TSX Market Making Program Guide

1 February 1, 2023 Effective: February 1, 2023 Version 3.3 TSX Market Making Program Guide FEB

TSX Market Making Program Guide Table of Contents TMX Group Page 2 Table of Contents Table of Contents....................................................................................................................... 2 Chapter 1 Introduction ........................................................................................................... 4 Chapter 2 Entering the Program ............................................................................................ 5 2.1 Approval Process.......................................................................................................... 5 2.2 Assignment of Securities .............................................................................................. 5 2.3 Tier System and the Tier A:B Ratio .............................................................................. 6 2.4 Concentration Limits ..................................................................................................... 7 2.5 Minimum Assignments.................................................................................................. 7 2.6 Competitive Bidding Process ........................................................................................ 7 2.7 Bidding Process ............................................................................................................ 7 2.7.1 New Listings and Stock Underperformance Reallocations .................................... 7 2.7.2 Single Market Maker Replacement ...................................................................... 10 Chapter 3 Responsibilities of Market Makers ........................................................................11 3.1 ETFs............................................................................................................................ 11 3.1.1 Performance Obligations - ETFs.......................................................................... 11 3.1.2 Underperformance – ETFs................................................................................... 12 3.1.3 ETF – Monthly Tier B Credits and Tier A Bonus Incentive Pool .......................... 12 3.2 Corporate Equities ...................................................................................................... 13 3.2.1 Performance Obligations - Stock Level................................................................ 13 3.2.2 Measurement of Each Market Maker’s Contribution to Stock Level Performance Obligations ....................................................................................................................... 16 3.2.3 Underperformance by a Single Market Maker ..................................................... 20 3.2.4 Underperformance - Overall Stock Level ............................................................. 21 3.3 Adjustments to Corporate Equities Performance Obligations .................................... 22 3.3.1 Voluntary Rebid.................................................................................................... 22 3.3.2 Automatic Adjustments ........................................................................................ 23 3.3.3 TMX-initiated stock level targets .......................................................................... 23 3.4 MGF Facility................................................................................................................ 24 3.4.1 MGF Sizes ............................................................................................................ 24 3.4.2 MGF Eligibility ...................................................................................................... 24 3.4.3 Allocation of MGF Fills ......................................................................................... 25 3.5 Participation ................................................................................................................ 26 3.5.1 Allocation of Participation Fills ............................................................................. 26 3.5.2 Participation Option .............................................................................................. 27 3.5.3 Participation Anti-wash ......................................................................................... 28 3.6 Odd Lot Facility ........................................................................................................... 28 3.7 Assistance to Issuers and Other Market Participants ................................................. 29 3.8 Gatekeeper Role......................................................................................................... 29 3.9 Designated Market Maker Contact ............................................................................. 29 3.10 Responsible Designated Trader ............................................................................... 30 3.11 Market Maker Fees ................................................................................................... 30 3.12 Exemption from Market Making Responsibilities ...................................................... 30 3.12.1 Expiring Rights and Warrants ............................................................................ 30 3.12.2 Special Circumstances and Unusual Situations ................................................ 30 Chapter 4 Exiting the Program..............................................................................................31 4.1 Release of Securities .................................................................................................. 31 4.2 Voluntary Exit from the TSX Market Maker Program ................................................. 31 4.3 TSX Termination of a Market Maker ........................................................................... 31 Appendix A - Performance Guidelines ......................................................................................32

TSX Market Making Program Guide Table of Contents TMX Group Page 3 Appendix B - Definitions............................................................................................................33 Appendix C – Performance Reports..........................................................................................36 Appendix D – Version History ...................................................................................................38

TSX Market Making Program Guide Introduction TMX Group Page 4 Chapter 1 Introduction Whether referring to a well-known, large cap Canadian company, a junior mining producer or an ETF, liquidity is vital to the success of all publicly traded securities in order to attract investment capital and continue to grow. It is the mission of the TSX to power this investment and promote economic growth for clients by promoting a healthy and liquid market for every TSX-listed security. This is achieved through a combination of a globally-recognized marketplace where investors from around the world look to inject capital, a thoroughly entrenched market data distribution network that disseminates critical market information to traders, investment professionals and investors, and a carefully designed market infrastructure that attracts and rewards various market participants that contribute to the quality of the marketplace. In order to foster the strongest marketplace possible, the Program) sets out various obligations and incentives for Participating Organizations willing to interact in our market in the role of a formal TSX Market Maker described within this document. Among these obligations, and a unique feature of the Canadian marketplace, is the MGF facility, which provides guaranteed fills for small-sized orders when liquidity in the CLOB is insufficient. This facility is invaluable in an increasingly fragmented trading environment and for smaller companies that struggle with attracting liquidity. The Program also features several carefully designed policies that also promote the long term health and vitality of TSX-listed issuers for their investors and Market Makers. Currently, every security listed on TSX, with the exception of debentures and notes, may be assigned a Market Maker who has obligations to monitor trading activity in real-time and interact in the market when natural forces may be lacking to promote liquidity and a smooth and orderly market. The primary responsibilities of Market Makers are to augment liquidity and ensure a competitive two-sided market exists on TSX during continuous trading hours, providing support for the MGF facility, being present during the market opening, filling odd lots at the Protected NBBO, and reporting unusual behaviour to the appropriate regulators and authorities. A Market Maker’s performance is monitored and assessed on a monthly basis and appropriate actions are taken when underperformance is identified. Unless otherwise defined in Appendix B, terms have the meanings ascribed to them in the TSX Rule Book. In the event of an inconsistency between the definition in Appendix B and the TSX Rule Book, the definition contained in the TSX Rule Book shall govern.

