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.