TSX Market Making Program Guide Exiting the Program TMX Group Page 31 Chapter 4 Exiting the Program 4.1 Release of Securities Security assignments may be removed by TSX under the following circumstances: a) A Market Maker has underperformed in some or all of their Performance Obligations or ETF Performance Obligations, as the case may be, b) A Market Maker has breached the TSX Rule Book , breached any TSX rule, policy or directive, beached applicable securities laws, or breached any term of the TSX Market Maker Agreement; c) The security is subject to a competitive rebalancing process, as described in the Assignment of Securities section, whereby securities may be re-assigned through the Competitive Bidding Process; d) A Market Maker undergoes a change in control; e) A Market Maker voluntarily submits the assignment to the Competitive Bidding Process. The Marker Maker may not, during any 30 day period, discharge one-third or more of the total number of securities assigned to it at the start of such 30 day period. 4.2 Voluntary Exit from the TSX Market Maker Program Market Makers must provide 60 days’ written notice to cease performance of its market making responsibilities and relinquishing all security assignments. The security assignments of Market Makers exiting the Program are made available in the next scheduled bidding process. If a Market Maker is acquired through a merger or acquisition and the acquirer intends to purchase or has purchased the rights to perform the market making function on the assigned securities of the Market Maker, the Market Maker must notify TSX and request TSX’s consent to the assignment of the TSX Market Maker Agreement by the Market Maker to the acquirer. If TSX consents to the assignment, the security assignments of the acquirer are reviewed by TSX and TSX may, at its discretion, rebalance the security assignments in accordance with maximum concentration limits, Tier A:B ratio restrictions, or impose such other conditions TSX deems necessary or appropriate.. A Market Maker that has left the Program may not re-apply to become a Market Maker for two calendar years. 4.3 TSX Termination of a Market Maker TSX may terminate a Market Maker from the Program under conditions outlined in the TSX Market Maker Agreement.