TSX Market Making Program Guide Entering the Program TMX Group Page 5 Chapter 2 Entering the Program 2.1 Approval Process A Participating Organization of TSX may apply to become a Market Maker by completing the TSX Market Maker Application. A DEA client accessing TSX through direct electronic access in accordance with National Instrument 23-103 Electronic Trading and Direct Access to Marketplaces is not eligible to apply to become a TSX Market Maker. For an application to be approved, a Participating Organization must demonstrate that it is capable of performing market making activity that is acceptable to the TSX as well as demonstrate that it has sufficient trading desk and operations area support staff. This may include having sufficient technology and system capabilities that will permit it to properly carry out its market making responsibilities. A Participating Organization that has been approved by TSX to act as Market Maker must execute a TSX Market Maker Agreement. 2.2 Assignment of Securities There are two Market Maker assignments available for each corporate security. A Market Maker is never assigned both assignments in respect of a security. ETFs have only one Market Maker assignment. Market Makers for ETFs are typically endorsed by issuers in relation to their Designated Broker agreements. There are several methods for assigning securities to Market Makers: (i) Security specific assignments apply when new security assignments become available. These circumstances include but are not limited to: a new listing, a Market Maker voluntarily relinquishing a security of responsibility, or due to underperformance of a Market Maker(s). Security specific assignments are made through the competitive bidding process described under the “Competitive Bidding Process” section. (ii) Competitive rebalance of assignments may occur from time to time on Market Maker assignments at the discretion of TSX. The purpose of this rebalancing process is to balance the allocation of securities across Market Makers while serving to update performance obligations in accordance with changing market conditions. Note that this process is not necessarily intended to equalize the number of security assignments per firm. Competitive rebalance assignments are made through the same competitive bidding process described under the “Competitive Bidding Process” section.

TSX Market Making Program Guide Entering the Program TMX Group Page 6 (iii) Other assignment methods: a. Related Instrument Assignments - Certain securities may be classified by the TSX as related instrument assignments which may be directly allocated in accordance with a root security. Related instruments include rights, warrants, subscription receipts, preferred shares, US dollar equivalents or multiple classes of common shares (i.e., classes of with different voting rights, Canadian vs. US resident eligibility), when issued, or essentially any derived product based upon an existing issuer. Debentures and notes are not assigned to Market Makers. b. Non-Voluntary Assignments - In cases where no eligible competitive bids are submitted on a security, TSX assigns such security to the next Marker Makers based on a round robin allocation method (whereby assignments are made to all eligible Marker Makers in sequence, with the intention that non-voluntary assignments be equally allocated among firms). Market Makers must act in accordance with applicable requirements for all assigned securities of responsibility. c. Temporary Assignments - Market Makers may be required to assume temporary responsibility for newly listed securities and other security assignments that become available, until such time that those specific securities are permanently assigned to a Market Maker(s). 2.3 Tier System and the Tier A:B Ratio TSX categorizes listed securities according to tiers based on the level of trading activity in the securities. Securities that fall into the Tier A category are the most actively traded securities based on the security’s average daily value (“ADV”) traded on TSX in the previous 12 month period, calculated quarterly. The Tier B category covers securities that, on average, trade less actively. The tiers are further divided into sub-tiers, which are also based on levels of trading activity. Table 1 - Tier Classification of Securities Tier Sub-tier Description A 1 ADV = or > $50 million A 2 ADV of $10 to < 50 million A 3 ADV of $1 to < 10 million B 1 ADV < $1 million. The security list is further divided into deciles according to ADV, with B1 category having the highest ADV and B10 having the lowest ADV B 2 B 3 B 4 B 5 B 6 B 7 B 8 B 9 B 10

TSX Market Making Program Guide Entering the Program TMX Group Page 7 TSX allocates securities to firms in a manner that maintains, to a reasonable degree possible, a minimum ratio of Tier B securities for each Tier A. ETF securities are excluded from this calculation. The applicable ratio is adjusted periodically based on the ratio of the total number of Tier A securities to Tier B securities traded on the TSX. This ratio is important to ensure coverage for all TSX-listed securities while also maintaining a fair allocation of securities across Market Makers. 2.4 Concentration Limits Additionally, in order to maintain fair allocation of securities across Market Makers and to mitigate against any over-reliance on any one Market Maker, no Market Maker may have greater than a specified percentage of security assignments within any given tier classification (A1, A2, A3 and B) unless special circumstances apply for which TSX retains ultimate discretion. The current maximum concentration per tier is 35% and is measured across all assignments of each firm. 2.5 Minimum Assignments Market Maker firms are required to maintain a minimum number of security assignments as determined by TSX. The minimum number of assignments is currently set at 50. The minimum number may be adjusted or waived from time to time at the discretion of TSX in order to account for market factors. 2.6 Competitive Bidding Process TSX uses a competitive bidding process to apply clear and objective criteria for security assignments that promote fairness and transparency and are designed to reward the Market Makers that commit to achieving the most favourable performance outcomes. When a Market Maker security assignment becomes available, TSX publicizes the availability of the assignment through an email notification sent to the Market Maker contact designated by each Market Maker firm. The notice of availability includes details of the requirements for the service level bid. A Market Maker never holds both Market Maker assignments on any given security. 2.7 Bidding Process 2.7.1 New Listings and Stock Underperformance Reallocations Where a brand new listing, or an existing stock subject to an Underperformance Reallocation is available for bidding, the following bidding process determines both the awarded Market Makers and the Stock Level Performance Obligations which both Market Makers will be subject to:

