R A ZOR RISK PRODUCT OVERVIEW

About Razor Risk

TMX Technology Solutions recognizes that to proactively measure and manage risk it is necessary to manage the

total exposure of a financial institution across of all of its global activities. TMX Technology Solutions’ products,

including Razor Risk, have been created to help transform the way banks, brokers, central counterparties and

stock exchanges in many countries measure their risk and manage their capital.

OverviewRazor Risk is a high performance, fully integrated enterprise risk management product that is designed to meet the risk management needs of investment banks, exchanges, central counterparties and asset managers. It provides near real-time and pre-deal calculations that enables our clients to view their total exposure to individual entities on one consolidated platform.

Razor Risk comprises a set of modules to provide a multiple-risk and cross-asset solution that can easily be configured to suit financial institutions’ individual risk needs and appetites, and accommodate innovations in best practice risk management. Razor Risk also assists financial institutions in satisfying their requirements under the Basel Regulatory Framework and the IOSCO Recommendations for Central Counterparties.

Our clients use Razor Risk’s advanced analytics and scenario calculations to achieve best practice in managing risk exposures for credit, market, clearing and liquidity risk within a single application. Razor Risk’s modules can be used as a standalone solution or on a fully integrated basis.

Razor Risk supports a broad coverage of instruments within all asset classes: Interest rate products, inflation products, foreign exchange products, equities, credit derivatives and energy & commodities. Razor Risk’s design allows new or third party or proprietary pricing modules or analytics to be quickly configured.

Our clients purchase the base architecture module which provides the core services, architecture and infrastructure required to operate all the additional modules. Then, according to their needs, our clients choose from the following major modules: Market Risk, Credit Risk, Limit Management and Economic Capital. Additional modules are available, for example, Basel II trading book and Basel III reporting modules.

Each module provides functionality to enable organizations to proactively measure and manage their risk.

EACH MODULE SHARES THE FOLLOWING CAPABILITIES TO FACILITATE PROACTIVE RISK MANAGEMENT:

Real-time performanceRisk is automatically recalculated whenever trades or rates change so the latest risk information is available in real time.

What-if capability Users can dynamically model any changes to their portfolio or market data using Razor Risk’s what-if capability. This enables risk managers to proactively model the risk impact of any combination of trade or rate changes.

Full trade and rate drill down Risk managers can drill down to the individual trade or scenario level providing full transparency to the underlying risks in the portfolio.

Stress testing and scenario analysisUsers can define their own scenarios and stress tests.

User defined analytics Risk managers can provide their own proprietary analytics which can be used in combination or instead of Razor Risk’s analytics. This enables clients to fully integrate all of their transactions into the system providing a fully-integrated view across the enterprise.

Multi-level reporting Reporting at a concise summary level is supported through the flexible Razor Risk user interface, where custom layouts are configured to show appropriate levels of detail. Comprehensive drill-down capability is supported from this view.

Security and data auditability.

Workflow.

Comprehensive limit management and excess management functionality.

BenefitsAdaptableMeets the risk policy and analytical requirements of every client.

AccurateRisk calculations are accurate, catering for netting, collateral and economic off-setting.

TimelyProvides sub-second response times for the calculation of exposures.

Easy to implementEngineered as an open product with documented apis combined with experienced consultants to ease implementation.

SupportableReadily supportable within a client’s environment and extendible to meet future business needs.

Return on investmentDelivers a strong return on investment for our clients.

FunctionalityMARKET RISK

Razor Risk’s Market Risk module provides comprehensive market risk functionality to enable a large financial institution to fully meet internal and regulatory market risk management requirements. Razor Risk’s Market Risk module is fully integrated with Razor Risk’s Credit Risk and Limit Management modules. These modules are fully integrated with a single trade repository, enabling integrated market and credit risk management.

