TMX GROUP LIMITED 2025 Annual Sustainability Report Where Business Meets Purpose
Report Contents 2 Message From Our CEO 10 Sustainability Pillar: Prosperity 32 Appendix A: SSE Initiative-Aligned Activities 3 About TMX Group Building Resilience 33 Appendix B: Climate-Related Risk & Opportunity Data 4 About This Report Channeling Transition Capital 34Appendix C: TCFD Index Sustainability Reporting at TMX Evolving Products and Services 35 Appendix D: Our Emissions Data Additional Resources 14 Sustainability Pillar: Planet 37 Appendix E: TSX Trust OSFI B-15 Disclosures 5 Sustainability Strategy Leading by Example 45 Appendix F: Social Data Sustainability Pillars Protecting Healthy Ecosystems 48 Appendix G: Governance Data Stakeholder Engagement Shaping Public Policy 54 Appendix H: SASB Data Materiality Assessment 24 Sustainability Pillar: People 58 Endnotes Sustainability Risk Management Workforce Representation 9 Sustainability Governance Inclusive Practices Client, Market & Community Impact
A Message From Our CEO Prosperity Sustainable long-term growth and enabling the scaling of climate solutions Planet Demonstrating sustainability performance that supports a healthy natural environment People Fostering a fair, diverse and inclusive culture of belonging for our people, communities and markets On behalf of TMX Group, I am pleased to present our 2025 Sustainability Report, highlighting our progress in advancing TMXʼs sustainability strategy across the enterprise. TMX occupies a unique position at the centre of the economy: operator of Canadaʼs premier equities and derivatives markets, Toronto Stock Exchange, TSX Venture Exchange, and Montreal Exchange as well as the critical clearing and data capabilities that enable the financial ecosystem. TMX Groupʼs unifying purpose is to make markets better and empower bold ideas. This is more than a tagline: it is a firm commitment to ensuring that the markets we operate remain robust and resilient into the future, enabling growth across a diverse, interconnected ecosystem of stakeholders, rooted in a commitment to preserving the core capital markets principles of market integrity, fairness, and transparency while building new capabilities and solutions for serving private companies. Our sustainability strategy is a direct reflection of this purpose and our responsibility as corporate citizens. In 2025, we made significant strides within each of our three strategic pillars: Prosperity (enabling the scaling of climate solutions), Planet (supporting a healthy natural environment), and People (fostering a culture of belonging). In a landmark step for our environmental commitment, this report introduces TMXʼs first emissions reduction targets. These science-aligned targets formalize our commitment to reducing our operational carbon footprint and align our business with a net-zero future. We also reached meaningful milestones in our Indigenous reconciliation journey, including the publication of our Reconciliation Action Plan and the establishment of new Indigenous procurement guidelines. In November, we celebrated Canada Climate Week Xchange™, or CCWX™. The successful inaugural year featured nearly 100 events held across the country, inspiring critical collaboration across regions and industries to help advance climate-related solutions. The achievements outlined in this report are driven by the dedicated efforts of our people, and I want to thank our employees for their unwavering commitment to excellence. I encourage you to read TMX Groupʼs 2025 Annual Sustainability Report to learn more about our progress to date, and our path forward. Thank you for your continued support. Sincerely, John D. McKenzie Chief Executive Officer TMX Group Limited May 5, 2026 REPORT CONTENTS ABOUT THIS REPORT SUSTAINABILITY STRATEGY SUSTAINABILITY GOVERNANCE PROSPERITY PLANET PEOPLE APPENDICES 2 | TMX GROUP 2025 ANNUAL SUSTAINABILITY REPORT
About TMX Group TMX Group operates global markets, and builds digital communities and analytic solutions that facilitate the funding, growth and success of businesses, traders and investors. TMX Groupʼs key operations include Toronto Stock Exchange, TSX Venture Exchange, TSX Alpha Exchange, The Canadian Depository for Securities, Montréal Exchange, Canadian Derivatives Clearing Corporation, TSX Trust, TMX Trayport, TMX Datalinx, TMX VettaFi and TMX Newsfile which provide listing markets, trading markets, clearing facilities, depository services, technology solutions, data products and other services to the global financial community. TMX Group is headquartered in Toronto and operates offices across North America (Montréal, Calgary, Vancouver and New York), as well as in key international markets including London, Singapore and Vienna. For more information about TMX Group, visit www.tmx.com. Follow TMX Group on X: @TMXGroup. Please contact TMX Group if you have any additional questions or require further clarification. General Inquiries 300-100 Adelaide St. West, Toronto, ON M5H 1S3 T +1 888 873-8392 info@tmx.com Purpose We make markets better and empower bold ideas Mission We power capital and commodity markets with client-centric, technologydriven global solutions Vision To be an indispensable solution for companies around the world to raise capital and the preferred destination for traders and investors to prosper REPORT CONTENTS ABOUT THIS REPORT SUSTAINABILITY STRATEGY SUSTAINABILITY GOVERNANCE PROSPERITY PLANET PEOPLE APPENDICES 3 | TMX GROUP 2025 ANNUAL SUSTAINABILITY REPORT
About This Report Sustainability Reporting at TMX This report presents information on TMX Group Limitedʼs sustainability strategy and its performance related to environmental, social and governance issues for the financial year ended December 31, 2025. Throughout the report, “TMX Group,ˮ “TMXˮ or “weˮ or “usˮ or “ourˮ refers to TMX Group Limited. In the pages that follow, we detail the progress we made in 2025 on implementing TMXʼs sustainability strategy, fulfilling our commitment to measuring and regularly reporting social and environmental impacts, and in particular, to continuing to improve the quality of our data. We regularly monitor the development of sustainability reporting regulations, standards and frameworks for their relevance and usability, along with the expectations of our stakeholders regarding these standards. Our disclosures are informed by and aligned with the Task Force on Climaterelated Financial Disclosures (TCFD), the Sustainability Accounting Standards Board (SASB) and our reconciliation tables can be found in Appendix C and H. In this report, we