TSX Market Making Program Guide Entering the Program TMX Group Page 8 1) Firms eligible to bid on assignments available as either new listings or as Stock Underperformance Reallocations (e.g., a firm that was not one of the Market Makers on a stock subject to a Stock Underperformance Reallocation and has not exceeded the threshold for underperformance) may submit their bids within the allotted time. TSX keeps all bids confidential until the assignment decision is made. 2) Bids for assignments must include a Market Maker’s commitments in respect of the following areas, subject to the published minimum and maximum levels defined in Appendix A - Performance Guidelines a. Spread Goal b. % Time at NBBO c. Top of Book Size 3) The TSX Allocation Committee reviews and approves assignments. Tier B securities are assigned first in order to establish the total number of Tier A securities each Market Maker is eligible to be assigned. All securities are assigned to bidding firms using the following criteria, subject to TSX discretion: a. The bid(s) with the highest Total Relative Score determine the stock level metrics and the Market Makers with the first and second best Total Relative score are awarded the assignment and both subject to the same stock level metrics. If the Market Maker with the second best relative score declines the assignment, the Market Maker with the 3rd highest Total Relative score is offered the assignment, and so on, until each assignment has two Market Makers. The Total Relative Score is calculated as follows: For each metric, a Relative Score is assigned: 10 points are awarded to the most competitive bid, 0 points are awarded to the least competitive bid, and all bids in between earn a pro-rated number of points based on the difference between the best and worst bid. The Total Relative Score is calculated as the weighted average of all Relative Scores in accordance with the following weightings: Spread Goal % Time at NBBO Top of Book Size Tier A Securities 10% 50% 40% Tier B Securities 50% 25% 25%

TSX Market Making Program Guide Entering the Program TMX Group Page 9 Example: Scoring for a Tier A Security b. If there is a tie between 2 bids, then the assignments are awarded to the 2 firms involved in the tie. c. If there is a tie among more than 2 bids, the 2 firms with the lowest percentage of underperforming securities in the previous 12 months (the “lead bidders”) that are better than all other firms involved in the tie by 10% or more are awarded the assignment. For greater certainty, if the lead bidders are not better than any other firm by 10% or more, all firms within such 10% threshold are considered to be in a tie with the lead bidders, and in such instance Subsection 2.7.1(3)d below applies. Net new Market Makers having less than one year of history in the Program by default fall in the 50th percentile of underperformance. TSX may adjust the 10% threshold with advance notice. d. If there is still a tie among multiple bids, TSX applies its discretion to award the security assignment. Other factors taken in consideration may include, but are not limited to:  a Market Maker’s market making experience;  the issuer’s recommendation;  the strategic focus of the Market Maker;  the desirability of maintaining a long-run balance, depth and breadth of Market Makers; and  other factors which are likely to contribute to a Market Maker’s ability to compete with other liquidity providers, such as the Market Maker’s technological capability, market presence, global reach, and lines of business. 4) Winning assignments are announced publicly. Spread Goal Top of Book Size % Time at NBBO 10% 40% 50% A 0.05 13,000 90% 10.00 10.00 8.33 9.17 Winner B 0.05 5,000 90% 10.00 0.00 8.33 5.17 C 0.06 8,000 92% 5.00 3.75 10.00 7.00 D 0.07 7,000 80% 0.00 2.50 0.00 1.00 Relative Score & Weights Total Relative Score Broker Spread Goal Top of Book Size % Time at NBBO Biddable Metrics

TSX Market Making Program Guide Entering the Program TMX Group Page 10 2.7.2 Single Market Maker Replacement Where a single Market Maker is removed from an existing assignment, the existing Stock Level Performance Obligations remain unchanged and the individual open assignment is awarded to another firm according to the following process: 1) TSX notifies Market Makers of the availability of the open assignment and the existing stock level performance targets, and the Market Makers are invited to bid for the open assignment. 2) Since the stock level performance target is already established, TSX awards the open assignment according to but not limited to the tie-break criteria in section 2.7.1(3)(b-d), and may also award in a manner to normalize anomalies in a firm’s required Tier B ratios, and/or Tier Concentration Limits.

