TSX GROUP Going Public Abroad 2008 – Tel Aviv 2 April 2008 © 2008 TSX Inc. All rights reserved. Do not copy, distribute or modify this document without TSX Inc.’s prior written consent. Providing Access to North American Capital for Growth-Orientated Israeli Companies Raymond D. King Senior Manager, Global Diversified Industries – Listings Business Development Toronto Stock Exchange & TSX Venture Exchange

2 Disclaimer This document is for information purposes only and is not an invitation to purchase securities listed on Toronto Stock Exchange and/or TSX Venture Exchange or Natural Gas Exchange. TSX Group Inc. and its affiliates do not endorse or recommend any securities referenced in this document. Please seek professional advice to evaluate specific securities. While the information herein is collected and compiled with care, neither TSX Group Inc. nor any of its affiliated companies represents, warrants or guarantees the accuracy or the completeness of the information. You agree not to rely on the information contained herein for any trading, business or financial purpose. This information is provided with the express condition, to which by making use thereof you expressly consent, that no liability shall be incurred by TSX Group Inc. and/or any of its affiliates as a result of any errors or inaccuracies herein or any use or reliance upon this information. © 2008 TSX Inc.

3 1.TSX Group Overview – A Globally Competitive Exchange 2.Competitive Positioning of TSX Group 3.Contact Information Discussion Outline

4 Pink sheets OTC BB NASDAQ NYSE No listing standards Senior listing standards Disclosure rules Junior listing standards North American Stock Markets Continuum TSX CNQ

5 Access to Capital Size Large Peer Group TSX Group is 2 nd in the world and 1 st in North America by number of listed public companies Total of 3,951 companies: 1,613 on TSX 2,176 on TSX Venture Exchange 162 on NEX Source: World Federation of Stock Exchanges TSX Group is 3 rd in North America and 7 th in the world by total listed company market capitalization ($2.2 Trillion) Source: World Federation of Stock Exchanges By Domestic Market Cap, December 31, 2007 TSX Group’s equity exchanges are among the best markets in the world for raising public equity capital 7 th in the world in 2007 Source: World Federation of Stock Exchanges By total dollar amount raised Unless noted, all stats are as at December 31, 2007 Market Performance S&P/TSX Indices Outperform Source: Bloomberg Total Cumulative Return Sept to Sept TSX Group is a world leading marketplace

6 2,176 companies 72 companies graduated to senior market in companies graduated to senior market in ,613 companies TSX Venture Exchange Access to capital for earlier stage companies or smaller financings Cost effective stepping stone for international companies looking to list on a quality North American market Exchange mandate to mentor management of newly public companies Streamlined graduation to TSX when senior market requirements are met 101 year history Toronto Stock Exchange Senior market for well established businesses and management teams with experience in public markets Access to larger and more international institutional investors and greater analyst coverage Globally visible specialized indices 155 year history *As at 31 December 2007 (excludes NEX) Total of 3,738 listed companies* TSX Group serves companies at different stages of development, and…

7 Market Capitalization (C$MM) As at 31 December 2007 Toronto Stock Exchange: 1,613 issuers, Market Cap = $2.09 Trillion TSX Venture Exchange: 2,176 issuers, Market Cap = $58.1 Billion …TSX Group of exchanges support companies at ALL stages of their growth

8 Canadian equity marketplace ideal for small to mid-cap IPOs Total IPOs in Canada and U.S. Average amount raised during IPO (2007) U.S. markets: US$234.1 million TSX: US$73.9 million TSX Venture:US$2.2 million Source: Hoovers IPO Central

9 TSX Group: Providing Access to Capital Through Equity Financing Equity Financing on TSX and TSX Venture Exchange (C$ Billions) $40.0 $49.7 $50.7 $52.2 $58.8

10 Total Going Public Activity: TSX and TSX Venture Exchange *Going Public Activity includes RTOs and QTs on TSX Venture Exchange

11 TSX and TSX Venture Exchange have had consistent growth in liquidity Billions of Shares 5-Year CAGR 14.7% 2007 Volume up 17% vs Toronto Stock Exchange Volume of Shares Traded Toronto Stock Exchange Volume of Shares Traded Billions of Shares 5-Year CAGR 41.0% 2007 Volume up 42% vs TSX Venture Exchange Volume of Shares Traded TSX Venture Exchange Volume of Shares Traded

12 US firms that trade TSX as a Participating Organization CSFB Citigroup E*Trade FIMAT/SocGen Goldman Sachs HSBC Instinet Interactive Broker ITG Merrill Lynch Morgan Stanley Penson Raymond James Refco State Street Timberhill UBS US offices of Canadian “Big 6 Banks”: BMO Nesbitt Burns CIBC World Markets RBC Dain Rauscher Scotia Capital Markets TD Securities NBF Financial 40% of TSX Group trading originates from US-based Participating Organizations servicing their US institutional and retail client portfolio

13 1.TSX Group Overview – A Globally Competitive Exchange 2.Competitive Positioning of TSX Group 3.Contact Information Discussion Outline

14 Offering Size – Israeli Companies Perspective TSX, NASDAQ and AIM Overview Average Size of Israeli Companies Offering by Market (2004 – 2006) Source: IVC-Online and CIBC World Markets. Note: Includes IPOs and Follow-on offerings. Excluding real-estate, gaming industry offerings and exceptional size offerings (Teva). Potential TSX Offering

15 Project / Idea R&D or Prototype CommercialStageStableProduction OperatingHistory Pink Sheets/OTCbb TSX Venture Candidates TSX Candidates NASDAQ Candidates AIM Candidates TSX Group exchanges are designed for companies at all stages of growth Venture CapitalistsAngelsFounders, Family/Friends Private Equity Candidates

16 TSX Group International Listings As of December 31, 2007 Toronto Stock Exchange 146 international listings with QMV=$197.6 Billion TSX Venture Exchange 94 international listings with QMV=$3.4 Billion *Based on location of company headquarters ** Other includes Bermuda, Barbados, British West Indies, Channel Islands, Guernsey

17 TSX Group International New Listings by Country TSX Group’s new international listings TSX Group New International Listings by Sector 2007 Total = 49 * Other includes Bermuda, Barbados, British West Indies, Channel Islands and Guernsey 49 15

18 1.TSX Group Overview – A Globally Competitive Exchange 2.Competitive Positioning of TSX Group 3.Contact Information Discussion Outline

19 Raymond D. King Senior Manager, Global Diversified Industrials – Listings Business Development Toronto Stock Exchange & TSX Venture Exchange Contact Information