THE RAZOR RISK MARKET RISK MODULE INCLUDES THE FOLLOWING FUNCTIONALITY:

Value-at-Risk (VaR) calculation:

Historical simulation

Monte Carlo simulation

Credit VaR

Specific risk

Partial risk

Scenario analysis:

Pre-defined scenarios

User-defined scenarios

Stress testing

Sensitivity analysis

Back-testing:

Back-testing of VaR results to validation model

Back-testing against theoretical P/L (calculated by Razor Risk)

Back-testing against actual P/L (fed to Razor Risk)

Liquidity and runding risk:

Reporting of all cash flows by currency for all deals

Inclusion/exclusion of interim coupons

High performance dynamic reporting, drill-down and what-if analysis:

Extensive market risk reporting within Razor Risk

Portfolio level risk reports covering sensitivity analysis on all risk factors

Capability to develop external reports on the Razor Risk results

Full drill-down to the transaction or scenario detail to analyse all market risk results

What-if analysis for new, amended or deleted trades

Market risk workflow:

Base-lining of new VaR results to a previous base-line

Incremental processing of any amendments for real-time VaR analysis

Full audit trail and logging of all aspects of the market risk calculation

Extendibility:

New pricing models or products can be added to the calculation

Results can be aggregated externally to Razor Risk and aggregated into the overall calculation

CREDIT RISK

Razor Risk’s Credit Risk module provides a comprehensive solution to measuring and managing counterparty credit risk. The Credit Risk module has been designed to accurately measure credit risk across all asset classes and provides the decision support tools required by today’s credit risk manager to isolate areas of risk and take the appropriate action to prevent major losses occurring.

KEY FEATURES OF RAZOR RISK’S CREDIT RISK MODULE INCLUDE:

Potential future exposure calculation using Monte Carlo simulation plus additional calculation methods across all major asset classes. This provides the risk manager with an accurate measurement of potential counterparty credit risk across the whole portfolio.

Accurately capturing the credit mitigation effects of netting and collateral.

Integrated limit management capability to enable credit limits to be set on key areas of risk concentration (e.g., counterparty, country, industry, rating).

Pre-deal check capability with full auditing. Credit limits can be checked on a pre-deal basis to ensure all new deals conform to credit policy. If an executed deal violates credit policy a full audit trail of the deal, the dealer and the policy violation is provided to the risk manager.

Excess management with full workflow support – excesses are automatically generated if credit policy is infringed and Razor Risk’s workflow capability ensures the right people are notified so prompt action can be taken.

CLEARING RISK FOR CENTRAL COUNTERPARTIESAND EXCHANGES

Razor Risk’s Clearing Risk module provides the full suite of risk management functionality required by a central counterparty (CCP) or exchange to manage the credit and market risk of their members and their member’s customers. Razor Risk provides the initial margin, variation margin and collateral functionality required to manage risk in a high volume exchange or clearing environment. A wide variety of margin calculations are supported including the Standard Portfolio Analysis of Risk (SPAN) and value-at-risk (VaR), as well as providing support for in-house developed margin methodologies.

Razor Risk’s high performance, scalable architecture caters for high volume clearing environments. Razor Risk supports intraday margining to ensure margin calls can be made quickly during periods of high volume or high activity. Cross asset margining captures the correlations across asset classes and ensures members are charged fairly for margin when trading across multiple exchanges.

ECONOMIC CAPITAL

Razor Risk’s Economic Capital module provides the capital measurement and capital allocation functionality required to optimise the use of capital across the organisation. Our clients use Razor Risk’s Economic Capital module to calculate economic credit capital requirements. Capital requirements can be broken down to individual portfolios such as counterparty or business unit. Razor Risk also supports the calculation of incremental capital from new deals, enabling our clients to assess the profitability of new trades and to help clients choose the most capital efficient counterparty for deals.

LIMIT MANAGEMENT

The Razor Risk Limit Management module provides the comprehensive limit and excess management functionality required from an enterprise-wide limit management solution

THIS FUNCTIONALITY INCLUDES:

Broad set of limit functionality: pre-settlement limits, settlement limits, limits in reduction, multi-currency, spike limits, revolving or non-revolving limits, warning thresholds and flexible tenors.

Diverse set of limit types: enables limits and exposure to be measured at any aggregation level including counterparty, industry, region, country, product type, onternal business unit, etc.

Counterparty management: definition and maintenance of counterparty information. Full support for flexible counterparty hierarchies and multiple parents.