TSX Market Making Program Guide Responsibilities of Market Makers TMX Group Page 11 Chapter 3 Responsibilities of Market Makers 3.1 ETFs 3.1.1 Performance Obligations - ETFs The performance obligations of ETF Market Makers are measured under the following scoring system. Points are awarded to Market Makers for each of the following three performance criteria (each, an “ETF Performance Obligation”), and an overall performance score is calculated based on the average of the three scores, weighted equally. A score of 60 is considered a passing score for the month. Note that there is only a single Market Maker assigned to an ETF. 1. Spread Goal Attainment  Spread goal attainment evaluates to what degree a Market Maker is maintaining a twosided market in a security relative to their spread goal obligation. Market Makers achieve a higher score based on how narrow the natural spread in the market for such security is in relation to the spread goal.  Spread goal attainment = average time weighted spread (“ATWS”) Ratio/Spread Goal (“SG”).  Spread Goals are calculated as the ATWS for the previous 3 months times 2, and are communicated to Market Makers at the beginning of each month.  Points are awarded as follows: Spread Ratio Ranges Points Awarded ATWS Ratio ≤ 50% of SG 125 50% < ATWS Ratio ≤ 57.5% of SG 100 57.5% < ATWS Ratio ≤ 65% of SG 75 65% < ATWS Ratio ≤ 80% of SG 50 80% < ATWS Ratio ≤ 110% of SG 25 ATWS Ratio >110% of SG 0  Demerit points are subtracted from the spread goal attainment score based on the number of spread goal exceptions or the average duration of the spread goal exceptions. A total of 25 demerit points is deducted for violation of either limit. 2. Participation  Participation measures the degree to which a Market Maker is trading actively in its securities of responsibility to improve its trading liquidity for the benefit of the

TSX Market Making Program Guide Responsibilities of Market Makers TMX Group Page 12 marketplace. A higher score is achieved when Market Maker participation is relatively high as compared to the average Market Maker’s participation within the associated security tier classification (based on value traded). The calculation excludes block trades and crosses in which the Market Maker did not participate.  Participation Ratio (“PR”) = Market Maker value traded/total value traded PR Ratio Ranges Points Awarded PR stock ≥ 125% of PR tier avg 100 75% ≤ PR stock < 125% of PR tier avg 75 50% ≤ PR stock < 75% of PR tier avg 50 25% ≤ PR stock < 50% of PR tier avg 25 PR stock < 25% of PR tier avg 0 3. Liquidity Ratio  Liquidity measures the proportion of trading that occurs within the spread goal. Market Makers achieve a higher score when a higher proportion of value traded is conducted within the spread goal.  Liquidity Ratio (“LR”) = value traded within the spread goal/total value traded LR Ratio Ranges Points Awarded LR stock ≥ 95% 100 90% ≤ LR stock < 95% 75 80% ≤ LR stock < 90% 50 60% ≤ LR stock < 80% 25 LR stock < 60% 0 3.1.2 Underperformance – ETFs Each month, TSX advises ETF Market Makers of their securities of responsibility that underperformed in the previous month. All securities of responsibility with a score below 60 in the prior three consecutive months are placed on a probationary list. Securities of responsibility for which the security score has not improved to 60 or greater by the end of the fourth month may be re-assigned to another Market Maker. Exemptions may be made at the discretion of TSX in certain cases. Issuer endorsed Market Makers are still subject to performance measurement, regular reporting and the underperformance policy described in this section. However, TSX may maintain an issuer endorsed assignment at the issuer’s request irrespective of underperformance. 3.1.3 ETF – Monthly Tier B Credits and Tier A Bonus Incentive Pool Tier B Symbol Credits A Tier B symbol credit per symbol of responsibility per month is awarded to ETF Market

TSX Market Making Program Guide Responsibilities of Market Makers TMX Group Page 13 Makers who meet their monthly performance scores and who have at least one execution during the month on their symbol of responsibility. In addition, ETF Market Makers must ensure the TSX Minimum % Time at NBBO is 90% on an assignment. Tier B symbol credit ($) where the tier classification is: B1 B2 B3 B4 B5 B6 B7 B8 B9 B10 $50 $60 $70 $80 $90 $100 $130 $140 $150 $160 ETF Tier A Bonus Incentive Pool The Tier A Bonus Incentive Pool is available to ETF Market Makers with Tier A assignments, based on the unpaid amounts of the total available Tier B credit pool (if any) for that month. Market Makers receive a total number of points across all of their Tier A assignments based on the criteria set out below: ETF Market Maker Passive % of CDN Volume (per each assignment) Points TSX Minimum % Time at NBBO (per each assignment) Points 2% 1 92% 1 2.5% 2 93% 2 3% 3 94% 3 3.5% 4 95% 4 4% 5 96% 5 5% 6 97% 6 A Market Maker’s % of the total amount of points awarded to all Market Makers across all Tier A assignments will determine their % received of Tier A Bonus Incentive Pool. 3.2 Corporate Equities 3.2.1 Performance Obligations - Stock Level The performance of both Market Makers is measured at the security level without specific focus on the contribution that the Market Makers make on each security. For each assigned security, Market Makers must collectively meet the established service levels for all of the following five performance criteria (each, a “Performance Obligation”) on a monthly basis in order for each Market Maker to be deemed as performing for that month. The specific service levels or parameters for each Performance Obligation are established at the time of security assignment either through the bidding process, or in accordance with Appendix A - Performance Guidelines. Each month, TSX provides Market Makers with performance reports showing the performance of the Market Maker that month. To better assist Market Makers with monitoring their progress,

