Institutional Investor Services Canda recommends TSX/MX merger

Source: Institutional Investor Services Canada Corp.

Montréal Exchange Inc. (MX) (TSX: MXX) announced today that Institutional Investor Services Canada Corp. (ISS) has formally recommended that their clients holding MX shares vote FOR the proposed combination of Montréal Exchange Inc. with TSX Group Inc. to create a leading integrated exchange group to be named TMX Group Inc.

This recommendation is the result of an independent and comprehensive analysis of the proposal and its impact on shareholders.

ISS, a subsidiary of RiskMetrics Group, is the world's leading provider of corporate governance and proxy voting solutions. It provides proxy research, voting services and corporate governance advisory services to financial institutions and corporations worldwide. Based on its review of the terms of the transaction, ISS believes the Amalgamation Agreement warrants shareholder support.

"We are very pleased with the ISS recommendation," said Luc Bertrand, President and Chief Executive Officer of MX. "We look forward to our combination with TSX Group and to implementing our common vision for the future of Canadian capital markets, including the continued role of MX as the Canadian derivatives exchange. We would like to reiterate that we believe the proposed combination is in the best interests of MX and the MX shareholders."

The proposed combination remains subject to MX shareholder and regulatory approvals. As previously announced in the Management Proxy Circular, a special general meeting of MX shareholders will be held on February 13, 2008 at 10:00 a.m. (Montréal time) at the Ritz-Carlton Montréal Hotel, Oval Room, 1228 Sherbrooke Street West, Montréal, to vote on the amalgamation resolution. The resolution must be approved by at least 662/3% of the votes cast by MX shareholders present in person or represented by proxy at the meeting.

MX shareholders are encouraged to vote for the amalgamation resolution by completing, signing, dating and returning their proxy form no later than 5:00 p.m. (Montréal time) on February 11, 2008.

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