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Source: Google Finance retrieved 1-8-2011 Clos Date Open High Low Volume e Feb 9, 2011 44.85 45.18 41.23 42.

85 7,337,908 Feb 8, 2011 39.85 40.4 39.63 40.28 626,249 Source: Digital Look retrieved 1-8-2011 TMX Group Inc. Forecasts Year Ending Revenue ($m)Pre-tax ($Cm)EPS P/E PEG 31-Dec-11 666.52 351.75 345.94¢12.6 31-Dec-12 698.09 380.35 368.83¢11.8 Notes 43.59 Multiplying EPS by P/E ratio 1.375 44.97 Adding the above two values 4.94% Dividing the above (B15) value by closing price on date of announcement 3.45% Using 10 year Canadian Government Bond rate 1.49% Subtracting Risk free rate from Expected Return

0.4 1.8

EPS Grth. iv D Yield 30% 137.50¢ 3.20% 7% 146.33¢ 3.40%

Expected Price Expected Dividend

Expected Return Risk free rate Equity risk premium

Source: Google Finance retrieved 2-8-2011 Date Open High Low Close Volume 2/9/2011 950 989 920 920 11747900 2/8/2011 884 892 876.5 892 327000 Source: Digital Look retrieved 2-8-2011 London Stock Exchange Forecasts Year Ending Revenue (£m)Pre-tax (£m)EPS P/E PEG 31-Mar-12 700.62 308.61 80.77p 12.3 31-Mar-13 729.02 330.06 85.76p 11.6 p Expected Price Expected Dividend Notes 993.47 Multiplying EPS by P/E ratio 30.04 1023.51 Adding the above two values 11.25% Dividing the above (B15) value by closing price on date of announcement 4.10% Using 10 year UK Government Zero Coupon rate 7.15% Subtracting Risk free rate from Expected Return

1.3 1.9

EPS Grth.Div Yield 10% 30.04p 3.00% 6% 32.27p 3.20%

Expected Return Risk free rate Equity risk premium

Inputs for WACC Calculation: TMX Risk free rate (%) Yield-to-Maturity of debt (%) Equity risk premium (%) Beta of stock Corporate tax rate (%) Common shares (MM) Share price ($) Market value of debt ($, MM) 3.45% 1.59% 1.49% 0.44 31% 74.4 40.28 434.3

Inputs for WACC Calculation: LSE Risk free rate (%) Yield-to-Maturity of debt (%) Equity risk premium (%) Beta of stock Corporate tax rate (%) Common shares (MM) Share price ($) 4.10% 5.04% 7.15% 1.15 28% 271.1 14.23

Market value of debt ($, MM) 1,209.1

Weighted Average Cost of Capital (WACC) Calculation: TMX

Debt
Pre-tax cost of debt (%) After-tax cost of debt (%) Market value of debt ($, MM) 1.6% 1.1% 434.3

Equity
Cost of equity (%) 4.1%

Total

Market value of equity ($, MM) 2,995.6 Percent of enterprise value (%) 87.3%

Enterprise Value ($, MM) 3,429.9 Percent of enterprise value 100.0% (%) 3.7%

Percent of enterprise value (%) 12.7%

Weighted Average Cost of Capital (WACC, %)

Weighted Average Cost of Capital (WACC) Calculation: LSE

Debt
Pre-tax cost of debt (%) After-tax cost of debt (%) 5.0% 3.6%

Equity
Cost of equity (%) 12.3%

Total

Market value of debt ($, MM) 1,209.1 Percent of enterprise value (%) 23.9%

Market value of equity ($, MM) 3,857.8 Percent of enterprise value (%) 76.1%

Enterprise Value ($, MM) 5,066.8 Percent of enterprise value 100.0% (%) 10.2%

Weighted Average Cost of Capital (WACC, %)