TSX Market Making Program Guide Responsibilities of Market Makers TMX Group Page 14 daily performance reports are also provided for all securities of responsibility. This provides an early warning if a security is at risk of failing for the month and allows the Market Makers to take corrective action. Symbol performance is also shared with issuers via the TSX InfoSuite platform, a complimentary market data and shareholder solution for TSX and TSXV listed companies. This information includes: actual symbol level metrics, the top liquidity providers and takers for the issuer’s security, as well as trade information of the security. This information, based on publicly disclosed end of day quote and trade data, is provided to issuers for informational purposes only and does not reflect the Market Maker’s monthly performance. A sample of the TSX InfoSuite display for illustrative purposes is set out in Appendix C – Performance Reports TSX shall, in its discretion, determine the primary responsibility of the Performance Obligations between both Market Makers assigned to a security, which determination of responsibility may include being jointly primarily responsibility for all Performance Obligations on a daily basis or alternating, on a daily basis, primary responsibility for one or more of the Performance Obligations. TSX shall provide reasonable notice to the Market Makers of any change of allocation of primary responsibility. 1. Spread Goal  This requirement measures the cost of transacting immediately, reflecting the degree of liquidity provided on TSX.  The Spread Goal is the difference between TSX Best Bid (TBB) and TSX Best Offer (TBO), measured in dollar terms (e.g., $0.03), that the Market Maker needs to maintain.  At the end of the month, the system calculates the percentage of time that the security’s Spread Goal was maintained during the sum of all trading hours that month. In order to be considered a pass, the percentage of time must be equal to or greater than 95%.  Measured during continuous trading hours only (9:30:00 AM – 4:00 PM), and excludes periods where a security may be halted, suspended or delayed. 2. % Time at NBBO  The minimum % of time TSX is at the Protected NBBO requirement is intended to measure the degree of competitiveness of the TSX market, as compared to other protected marketplaces in Canada.  % Time at NBBO = (average time TSX is at protected NBB per day + average time TSX is at protected NBO per day) / 2.  If there is no protected NBB or protected NBO (meaning there is no quote on any marketplace including TSX), then this is treated as time that TSX is not at the Protected NBBO.

TSX Market Making Program Guide Responsibilities of Market Makers TMX Group Page 15  Measured during continuous trading hours only (9:30 AM – 4:00 PM), and excludes periods where a security may be halted, suspended or delayed or when quotes are locked or crossed. 3. Top of Book Size  This minimum Top of the Book Size represents the minimum number of shares that must be available on any combination of the TSX best bid (TBB), TSX best offer (TBO) or the MGF facility at any given time. It may be distributed between the CLOB and MGF contributed by that Market Maker subject to the minimum MGF being met, and one board lot on each side of the CLOB.  Measured at the security level for CLOB component and the Market Maker level for the MGF component.  Average Size = time weighted average of (shares at TBB + shares at TBO + shares available through Individual MGF x 2).  Measured during continuous trading hours only (9:30AM – 4:00 PM), and excludes periods where a security may be halted, suspended or delayed. 4. Liquidity Factor  This requirement measures the extent to which Market Makers are ensuring the book is lined with reasonable depth such that excessive price gaps do not occur.  Liquidity Factor = count of CLOB trades within Spread Goal / count of all CLOB trades.  A trade is considered to be within the Spread Goal if the difference in its trade price from the previous trade price within the same day is equal to or less than the Spread Goal.  If no trades occur in a month, then the Market Maker is considered to have passed.  Excludes crosses (when buying broker = selling broker).  Measured during continuous trading hours only (9:30AM – 4:00 PM), and excludes periods where a security may be halted, suspended or delayed. 5. Opening Presence  Opening presence is intended to measure the degree a market is established ahead of the market opening, which contributes to an orderly price discovery process at the open.  Market Makers must ensure there is a two-sided market on the security at least 95% of the time between 9:25 AM and 9:30 AM.  At the end of the month, the system calculates the percentage of time a two-sided quote is maintained on a security, which includes the time when the quote is locked/crossed during the sum of all 5 minute pre-opening periods that month. In order to be considered a pass, the percentage of time must be equal to or greater than 95%.  Market Makers must also be available to TSX Market Operations officials to assist in the verification of market prices in the event a stock is exceeding its volatility settings.

TSX Market Making Program Guide Responsibilities of Market Makers TMX Group Page 16 In special circumstances such as extreme market volatility or where systems issues interfere with the ability of a Market Maker to reasonably meet its obligations, TSX may use its discretion to adjust performance obligations, either for a particular security or on a market wide basis. 3.2.2 Measurement of Each Market Maker’s Contribution to Stock Level Performance Obligations Each of the two MMs assigned to a security receives a Contribution Score which measures their contributions relative to each other in maintaining the symbol level performance targets. The Contribution Score is based on each MM’s contribution to achieving each of the Spread Goal (“SG”), %Time at NBBO, and Top of Book (“TOB”) Size symbol level performance targets. Spread Goal and % Time at NBBO contributions are assessed in terms of a net corrections component and a % time alone at target, called Alone Presence component, while TOB size contributions are assessed in terms of each MM’s overall average contribution to the TOB size where not fulfilled by natural liquidity, called TOB Size Contribution. The final overall Contribution Score is calculated by combining the MM’s score in each of the three measured categories. Each of the three categories is given even weighting in calculating the final Contribution Score. The breakdown of the three categories is as follows:  SG measurements = 33.33% o Relative Net SG corrections = 50% total SG weight o Relative SG Alone Presence = 50% total SG weight  % Time at NBBO measurements = 33.33% o Relative Net NBBO corrections = 50% total NBBO weight o Relative NBBO Alone Presence = 50% NBBO weight  TOB size measurements = 33.33% The measurements are detailed in Table 2 – Single Market Maker Measurement.