published our first science-aligned emissions reduction targets using the methodology set out in the Science Based Targets initiative (SBTi) Corporate Net-Zero Standard V2 (Draft)1. We also continued refining our carbon emission accounting exercise by further improving inventory quality and quantification processes as set out in the Planet section. We also maintained our participation in the annual S&P Global Corporate Sustainability Assessment and CDP Corporate Questionnaire. The performance data footnotes include commentary regarding recalculations or data changes, where applicable. All amounts in this document are in Canadian dollars unless otherwise noted. Certain sections of this report may contain forward-looking information as detailed in Endnotes. Additional Resources This report is focused on the performance, activities and operations of TMX Group that support our sustainability strategy. It complements information on the results of our operations and financial condition in our 2025 Annual Report and our governance and executive compensation information in our 2026 Management Information Circular. Our sustainability reports from previous years are available under our Sustainability at TMX page. REPORT CONTENTS ABOUT THIS REPORT SUSTAINABILITY STRATEGY SUSTAINABILITY GOVERNANCE PROSPERITY PLANET PEOPLE APPENDICES 4 | TMX GROUP 2025 ANNUAL SUSTAINABILITY REPORT 1 SBTi Corporate Net-Zero Standard Version 2.0, Draft for Second Public Consultation, November 2025
Sustainability Strategy We continue to advance our sustainability strategy “where business meets purposeˮ, that is aimed at driving progress and sustainable growth through the lens of three pillars: prosperity, planet and people. We believe this approach furthers our purpose to make markets better and empower bold ideas and is anchored in meeting the needs of our stakeholders now and in the future. Viewing sustainability in this way means continuously working toward integrating sustainable practices into every part of our operations while maintaining focus on our financial performance and supporting our desire to increase our global reach. Sustainability Pillars Prosperity Planet People Sustainable long-term growth and enabling the scaling of climate solutions Demonstrating sustainability performance that supports a healthy natural environment Fostering a fair, diverse and inclusive culture of belonging for our people, communities and markets Building a sustainable TMX that enables climate action both by supporting issuers through the transformation of the economy and by channeling capital toward sustainable pursuits. Setting an example by reducing our carbon footprint and collaborating with partners to support healthy natural ecosystems that form the basis of economic value creation and human life. Nurturing the diversity of our workforce through an inclusive culture of belonging that creates value for our business and our stakeholders by empowering our communities and building diverse markets. • Building resilience • Leading by example • Workforce representation • Channeling transition capital • Protecting a healthy natural environment • Inclusive practices • Evolving products and services • Shaping public policy • Client, market & community impact REPORT CONTENTS ABOUT THIS REPORT SUSTAINABILITY STRATEGY SUSTAINABILITY GOVERNANCE PROSPERITY PLANET PEOPLE APPENDICES 5 | TMX GROUP 2025 ANNUAL SUSTAINABILITY REPORT
Stakeholder Engagement We continue to engage with our stakeholders to better understand the sustainability issues that are most significant to them. This broad range of perspectives ensures that we can adapt our sustainability initiatives to serve evolving needs and trends. In keeping with our desire to lead in an authentic and purposeful manner, we are balancing this broad range of perspectives with the results of an updated and expanded materiality assessment conducted in early 2025 which are summarized in Materiality Assessment. TMX GROUP LEADERSHIP • Board of directors • Governance and regulatory oversight committee • Human resources committee • Audit committee • Senior management team • Operating committee • Transformation committee CLIENTS AND CUSTOMERS • Sustainability products and tools • Education resources & webinars • Conferences and meetings • Opinion surveys • ESG data and analytics REGULATORS AND GOVERNMENTS • Public policy discussions and advocacy • Standard setting organizations and regulators • Conferences, panels and roundtables • Association memberships OUR PEOPLE • All-employee meetings and town halls • Employee engagement surveys • Intranet and events (in-person and virtual) • Learning and development programs • Performance evaluations • Whistleblower hotline SHAREHOLDERS • Investor outreach, presentations and meetings • Roadshows and conferences • Investor relations website • Annual meeting of shareholders • Quarterly investor calls • Investor surveys OUR COMMUNITIES • Community investment and partnerships • Team Impact and employee volunteering • Market ceremonies • Conferences and events REPORT CONTENTS ABOUT THIS REPORT SUSTAINABILITY STRATEGY SUSTAINABILITY GOVERNANCE PROSPERITY PLANET PEOPLE APPENDICES 6 | TMX GROUP 2025 ANNUAL SUSTAINABILITY REPORT
Materiality Assessment In 2025, with the support of a third party, we updated our previous climate-specific materiality assessment and expanded it to include a broader suite of sustainability topics. The identification of material topics was informed by the International Sustainability Standards Boardʼs (ISSB) standard (IFRS S1) definition of materiality; however, these topics may not be financially material to TMX. The assessment involved both internal and external stakeholders engagements, prior materiality assessment, research and benchmarking. The results will allow us to ensure that our sustainability disclosures, strategy and initiatives are aligned with our enterprise strategy and anchored in material sustainability topics. The output of the assessment also confirmed the continued relevance of the previously identified material risks and opportunities that informs the scope of our disclosures. We will continue to assess and report our material topics to ensure they accurately reflect the key issues of our stakeholders and, that we can adequately mitigate evolving risks and evaluate arising opportunities. To help us prioritize our sustainability initiatives, we have mapped these risks and opportunities, considering their significance to TMXʼs business success and importance to our stakeholders. Importance to Stakeholders Highest Priority Topics • Cybersecurity & Data Privacy • Technology & Operational Resilience High Priority Topics • Corporate Governance • Human Capital • Reputation Priority Topics • Sustainable Finance • Digital Innovation & Artificial Intelligence • Human Rights • Client Preferences & Experience • Geopolitical & Policy • Health & Safety • Climate Risk Management • Regulation & Compliance • Acquisition & Integration Significance to TMX Business Success REPORT CONTENTS ABOUT THIS REPORT SUSTAINABILITY STRATEGY SUSTAINABILITY GOVERNANCE PROSPERITY PLANET PEOPLE APPENDICES 7 | TMX GROUP 2025 ANNUAL SUSTAINABILITY REPORT TMX Group Sustainability Materiality Matrix
