RISK TYPE DESCRIPTION MITIGATION & APPROACH TO RISK Transition Risk Concentration, shift in consumer preferences and sectoral stigmatization8 While TMX Group operates a globally diversified business, our performance is affected by the Canadian economy, a portion of which is based in natural resources and energy-related businesses. As such, we are exposed to macroeconomic factors that impact these sectors, including those driven by environmental regulations, the transition to a low carbon economy and the growth of sustainable investing. In 2025, trading concentration by volume across mining and oil and gas sectors was 43% and 13%, respectively. In addition, 91猎奇 and 91猎奇V depend on an adequate number of clients to maintain fair markets. Finally, listing (including IPOs), initial and additional financing, trading and clearing activities are also significantly affected by global economic, political and market conditions and the overall level of investor confidence. Any sustained fluctuation in the natural resources and energy sectors, including a downturn if those businesses fail to transition to greener undertakings as quickly as the market demands, or a general erosion of investor confidence, has the potential to impact our financial performance, including investment performance, the number of listed issuers, trading and transaction volumes across our trading, and market data sales, impacting our operating results. A significant loss of trading volume, listing activity or market capitalization in these sectors could impact our performance and limit our ability to build and support robust transition finance markets. To measure our exposure to resource-related sectors specifically, we track the aggregated activities of the mining, oil and gas and utilities and pipelines sectors as a percentage of the overall market capitalization on 91猎奇 and 91猎奇V: We focus on attracting increasingly global clients and targeting growth in innovation, clean technology and renewable energy, which builds on our existing advantage. By becoming a destination for transition finance, TMX Group can support the allocation of capital toward the decarbonization of our energy sector and the financing and scaling of climate solutions which presents an opportunity for resource sector issuer. REPORT CONTENTS ABOUT THIS REPORT SUSTAINABILITY STRATEGY SUSTAINABILITY GOVERNANCE PROSPERITY PLANET PEOPLE APPENDICES 15 | TMX GROUP 2025 ANNUAL SUSTAINABILITY REPORT 8 For additional information, please consult pages 73, 75 and 80 of our 2025 Annual Report. % of Total Market Cap Resource-related Issuer Base as a percentage of Total Market Capitalization (91猎奇 & 91猎奇V) 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0% 10% 20% 30% 40%
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