Terms of Use

The following terms and conditions ("Terms of Use") govern the relationship between you, TMX Group Limited ("TMX Group") and its affiliates and subsidiaries, including, where applicable, TSX Inc., TSX Venture Exchange Inc., Montreal Exchange Inc., The Canadian Depository for Securities Limited, Canadian Derivatives Clearing Corporation, Natural Gas Exchange Inc. Shorcan Brokers Limited, Alpha Trading Systems Inc. and TMX Equity Transfer Services Inc. (collectively, "TMX" or "we") in the use of the TMX.com and/or TMXmoney.com websites, located at www.tmx.com and www.tmxmoney.com respectively (collectively, "the Websites"). By using the Websites, you are agreeing to comply with and be legally bound by the terms and conditions as set out in these Terms of Use. If these Terms of Use are not acceptable to you, please do not use the Websites.

We may update these Terms of Use from time to time and you are responsible for periodically reviewing the most current version on the Websites. Your continued use of the Websites will be deemed your conclusive acceptance of the updated Terms of Use.

In this Terms of Use, the phrase "Service Providers" includes, but is not limited to, any licensors, suppliers, information providers or other third parties that provide, from time to time, any data, information, content, application, tool, feature or service for purposes of the Websites.

Rights Granted and Restrictions on Use

TMX grants to you a limited non-exclusive, non-transferable license to view and print the material on the Websites for your non-commercial or personal use only. All copies that you make must retain all copyright and other notices that are on the Websites. Except as provided in the previous sentence, you may not use, distribute, sell, modify, transmit, revise, reverse engineer, republish, post or create derivative works (where applicable) of the trade-marks, trade names, logos, design, layout, information, data, software, applications, interactive features, tools, services or other material or content on or made available through the Websites (referred to collectively, as the "content" of the Websites) without TMX's prior written permission. You acknowledge and agree that the Websites and their content are the property of TMX, its affiliates and Service Providers and you will not acquire any rights or licenses in any trade-marks, patents, copyright or other intellectual property on the Websites or in its content. The Websites and their content are protected by copyright, both individually and as a collective work or compilation and by trade-mark law, patent law and any other applicable laws.

Market Information

All market information and other data, including but not limited to quotes, company information, charting, news, options and research data are provided by TMX and its Service Providers for informational purposes only, and are not intended for trading purposes. TMX and each of its Service Providers do not guarantee the sequence, accuracy, or completeness of any market information or other data, and are not liable or responsible in any way for any delays, inaccuracies, or errors in any market information or other data or in the transmission of any market information or other data. You agree not to rely upon the market information or other data for any trading, business or financial purpose and TMX, its Service Providers, and each of their respective affiliates, directors, officers, agents and representatives are not liable or responsible in any way for any damages, losses or costs arising from reliance on this information or incurred as a result of the non-performance, interruption or termination for any reason whatsoever of the market information or other data.

"If, As & When Issued Securities" (sometimes marked as "When Issued" or "WI") are not listed securities and have not been issued. Special settlement terms apply. If closing does not occur, these trades will be unwound.

Market information is generally delayed 15 minutes or more. Please refer to the associated time stamp on each market data chart or table to obtain the age of the data. Before purchasing or selling securities or other investments you should always consult with a qualified broker or other qualified financial advisor to verify pricing information.

Please note any additional disclaimers, terms and restrictions of use displayed on individual pages of the Websites, including the Service Provider attributions and terms of use noted at the bottom of each market information page of the Websites, as your use of these pages is subject to and you are responsible for complying with these additional terms.

Your Authority to Use the Websites

By using the Websites, you are representing to us that you have the power and authority to accept these Terms of Use and to enter into this agreement with us, that you are capable of assuming, and do assume, any risks related to the use of the Websites and their content, and that you understand and accept the terms, conditions and risks relating to their use. If you are dissatisfied with the Websites or their content, your sole and exclusive remedy is to stop using them.

