new business activities; adverse effects from business divestitures; not being able to meet cash requirements because of our holding company structure and restrictions on paying inter-corporate dividends; dependence on third-party suppliers and service providers; dependence of trading operations on a small number of clients; risks associated with our clearing operations; challenges related to international expansion; restrictions on ownership of TMX Group common shares; inability to protect our intellectual property; adverse effect of a systemic market event on certain of our businesses; risks associated with the credit of customers; cost structures being largely fixed; the failure to realize cost reductions in the amount or the time frame anticipated; dependence on market activity that cannot be controlled; the regulatory constraints that apply to the business of TMX Group and its regulated subsidiaries, costs of on-exchange clearing and depository services, trading volumes (which could be higher or lower than estimated) and the resulting impact on revenues; future levels of revenues being lower than expected or costs being higher than expected. Forward-looking information is based on a number of assumptions which may prove to be incorrect, including, but not limited to, assumptions in connection with the ability of TMX Group to successfully compete against global and regional marketplaces and other venues; business and economic conditions generally; exchange rates (including estimates of exchange rates from Canadian dollars to the U.S. dollar or GBP), commodities prices, the level of trading and activity on markets, and particularly the level of trading in TMX Groupʼs key products; business development and marketing and sales activity; the continued availability of financing on appropriate terms for future projects; changes to interest rates and the timing thereof; productivity at TMX Group, as well as that of TMX Groupʼs competitors; market competition; research and development activities; the successful introduction and client acceptance of new products and services; successful introduction of various technology assets and capabilities; the impact on TMX Group and its customers of various regulations; TMX Groupʼs ongoing relations with its employees; and the extent of any labour, equipment or other disruptions at any of its operations of any significance other than any planned maintenance or similar shutdowns. While we anticipate that subsequent events and developments may cause our views to change, we have no intention to update this forward-looking information, except as required by applicable securities law. This forward-looking information should not be relied upon as representing our views as of any date subsequent to the date of this report. We have attempted to identify important factors that could cause actual actions, events or results to differ materially from those current expectations described in forward-looking information. However, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended and that could cause actual actions, events or results to differ materially from current expectations. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. These factors are not intended to represent a complete list of the factors that could affect us. A description of the abovementioned items is contained in the section “Enterprise Risk Managementˮ of the 2025 Annual Report. Additional Caution Regarding Sustainability-Related Disclosures In setting and implementing our Sustainability Strategy, and in preparing this report, we have made various assumptions, including about technological, economic, scientific and legal trends and developments, in light of an evolving policy and regulatory environment. As such, the data, analysis, strategy and other information set out in this report remain under development and subject to evolution, amendment, update and restatement over time. We specifically caution readers of the following: • The terms “sustainabilityˮ, “ESGˮ, “net-zeroˮ, "ambition", “decarbonizationˮ, "transition finance", "transition activities", “sustainable financeˮ, "cleantech", “carbon footprintˮ, "low carbon", "emissions reduction targets", "climate solutions", "green activities", "green technologies", "sustainable infrastructure" and similar terms, taxonomies, criteria and standards are evolving in terms of both meaning and scope. As a result, our use of such terms may vary over time to reflect such changes. Any references to such terms in this document are references to the internally defined criteria of TMX Group and not to any particular jurisdiction-specific regulatory definition or voluntary standard that may exist. • Because of the limitations and uncertainties inherent to sustainability reporting (and climate reporting in particular), we have relied upon various market practices, methodologies, criteria and standards, and made REPORT CONTENTS ABOUT THIS REPORT SUSTAINABILITY STRATEGY SUSTAINABILITY GOVERNANCE PROSPERITY PLANET PEOPLE APPENDICES 59 | TMX GROUP 2025 ANNUAL SUSTAINABILITY REPORT
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