TSX Market Making Program Guide Responsibilities of Market Makers TMX Group Page 17 Table 2 – Single Market Maker Measurement Metric MM Measurement Measurement Description Weighting in Contribution Score Spread Goal (“SG”) – 33.33% of total Net SG Corrections  Net SG Corrections = MAX ( 0 , Number of MM SG Corrections - Number of MM SG Violations ) Where: o MM SG Correction = a single event where the current spread is greater than the target spread goal, and the MM enters in an order that results in the spread being equal to or better than the target Spread Goal o MM SG Violation = a single event where the current spread is equal to or better than the target spread goal, but the cancellation of an order by the MM results in the spread then being worse than the target Spread Goal o Resulting Net SG Corrections cannot be less than zero  Relative Net SG Correction % = Net SG Corrections / (MM1 Net SG Corrections + MM2 Net SG Corrections)  Where the combined Net MM SG Corrections is below 10 Net SG Corrections per day average for that month, both MMs are assessed as equal at a 50% contribution in that category 16.67% (50% of SG weighting) SG Alone Presence  SG Alone Presence = The higher of: a) % of time that an MM maintains an order on the buy side which alone maintains the target spread goal; or b) % of time that an MM maintains on order on the sell side which alone maintains the target Spread Goal  E.g. an MM maintains an order on the buy side which alone maintains the target Spread Goal 5% of the time and maintains an order on the sell side which alone maintains the target Spread Goal 8% of the time. The SG Alone Presence for that MM is 8%, which is the higher of the two sides  Relative SG Alone Presence % = SG Alone Presence for that MM / (MM1 SG Alone Presence + MM2 SG Alone Presence)  Where the combined MM SG Alone Presence is less than 2%, both MMs are assessed at an equal 50% contribution 16.67% (50% of SG weighting) %Time at NBBO – 33.33% of total Net NBBO Corrections  Net NBBO Corrections =MAX ( 0 , Number of MM NBBO Corrections - Number of MM NBBO Violations ) Where: 16.67% (50% of NBBO weighting)

TSX Market Making Program Guide Responsibilities of Market Makers TMX Group Page 18 Metric MM Measurement Measurement Description Weighting in Contribution Score o MM NBBO Correction = a single event where the TBBO is worse than the NBBO, and the MM enters in an order that results in the TBBO being equal to or better than the NBBO o MM NBBO Violation = a single event where the TBBO is at or better than the NBBO, but the cancellation of an order by the MM results in the TBBO being worse than the NBBO o Resulting Net NBBO Corrections cannot be less than zero  Relative Net NBBO Correction % = MM Net NBBO Corrections / (MM1 Net NBBO Corrections + MM2 Net NBBO Corrections)  Where the combined Net MM NBBO Corrections is below 10 Net NBBO Corrections per day average for that month, both MMs are assessed as equal at a 50% contribution in that category NBBO Alone Presence  NBBO Alone Presence = % Time Alone on buy side + % Time Alone on sell side / 2 Where: o % Time Alone = % of time that the MM maintains an order that is the only order that keeps the TBBO equal to the NBBO  E.g. a MM’s buy side time % Time Alone is 10% and their sell side % Time Alone is 5%. Their NBBO Alone Presence is 7.5%, the average of the two % Time Alone values.  Relative NBBO Alone Presence % = NBBO Alone Presence for that MM / (MM1 NBBO Alone Presence + MM2 NBBO Alone Presence)  Where the combined MM NBBO Alone Presence is less than 5%, both MMs are assessed at an equal 50% contribution 16.67% (50% of NBBO weighting) Top of Book Size – 33.33% of Total TOB Size Contribution  Each MM’s contribution to that portion of the symbol TOB size target that is not being provided by natural (non-MM) TOB liquidity  TOB Size Contribution = Minimum of (MM average TOB size, TOB Size Deficit) / TOB Size Deficit Where: o TOB Size Deficit = Target TOB Size – TOB Size not provided by MMs  Relative TOB Size Contribution % = TOB Size Contribution / (MM1 TOB Size Contribution + MM2 TOB size Contribution) 33.33%

TSX Market Making Program Guide Responsibilities of Market Makers TMX Group Page 19 Metric MM Measurement Measurement Description Weighting in Contribution Score  For example: o Target TOB Size = 5000, and TOB Size not provided by MMs (“natural liquidity”) = 3000. TOB Size Deficit = 2000. o Scenario 1: MM1 contributes 1,500 shares and has a TOB Size Contribution of 1,500. MM2 contributes 2,500 shares, capped at the maximum 2,000 shares, so MM2 has a TOB Size Contribution of 2000. MM1 Relative TOB Contribution % = 43% (1500 / (1500 + 2000)) and MM2 Relative TOB Contribution % = 57% (2000 / (1500 + 2000)) o Scenario 2: MM1 contributes 3,000 shares and MM2 contributes 2,500 shares. Both have a TOB Size Contribution capped at the maximum 2,000 shares, so therefore MM1’s Relative TOB Size Contribution % = 50% vs MM2 Relative TOB Size Contribution = 50%  Where the TOB Size Deficit is less than 10 board lots, both MMs are assessed at an equal 50% contribution.

