Toronto Futures Exchange Commences Orderly Wind-Up

At a meeting held on November 9, 1999, the Board of Governors (the "Board") of the Toronto Futures Exchange ("TFE") unanimously voted in favor of commencing an orderly wind up of the TFE and its operations. The Board intends to seek the approval of the wind up from the members of the TFE at a special meeting to be held in December of this year. The Board will also seek the approval of the wind up from all other relevant parties, including any required regulatory approvals. Although the formal wind up of the TFE may take several months, the Board expects that the TFE will cease all operations by not later than December 31, 1999. The Board also intends to seek the consent of the Ontario Securities Commission ("OSC") to wind up and distribute the TFE Contingency Fund (the "Fund") to seatholders on a pro rata basis. Details of the wind-up and the background to the Board's decision are set forth in a letter to TSE member seatholders which is being sent today to all member seatholders.