Sustainability Risk Management TMX provides essential services to Canadian capital and global commodity markets. Effectively and consistently managing risks and objective certainty is fundamental to our ability to execute on our enterprise and business strategies. Enterprise risk management facilitates and supports the businesses in meeting their objectives to ensure the outcomes of these activities are transparent and understood, consistent with our risk appetite, appropriately balance risk and reward, and serve as inputs into the enterprise strategy formulation process. For information about our risk management principles, our Objective Centric Risk Management (OCRM) approach and the governance of risk at TMX, please refer to pages 66 to 68 of our 2025 Annual Report and page 30 of our 2026 Management Information Circular. We continue to integrate sustainability objectives and initiatives into our core objectives to manage and respond to key and emerging sustainability and climate risks and opportunities in the long and short-term. Through our OCRM process, we assess sustainability-related risks against our strategic objectives and their sustainability components. This is reinforced by a clear sustainability-specific risk appetite and defined sustainability risk ownership across all organizational levels. Key sustainability risks identified in our recent sustainability materiality assessment, include those related to Cybersecurity and Data Privacy, Technology and Operational Resilience, Corporate Governance, Reputation, Digital Innovation and Artificial Intelligence, and Geopolitical and Policy2. Recognizing that the complex evolution and accelerated pace of change in society, business, and disclosures can impact our ability to attract and retain listings, we prioritize proactive stakeholder engagement through feedback mechanisms, partnerships and materiality assessments. Furthermore, we are enhancing our adaptability by implementing robust horizon scanning and scenario planning, investing in sustainable innovation and technology, and fostering continuous improvement in sustainability risk management. These processes allow us to address these risks and create long-term value. REPORT CONTENTS ABOUT THIS REPORT SUSTAINABILITY STRATEGY SUSTAINABILITY GOVERNANCE PROSPERITY PLANET PEOPLE APPENDICES 8 | TMX GROUP 2025 ANNUAL SUSTAINABILITY REPORT 2 Please refer to our 2025 Annual Report on p. 68 and the following for a more comprehensive list of the top material risks to TMX Groupʼs business.
Sustainability Governance Responsibility for the oversight of sustainability is included in the charter of our Board of Directors (Board) as well as three standing committees of the Board that each have various sustainability-related responsibilities. To align our approach across the enterprise and drive the operationalization of our sustainability strategy across TMX, our governance framework sets out responsibilities for senior management-level committees (which oversee and support a coordinated, enterprise-wide approach to sustainability) and our sustainability enterprise team and cross-business working groups that execute and implement our sustainability strategy on a day-to-day basis. BOARD OVERSIGHT SENIOR EXECUTIVE OVERSIGHT IMPLEMENTATION Governance and Regulatory Oversight Committee (Charter) Senior Management Team Strategy Committee (Chair: Chief Executive Officer) Sustainability Enterprise Team (Lead: VP, Governance and Sustainability) Oversees sustainability and ESG reporting and, supported by Enterprise Risk Management, sustainability and climate-risk related risks. Sets enterprise strategy, aligns required resources for its execution and regularly reports on progress to the Board and committees. Coordinates and monitors sustainability strategy implementation and oversees sustainability disclosures and communications. TMX Group Board of Directors (Charter)3 Human Resources Committee (Charter) Operating Committee (Sponsor: Chief Financial Officer)4 Sustainability & Climate Council (Chair: Head, Sustainability and ESG Strategy)5 Oversees sustainability strategy and sustainability and climate-related objectives, risks and opportunities. Oversees executive compensation, ESG objectives and ED&I.6 Monitors overall operational resilience including the management of sustainability and climate related risks. Executes and delivers on sustainability and climate strategy. Audit Committee (Charter) Transformation Committee (Sponsors: Chief Financial Officer and Chief Information Officer) Equity, Diversity & Inclusion Council (Sponsors: Chief Executive Officer and Chief Human Resources Officer) Oversees sustainability and climate related risk management. Establishes priorities and oversees the execution of operational excellence and innovation initiatives aligned with strategic objectives, including sustainability and climate-related opportunities. Employee-led body developing and supporting the execution of programs and policies supporting the ED&I strategy. REPORT CONTENTS ABOUT THIS REPORT SUSTAINABILITY STRATEGY SUSTAINABILITY GOVERNANCE PROSPERITY PLANET PEOPLE APPENDICES 9 | TMX GROUP 2025 ANNUAL SUSTAINABILITY REPORT 3 Please refer to page 41 of our 2026 Management Information Circular for information on our Boardʼs various areas of expertise including sustainability. Additional information regarding the Board can also be found in Appendix G. 4 Renamed from the Executive Operating and Risk Committee, the Operating Committee will focus on enterprise operations and risk management. Complementing this work, the new Transformation Committee was created to promote innovation, continuous improvement and enterprise-wide operational excellence. 5 Implementation was delayed to 2026, to align with the release of emissions-reduction targets. 6 Please refer to page 53 of our 2026 Management Information Circular for information on how sustainability is integrated into executive compensation at TMX.