TSX Market Making Program Guide Responsibilities of Market Makers TMX Group Page 20 Where unequal contributions exceed a 40-60% relative ratio, these measurements are utilized to determine the proportionate Market Maker fee incentives on a symbol basis. A visual representation of the fee application is as follows: For more information, please refer to the Trading Fee Schedule on the TSX website. 3.2.3 Underperformance by a Single Market Maker A single MM may be removed from the assignment when they have:  3 consecutive months of 20% or less Contribution Score, or  4 months of 20% or less Contribution Score in the past 12 month period, or  3 underperforming months on a symbol level in the past 12 month period as detailed in Section 3.2.4 below, or  Performed in a manner that may be otherwise deemed unsatisfactory at TSX discretion In this case, the Market Maker is replaced in accordance with the policy detailed in Section 2.7.2 Single Market Maker Replacement.

TSX Market Making Program Guide Responsibilities of Market Makers TMX Group Page 21 3.2.4 Underperformance - Overall Stock Level A failing result in any of a stock’s five Performance Obligations is deemed as an underperforming month on that stock for both assigned Market Makers, provided that the assigned Market Maker has a Contribution Score of less than 80%. If a Market Maker assigned to the underperforming stock has a Contribution Score of 80% or greater, then that stock is not deemed as an underperforming month for that Market Maker. ** **Notwithstanding the above, TSX will monitor all assignments for stock level underperformance. Should TSX determine that a particular symbol underperforms consistently, regardless of a MM’s Contribution Score, TSX may take such action as deemed appropriate to maintain symbol performance including removal of either or both assigned MMs. If Market Makers are not performing to target on their assignments of related instruments (e.g., preferred shares, warrants, rights), then they may be considered to be underperforming on the root security and the Market Makers risk losing the assignments of the whole stock group. Table 3 - Impact of Underperformance to Market Makers on Assignments Month Impact to Market Maker 1st month of Underperformance Monthly credits for that security revoked for that month, Market Maker rates as per TSX’s fee schedule still apply. 2nd month of Underperformance Monthly credits for that security revoked for that month, Market Maker rates as per TSX’s fee schedule still apply. 3rd month of Underperformance Monthly credits for that security revoked for that month, Market Maker rates as per TSX’s fee schedule still apply. The security enters the next month’s bidding process (i.e., the 4th month) if both Market Makers are underperforming. Otherwise, the single Market Maker is replaced as detailed in 2.7.2 Single Market Maker Replacement. 4th month (bidding month) Security enters bidding process if both Market Makers are underperforming. In this case, the Market Makers may not re-bid on the security that is up for rebidding as a result of their underperformance. The existing Market Makers are removed from the assignment at the end of the 4th month. 5th month (start of new assignment) The new Market Makers who win the assignment, assume the assignment on the first business day of the month immediately following the bidding month (i.e., the 5th month). Replaced single Market Makers are also effective as of the day of replacement. If through underperformance, a Market Maker has had one or more securities of responsibility reassigned and begins to have a disproportionate ratio of Tier A and Tier B securities, TSX reserves the discretion to also reassign one or more Tier A securities assigned to that firm. If a Market Maker exceeds the Reassignment Threshold, such firm is not permitted to bid in any bidding cycles for the following 3 month period (the “3-Month Exclusion Period”).

TSX Market Making Program Guide Responsibilities of Market Makers TMX Group Page 22 If immediately following the 3-Month Exclusion Period, the Market Maker has again exceeded the Reassignment Threshold (a “Subject Firm”), such Subject Firm is not permitted to bid in any bidding cycles for the following month (a “1-Month Exclusion Period”). Subject Firms may continue to be subject to 1-Month-Exclusion Periods until such time as they have not exceeded the Reassignment Threshold in a consecutive 3 month period. For purposes of this Section 3.2.4, the Reassignment Threshold means the lesser of: 15 security reassignments and 15% security reassignments, in each case, due to underperformance in any consecutive 3 month period. The percentage of security reassignments is calculated as follows: % Reassignments = Total # security reassignments in past 3 months / Sum of total # common security assignments in past 3 months where there was at least 1 security reassignment in that month For greater certainty, all Market Makers are assessed at the beginning of every month using the Reassignment Threshold in respect of the immediately preceding 3 months. TSX may adjust the Reassignment Threshold with advance notice. 3.3 Adjustments to Corporate Equities Performance Obligations Performance Obligations for corporate equities assignments are first established through the competitive bidding process and become the responsibility of both the assigned Market Makers once a security is successfully assigned. There are several procedures whereby these performance targets can be adjusted as prescribed below. 3.3.1 Voluntary Rebid The assigned Market Makers may voluntarily submit a security to the next month’s bidding process. Generally, a request for adjustment to Performance Obligations is processed in one of the following three manners: a) PERFORMANCE OBLIGATION ADJUSTMENT. If a security is entered for rebidding and no new bids are received, then the incumbent Market Makers keep the assignment and are, at TSX’s discretion, allowed to adjust their Performance Obligations subject to the minimum service levels set out in Appendix A - Performance Guidelines for that security.

