Notice of Commission Order - Application to Amend Recognition Order of TSX Group Inc. and TSX Inc.

On August 10, 2006, the Commission issued an order (Variation Order) pursuant to section 144 of the Securities Act (Ontario) to vary an order dated August 12, 2005, as amended December 16, 2005, recognizing TSX Group and TSX Inc. as a stock exchange (Recognition Order). A copy of the Variation Order is published in Chapter 2 of this Bulletin.

The Variation Order revises the financial viability terms and conditions in paragraph 12 to reflect recent revisions to the accounting policies of TSX Group Inc. and TSX Inc. relating to the classification of deferred revenue-initial and additional listings fees, and the related future tax assets.

The Variation Order also revises the regulation terms and conditions in paragraph 13 to provide TSX Inc. with the ability to seek the approval of the Commission to perform, through another party, regulation functions not performed by RS Inc.