TSX & TSXV 2024 Year in Review

On behalf of the entire team at Toronto Stock Exchange (TSX) and TSX Venture Exchange (TSXV), I am writing to thank you for your essential partnership in making Canada's unique markets the most diverse, innovative, and resilient public market ecosystem in the world. Public markets are a proving ground for ambitious global business strategies and a key driver of economic growth. The trust you have placed in TSX and TSXV is a responsibility that we take very seriously as we pursue our vision: to make markets better and empower bold ideas.

This past year has in many ways been a tale of two different markets. Total corporate market capitalization has grown to an all-time high with corporate valuation on our markets exceeding $4.3 trillion. These new highs for TSX are being driven by companies competing successfully in global industries and building scale through organic growth and M&A. This performance has driven visibility for our markets and increased our collective global profile. On the other hand, this current market has presented substantial challenges to our small and mid-sized issuers. To help navigate these challenging conditions, we have focused our efforts on showcasing companies to investors, advocacy, and delivering on our Venture Forward commitments.

TSX and TSXV issuers play a vital role in creating jobs, fueling economic growth, and providing financial security for investors. We recognize the challenges and opportunities of the current market and embrace dialogue with all of our issuers on key focus areas:

Supporting Access to Capital and Investors

• 150+ issuers were showcased at institutional investor conferences facilitated by our teams and partners through the TSX Investor Day program.
• TSX and TSXV have supported leading retail investor conferences like Cantech, PDAC, and the Canadian Climate Investor Conference, which have provided investor access to 800+ issuers.
• 85+ TSX and TSXV issuers were profiled at events dedicated to connecting with the retail broker community at conferences such as TSX Connects and TSX Venture Growth Capital Event.
• We expanded the digital reach of our flagship issuer recognition programs, Venture 50 and TSX30, reaching 167 million global impressions through issuer videos and thought leadership.
• TMX Group estimates over $1 trillion of assets are indexed or benchmarked to S&P/TSX Indices. In addition, we continue to launch new indices that include more TSX and TSXV-listed issuers that are tracked by investor products.

Supporting Access to Liquidity

• We announced plans to provide Canadian consolidated volumes by capturing trading data across all venues trading TSX and TSXV symbols. This investment in data quality will enhance the overall experience for Canadian and global investors, creating a complete picture of an issuer's liquidity.
• Over 1.1 million investors each month access over 12 million TSX and TSXV issuer quotes on TMX Money. We continue to invest in the quality of this offering with streamlined Insider Trading Summaries and the integration of Wall Street Horizon's Corporate Actions Data. By increasing the quality of the data investors have access to, we contribute to retail engagement in our markets.
• Increasing quote visibility and access to company data for investors is a strategic priority. 100,000+ professional investors (50% international) and millions of retail investors through wealth management platforms subscribe to data that connect investors with TSX and TSXV issuers.

Advocacy and Issuer Support

• TMX will continue to advocate for the strengthening of the short-selling regulatory regime surrounding failed trades. TMX supports amendments to the existing regulatory framework to more closely align with global markets and increase investor confidence.
• Our Fairness for Growth advocacy work with governments and regulators has focused on expanding eligibility for public companies for the enhanced SR&ED tax credit, repealing the new capital gains taxes for Canadian investments, and an exemption from mandated climate disclosure for TSXV issuers. We will continue to play an active role in ensuring that as new regulations are developed, they are right-sized for the Canadian market.
• We welcomed Newsfile Corp. to TMX Group, adding the largest Canadian-owned news release distribution and regulatory filing provider to our client services, allowing us to offer new capabilities and better value to listed clients.

If you would like to discuss any element of our programming, how to become involved in our investor conferences, or to provide input into our advocacy, reach out to our dedicated Global Client Team.

Once again, on behalf of TSX and TSXV, we thank you for the trust in our institution and we wish you and your families a healthy and enjoyable holiday season.

Sincerely,
Loui Anastasopoulos
CEO, Toronto Stock Exchange & Global Head, Capital Formation
TMX Group