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.