Disclaimers

The content on or made available through the Websites is for informational purposes only and is not intended to provide legal, accounting, tax, investment, financial or other advice and such content should not be relied upon for such advice. TMX, its Service Providers and each of their respective affiliates, directors, officers, agents and representatives assume no liability for any inaccurate, delayed or incomplete content, nor for any actions taken in reliance thereon. The content contained on or made available through the Websites, including without limitation, the content obtained through Service Providers or through any other link, has been supplied by such Service Providers or other third parties without verification by us. The views, opinions and advice of any third party provided on the Websites reflect those of the individual authors and are not endorsed by us. Past performance is not necessarily indicative of future performance. Prior to making any investment decision, it is recommended that you consult directly with the individual or firm and seek advice from a qualified investment advisor. Neither TMX nor any of its affiliates or Service Providers make or have made any recommendations regarding the securities or investment services of any person or entity with respect to the content of the Websites, or of the advisability of investing in securities generally for any particular individual.

ALTHOUGH THE CONTENT HAS BEEN OBTAINED FROM SOURCES BELIEVED TO BE RELIABLE, THE WEBSITES AND THE CONTENT COULD INCLUDE TECHNICAL OR OTHER INACCURACIES OR TYPOGRAPHICAL ERRORS AND THEY ARE PROVIDED TO YOU ON AN "AS IS" BASIS WITHOUT WARRANTIES OR REPRESENTATIONS OF ANY KIND. TMX, ITS AFFILIATES AND SERVICE PROVIDERS MAKE NO REPRESENTATION AND DISCLAIM ALL EXPRESS AND IMPLIED WARRANTIES AND CONDITIONS OF ANY KIND, INCLUDING WITHOUT LIMITATION, REPRESENTATIONS, WARRANTIES OR CONDITIONS REGARDING ACCURACY, TIMELINESS, COMPLETENESS, NON-INFRINGEMENT, SATISFACTORY QUALITY, MERCHANTABILITY, MERCHANTABLE QUALITY OR FITNESS FOR ANY PARTICULAR PURPOSE OR THOSE ARISING BY LAW, STATUTE, USAGE OF TRADE, OR COURSE OF DEALING. TMX, ITS AFFILIATES AND SERVICE PROVIDERS ASSUME NO RESPONSIBILITY TO YOU OR ANY THIRD PARTY FOR THE CONSEQUENCES OF ANY ERRORS OR OMISSIONS.

The VIX Methodology is the property of the CBOE. CBOE has granted S&P a license to use the VIX Methodology to create the S&P/TSX 60 VIX index and has agreed that S&P may permit values of the S&P/TSX 60 VIX index to be disseminated. Neither CBOE nor S&P nor TSX or their respective affiliates makes any representation regarding such index or the advisability of relying on such index for any purpose. Neither CBOE nor S&P or their respective affiliates’ sponsors endorses, sells or promotes any investment product that is or may be based on the S&P/TSX 60 VIX index. Neither TSX nor its affiliates’ sponsors endorses or promotes any third party investment product that is or may be based on the S&P/TSX 60 VIX index.

No Damages

TMX, ITS AFFILIATES, SERVICE PROVIDERS AND THEIR RESPECTIVE DIRECTORS, OFFICERS, EMPLOYEES, OR AGENTS SHALL NOT, UNDER ANY CIRCUMSTANCES, BE LIABLE FOR ANY DIRECT, CONSEQUENTIAL, INCIDENTAL, INDIRECT OR SPECIAL DAMAGES, OF ANY KIND, OR ANY OTHER DAMAGES WHATSOEVER, INCLUDING WITHOUT LIMITATION, THOSE ARISING FROM ANY DECISION MADE OR ACTION TAKEN BY YOU IN RELIANCE UPON THE CONTENT OR THOSE RESULTING FROM LOSS OF USE, DATA OR PROFITS, WHETHER RESULTING FROM THE USE OF OR INABILITY TO USE ANY CONTENT ON OR MADE AVAILABLE THROUGH THE WEBSITES (OR A WEBSITE LINKED TO THE WEBSITES), OR ANY OTHER CAUSE; AND EVEN IF CAUSED BY TMX'S OR ITS AFFILIATES’ OR SERVICE PROVIDERS' NEGLIGENCE, AND EVEN IF ANY OF THEM HAS BEEN APPRISED OF THE LIKELIHOOD OF SUCH DAMAGES OCCURRING.

