, suppliers, service providers or other third parties that provide, from time to time, any data, application, or other web services or information for purposes of the Websites.

Rights Granted and Restrictions on Use

TMX grants to you a limited non-exclusive, non-transferable license to view, copy and print the material on the Websites (other than the design or layout of the Websites) for your non-commercial or personal use only. All copies that you make must retain all copyright and other notices that are on the Websites. Except as provided in the previous sentence, you may not use, distribute, sell, modify, transmit, revise, reverse engineer, republish, post or create derivative works (where applicable) of the trade-marks, trade names, logos, information, software or other material or content on the Websites (referred to collectively, as the "content" of the Websites) without TMX's prior written permission. You acknowledge and agree that the Websites and their content are the property of TMX, its affiliates and Information Providers and you will not acquire any rights or licenses in any trade-marks, patents, copyright or other intellectual property on the Websites or in its content. The Websites and their content are protected by copyright, both individually and as a collective work or compilation and by trade-mark law, patent law and any other applicable laws.

Market Information

All market information, including but not limited to quotes, company information, charting, news, options and research data are provided by TMX and its Information Providers for informational purposes only, and are not intended for trading purposes. Please note the individual Information Provider attributions and Terms of Use noted at the bottom of each market information page of the Websites for additional disclaimers, terms and restrictions of use. "If, As & When Issued Securities" (sometimes marked as "When Issued" or "WI") are not listed securities and have not been issued. Special settlement terms apply. If closing does not occur, these trades will be unwound. TMX and each of its Information Providers do not guarantee the sequence, accuracy, or completeness of any market information or other data displayed, and are not liable or responsible in any way for any delays, inaccuracies, or errors in any market information or other data displayed or in the transmission of any market information or other data displayed. You agree not to rely upon the market information or other data displayed for any trading, business or financial purpose and TMX, its Information Providers, and each of their respective affiliates, directors, officers, agents and representatives are not liable or responsible in any way for any damages, losses or costs arising from reliance on this information or incurred as a result of the nonperformance, interruption or termination for any reason whatsoever of the market information or other data.

Intraday data information, in the TMX Investor Relations Historical Performance chart, is delayed at least 20 minutes and is provided by Thomson/CCBN based on information provided by S&P Comstock. Please refer to the associated time stamp on each market data chart or table to obtain the age of the data. Historical data is provided by Thomson/CCBN based on information supplied by MarketWatch.

The Custom Quote Page and the Custom Quote View are provided by TMX.

Your Authority to Use The Websites

By using the Websites, you are representing to us that you have the power and authority to accept these Terms of Use and to enter into this agreement with us, that you are capable of assuming, and do assume, any risks related to the use of the Websites and their content, and that you understand and accept the terms, conditions and risks relating to their use. If you are dissatisfied with the Websites or their content, your sole and exclusive remedy is to stop using them.

Disclaimers

The information on this site is for informational purposes only and is not intended to provide legal, accounting, tax, investment, financial or other advice and such information should not be relied upon for such advice. TMX, its Information Providers and each of their respective affiliates, directors, officers, agents and representatives assume no liability for any inaccurate, delayed or incomplete information, nor for any actions taken in reliance thereon. The information contained on the Websites, including without limitation, the information obtained through Information Providers or through any other link, has been supplied by such Information Providers or other third parties without verification by us. The views, opinions and advice of any third party provided on the Websites reflect those of the individual authors and are not endorsed by us. Past performance is not necessarily indicative of future performance. Prior to making any investment decision, it is recommended that you consult directly with the individual or firm and seek advice from a qualified investment advisor. Neither TMX nor any of its affiliates or Information Providers make or have made any recommendations regarding the securities or investment services of any person or entity with respect to the content of the Websites, or of the advisability of investing in securities generally for any particular individual.

