Maple and TMX Group Announce Agreements to Acquire CDS and Alpha and Extension of Offer to TMX Group Shareholders

- Extend Offer to May 31, 2012 and Outside Date to July 31, 2012 -

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR PART, IN, INTO OR FROM ANY JURISDICTION WHERE IT IS UNLAWFUL TO DO SO.

TORONTO, April 30, 2012 /CNW/ - Maple Group Acquisition Corporation ("Maple"), a corporation whose investors comprise 13 of Canada's leading financial institutions and pension funds, and TMX Group Inc. ("TMX Group") (TSX:X) today announced that Maple has reached agreements for the acquisition by Maple of The Canadian Depository for Securities Limited ("CDS") and of Alpha Trading Systems Inc. and Alpha Trading Limited Partnership (collectively, "Alpha"). Maple and TMX Group have also agreed to extend the outside date for completing the Maple offer to July 31, 2012 and, consistent with that, have announced an extension of the Maple offer initially to May 31, 2012.

The proposed acquisitions of CDS and Alpha are announced in connection with Maple's proposed integrated acquisition transaction to acquire 100% of TMX Group shares, valued at approximately $3.8 billion.  Maple intends to complete the proposed acquisitions of CDS and Alpha concurrently with or as soon as practicable following the completion of the Maple offer, subject to the satisfaction of customary terms and conditions, including the receipt of all necessary regulatory approvals, and, in the case of CDS, to CDS board approval of the amalgamation agreement and subsequent ratification of the amalgamation agreement at a CDS shareholders' meeting.

Speaking on behalf of Maple, Luc Bertrand said, "These agreements are important milestones in our effort to realize our vision for a stronger and more globally competitive exchange and clearing organization. We remain focused on securing the regulatory approvals required to complete the proposed transactions and deliver significant benefits to participants in Canada's capital markets."

Tom Kloet, Chief Executive Officer, TMX Group, added, "TMX Group's goal is to provide enhanced efficiency and new capabilities for the benefit of all market participants. We continue to work with Maple to secure the required regulatory approvals and look forward to making an even stronger contribution to the performance and success of Canada's capital markets."

Alpha and CDS Acquisitions

Today, Maple entered into definitive agreements for the acquisition by Maple of Alpha. The securityholders of Alpha that are parties to these agreements represent approximately 83% of the outstanding equity interests in Alpha. Maple expects to acquire the remainder of the equity interests in Alpha pursuant to the terms of the Alpha shareholder agreement.  The aggregate consideration offered by Maple for the acquisition of Alpha is $175 million, subject to the potential exercise of rights by Alpha securityholders that are not Maple investors to receive an arbitrated fair value for their interests. Those non-Maple investors in Alpha (including one of the parties to the definitive agreements) represent approximately 25.6% of the equity interests in Alpha.

In addition, Maple entered into agreements with certain beneficial holders of securities of CDS representing approximately 71% of the voting rights attached to the outstanding common shares of CDS (including TMX Group's approximate 18% indirect interest), pursuant to which such holders have agreed to vote in favour of a proposed amalgamation of CDS with a wholly-owned subsidiary of Maple, which upon completion would result in Maple owning  all of the outstanding common shares of CDS for an aggregate consideration of $167.5 million. The votes of the CDS shareholders who have entered into these agreements are sufficient to obtain the required two-thirds shareholder approval for the proposed CDS amalgamation. The proposed agreement also contemplates that the outstanding preferred shares of CDS would be redeemed in connection with the amalgamation for approximately $6.1 million. Maple has requested that the proposed amalgamation agreement be presented to the board of directors of CDS for approval, and that CDS convene a shareholder meeting to approve the proposed amalgamation.

The negotiations of the terms for the acquisition of Alpha and CDS were undertaken at arm's length by special committees of independent Maple directors comprised of representatives of certain Maple investors that do not have an ownership interest in Alpha and CDS, respectively.  Lazard acted as financial advisor to the special committees in respect of the transactions.

Regulatory Update

Maple continues to work with the Ontario Securities Commission ("OSC"), Autorité des marchés financiers ("AMF"), British Columbia Securities Commission ("BCSC") and Alberta Securities Commission ("ASC") to settle the terms of recognition orders and other required regulatory approvals for the Maple transaction. The OSC and Maple are in the process of settling the draft recognition orders, following which they will be published for a 30-day comment period.