THE ABOVE LIMITATIONS AND EXCLUSIONS SHALL APPLY TO YOU TO THE FULLEST EXTENT THAT APPLICABLE LAW PERMITS, IN ALL ACTIONS OF ANY KIND, WHETHER BASED ON CONTRACT, TORT (INCLUDING, WITHOUT LIMITATION, NEGLIGENCE) OR ANY OTHER LEGAL OR EQUITABLE THEORY. ANY CLAUSE DECLARED INVALID SHALL BE DEEMED SEVERABLE AND NOT AFFECT THE VALIDITY OR ENFORCEABILITY OF THE REMAINDER OF THESE TERMS OF USE.

Securities

Neither TMX, its Service Providers nor any of their respective affiliates, officers, directors, employees, agents or licensors: (a) has passed on the merit of any of the securities referred to on or through the Websites or any linked site; or (b) has endorsed or sponsored any of these securities; or (c) makes or has made any recommendation regarding any securities issued by any of the companies identified on or through or linked to the Websites, nor the advisability of investing in securities generally for any particular individual. PLEASE SEEK THE ADVICE OF PROFESSIONALS, AS APPROPRIATE, REGARDING THE EVALUATION OF ANY SPECIFIC SECURITY, INDEX, REPORT, OPINION, ADVICE OR OTHER CONTENT.

Advertising and Links

TMX accepts advertising from listed companies, brokers and other organizations and receives a fee from their advertising on the Websites. No endorsement by TMX is intended or implied by the presence of such advertising.

As a convenience to our visitors, the Websites currently contain links to a number of websites. The privacy policies and procedures described here do not apply to those websites. We suggest contacting these websites directly for information on their data collection and distribution policies. Your linking to such websites or pages is at your own risk. TMX is not responsible for the accuracy or reliability of any information, data, opinions, advice, or statements made on these sites. TMX provides these links merely as a convenience and the inclusion of such links does not imply that TMX endorses or accepts any responsibility for the content or uses of such websites.

Sponsored Content

The content identified as "From Our Sponsors" has been provided by the sponsor identified in that content, and is provided for informational purposes only. The content is not endorsed by TMX and TMX is not responsible for, and assumes no liability for, any errors or omissions in the content provided or any actions taken in reliance thereon.

Trade-marks

You are not permitted to use any of the trade-marks displayed on the Websites (including without limitation those listed below) without the prior written consent of TMX Group Inc. or the third party that owns the trade-mark.

The following are trade-marks of TSX Inc.:

The Accumulator; AECO 'C' and NIT Bid-Week One-Month Spot Price; AECO 'C' and NIT Daily Spot Price; AECO 'C' and NIT Daily Spot Price (2A); AECO 'C' and NIT Daily Spot Price (4A); AECO 'C' and NIT Daily Spot Price (5A); AECO 'C' and NIT One-Month Spot Price; Alberta Stock Exchange Design; American Venture Exchange; The Asia Pacific Board; The Asian Board; ATX; ATX Access; Bar Chart Design; Bull and Bear Design; Canada's Pacific Rim Stock Exchange; Canadian Best Bid and Offer; Canadian Dealing Network; Canadian Unlisted Board; Canadian Venture Exchange; Capital Moves; Capital Pool Company; CARS; CBBO; CDB; CDEX; CDF; CDNX; CDNX Design; Clarity for Investor Relations; CLS; CPC; CUB; CUB Canadian Unlisted Board Inc. Design; DEX; DEX Design; DOTS Design; échangez avec nous, Equities News; Exchange With Us; Experience • Leadership; FOX; Groupe TMX; HIP; INFOCDNX; Infosuite; Invest with Insight; ir2020; ir2020 Clarity for Investor Relations Design; LinxPointOne; Marchés privés TSX; Market at Play; Market Book; Market-by-Order; Market-by-Price; marketdata.tse.com; MarketDepth; MOC; Money Go Round at Stock Market Place; National Enterprise Exchange; Natural Gas Exchange; Natural Gas Exchange Design; NEX; NGX; NGX AB-NIT Bidweek Index; NGX AB-NIT Day Ahead Index; NGX AB-NIT Month Ahead Index; NGX AB-NIT Month Ahead Index (7A); NGX AB-NIT Same Day Index; NGX AB-NIT Same Day Index (2A); NGX AB-NIT Same Day Index (4A); NGX AB-NIT Same Day Index (5A); NGX Alberta Bid-Week Spot Index; NGX Alberta Daily Spot Index; NGX Alberta Next Day Price; NGX Alberta One-Month Spot Index; NGX Canadian Natural Gas Index; NGX Dawn Daily Spot Index; NGX Dawn One-Month Spot Index; NGX Design; NGX Spectra Station #2 Day Ahead Index; NGX Station #2 Daily Spot Price; NGX Union Dawn Daily Spot Price; NGX Union Dawn Day Ahead Index; NGX Union Dawn Month Ahead Index; NGX Union Dawn One-Month Spot Price; NGX Tradepath; One Success After Another; Public Venture Capital Campaign; S M P; STAMP; Stock Market Place at the TSE; Stock Market Place at the TSE Design; Stock Market Place Bull & Bear Design; Taking it to the Street; This Way Up; TIPS; TIPS 100; TIPS 35; TMX; TMX Argent; TMX Atrium; TMX Datalinx; TMX Design; TMX Extreme Message Transfer Protocol; TMX Group; TMX International; TMX Money; TMX Powerstream; TMX Quantum; TMX Quantum XA; TMX Quantumfeed; TMX Select; TMXnet; Tomorrow's Stock Exchange; Toronto 35 Index; Toronto Stock Exchange; Trade Your Way; TRADECDNX; TSE; TSE 100 Index; TSE 200 Index; TSE 300 Composite Index; TSE CDNX Design; TSE Design; TSE Edge Design; TSE Securities World Design; TSX; TSX Alternative Trade eXecution; TSX Block List Leaders; TSX Compliance Alerts Reporting System; TSX Datalinx; TSX Design; TSX Direct; TSX Firm Order eXecution; TSX Group; TSX Historical Trading Data; TSX IE; TSX Infinity; TSX Intelligence Engine; TSX Intelligence Engine Design; TSX Market On Close; TSX Market Sense; TSX Markets; TSX Network Resources Program & Design; TSX Private Markets; TSX Quantum; TSX Quantum Revolution; TSX Quantum the Speed of Trade & Design; TSX Quantum la Vitesse de Negociation & Design; TSX QuantumFeed; TSX SecureFile; TSX Technologies; TSX Venture 50; TSX Venture 50 Design; TSX Venture Exchange; TSXconnect; TSXPress; TSXV; Waggle; Where the World Trades Canada; XMT; Your Key to Capital.

The following are trade-marks and other marks of Bourse de Montréal:

Analyste attitré en instruments dérivés (AAID); BAX; Bourse canadienne de contrats à terme et options; Bourse canadienne de produits dérivés; Bourse canadienne d'options; Bourse de Montréal Designs; Bourse Verte Canadienne; Bourse Verte de Montréal; CADC; Canadian Annual Derivatives Conference; Canadian Derivatives Exchange; Canadian Futures and Options Exchange; Canadian Green Exchange; Canadian Options Exchange; CAREX; CAREX Marché Canadien de Ressources; CAREX Canadian Resources Exchange; CCAD; CDCS; Certified Derivatives Analyst (CDA); CGB; CGF; CGZ; CIFO; Compensation sur mesure; Conférence canadienne annuelle des dérivés; Converge; Converge Design; Converge Compensation sur mesure & Design; Customized Clearing; Converge Customized Clearing & Design; Derivatives Institute; DTM; FIG; Institut des dérivés; LGB; Logo Dessin étoile / Star Design; MAX, Electronic Trading System for Options; MAX, Système de négociation électronique pour les options; MCWX; MIO; Montreal Automated System (SAM); Montreal Green Exchange; Montreal-By-Price; MPCX; MX; OBW; OBX; OBY; OBZ; OGB; ONX; OIS-MX; SAM; SAM Montreal Automated System Design; SCF; SOLA; SOLA Design; SXA; SXB; SXF; SXH; SXM; SXO; SXY; Système automatisé de Montréal; USX; WCH; WCZ; XCB: Indice bancaire canadien; XCB: The Canadian Banking Index; XCF: Indice canadien des produits forestiers; XCF: The Canadian Forest Products Index; XCI: Indice canadien des biens d'équipement; XCI: The Canadian Industrial Products Index; XCM: Indice canadien des mines et métaux; XCM: The Canadian Mining and Minerals Index; XCO: Indice canadien des hydrocarbures; XCO: The Canadian Oil and Gas Index; XCU: Indice canadien des services publics; XCU: The Canadian Utilities Index; XXM: Indice canadien du marché; XXM: The Canadian Market Portfolio Index; WCH.

The following are the trade-marks of Alpha Trading Systems Limited Partnership: Alpha Group; Alpha Exchange; Alpha Intraspread; Alpha Main; Alpha Venture Plus; Alpha X; Alpha & Design; Dark Match Facility; Dark Order; Intraspread Facility; SDL; Seek Dark Liquidity; Trade Up & Design and are used under license.

The following are trade-marks of BOX Options Exchange, LLC: Boston Options Exchange; BOX Boston Options Exchange Design.

The following are trade-marks of The Canadian Depository for Securities Limited: CDS and CDSX.

The following are trade-marks and other marks of Corporation canadienne de compensation de produits dérivés / Canadian Derivatives Clearing Corporation: CCCPD; CCCPD/CDCC Design; CDCC; CDCS.

The following are trade-marks of Chicago Climate Exchange: Marché climatique de Montréal; MCeX; MCeX Marché climatique de Montréal & Design; MCeX Montréal Climate Exchange & Design; Montréal Climate Exchange.

The following are trade-marks of Natural Gas Exchange Inc.: NetThruput; NetThruput Design.

The following are trade-marks of Razor Risk Technologies Limited: Razor; Razor Risk.

The following are trade-marks of Shorcan Brokers Limited: Shorcan; Shorcan Brokers; Shorcan Energy Brokers.

The following are trade-marks of TMX's Information Providers:

MarketWatch; the MarketWatch logo and BigCharts are registered trade-marks of MarketWatch, Inc.

Dow Jones Indexes is a service mark of Dow Jones & Company, Inc.

ICE is a trade-mark of IntercontentalExchange, Inc. and is used under license.

CanDeal and the CanDeal design are registered trade-marks of CanDeal.ca Inc. and are used under license.

The Canadian Disclosure Network and CNX Marketlink are registered trade-marks of Canada NewsWire Limited.

"S&P", as part of the composite mark of S&P/TSX which is used in the name the S&P/TSX Composite Index, the S&P/TSX 60 Index and other S&P/TSX indices, refers to a trade-mark of Standard & Poor's Financial Services LLC and is used under license by TSX Inc.

Scotia Capital is a registered trade-mark of The Bank of Nova Scotia and is used under license.

iShares is a trade-mark of Barclays Global Investors, N.A.

POSIT is a trade-mark and POSIT Canada is a service mark of the POSIT Joint Venture, a joint venture between Barra POSIT, Inc. and ITG Software, Inc.

INK Research and Page10 are trade-marks of INK Research Corp.