ALTHOUGH THE CONTENT HAS BEEN OBTAINED FROM SOURCES BELIEVED TO BE RELIABLE, THE WEBSITES COULD INCLUDE TECHNICAL OR OTHER INACCURACIES OR TYPOGRAPHICAL ERRORS AND THEY ARE PROVIDED TO YOU ON AN "AS IS" BASIS WITHOUT WARRANTIES OR REPRESENTATIONS OF ANY KIND. TMX, ITS AFFILIATES AND INFORMATION PROVIDERS MAKE NO REPRESENTATION AND DISCLAIM ALL EXPRESS AND IMPLIED WARRANTIES AND CONDITIONS OF ANY KIND, INCLUDING WITHOUT LIMITATION, REPRESENTATIONS, WARRANTIES OR CONDITIONS REGARDING ACCURACY, TIMELINESS, COMPLETENESS, NON-INFRINGEMENT, SATISFACTORY QUALITY, MERCHANTABILITY, MERCHANTABLE QUALITY OR FITNESS FOR ANY PARTICULAR PURPOSE OR THOSE ARISING BY LAW, STATUTE, USAGE OF TRADE, OR COURSE OF DEALING. TMX, ITS AFFILIATES AND INFORMATION PROVIDERS ASSUME NO RESPONSIBILITY TO YOU OR ANY THIRD PARTY FOR THE CONSEQUENCES OF ANY ERRORS OR OMISSIONS.

No Damages

TMX, ITS AFFILIATES, INFORMATION PROVIDERS AND THEIR RESPECTIVE DIRECTORS, OFFICERS, EMPLOYEES, OR AGENTS SHALL NOT, UNDER ANY CIRCUMSTANCES, BE LIABLE FOR ANY DIRECT, CONSEQUENTIAL, INCIDENTAL, INDIRECT OR SPECIAL DAMAGES, OF ANY KIND, OR ANY OTHER DAMAGES WHATSOEVER, INCLUDING WITHOUT LIMITATION, THOSE ARISING FROM ANY DECISION MADE OR ACTION TAKEN BY YOU IN RELIANCE UPON THE CONTENT OR THOSE RESULTING FROM LOSS OF USE, DATA OR PROFITS, WHETHER RESULTING FROM THE USE OF OR INABILITY TO USE ANY CONTENT ON THE WEBSITES (OR A WEBSITE LINKED TO THE WEBSITES), OR ANY OTHER CAUSE; AND EVEN IF CAUSED BY TMX'S OR ITS AFFILIATE'S OR INFORMATION PROVIDERS' NEGLIGENCE, AND EVEN IF ANY OF THEM HAS BEEN APPRISED OF THE LIKELIHOOD OF SUCH DAMAGES OCCURRING.

THE ABOVE LIMITATIONS AND EXCLUSIONS SHALL APPLY TO YOU TO THE FULLEST EXTENT THAT APPLICABLE LAW PERMITS, IN ALL ACTIONS OF ANY KIND, WHETHER BASED ON CONTRACT, TORT (INCLUDING, WITHOUT LIMITATION, NEGLIGENCE) OR ANY OTHER LEGAL OR EQUITABLE THEORY. ANY CLAUSE DECLARED INVALID SHALL BE DEEMED SEVERABLE AND NOT AFFECT THE VALIDITY OR ENFORCEABILITY OF THE REMAINDER OF THESE TERMS OF USE.

Securities

Neither TMX, its Information Providers nor any of their respective affiliates, officers, directors, employees, agents or licensors: (a) has passed on the merit of any of the securities referred to on the Websites or any linked site; or (b) has endorsed or sponsored any of these securities; or (c) makes or has made any recommendation regarding any securities issued by any of the companies identified on or linked to the Websites, nor the advisability of investing in securities generally for any particular individual. PLEASE SEEK THE ADVICE OF PROFESSIONALS, AS APPROPRIATE, REGARDING THE EVALUATION OF ANY SPECIFIC SECURITY, INDEX, REPORT, OPINION, ADVICE OR OTHER CONTENT.

Advertising and Links

TMX accepts advertising from listed companies, brokers and other organizations and receives a fee from their advertising on the Websites. No endorsement by TMX is intended or implied by the presence of such advertising. As a convenience to our visitors, the Websites currently contain links to a number of websites. The privacy policies and procedures described here do not apply to those websites. We suggest contacting these websites directly for information on their data collection and distribution policies. Your linking to such websites or pages is at your own risk. TMX is not responsible for the accuracy or reliability of any information, data, opinions, advice, or statements made on these sites. TMX provides these links merely as a convenience and the inclusion of such links does not imply that TMX endorses or accepts any responsibility for the content or uses of such websites.

