Canadian Derivatives Exchange*

Management Team

Alain Miquelon

President and Chief Executive Officer

Mr. Miquelon is the President and Chief Executive Officer of the Montréal Exchange (MX) as well as Group Head of Derivatives Markets at TMX Group Inc. (TMX). His key responsibilities include overseeing the Montréal Exchange, the Canadian Derivatives Clearing Corporation (CDCC), and Shorcan Brokers Limited, a TMX fixed income interdealer broker.

In addition, Mr. Miquelon is one of the two TMX representatives who sit on the Executive Committee of Boston Options Exchange Group, LLC (BOX), which is a U.S. options exchange controlled by TMX.

Mr. Miquelon has close to 20 years of experience as a senior executive of publicly-traded companies in various sectors, including financial services, information technology and electronic commerce. Mr. Miquelon joined the MX in 2007 as Executive Vice-President, Chief Financial Officer and Head of Strategy. Following the combination of MX and TSX Group, he oversaw the successful integration of the two companies. Prior to joining MX, Mr. Miquelon held several senior executive roles with Mediagrif Interactive Technologies, including Chief Operating Officer from December 2004 to February 2007, and Executive Vice-President and Chief Financial Officer from January 2000 to December 2004. From January 1996 to December 1999, Mr. Miquelon served as Chief Financial Officer of Memotec Communications Inc.

Mr. Miquelon also has four years of experience in the investment banking division of Scotia Capital Markets and spent two years in the financial consulting group of Arthur Andersen & Co.

Mr. Miquelon currently sits on the boards of BOX, Montréal Climate Exchange (MCeX), CDCC, CanDeal, and on the non-profit boards of Finance Montréal, Canadian INSEAD Foundation, Fonds de développement du Collège Jean-de-Brébeuf, and Lighthouse Children and Families.

Mr. Miquelon holds a Bachelor's Degree in Administration from HEC Montréal, an affiliated business school of Université de Montréal, and a Master's Degree in Business Administration from INSEAD. He is also a Chartered Professional Accountant.

Glenn Goucher

President and Chief Clearing Officer

Mr. Goucher joined the Montréal Exchange in November 2001 and is now acting as President and Chief Clearing Officer of the Canadian Derivatives Clearing Corporation. Prior to this position, he was Senior Vice-President, Financial Markets. Mr. Goucher was responsible for market operations, business development and marketing activities for MX in multiple derivative market segments. He also serves as Director for the Montréal Climate Exchange and CanDeal.

Before joining MX, Mr. Goucher held different responsibilities with a Canadian investment dealer, including Director for equity derivative marketing and Manager of exchange-traded derivatives. He played an active role as Portfolio Manager for a Canadian pension fund, responsible for the day-to-day management of several bond portfolios as well as overseeing the implementation of G7 derivative strategies. He has also lectured undergraduate finance and business policy courses on a part-time basis. Mr. Goucher has held the title of Chartered Financial Analyst since 1997, and holds both an MBA and a BSc Eng. from the University of New Brunswick.

Léon Bitton

Vice-President, Research and Development

Mr. Bitton presently serves as Vice-President, Research and Development at the Montréal Exchange. Mr. Bitton has led the research and development effort related to most of MX currently listed derivatives products. He was also the driving force behind the establishment of the first regulated carbon market in Canada: the Montréal Climate Exchange (MCeX). He holds a master's degree from the University of Québec in Montréal with a collaboration from the Florida International University.

Mr. Bitton formerly was a member of the Board of the research center CIRANO, of the Board of the Association des MBA du Québec, and of the Board of MITACS (Mathematics of Information Technology and Complex Systems). He also regularly acts as a speaker and derivative products advisor to various associations and organizations in the financial and environmental sectors.

Jean-François Bertrand

Vice-President, Market Operations, Services and Connectivity

Mr. Bertrand presently serves as Vice-President, Market Operations, Services and Connectivity at the Montréal Exchange. Mr. Bertrand is responsible for the overall development, management and support of market structure, connectivity, trading operations and technical support, and for the development and delivery of services and products related to trading.

Mr. Bertrand has 17 years' experience in exchanges, clearing houses and market surveillance environments. He worked for TMX Group Information Technology, where he last was Director, Architecture, in which capacity he led the business and software architecture teams. He participated in the development of the SOLA technological platform and in the commercialization and implementation efforts of that technology for the Boston Options Exchange and the derivatives markets of the London Stock Exchange Group. Before joining the Montréal Exchange, he was active in the consulting business, first for DMR Conseil, then for Fujitsu.

Mr. Bertrand holds a joint MBA from McGill University and HEC Montreal as well as a MSc from Université de Montréal.

Jean Guilbault

Vice-President, Technologies, Software Product Development

Jean Guilbault joined the Montréal Exchange in 1990 and currently acts as Vice-President, Software Product Development.

Mr. Guilbault, an engineering graduate of Polytechnique Montréal, is responsible for the technology, development and architecture teams that designed SOLA trading, clearing and surveillance technology solutions. These different systems, recognized as among the most rapid and efficient in their field, are presently deployed in Montreal, Boston, London and Milan. In addition, Mr. Guilbault was involved in the creation of Montréal Exchange's first automated trading system, as well as various electronic access platforms.