ROGERS, CANADIAN BUSINESS, PROFIT and MONEYSENSE and associated designs are trademarks of Rogers Publishing Limited and may not be used without permission of the owner. Content from the named publications is copyrighted and may not be copied or used for anything other than personal reference without first obtaining written permission from Rogers Publishing Limited.

"VIX", "VIXC" and "VIXCanada" are the trademarks of the Chicago Board Options Exchange ("CBOE"), used by Standard &Poor's Financial Services LLC ("S&P"), TSX Inc. ("TSX") and its affiliates with the permission of CBOE. "S&P" is the trademark of S&P and "TSX" is the trademark of TSX.

Hyperlinks

Unless you have a written agreement in effect with TMX which states otherwise, you may only provide a hypertext link to the Websites on another website, provided that (a) the link must be a text-only link clearly marked "TMX Group Home Page" or "TMXmoney.com Home Page"; (b) the link must "point" to (i.e. link the user directly to) the URL http://www.tmx.com (in the case of the TMX Group Home Page) or the URL http://www.tmxmoney.com (in the case of the TMXmoney.com Home Page) and not to other pages within the Websites; (c) the appearance, position and other aspects of the link may not be such as to damage or dilute the goodwill associated with TMX's name and trade-marks; (d) the appearance, position and other aspects of the link may not create the false appearance that an entity is associated with or sponsored by TMX; (e) the link, when activated by a user, must display the site full-screen and not within a "frame" on the linking website; and (f) TMX reserves the right to revoke its consent to the link at any time in its sole discretion.

No links may be made to or from any of the content provided by Service Providers without their prior written permission.

Non-Confidential Use of Your Postings

Any non-personal communication, comments, ideas or material you post or transmit to TMX is, and will be treated as, non-confidential and non-proprietary. By transmitting or posting any communication or material to the Websites you grant to TMX and all of its affiliates, an unrestricted, irrevocable license to use, reproduce, display, modify, transmit, distribute, publish, broadcast or post your communication for any purpose. You also agree that TMX is free to use any ideas, concepts, know-how or techniques that you send us for any purpose. However, we will not release your name or otherwise publicize the fact that you submitted materials or other information to us unless: (a) you grant us permission to do so; (b) we first notify you that the materials or other information you submit to a particular part of a site will be published or otherwise used with your name on it; or (c) we are required to do so by law.

If you access, use or participate in the Exchange blog, please review the Blog Terms of Use before accessing, viewing or posting comments to the blog.

Protecting Information

We have reasonable security measures in place to protect against the loss, misuse and interception by third parties of the information under our control. However, complete confidentiality and security is not yet possible over the Internet. We assume no liability for any damages you may suffer as a result of loss, interception, alteration or misuse of information you provide us or any information transmitted over the Internet. Please see our Privacy Policy for further details.

Changes to Terms of Use

TMX reserves the right to revise these Terms of Use at any time without notice to you. You are bound by such revisions so we encourage you to visit this page frequently to stay informed.

Website Modification

TMX may change the Websites, including eliminating or discontinuing any content on or made available through the Websites, at any time and in its sole discretion.

Violations of Terms of Use

TMX reserves the right to seek all remedies available at law and in equity for violations of these Terms of Use, including the right to block access from a particular Internet address to our Websites.

Other Countries

The Websites can be accessed from countries around the world other than Canada and may contain references to TMX products, services, and programs that have not been announced in your country. These references do not imply that TMX intends to announce such products, services or programs in your country. TMX makes no representation that the content on the Websites is appropriate or available for use in other locations, and accessing the Websites from territories where its content is illegal is prohibited. Those who choose to access the Websites from other locations do so on their own initiative and their own risk and are responsible for compliance with local laws.

Laws

The Websites (excluding linked sites) are controlled by TMX from its offices within the Province of Ontario, Canada. By accessing the Websites, you and TMX agree that all matters relating to your access to, or use of, the Websites shall be governed by the statutes and laws of the Province of Ontario or the federal laws of Canada, as applicable, without regard to the conflicts of laws principles thereof. You and TMX also agree and hereby submit to the exclusive personal jurisdiction and venue of the courts of the Province of Ontario with respect to any and all matters arising in connection with these Terms of Use.