Trade-marks

You are not permitted to use any of the trade-marks displayed on the Websites (including without limitation those listed below) without the prior written consent of TMX or the third party that owns the trade-mark.

The following are trade-marks of TSX Inc.:

The Accumulator, AECO 'C' and NIT Bid-Week One-Month Spot Price, AECO 'C' and NIT Daily Spot Price, AECO 'C' and NIT Daily Spot Price (2A), AECO 'C' and NIT Daily Spot Price (4A), AECO 'C' and NIT Daily Spot Price (5A), AECO 'C' and NIT One-Month Spot Price, Alberta Stock Exchange Design, American Venture Exchange, The Asia Pacific Board, The Asian Board, ATX, ATX Access, Bull and Bear Design, Canada's Pacific Rim Stock Exchange, Canadian Best Bid and Offer, Canadian Dealing Network, Canadian Unlisted Board, Canadian Venture Exchange, Capital Moves, Capital Pool Company, CARS, CBBO, CDEX, CDNX, CDNX Design, CPC, CUB, CUB Canadian Unlisted Board Inc Design, DEX, DEX Design, DOTS Design, Equities News, Experience ? Leadership, FOX, HIP, INFOCDNX, LinxPointOne, Maple Bond Index, Market at Play, Market Book, Market-by-Order, Market-by-Price, marketdata.tse.com, MarketDepth, Money Go Round at Stock Market Place, National Enterprise Exchange, Natural Gas Exchange, Natural Gas Exchange Design, NEX, NGX, NGX AB-NIT Bidweek Index, NGX AB-NIT Day Ahead Index, NGX AB-NIT Month Ahead Index, NGX AB-NIT Same Day Index, NGX AB-NIT Same Day Index (2A), NGX AB-NIT Same Day Index (4A), NGX AB-NIT Same Day Index (5A), NGX Alberta Bid-Week Spot Index, NGX Alberta Daily Spot Index, NGX Alberta Next Day Price, NGX Alberta One-Month Spot Index, NGX Dawn Daily Spot Index, NGX Dawn One-Month Spot Index, NGX Design, NGX Spectra Station #2 Day Ahead Index, NGX Station #2 Daily Spot Price, NGX Union Dawn Daily Spot Price, NGX Union Dawn Day Ahead Index, NGX Union Dawn Month Ahead Index, NGX Union Dawn One-Month Spot Price, One Success After Another, PC-Bond, Public Venture Capital Campaign, S M P, STAMP, Stock Market Place at the TSE, Stock Market Place at the TSE Design, Stock Market Place Bull & Bear Design, Taking it to the Street, This Way Up, TIPS, TIPS 100, TIPS 35, Tomorrow's Stock Exchange, Toronto 35 Index, Toronto Stock Exchange, Trade Your Way, TRADECDNX, TSE, TSE 100 Index, TSE 200 Index, TSE 300 Composite Index, TSE CDNX Design, TSE Design, TSE Edge Design, TSE Securities World Design, TSE Securities World Design, TSX, TSX Alternative Trade eXecution, TSX Block List Leaders, TSX Compliance Alerts Reporting System, TSX Datalinx, TSX Design, TSX Direct, TSX Firm Order eXecution, TSX Group, TSX IE, TSX Intelligence Engine, TSX Intelligence Engine Design, TSX Market Sense, TSX Markets, TSX Quantum, TSX Quantum Revolution, TSX QuantumFeed, TSX SecureFile, TSX Technologies, TSX Venture 50, TSX Venture 50 Design, TSX Venture Exchange, TSXconnect, TSXPress, TSXV, Vancouver International Securities Trading Access, VISTA, Where the World Trades Canada, Your Key to Capital.

The following are trade-marks of TMX's Information Providers:

MarketWatch, the MarketWatch logo and BigCharts are registered trade-marks of MarketWatch, Inc.

Dow Jones Indexes is a service mark of Dow Jones & Company, Inc.

ICE is a trade-mark of IntercontentalExchange Inc. and is used under license.

CanDeal and the CanDeal design are registered trade-marks of CanDeal.ca Inc. and are used under license.

The Canadian Disclosure Network and CNX Marketlink are registered trade-marks of Canada NewsWire Limited.

