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.