How to Contact Us

If you have submitted personal information through the Websites or any interactive advertisements, and would like that information deleted from our records, please contact us at our e-mail address webmaster@tmx.com. We will use reasonable efforts to delete this information from our existing files.

YOU ACKNOWLEDGE THAT YOU HAVE READ THESE TERMS OF USE, UNDERSTAND THEM AND AGREE TO BE BOUND BY ALL OF THE TERMS AND CONDITIONS IN THESE TERMS OF USE.

Investor Relations and Related Matters

Caution Regarding Forward-Looking Information

The Websites may contain "forward-looking information" (as defined in applicable Canadian securities legislation) that is based on expectations, assumptions, estimates, projections and other factors that management believes to be relevant as of the date of the content published on the Websites. Often, but not always, such forward-looking information can be identified by the use of forward-looking words such as "plans", "expects", "is expected", "budget", "scheduled", "targeted", "estimates", "forecasts", "intends", "anticipates", "believes", or variations or the negatives of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved or not be taken, occur or be achieved. Forward-looking information, by its nature, requires us to make assumptions and is subject to significant risks and uncertainties which may give rise to the possibility that our expectations or conclusions will not prove to be accurate and that our assumptions may not be correct.

Examples of such forward-looking information include, but are not limited to, factors relating to stock, derivatives and energy exchanges and clearing houses and the business, strategic goals and priorities, market condition, pricing, proposed technology and other initiatives, financial condition, operations and prospects of TMX, which are subject to significant risks and uncertainties. These risks include: competition from other exchanges or marketplaces, including alternative trading systems and new technologies, on a national and international basis; dependence on the economy of Canada; adverse effects on our results caused by global economic uncertainties; failure to retain and attract qualified personnel; geopolitical and other factors which could cause business interruption; dependence on information technology; vulnerability of our networks and third party service providers to security risks; failure to implement our strategies; regulatory constraints; risks of litigation; dependence on adequate numbers of customers; failure to develop or gain acceptance of new products; currency risk; adverse effect of new business activities; not being able to meet cash requirements because of our holding company structure and restrictions on paying dividends; dependence and restrictions imposed by licenses and other arrangements; dependence of trading operations on a small number of clients; new technologies making it easier to disseminate our information; risks associated with our clearing operations; challenges related to international expansion; restrictions on ownership of TMX shares; inability to protect our intellectual property; dependence on third party suppliers; adverse effect of a systemic market event on our derivatives business; risks associated with the credit of customers; cost structures being largely fixed; risks associated with integrating the operations, systems, and personnel of new acquisitions; and dependence on market activity that cannot be controlled. Actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking information contained on the Websites.

Such 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 to successfully compete against global and regional marketplaces; business and economic conditions generally; exchange rates (including estimates of the U.S. dollar - Canadian dollar exchange rate), the level of trading and activity on markets, and particularly the level of trading in TMX's key products; the continued availability of financing on appropriate terms for future projects; productivity at TMX, as well as that of TMX's competitors; market competition; research & development activities; the successful introduction of new derivatives and equity products; tax benefits/changes; the impact on TMX and its customers of various regulations; TMX's 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 on each individual page of content or documents included on the Websites. 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 above-mentioned items is contained in our most recent Annual MD&A under the heading Risks and Uncertainties.

Investor Relations information

The information posted to the Investor Relations section of the Websites is maintained by the Chief Financial Officer of TMX Group. All information posted to the Investor Relations section of the Websites was accurate at the time of posting, but may be superseded by subsequent disclosures made by TMX Group. TMX Group does not assume any duty of disclosure beyond that which is required by law. For TMX Group official investor disclosure documents, please see the TMX Group filings made with Canadian securities regulators at www.sedar.com.

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