"S&P", as part of the composite mark of S&P/TSX which is used in the name the S&P/TSX Composite Index, the S&P/TSX 60 Index and other S&P/TSX indices, refers to a trade-mark of McGraw-Hill Companies, Inc. and is used under license by TSX Inc.

Scotia Capital is a registered trade-mark of The Bank of Nova Scotia and is used under license.

is a registered trademark of WILink.

iShares is a trade-mark of Barclays Global Investors, N.A.

POSIT is a trade-mark and POSIT Canada is a service mark of the POSIT Joint Venture, a joint venture between Barra POSIT, Inc. and ITG Software, Inc.

INK Research and Page10 are trade-marks of INK Research Corp.

ROGERS, CANADIAN BUSINESS, PROFIT and MONEYSENSE and associated designs are trademarks of Rogers Publishing Limited and may not be used without permission of the owner. Content from the named publications is copyrighted and may not be copied or used for anything other than personal reference without first obtaining written permission from Rogers Publishing Limited.

SEDAR® is a registered trade-mark of the Canadian Securities Administration; SEDI® is a registered trade-mark of CDS INC.; SEDAR®-SCRIBE^TM and SEDI®-SCRIBE^TM are trade-marks of CDS Innovations Inc.; CDS® and CDSX® are registered trade-marks of The Canadian Depository for Securities Limited.

Hyperlinks

Unless you have a written agreement in effect with TMX which states otherwise, you may only provide a hypertext link to the Websites on another website, provided that (a) the link must be a text-only link clearly marked "TMX Group Home Page" or "TMXmoney Home Page"; (b) the link must "point" to (i.e. link the user directly to) the URL http://www.tsx.com (in the case of the TMX Group Home Page) or the URL http://www.tmxmoney.com (in the case of the TMXmoney Home Page) and not to other pages within the Websites; (c) the appearance, position and other aspects of the link may not be such as to damage or dilute the goodwill associated with TMX's name and trade-marks; (d) the appearance, position and other aspects of the link may not create the false appearance that an entity is associated with or sponsored by TMX; (e) the link, when activated by a user, must display the site full-screen and not within a "frame" on the linking website; and (f) TMX reserves the right to revoke its consent to the link at any time in its sole discretion.

No links may be made to or from any of the content provided by Information Providers without their prior written permission.

Non-Confidential Use of Your Postings

Any non-personal communication, comments, ideas or material you post or transmit to TMX is, and will be treated as, non-confidential and non-proprietary. By transmitting or posting any communication or material to the Websites you grant to TMX and all of its affiliates, an unrestricted, irrevocable license to use, reproduce, display, modify, transmit, distribute, publish, broadcast or post your communication for any purpose. You also agree that TMX is free to use any ideas, concepts, know-how or techniques that you send us for any purpose. However, we will not release your name or otherwise publicize the fact that you submitted materials or other information to us unless: (a) you grant us permission to do so; (b) we first notify you that the materials or other information you submit to a particular part of a site will be published or otherwise used with your name on it; or (c) we are required to do so by law.

Protecting Information

We have reasonable security measures in place to protect against the loss, misuse and interception by third parties of the information under our control. However, complete confidentiality and security is not yet possible over the Internet. We assume no liability for any damages you may suffer as a result of interception, alteration or misuse of information transmitted over the Internet. Please see our Privacy Policy for further details.

Changes to Terms of Use

TMX reserves the right to revise these Terms of Use at any time without notice to you. You are bound by such revisions so we encourage you to visit this page frequently to stay informed.

Violations of Terms of Use

TMX reserves the right to seek all remedies available at law and in equity for violations of these Terms of Use, including the right to block access from a particular Internet address to our site.

Other Countries

The Websites can be accessed from countries around the world other than Canada and may contain references to TMX products, services, and programs that have not been announced in your country. These references do not imply that TMX intends to announce such products, services or programs in your country. TMX makes no representation that the content on the Websites is appropriate or available for use in other locations, and accessing the Websites from territories where its content is illegal is prohibited. Those who choose to access the Websites from other locations do so on their own initiative and their own risk and are responsible for compliance with local laws.