The AMF will also publish orders approving Maple's acquisition of TMX Group and certain related matters. The AMF intends to give its approval so that Maple can acquire Alpha and CDS and to publish a notice for a 30-day public comment period with respect to its proposed recognition order relating to Maple's proposed acquisition of CDS.

Maple also understands that each of the BCSC and ASC intends to publish notices with respect to the Maple transaction.

As disclosed on April 27, 2012, Competition Bureau staff have advised Maple and TMX Group that, while the Competition Bureau has an independent mandate and will complete its own review, it has provided views and input to the OSC for its consideration relating to the potential impact of the Maple transaction on competition. In that context, Competition Bureau staff advised that it is possible that measures contained in the draft OSC recognition orders, if finalized and enforced, may materially change the regulatory environment such that the Competition Bureau's previously articulated serious concerns may be substantially mitigated. Staff of the Competition Bureau have emphasized that the Bureau would consider both the published draft orders and any finalized orders, and that a final decision would not be made until it had completed its process.

As previously disclosed, under the support agreement with TMX Group, Maple has agreed to use commercially reasonable efforts to obtain all required regulatory approvals, including from the securities regulatory authorities and the Commissioner of Competition, and to accept all conditions, commitments and undertakings necessary to do so, provided they do not result in a "Material Detriment" as defined in the support agreement. Maple will continue to work to settle the terms and conditions of the recognition orders and to resolve outstanding issues and concerns raised by the securities regulatory authorities and the Commissioner of Competition. However, there can be no assurance that the terms and conditions of the recognition orders will not result in a Material Detriment or that remedies short of a Material Detriment will address the issues and concerns raised by the securities regulatory authorities and the Commissioner of Competition. As a result, there can be no assurance that the required regulatory approvals will be obtained.

Maple Offer to TMX Group Shareholders

Maple and TMX Group have extended the outside date under the support agreement to July 31, 2012. The TMX Group Board of Directors continues to unanimously recommend that TMX Group's shareholders accept and tender their shares under the Maple offer. In reconfirming this recommendation, the TMX Group Board of Directors took into account the agreements Maple entered into with respect to the CDS and Alpha acquisitions. Maple and the Maple investors have also extended the outside date under their acquisition governance agreement to July 31, 2012, and also extended the debt facilities committed to Maple to fund the Maple transaction.

Maple and TMX Group also announced the extension of Maple's offer to acquire a minimum of 70% and a maximum of 80% of the shares of TMX Group for $50 in cash per share to 5:00 p.m. (Eastern Time) on Thursday, May 31, 2012.  Maple expects to have further information about the timing for receipt of potential final regulatory approvals by May 31, 2012, at which time it expects to further extend its offer to the date on which it expects to take up shares of TMX Group under the offer. Maple has agreed under its support agreement with TMX Group to continue to extend the expiry date of the offer until July 31, 2012 if necessary to obtain the required regulatory approvals.

Details of Maple's offer are available in its Offer and Circular dated June 10, 2011, as varied by the Notice of Variation dated June 24, 2011, the Notice of Change and Extension dated August 8, 2011, the Notice of Extension dated September 29, 2011, the Notice of Variation and Extension dated October 31, 2011, the Notice of Extension dated January 31, 2012, the Notice of Extension dated February 24, 2012, the Notice of Extension dated March 30, 2012, and a further Notice of Change and Extension to be filed by Maple on SEDAR and mailed to TMX Group's shareholders in respect of the extension of the offer announced today. These documents are, or in the case of the further extension of the offer announced today will be, also available at www.abetterexchange.com.

About Maple Group Acquisition Corporation

The investors in Maple Group Acquisition Corporation are: Alberta Investment Management Corporation, Caisse de dépôt et placement du Québec, Canada Pension Plan Investment Board, CIBC World Markets Inc., Desjardins Financial Group, Dundee Capital Markets Inc., Fonds de solidarité des travailleurs du Québec (F.T.Q.), GMP Capital Inc., National Bank Financial & Co. Inc., Ontario Teachers' Pension Plan, Scotia Capital Inc., TD Securities Inc. and The Manufacturers Life Insurance Company.