TSX Market Making Program Guide Responsibilities of Market Makers TMX Group Page 23 b) WITH ROFR RIGHTS. If a more competitive bid is received, the incumbent Market Makers have “right of first refusal” to match the more competitive bid. The right of first refusal only applies if the incumbent Market Makers: i. At the time of the request, have performed successfully for a minimum of 3 months on the assignment, AND ii. At the time of the request, have less than two underperforming months on the assignment, AND iii. the request is the result of either a corporate action, or a significant and permanent change of business to the issuer that affects its liquidity profile, or in the sole opinion of TSX, another valid reason exists. (collectively, the “ROFR Criteria”). c) WITHOUT ROFR RIGHTS. If not ALL of the ROFR Criteria are satisfied, the incumbent Market Makers do NOT have “right of first refusal” to match and the security is awarded to the Market Makers with the most competitive bids. Market Makers that are underperforming on their Performance Obligations may voluntarily enter this process for adjusting Performance Obligations before the end of the second underperforming month. Beyond that time, the underperformance policy applies. 3.3.2 Automatic Adjustments Automatic adjustments to levels occur in the following cases: a) Where a price increase on an assignment results in a reduction of its board lot size, any existing TOB volume size targets that become greater than 100 board lots due to the board lot change are reduced automatically to 100 board lots on the day the stock begins trading at the smaller board lot size. b) Where an assignment closes at $0.50 or higher, and the existing Spread Goal target is less than $0.02, the Spread Goal target is increased to $0.02 on the next trading day. The above adjustments are intended to keep targets in line with maximum bidding levels. 3.3.3 TMX-initiated stock level targets TSX, from time to time, assesses existing Market Maker performance targets and, where a stock split or decrease in price on an assignment results in an increase in board lot size or a price change from above $0.50 to below $0.50, TSX may request the Market Makers to increase their existing targets accordingly. Should the incumbent Market Makers not wish to increase their targets as requested by TSX, TSX may, in its sole discretion, place the assignment into the next competitive bid process that is no less than 15 days from notification of the requested target change(s).

TSX Market Making Program Guide Responsibilities of Market Makers TMX Group Page 24 3.4 MGF Facility The MGF facility is a uniquely Canadian facility designed to benefit investors by providing guaranteed fills at the TBBO when there is insufficient liquidity to provide a complete fill for an investor’s order in the CLOB, subject to a maximum size. The facility is supported for all TSXlisted securities that have assigned Market Makers. Orders resting in the CLOB receive priority of fills ahead of MGF fills. 3.4.1 MGF Sizes Each Market Maker assigned to a security must maintain their Individual MGF size at all times throughout market hours. The Total MGF is broadcast as the security’s MGF on public feeds. Market Makers may adjust their Individual MGF size electronically intraday by entering their MGF size in total number of shares. If the Total MGF size changes, a public message notifies industry participants in real time. Each security is subject to a maximum Total MGF size of 50 board lots. By default, each Market Maker has an individual maximum MGF size of 25 board lots. At any time, each Market Maker has the option to increase its Individual MGF size up to an amount that is the difference of the Individual MGF size of the other Market Maker assigned to the security and 50 board lots. For example, if one Market Maker is at the minimum Individual MGF size of 1 board lot, the other Market Maker has the option to increase its Individual MGF size to an amount that is up to 49 board lots. However, in order to maintain the Total MGF size of 50 board lots, a Market Maker’s Individual MGF size may be adjusted automatically down to the default maximum of 25 board lots at any time. The following table below shows the effective Total MGF minimum and maximum sizes by security price set by the previous day’s close and effective board lot size. Table 4: MGF Minimum and Maximum Sizes in Shares Security Price Range Board Lot Size Individual MGF Minimum Individual MGF Maximum* Total MGF Maximum $1 and up 100 100 2,500 5,000 $0.10 and less than $1 500 500 12,500 25,000 Under $0.10 1,000 1,000 25,000 50,000 * Individual MGF Maximum may go up to 49 board lots as long as the Total MGF Maximum stays at 50 board lots (e.g. MM1 MGF = 1 board lot and MM2 MGF = 49 board lots). 3.4.2 MGF Eligibility Market participants opting to use the MGF facility need to pre-qualify a Trader ID as an “MGFeligible Trader ID”, which is a Trader ID used by a participant to enter orders on behalf of Retail Customers only or that is generally intended to be used to enter orders that are MGF-eligible. To be MGF-eligible, an order must be a disclosed client order and must NOT be: 1) Part of a larger (parent) order except if the parent buy (sell) order is equal to or less than the specified MGF-Eligible Order Size, and the client order is sent to execute on TSX at the same time as the remainder of the parent order is sent to execute on other marketplaces;

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