Laws

The Websites (excluding linked sites) are controlled by TMX from its offices within the Province of Ontario, Canada. By accessing the Websites, you and TMX agree that all matters relating to your access to, or use of, the Websites shall be governed by the statutes and laws of the Province of Ontario or the federal laws of Canada, as applicable, without regard to the conflicts of laws principles thereof. You and TMX also agree and hereby submit to the exclusive personal jurisdiction and venue of the courts of the Province of Ontario with respect to any and all matters arising in connection with these Terms of Use.

How to Contact Us

If you have submitted personal information through the Websites or interactive advertisement, and would like that information deleted from our records, please contact us at our e-mail address webmaster@tsx.com. We will use reasonable efforts to delete this information from our existing files.

YOU ACKNOWLEDGE THAT YOU HAVE READ THESE TERMS OF USE, UNDERSTAND THEM AND AGREE TO BE BOUND BY ALL OF THE TERMS AND CONDITIONS IN THESE TERMS OF USE.

Investor Relations and Related Matters

Forward-looking information

The Websites may contain "forward looking information" (as defined in applicable Canadian securities legislation) that is based on expectations, estimates and projections as of the date of the content published on the Websites. Often, but not always, such forward looking information can be identified by the use of forward looking words such as "plans", "expects", "is expected", "budget", "scheduled", "targeted", "estimates", "forecasts", "intends", "anticipates", "believes", or variations or the negatives of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved or not be taken, occur or be achieved. Forward looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of TMX to be materially different from any future results, performance or achievements expressed or implied by the forward looking information.

Examples of such forward looking information include, but are not limited to factors relating to stock and derivatives exchanges and the business, financial position, operations and prospects of TMX and its affiliates, which are subject to significant risks and uncertainties, including competition from other exchanges or marketplaces, including alternative trading systems, new technologies and other sources, on a national or international basis; dependence on the economy of Canada; failure to retain and attract qualified personnel; geopolitical factors which could cause business interruption; dependence on information technology; failure to implement our strategies; changes in regulation; risks of litigation; failure to develop or gain acceptance of new products; adverse effect of new business activities; dependence of trading operations on a small number of clients; the risks associated with NGX's clearing operations; the risks associated with the credit of customers; cost structures being largely fixed; and dependence on market activity that cannot be controlled. Actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward looking information contained on the Websites. Such forward looking information is based on a number of assumptions which may prove to be incorrect, including, but not limited to, assumptions in connection with business and economic conditions generally; exchange rates (including estimates of the U.S. dollar - Canadian dollar exchange rate), the level of trading and activity on markets, and particularly the level of trading in TMX's key products; the continued availability of financing on appropriate terms for future projects; productivity at TMX, as well as that of TMX's competitors; market competition; research & development activities; the successful introduction of new derivatives and equity products; tax benefits/charges; the impact on TMX of various regulations and initiatives; TMX's ongoing relations with employees; and the extent of any labour, equipment or other disruptions at any of their operations of any significance other than any planned maintenance or similar shutdowns. While we anticipate that subsequent events and developments may cause our views to change, we have no intention to update this forward looking information, except as required by applicable securities law. This forward looking information should not be relied upon as representing our views as of any date subsequent to the date on each individual page of content or documents included on the Websites. We have attempted to identify important factors that could cause actual actions, events or results to differ materially from those current expectations described in forward looking information. However, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended and that could cause actual actions, events or results to differ materially from current expectations. There can be no assurance that forward looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward looking information. These factors are not intended to represent a complete list of the factors that could affect us. A description of the above-mentioned items and additional risk factors are discussed in TMX's materials, including our 2007 Annual MD&A and annual information form. Please see the risk factors outlined in the previously mentioned documents, which risk factors are specifically incorporated by reference, filed with the securities regulatory authorities in Canada from time to time and the impact upon them of subsequently reported items

Investor Relations information

The information posted to the Investor Relations section of the Websites is maintained by the Chief Financial Officer of TMX Group. All information posted to the Investor Relations section of the Websites was accurate at the time of posting, but may be superseded by subsequent disclosures made by TMX Group. TMX Group does not assume any duty of disclosure beyond that which is required by law. For TMX Group official investor disclosure documents, please see the TMX Group filings made with Canadian securities regulators at www.sedar.com.