About TMX Group (TSX-X)

TMX Group's key subsidiaries operate cash and derivative markets for multiple asset classes including equities, fixed income and energy. Toronto Stock Exchange, TSX Venture Exchange, TMX Select, Montreal Exchange, Canadian Derivatives Clearing Corporation, Natural Gas Exchange, Boston Options Exchange (BOX), Shorcan, Shorcan Energy Brokers, Equicom and other TMX Group companies provide listing markets, trading markets, clearing facilities, data products and other services to the global financial community. TMX Group is headquartered in Toronto and operates offices across Canada (Montreal, Calgary and Vancouver), in key U.S. markets (New York, Houston, Boston and Chicago) as well as in London and Beijing. For more information about TMX Group, visit our website at www.tmx.com.

This press release is not intended to and does not constitute or form part of an offer or invitation to sell or purchase any securities, the solicitation of an offer to buy or sell any securities or an offer to exchange or otherwise acquire any securities, in any jurisdiction, whether pursuant to the offer described in this press release or otherwise. Maple's Circular and related notices contain important information and TMX Group shareholders are urged to read them carefully before any decision is made with respect to the offer.

The distribution of this press release in jurisdictions other than Canada may be restricted by law and therefore any persons who are subject to the laws of any jurisdiction other than Canada should inform themselves about, and observe, any applicable requirements. This press release does not purport to comply with the laws of any non- Canadian jurisdiction and the information disclosed may not be the same as that which would have been disclosed if this announcement had been prepared in accordance with the laws of jurisdictions outside Canada.

Information for U.S. Shareholders

The offer is being made for the securities of a Canadian company that does not have securities registered under Section 12 of the U.S. Securities Exchange Act of 1934, as amended (the "U.S. Exchange Act"). Accordingly, the offer is not subject to Section 14(d) of the U.S. Exchange Act, or Regulation 14D promulgated by the U.S. Securities and Exchange Commission (the "SEC") thereunder. The offer is being conducted in accordance with Section 14(e) of the U.S. Exchange Act and Regulation 14E promulgated by the SEC thereunder (with settlement being subject to a longer period than would typically apply for securities of U.S. public companies).

The Maple shares to be issued to shareholders (including U.S. shareholders) other than Maple pursuant to the plan of arrangement have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act"), or under the securities law of any state or other jurisdiction of the United States. The Maple shares to be issued pursuant to the plan of arrangement will be issued in reliance upon the exemption from the registration requirements of the U.S. Securities Act provided by section 3(a)(10) thereof and only to the extent that corresponding exemptions from the registration or qualification requirements of state "blue sky" securities laws are available.

All dollar references in this press release are in Canadian dollars. On April 30, 2012, the Bank of Canada noon rate of exchange for U.S. dollars was CDN. $1.00 - U.S. $1.0117.

Notice to Shareholders in the United Kingdom and European Economic Area

The offer is only being made within the European Economic Area ("EEA") pursuant to an exemption under Directive 2003/71/EC (together with any applicable adopting or amending measures in any relevant member state (as defined below), the "Prospectus Directive"), as implemented in each member state of the EEA (each, a "relevant member state"), from the requirement to publish a prospectus that has been approved by the competent authority in that relevant member state and published in accordance with the Prospectus Directive as implemented in that relevant member state or, where appropriate, approved in another relevant member state and notified to the competent authority in that relevant member state, all in accordance with the Prospectus Directive. Accordingly, in the EEA, the offer and documents or other materials in relation to Maple Shares are only addressed to, and are only directed at, (a) qualified investors in a relevant member state within the meaning of Article 2(1)(e) of the Prospectus Directive, as adopted in the relevant member state, and (b) persons who hold, and will tender, the equivalent of at least €50,000 worth of TMX Shares (collectively, "permitted participants"). These documents may not be acted or relied upon by persons in the EEA who are not permitted participants.

With reference to the U.K. Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "Order"), the offer and any materials in relation to Maple Shares is only directed at persons in the United Kingdom that are (a) investment professionals falling within Article 19(5) of the Order or who fall within Article 49(2)(a) to (d) of the Order; (b) holders of TMX Shares at the time of communication of the offer and such materials; or (c) persons to whom they may otherwise lawfully be communicated (collectively, "relevant persons"). In the United Kingdom, Maple Shares are only available to, and the offer may only be accepted by, relevant persons who are also permitted participants, and as such, any investment or investment activity to which this document relates is available only to, and may be relied upon only by, relevant persons who are also permitted participants.

