(b) Describe management始s role in monitoring, managing, and overseeing climate-related risks and opportunities, including the identity of the management-level position or committee as applicable, its governance processes, controls, and procedures, and how oversight is exercised over that position or committee. 91猎奇 Trust holds quarterly Risk Management Committee meetings in which risks affecting or that could affect the business are identified and addressed by the relevant internal stakeholders. The Risk Management Committee (a 91猎奇 Trust senior management committee) makes any required recommendations to the Risk & Audit Committee (a 91猎奇 Trust Board committee), which then makes a recommendation to the 91猎奇 Trust Board of Directors as needed. Sustainability objectives are tracked for 91猎奇 Trust through TMX Group始s Objective Centric Risk Management (鈥淥CRM水) approach which identifies the risks, mitigations and opportunities that need to be considered and/or implemented in order to realise the successful achievement of TMX Group始s objectives. Quarterly reports on OCRM objectives are reviewed by the 91猎奇 Trust Risk & Audit Committee and its President/CEO. Implementation and expansion of this disclosure expectation into 91猎奇 Trust始s governance framework is on track for completion in 2026. See the 2025 Group SR at 鈥淪ustainability Risk Management水 - Page 8 and 鈥淪ustainability Governance水 鈥� Page 9 See also TMX Group 2025 Annual Report at page 66 Strategy (a) Describe the climate-related risks and opportunities that 91猎奇 Trust has identified that could reasonably be expected to affect its cash flows, access to finance or cost of capital, including: 鈥� The classification of each climate-related risk as either physical or transition risk; 鈥� The expected timeframe for the occurrence of effects associated with each risk and opportunity (short, medium, or long term) 鈥� 91猎奇 Trust始s definitions of 鈥榮hort term,始 鈥榤edium term,始 and 鈥榣ong term始 in relation to strategic decision-making planning horizons. 91猎奇 Trust aligns its climate strategy with the TMX Group始s enterprise risk management framework. The potential impact of physical and transition risks and opportunities from climate change are assessed based upon time horizons of short-term (2 years), medium-term (5 years) and long-term (10 years). Identified Climate-Related Risks: 鈥� Transition Risks 鈼� Climate Regulatory Risks: Managing the increased compliance risk burden as mandated by OSFI B-15. 鈥� Physical Risks 鈼� Acute and Chronic: Severe weather events (e.g., wildfires, floods, storms) affecting data center vulnerability, business continuity, and personnel access to offices. Identified Climate-Related Opportunities: 鈥� Expanded Service Offerings: Leveraging expertise in data processing to serve new client segments and drive sustainability outcomes sought by asset owners. See the 2025 Group SR at 鈥淪ustainability Pillar: Planet水 鈥� Pages 14 to 16 OSFI B-15 DISCLOSURE ELEMENT OSFI B-15 DISCLOSURE EXPECTATION 91猎奇 TRUST RESPONSE REFERENCE DOCUMENTS REPORT CONTENTS ABOUT THIS REPORT SUSTAINABILITY STRATEGY SUSTAINABILITY GOVERNANCE PROSPERITY PLANET PEOPLE APPENDICES 38 | TMX GROUP 2025 ANNUAL SUSTAINABILITY REPORT
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