reasonable approximations and assumptions, in establishing our Sustainability Strategy. However, there are many factors that we may not foresee or be able to accurately predict which may impact our ability to achieve our sustainability-related goals or otherwise achieve the results anticipated by our forward looking statements (please refer to Caution Regarding Forward Looking Information above). These factors include the absence of standardized sustainability-related taxonomies and methodologies and the availability of high-quality data. There could also be changes to existing market practices, taxonomies, methodologies, scenarios, frameworks, criteria and standards that governmental and nongovernmental entities, the financial sector, TMX Group and its stakeholders use to classify, assess, measure, report on and verify sustainability and ESG activities, including for inclusion toward our Sustainability Strategy. In some cases, and as noted above, these market practices, taxonomies, methodologies, criteria and standards may not yet exist. We may update our Sustainability Strategy, our plans to achieve them, our progress toward them, and our estimates of the impact of this progress, as appropriate, in light of new and evolving standards. • In particular, climate metrics and data and other information contained in this report, including but not limited to those relating to GHG emissions, emissions from our own operations and emissions reduction targets, are or may be based on significant assumptions, estimates, and judgments. Given their inherent uncertainty and complexity, and the significant issues with some of the underlying data, assumptions, estimates, and judgments believed to be reasonable at the time of preparation of the report may subsequently turn out to be inaccurate. In addition, many of the assumptions, estimates, standards, methodologies, metrics, and measurements used in preparing this report continue to evolve and may differ significantly from those used by other companies and those that may be used by us in the future. Legislative and regulatory changes, market developments, and/or changes in data availability and reliability could materially affect the assumptions, estimates, standards, methodologies, scenarios, metrics, and measurements used by us and/or other companies, and could materially affect the comparability of the information and data across industries or companies and from one reporting period to a subsequent reporting period, as well as our ability to achieve our priorities, targets, metrics, commitments, and goals. Any priorities, metrics, and targets, sustainability commitments, and goals discussed in this document are aspirational, depend on the collective efforts and actions across a wide range of stakeholders outside of our control, and there can be no assurance that any such commitments, metrics, targets, and goals will be achieved. Please refer to Caution Regarding Forward Looking Information above. • In setting, implementing and reporting on our Sustainability Strategy, we rely on data obtained from our stakeholders and other third-party sources. Our use of third-party data cannot be taken as an endorsement of the third-party or its data or be construed as granting any form of intellectual property. Although we believe that these sources are reliable, we have not independently verified all third-party data, or assessed the assumptions underlying such data, and cannot guarantee their accuracy. The data used by TMX Group in connection with its sustainability-related strategy, initiatives and activities may be limited in quality, unavailable, or inconsistent across sectors, and we have no guarantee that third parties will comply with our policies and procedures in respect of the collection of this data. Certain third-party data may also change over time as sustainability and ESG standards evolve. Moreover, the data needed to set our strategy and targets and measure our progress may be limited in quality, unavailable or inconsistent, and the process of collecting, aggregating and reporting data is protracted and highly dependent on the data that third parties make available at any given time. Given their inherent uncertainty and complexity, and the significant issues with some of the underlying assumptions, estimates, standards, methodologies, scenarios, metrics and measurements believed to be reasonable at the time of the preparation of this report may subsequently turn out to be inaccurate. • We may need to or elect to purchase carbon or other clean energy instruments, including additional carbon offsets, to meet our sustainability-related goals. The market for these instruments is still developing and their availability may be limited. Some of these instruments are also subject to the risk of invalidation or reversal, and TMX Group provides no assurance of the treatment of any such instruments in the future. There may also be changes to applicable regulations and standards that impact the market for carbon and clean energy instruments. The maturity, liquidity and economics of this market may make it more difficult for TMX Group to achieve its sustainability-related goals. REPORT CONTENTS ABOUT THIS REPORT SUSTAINABILITY STRATEGY SUSTAINABILITY GOVERNANCE PROSPERITY PLANET PEOPLE APPENDICES 60 | TMX GROUP 2025 ANNUAL SUSTAINABILITY REPORT
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