Caution Regarding Forward-Looking Information

This document contains "forward-looking information" (as defined in applicable Canadian securities legislation). This information is based on the current expectations, assumptions, projections, estimates and other factors that the management of Maple believe to be relevant as of the date of this document. This information is naturally subject to uncertainty and changes in circumstances. The forward-looking information contained in this document includes, but is not limited to, statements relating to the proposed acquisition of TMX Group by Maple, and the effects thereof, and the proposed subsequent combination with Alpha Group and CDS, and the effects thereof, and other statements other than historical facts. TMX Group has not had access to confidential information relating to Alpha Group, including the terms of the Alpha shareholder agreement. To the extent the information in this document relates to Alpha Group, TMX Group is relying on Maple for the accuracy of that information.

Often, but not always, forward-looking statements and forward-looking information can be identified by the use of the words "expect", "will", "intend", "estimate", "may" and similar expressions. Forward-looking statements are necessarily based upon a number of factors, estimates and assumptions that, while considered reasonable by Maple, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Readers are cautioned that such forward-looking statements and information involve known and unknown risks, uncertainties and other factors that may cause the actual financial results, performance or achievements of Maple and/or its subsidiaries to be materially different from the estimated future results, performance or achievements expressed or implied by those forward looking statements and information, and the forward-looking statements and information are not guarantees of future performance. In addition to the risks identified in the press release, these risks, uncertainties and other factors include, but are not limited to: the satisfaction of the conditions to the proposed acquisition of TMX Group, including obtaining required regulatory approvals; the extension of the outside date under the support agreement and the acquisition governance agreement beyond July 31, 2012; failure to acquire Alpha Group or CDS; the inability to successfully integrate TMX Group's operations with those of Alpha Group and CDS, including, without limitation, incurring and/or experiencing unanticipated costs and/or delays or difficulties; future levels of revenues being lower than expected or costs being higher than expected; conditions affecting the industry; local and global political and economic conditions; unforeseen fluctuations in trading volumes; competition from other exchanges or marketplaces, including alternative trading systems and new technologies, on a national and international basis; foreign exchange rate fluctuations and interest rate fluctuations (including from any potential credit rating decline); legal or regulatory developments and changes; the outcome of any litigation; the impact of any acquisitions or similar transactions; dependence on the economy of Canada; competitive products and pricing pressures; success of business and operating initiatives; failure to retain and attract qualified personnel; failure to implement strategies; dependence on information technology; dependence on adequate numbers of customers; risks associated with clearing operations; inability to protect intellectual property; the adverse effect of a systemic market event on the derivatives business; risks associated with integrating the operations, systems, and personnel of new acquisitions; dependence on market activity that cannot be controlled and/or conditions in the securities market that are less favourable than expected; and changes in the level of capital investment. Other factors could also cause actual results to differ materially from those in the forward-looking information. For additional information on such risks, please consult "Risk Factors" found on page 64 of Maple's June 10, 2011 circular, and page 2 of Maple's January 31, 2012 Notice of Extension.

Actual results, events, performances, achievements and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking information contained in this document. Maple and its investors make no representations as to present or future value or the present or future trading price of any security, including Maple shares.

Given these risks and uncertainties, investors should not place undue reliance on forward-looking information as a prediction of actual results. Neither Maple nor its investors nor any of their respective affiliated companies undertakes any obligation to update or revise forward-looking information, whether as a result of new information, future events or otherwise, except to the extent legally required.

TMX Group shareholders:
Kingsdale Shareholder Services Inc. Toll-free 1-888-518-1556 (English and Français) within North America, or outside North America at 416-867-2272 (collect calls accepted) or by e-mail at [email protected]

Maple Media Contacts:
Peter Block
Toronto
416-848-1431

Jean-Sébastien Lamoureux
Montreal
514-843-2368

Maple Investor Contact:
Rudy Sankovic
416-308-7857

TMX Group Media Contact:
Carolyn Quick
Director, Corporate Communications
416-947-4597
[email protected]

TMX Group Investor Contact:
Paul Malcolmson
Director, Investor Relations
416-947-4317
[email protected]