Sustainability Pillar: Prosperity Building Resilience TMX Group plays a central, facilitating role in Canadaʼs economic transition to a low-carbon future, while prioritizing revenue growth for shareholders. This involves enhancing issuersʼ resilience to shifting market conditions, attracting new listings by fostering capital flow opportunities, and supporting access to capital for the financing and scaling of decarbonization technologies. We are committed to ensuring that companies, especially small and medium enterprises (SMEs) who represent the majority of our public companies, can access the capital necessary to fuel innovation and future economic growth. Supporting the Sustainable Growth of Companies Operating an exchange such as TSX Venture Exchange (TSXV), designed specifically for SMEs, is recognized by the United Nations Sustainable Stock Exchanges (SSE) Initiative as an activity in advancement of sustainability in the markets in which we operate (see also Appendix A). TSXV also offers specialized structures, policies and programs to support and promote venture and growth stage companies active in all sectors, including those that support the lowcarbon transition (mining, cleantech, renewable energy), to access public markets earlier in their life cycle. • TSX lists approximately 2,090 issuers and funds while TSXV features more than 1,530 growth stage companies • Over 780 companies have graduated from TSXV to TSX since inception and graduates currently comprise 22% of S&P/TSX Composite Index* issuers • More than $33.3 billion of equity capital was raised on TSX and TSXV in 2025 Promoting Transparent and Efficient Capital Markets TSX and TSXV implement rules, policies and other similar instruments around governance and disclosure for our issuers. Our quality standards for our issuers are layered on top of requirements under securities law and corporate law to ensure our exchanges operate in a manner consistent with the public interest, which includes protecting our clients and capital markets stakeholders from unfair or improper practices and fostering fair and efficient capital markets. REPORT CONTENTS ABOUT THIS REPORT SUSTAINABILITY STRATEGY SUSTAINABILITY GOVERNANCE PROSPERITY PLANET PEOPLE APPENDICES 10 | TMX GROUP 2025 ANNUAL SUSTAINABILITY REPORT Useful Links: • TSX Venture Exchange • Capital Pool Company® program • TSX Venture 50® recognition program • Canadian Climate Investor Conference
Channeling Transition Capital Canadaʼs economy is strongly linked to its natural resources, which are essential to its GDP. As the worldʼs energy systems evolve, Canadaʼs resources remain a crucial asset. The global move toward electrification increases the need for resources like copper, silver, platinum, manganese, and uranium for energy modernization; as well as lithium, cobalt, and nickel. Concurrently, growing global population fuels demand for potash to ensure adequate food production. Canadian energy resources, including oil, natural gas, and hydrogen, produced responsibly, are key to global energy security and can support emissions reductions internationally during the transition to lower-carbon energy. Climate Related Opportunities Our businesses and issuers are well positioned to be at the forefront of this transition, and TMX Group is focused on supporting transition capital opportunities that will help finance and scale climate solutions and economic growth7. Our sustainable business growth objectives include: • Expanding our global reach to attract clients across all sectors • Accelerating growth in key sectors, including innovation, clean technology, and renewable energy, while maintaining our focus on the resource sector • Supporting the energy sectorʼs decarbonization and lowcarbon mineral issuers Our commitment to building support for these sectors extends to connecting issuers and leading private companies with retail and institutional investors through recurring cleantech investor conferences: • TSX Cleantech Investor Day: Leading public and private cleantech companies presenting to institutional investors • Annual Canadian Clean Energy Conference: Institutional investor meetings hosted in partnership with National Bank Financial Markets in London, UK • Canadian Climate Investor Conference: Concerted effort to connect issuers with retail investors and build the retail investor base for the cleantech and renewable energy sector over the long-term REPORT CONTENTS ABOUT THIS REPORT SUSTAINABILITY STRATEGY SUSTAINABILITY GOVERNANCE PROSPERITY PLANET PEOPLE APPENDICES 11 | TMX GROUP 2025 ANNUAL SUSTAINABILITY REPORT 7 For more information on how we track climate-related risks and opportunities, consult Appendix B.
Governance and Sustainability Resources for Issuers TSX and TSXV are committed to supporting all our issuers by promoting strong corporate governance and sustainability practices. This includes guiding companies towards providing comparable, decision-relevant, standardized ESG disclosure, leveraging globally recognized standards and frameworks and advocating on behalf of its issuers for guidelines well adapted to the Canadian ecosystem. We provide issuers with resources, facilities and educational opportunities to assist them in navigating through various regulatory requirements and investor expectations. Such tools also align with the recommendations of the SSE. INITIATIVE DESCRIPTION ESG 101 Resource Hub Central repository of resources, guides, articles, and events from leading experts, peers and agencies on sustainability topics including Indigenous relations and modern slavery. TMX Director & Officer Open Registry™ TMX DOOR™ is a centralized platform designed to connect experienced and diverse candidates with leadership opportunities, and help provide critical data insights into board and management diversity trends. As an initial step, TSX and TSXV introduced a comprehensive self-identification candidate survey form, covering a range of criteria including gender, ethnicity, professional designation, and industry experience, to build a rich and deep pool of qualified board and executive management team candidates. Sustainability Reporting Guidance The Sustainability Reporting Practices for New Reporters provides general guidance and is supplemented by the TMX ESG Template, a basic reporting template based on leading frameworks. Growth Accelerator Education Program Complimentary one-on-one education and mentorship program including both a Governance and an ESG module. REPORT CONTENTS ABOUT THIS REPORT SUSTAINABILITY STRATEGY SUSTAINABILITY GOVERNANCE PROSPERITY PLANET PEOPLE APPENDICES 12 | TMX GROUP 2025 ANNUAL SUSTAINABILITY REPORT
Evolving Products and Services By expanding our sustainability offerings, TMX Group can help issuers and investors improve their sustainability performance and increase the visibility of high-performing, innovative sustainability leaders to investors. Leveraging our market infrastructure and the TMX ESG Data Hub, TMX Group facilitates capital allocation to green and transition activities. TMX Group also provides a range of products and services for issuers and investors to manage sustainability exposure. PRODUCT / SERVICE DESCRIPTION The Voluntary Climate Marketplace (TVCM) TVCM, operated by IncubEx and underpinned by TMX Trayport's platform, offers market access to trade voluntary carbon offsets. TVCM connects to leading, global registries through a low cost, open access marketplace where corporate buyers purchase verified carbon offset credits, selecting from attributes aligned with their bespoke objectives. TVCM participants place live bids and offers into the market with transparent pricing. TMX ESG Data Hub Working with leading data and analytics providers, the TMX ESG Data Hub delivers sustainability data to global clients in support of ESG integration in investment decision-making processes. Our content offering now includes impact ratings, underlying environmental and impact data, net-zero alignment datasets, company screening and controversies, news and events, biodiversity, physical asset data and climate analytics. Sustainability-related indices We offer sustainability-related indices administered through our partnership with S&P Dow Jones Indices and our indexing division, TMX VettaFi, for example: • S&P/TSX Energy Transition Materials Index* tracks the performance of North American listed securities engaged in mining, exploration, or manufacturing of energy transition materials. • S&P/TSX Renewable Energy and Clean Technology Index* measures performance of TSX-listed companies whose core business is the development of green technologies and sustainable infrastructure solutions. • TMX VettaFiʼs Canadian Council for Indigenous (PAIR) Business Index tracks companies committed to improving Indigenous Relations. Sustainable derivatives and stocklists Montreal Exchange (MX), our derivatives trading business, offers equity options and share futures on all of the constituents of select sustainability related indices and sustainability index futures. TMX Money® helps retail investors research and discover companies that are listed on TSX and TSXV as well as sustainability-related TSX-listed funds such as WiG Parity Certified, PAIR Certified, PAIR Committed companies. REPORT CONTENTS ABOUT THIS REPORT SUSTAINABILITY STRATEGY SUSTAINABILITY GOVERNANCE PROSPERITY PLANET PEOPLE APPENDICES 13 | TMX GROUP 2025 ANNUAL SUSTAINABILITY REPORT
Sustainability Pillar: Planet Leading by Example Decarbonizing the global economy is essential for long-term economic value creation and to sustain human life. From our position at the centre of Canadaʼs capital markets, we are committed to leading by example by continuing to integrate sustainability into our enterprise strategy, develop a climate transition plan to progress towards our emissions reduction targets and collaborate with stakeholders to support healthy ecosystems. Management of Climate Related Risks Our governance and enterprise risk management allows us to continuously manage climate-related risks and opportunities and help deepen and accelerate the integration of sustainability goals and objectives to the overall enterprise strategy and within each business unit. By proactively identifying issues most relevant to TMX Group and our stakeholders, we can respond and plan appropriately to address these risks. We assess the potential impact of physical and transition risks and opportunities from climate change based on time horizons of short-term (2 years), medium-term (5 years) and long-term (10 years). RISK TYPE DESCRIPTION MITIGATION & APPROACH TO RISK Physical Risk Acute and Chronic On a short-term and longer term basis, the increased severity of extreme weather events such as flooding, hurricanes, wildfires, cold or heat waves resulting from climate change could lead to power supply disruptions to key market infrastructure such as data centers and cloud infrastructure and/or create physical workplace access issues for employees. On a longer time horizon, changes in long-term climate conditions, including sea-level rise, changing patterns of precipitation, temperature or wind, could disrupt the production or operations of our listed issuers impacting their financial performance, with negative impacts to our business. We have a robust Business Resilience Management program to respond to disruptions when they arise. TMX Groupʼs Business Continuity Plans are designed to ensure continuous operations in the face of natural disasters and other physical risks associated with climate change. It is reviewed, at minimum, on an annual basis and more frequently if required. In addition to having a full back-up data centre which replicates our production data centre for technology resiliency, TMXʼs critical business operations are split between alternate office locations to provide redundancy if one of the sites cannot continue to operate, and TMX's global networks operate with a Point of Presence in the primary and secondary data centres of critical markets. REPORT CONTENTS ABOUT THIS REPORT SUSTAINABILITY STRATEGY SUSTAINABILITY GOVERNANCE PROSPERITY PLANET PEOPLE APPENDICES 14 | TMX GROUP 2025 ANNUAL SUSTAINABILITY REPORT
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, TSX and TSXV 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 TSX and TSXV: 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 (TSX & TSXV) 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0% 10% 20% 30% 40%
RISK TYPE DESCRIPTION MITIGATION & APPROACH TO RISK Transition Risk Policy & Legal Enhanced climate reporting obligations: mandated sustainability and climate disclosure obligations could have a varying impact on our issuers depending on the construct and timing of the requirements. Enhanced public company reporting obligations may result in a decrease in attractiveness in listing publicly due to increased compliance costs. A decrease in new listings or increase in de-listings may negatively impact our business. Emissions reduction policies: more stringent emissions reduction policies such as carbon pricing and enduring uncertainty relative to these policies can impact our issuers and level of investments in Canada. TMX Group has developed products and services to support issuers in addressing evolving stakeholder expectations on climate and sustainability disclosures, recognizing that comprehensive and robust disclosures are critical to overall market resilience and capital markets investor protection. Through our regulatory compliance management process, client and policy engagements, and industry forum participation, we continue to monitor new and emerging climate-related requirements and update our processes, policies and frameworks as necessary. TMX Group continues to advocate on the role of Canadian capital markets in addressing climate change as well as the specific issues faced by public market participants (e.g., sustainability and climate disclosures, harmonization of standards). Reputation Given our central position in the capital markets ecosystem, TMX Group has a critical role as thought leader and enabler in supporting Canadian capital markets and our clients through the transition to a lower carbon economy as well as addressing other sustainability needs. Failure to address this shift and demonstrate leadership may impact our reputation and the attractiveness of our markets to Canadian and global investors. Our credibility as a sustainability and climate leader rests in part on our ability to demonstrate sustainability performance which includes managing our carbon footprint. Lack of strong execution and integration of acquisitions could lead to duplication of systems and physical footprint resulting in incremental carbon footprint. In addition, the rapid adoption of artificial intelligence may result in increased energy consumption that can impact our ability to manage our GHG emissions. While we continue to integrate climate change considerations into our strategic and investment considerations, we actively manage climate risks and opportunities through our enterprise risk management practices. We recognize the unique position of TMX Group in Canadian capital markets and the role we play in supporting our issuers as public companies promoting strong sustainability practices. We seek to lead by example by setting emissions reductions targets, improving our carbon footprint measurements and management and by supporting issuers in addressing climate change to further investor confidence in Canadian capital markets. We publish annual sustainability reports, support the development of a global baseline for sustainability and climate disclosures and provide education and services for issuers and investors to provide the marketplace with decision-relevant information. REPORT CONTENTS ABOUT THIS REPORT SUSTAINABILITY STRATEGY SUSTAINABILITY GOVERNANCE PROSPERITY PLANET PEOPLE APPENDICES 16 | TMX GROUP 2025 ANNUAL SUSTAINABILITY REPORT
Our GHG Emissions In 2025, we remained focused on improving the manner in which we measure our emissions and on continuously improving the quality of our data. With the support of a third-party service provider, we inventoried our 2025 carbon emissions in accordance with the Greenhouse Gas Protocol Corporate Standard (“GHG Protocolʼʼ) and, with the goal of setting emissions reductions targets in mind, we have further aligned our scope 3 reporting with the GHG Protocol Corporate Value Chain Scope 3 Standard. In preparation for setting emissions reduction targets that are aligned with the latest climate science and the methodology set out in the draft SBTi Corporate Net-Zero Standard V2, we implemented various methodological refinements to our carbon accounting practices. Our organizational boundaries were updated to reflect the acquisitions of ETF Stream and Verity on June 17 and October 1, 20259, respectively, and the emissions associated with these new entities were included in this inventory. The most significant changes result from the inclusion of more granular and expanded datasets and the growing integration of activity and supplier-specific data, as well as year-over-year expense growth. These combined changes have led us to recalculate our 2024 and 2023 figures to ensure year-over-year data is comparable. The inventory summary includes Scope 1, Scope 2 and Scope 3 emissions from the categories applicable to TMX10. We follow the “operational controlˮ consolidation approach of the GHG Protocol to determine our GHG accounting boundary which includes all known TMX offices and facilities. INVENTORY CATEGORY ACTIVITY (tCO2e) 2025 2024 2023 % VARIATION FROM 2024 Scope 1 Stationary Combustion 80 95 110 -16% Scope 2 (Market-Based) Electricity 2,417 2,225 2,368 9% Scope 3 Indirect Emissions 22,647 20,118 17,877 13% Total Gross Emissions (Market-Based) 25,144 22,439 20,354 12% Emissions Intensity tCO2e per Headcount 10.8 10.0 10.5 8% tCO2e per Revenue ($ million) 11 14.6 15.4 17.0 -5% 2025 Carbon Emissions by Scope Scope 1 Scope 2 Scope 3 REPORT CONTENTS ABOUT THIS REPORT SUSTAINABILITY STRATEGY SUSTAINABILITY GOVERNANCE PROSPERITY PLANET PEOPLE APPENDICES 17 | TMX GROUP 2025 ANNUAL SUSTAINABILITY REPORT 9 TMX Group, TMX VettaFi Acquires ETF Stream [Press Release], 2025-06-17 and TMX Group Acquires Verity [Press Release], 2025-10-01 10 A comprehensive view of our inventory, inclusive of detailed methodological changes is provided in Appendix D. 11 TMX Group reported 2025 revenue, p.16 of our 2025 Annual Report. 90.1% 9.6% 0.3%
2025 Inventory Highlights The key driver behind the 16% year-over-year reduction of our Scope 1 emissions is associated with reduced diesel consumption from our generators during testing and scheduled maintenance events. Our generators are critical components of our business continuity program and must be tested regularly. The 9% increase in our Scope 2 emissions from 2024 is partly due to the integration of recent acquisitions, which align with our growth strategy. In 2025, we temporarily had a surplus of facilities for some business units as we moved them into new, centralized office locations. This transitional period, however, supports our long-term real estate strategy of centralizing activities, enhancing resource efficiencies, and mitigating the overall growth of our footprint. The increased reported energy consumption from property managers at some locations also contributed to this rise. Breakdown of 2025 Scope 3 Emissions Waste Generated in Operations Fuel and Energy Related Activities Capital Goods Business Travel Employee Commuting Purchased Goods & Services The process improvements implemented in 2025 and greater alignment with the GHG Protocol and SBTi methodologies are the basis for the growth of reported emissions, particularly as it relates to Purchased Goods and Services and Capital Goods. We expect that ongoing data quality enhancements may contribute to future recalculations of our emissions as we continue to align with the latest reporting best practices. We continued to engage staff from all of our office locations in voluntarily sharing information in our 2025 Employee Commuting Survey to inform our Employee Commuting emissions calculations. The year-over-year increase in emissions can be attributed to higher participation rates, providing a more comprehensive and representative view of our workforce's actual travel patterns. REPORT CONTENTS ABOUT THIS REPORT SUSTAINABILITY STRATEGY SUSTAINABILITY GOVERNANCE PROSPERITY PLANET PEOPLE APPENDICES 18 | TMX GROUP 2025 ANNUAL SUSTAINABILITY REPORT 4.63% 84.17% 3.84% 2.29% 4.01% 0.55% 0.39% Upstream Leased Assets Downstream Leased Assets Downstream Transportation & Distribution Upstream Transportation & Distribution 0.0001% 0.05% 0.06% 0.01% Investments
Protecting Healthy Ecosystems Recognizing the interdependence of continued economic growth, healthy ecosystems, and climate resilience, we are committed to reducing our emissions by developing a climate transition plan. We also believe that strong and transparent carbon markets, such as TVCM powered by TMX Trayport, play a vital role in enhancing global ecosystem health. Our Emissions Reduction Targets Advancing on our commitment to building a sustainable TMX and setting an example by reducing our emissions, we are proud to announce our first near-term emissions reduction targets along with our long-term ambition to reach net-zero GHG emissions across our operations and value chain by 2050. This ambition is approved and overseen by our board of directors and integrated within our sustainability governance structure to ensure alignment with our overall enterprise strategy. We are committed to advancing our climate strategy through rigorous, data-driven targets. To ensure our emissions reduction trajectory is consistent with the global goal of limiting warming to 1.5oC and that our targets are grounded in the latest climate science, we have elected to align our targets with the newest draft version of the Science Based Targets initiative (SBTi) Corporate Net-Zero Standard (V2)12. Aligning with this global framework and its technical criteria allows TMX to provide stakeholders with transparent and comparable data. Given our emissions profile and to credibly align with a low-carbon future, our targets span all emission scopes. From a 2025 baseline year, we have set the following targets: 2026 2030 2031 2040 2050 Ongoing emissions Value chain emissions SCOPE 3 Direct emissions SCOPE 1 Indirect emissions SCOPE 2 Net-Zero Ambition Commit to neutralizing at least 1% of total emissions for the target timeframe Focus on supply chain alignment to net-zero through two key commitments: • Purchased Goods & Services and Capital Goods: Procure from suppliers covering 70% of our annual spend that are net-zero SBT-aligned by 2030 • Business Travel: Ensure that at least 95% of our business travel transport activity is provided by netzero SBT-aligned suppliers by 2030 Reduce emissions by 21% by 2031 Increase our annual sourcing of lowcarbon electricity purchased or matched through Energy Attribute Certificates, on a linear trajectory to 100% by 2040 Overarching long-term net-zero ambition to reach net-zero GHG emissions across our operations and value chain The effective implementation of these targets will be overseen by the Sustainability Enterprise Team who will work closely with the cross-enterprise Sustainability and Climate Council to ensure the targets are embedded in our strategy and within the relevant business units and corporate functions. We will report on the development of our climate transition plan and supporting initiatives on an ongoing basis. REPORT CONTENTS ABOUT THIS REPORT SUSTAINABILITY STRATEGY SUSTAINABILITY GOVERNANCE PROSPERITY PLANET PEOPLE APPENDICES 19 | TMX GROUP 2025 ANNUAL SUSTAINABILITY REPORT 12 Given the SBTi Corporate Net-Zero Standard Version 2.0 - Second Consultation Draft (November 2025) has not yet been finalized, TMX may revise near-term targets, long-term ambition and other commitments contained in this section following the finalization of the standard.
Neutralizing Ongoing Emissions Evolving from our previous net-neutrality commitment to our long term net-zero 2050 ambition means that we will shift our efforts to reducing our operational and value chain emissions. However, we will continue to take responsibility for ongoing emissions by neutralizing at least 1% of total emissions for the target timeframe. To this end, and in line with SBTi Corporate Net-Zero Standard V2, we have purchased and retired voluntary carbon offset credits representing 1% of our 2025 total footprint through TVCM. We select carbon offsets from verified, credible, industry-leading registries, prioritizing projects based on their geographical location and the socio-economic benefits they provide. Reducing our Environmental Footprint To improve our environmental footprint, Leadership in Energy and Environmental Design (LEED®) certification has been integrated as a criteria for all future real estate office space as part of TMXʼs real estate strategy. LEED® is the most widely used green building rating system in the world and a globally recognized symbol of sustainability achievement and leadership. All of our major corporate sites in Canada are LEED® certified and, as of December 31, 2025, 86% of TMX Groupʼs total office footprint was LEED® certified or has received an equivalent certification13. REPORT CONTENTS ABOUT THIS REPORT SUSTAINABILITY STRATEGY SUSTAINABILITY GOVERNANCE PROSPERITY PLANET PEOPLE APPENDICES 20 | TMX GROUP 2025 ANNUAL SUSTAINABILITY REPORT 13 Building Research Establishment Environmental Assessment Method (BREEAM) is a leading framework for assessing sustainability in the built environment using science-led metrics.
Shaping Public Policy TMX Group complies with all applicable lobbying and integrity legislations and codes of conduct in every jurisdiction where it is engaged in government affairs. We have an internal management system in place to monitor our lobbying and government communications, as well as business and trade association memberships. TMX Group does not use corporate funds to donate to political candidates or parties in any jurisdiction, in accordance with the Canada Elections Act and all similar applicable legislation. Rooted in our purpose to make markets better & empower bold ideas, advocacy at TMX leverages our central position within the capital markets ecosystem and strong relationships with issuers, financial institutions, regulators, and governments to maximize our impact beyond our direct operations. We do this by partnering with like-minded coalition partners and working with governments to shape policies that facilitate capital flow to Canadian industries, including transition and decarbonization activities, while ensuring market competitiveness. TMX Group is committed to: Supporting measures that foster the growth of renewable energies, including: • Enhancing access to capital for critical minerals companies • Modernizing Canadaʼs Scientific Research & Experimental Development tax credits to provide direct support to innovation companies, including cleantech companies • Expanding the utilization of flow-through shares to emerging sectors, such as cleantech Fostering a transparent, predictable, and streamlined investment environment for responsibly developed major projects in infrastructure and natural resources. Advocating for clear labels and criteria (e.g., a “taxonomyˮ) for green and transition activities to facilitate the development and financing of aligned projects and supporting investment products by companies, investors, and capital markets. Supporting the implementation of globally comparable and consistent sustainability and climate disclosure standards, such as the Canadian Sustainability Standards Board (CSDS 1 and 2), for companies that choose to report on their sustainability and climate-related issues. Promoting the evolution of domestic carbon markets to enhance transparency, liquidity, and price discovery as essential tools for financing carbon emission reduction and removal. REPORT CONTENTS ABOUT THIS REPORT SUSTAINABILITY STRATEGY SUSTAINABILITY GOVERNANCE PROSPERITY PLANET PEOPLE APPENDICES 21 | TMX GROUP 2025 ANNUAL SUSTAINABILITY REPORT
Sustainability Memberships, Endorsements and Engagements International Sustainability Standards Board (ISSB) and Canadian Sustainability Standards Boards (CSSB) TMX Group remains an advocate for the development of a global baseline for sustainability and climate-related disclosures that will provide the investment community with consistent, robust and decision-useful information to inform investment processes. The ISSB and CSSB's climate and sustainability disclosure standards provide the foundation for such a global baseline. Given our central role in the Canadian capital markets and as owner and operator of TSX and TSXV, TMX Group continues to engage with the ISSB, the CSSB, the CSA and other market participants to ensure that these standards are applied in a way that is calibrated to Canadaʼs unique marketplace and recognize the importance of proportionality, materiality and global competitiveness. Business Future Pathways (BFP) TMX partnered with the BFP initiative and other organizations in delivering practical, internationally-aligned guidance for Canadian corporations so they can develop transition plans to unlock investment, boost confidence, and support Canadaʼs transition to a competitive, climate-ready economy. BFP will help Canadian companies build credible, investor-endorsed climate transition plans that turn climate-readiness into a competitive advantage. Climate Engagement Canada (CEC) TMX Group is proud to continue its role as education partner with CEC, a finance-led initiative driving dialogue between the financial community and corporate issuers to promote a just transition to a net-zero economy. By collaborating with CEC, we provide additional outreach capacity within our network and community of issuers, to support the market's understanding of climate risks and resilience in the low-carbon transition. United Nations Sustainable Stock Exchanges (SSE) Initiative TMX Groupʼs equities and derivatives exchanges (TSX, TSXV, and Montreal Exchange) are active members of the SSE Initiative, which promotes sustainable performance and transparency in capital markets. This membership allows TMX Group to report its sustainability efforts (see Appendix A) in comparison to other exchanges and provides access to global thought leadership, educational content, and knowledgesharing opportunities. On March 7, 2025, we held a market open ceremony with local market participants committed to enhancing inclusion and advancement of women in capital markets as a part of the Ring the Bell for Gender Equalityʼ initiative, a partnership between the UN SSE, International Finance Corporation (IFC), the UN Global Compact, UN Women and the World Federation of Exchanges (WFE). World Federation of Exchanges (WFE) - Sustainability Working Group TMX Group is a member of the World Federation of Exchanges, the global industry group for exchanges and clearing houses, which promotes an orderly, secure, fair, and transparent environment for investors and market participants. TMX Group actively participates in the WFE Sustainability Working Group to define the role of exchanges as sustainable financial markets evolve, develop best practices and educate market participants on sustainability issues. We also contribute to the WFEʼs Annual Sustainability Survey, which captures global progress and challenges in exchangesʼ engagement with ESG issues. Additionally, on November 10, 2025, we joined 27 other exchanges in WFEʼs Ring the Bell for Climate campaign with a dedicated market open ceremony, highlighting the importance of sustainability issues in the finance industry and how exchanges work with stakeholders to address them. REPORT CONTENTS ABOUT THIS REPORT SUSTAINABILITY STRATEGY SUSTAINABILITY GOVERNANCE PROSPERITY PLANET PEOPLE APPENDICES 22 | TMX GROUP 2025 ANNUAL SUSTAINABILITY REPORT
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