Excess management: comprehensive excess management functionality to ensure that appropriate action is taken in the event of limits going into excess.

LIQUIDITY RISK

Razor Risk is being used by our clients to manage liquidity risk as part of their risk management requirements.

Razor Risk offers the unique ability to measure, monitor, report and control liquidity risk in a real-time manner using some of the most sophisticated analytical tools available today. Razor Risk is truly a scalable enterprise liquidity solution that measures and manages liquidity risk consistently across the banking and trading books. Razor Risk provides consistent, verifiable measurement of an institution’s aggregate liquidity risk by linking disparate forms of exposures across multiple business lines, portfolios and products. Furthermore, Razor Risk provides multi-level decision support for executives and liquidity managers.

Razor Risk defines liquidity risk factor scenarios to compute future distributions of value. Because individual risk factors can evolve jointly (and arbitrarily) over time, Razor Risk allows users to capture the relationships between disparate sources of market, credit and liquidity risk, over multiple time steps. For example, many well-known financial disasters, including recent corporate failures, occurred precisely because of the high correlation between market risk, credit risk and liquidity risk in stress periods. Such occurrences are naturally modelled through scenarios where adverse changes in market conditions trigger adverse changes in credit quality and liquidity. With Razor Risk, all different types of risk, based upon the appetite of the firm, are integrated within a common framework using consistent, modelled and calibrated data across the banking and investment universe.

Razor Risk’s scenario and stress testing framework produces risk and reward measures that explicitly capture the passage of time. Consequently, challenging issues such as generating cash flows through time and complex risk measures across all asset classes, including nonlinear OTC derivatives, can be effectively addressed. In modern risk management, it is vital to be able to drill down into risk measures to analyse causes. Throughout Razor Risk, any analysis can be run at any firm, portfolio or aggregation level. Comprehensive graphical or tabular result screens allow drill-down to transactions and trade contributions. Razor Risk’s extensive scenario analysis functionality provides on-line what-if analysis on a market, trade or position level, as well as full stress testing functionality with extensive ability to apply shocks across the complete data set.

Razor Risk covers the new regulatory reverse stress testing requirements currently being considered. These will encourage organisations to explore more fully the vulnerabilities of their business model (including ‘tail risks’); make decisions that better integrate business and capital planning; and improve their contingency planning.

Risk-based Compliance

BASEL COMMITTEE REQUIREMENTS

Razor Risk’s trading module fully supports the Basel II Trading Book amendments.

THE MODULE:

Utilises razor risk’s high performance monte carlo simulation engine to calculate the epe numbers required to a high level of accuracy in real time.

Provides full support for the complex tasks of ”back-testing” and stress testing the model - requirements that must be reliably met in order for the bank to receive and maintain its accreditation to use this approach.

Razor Risk provides the entire risk analytics to allow for the monitoring of capital and liquidity requirements under Pillar I, II and III of the Basel III requirements.

THIS INCLUDES:

Capital, liquidity and leverage ratios

Capital requirements using the standardized and internal ratings based approach

Capital charge for credit value adjustment using the standard and advanced approach.

Razor Risk’s high performance dynamic data store provides true and accurate aggregation of analytics at any level required. This allows for an organisation to take a consolidated firm wide view of their capital and liquidity position and to strategically manage their internal market and credit risk exposure down to the trade/position level.

IOSCO RecommendationsIn the report, “Recommendation for Central Counterparties”, the Committee of the International Organization of Securities Commissions (IOSCO) has made 14 recommendations on the operation of CCPs.

COMPLIANCE TO THE FOLLOWING IOSCO RECOMMENDATIONS IS SUPPORTED BY THE USE OF RAZOR RISK:

Recommendation 2 – Participation RequirementsRazor Risk supports a very flexible and hierarchical representation of organisational structure to fully reflect each CCP’s specific risk model requirements, and complex participant structures and relationships. Razor Risk can support the recording and reporting on all participant information as part of the ongoing monitoring of all participant requirements.

Recommendation 3 – Collateral RequirementsRazor Risk supports multiple configurable models for measurement of credit exposures, including Monte Carlo simulation, scenario analysis, stress testing, liquidity stress testing, capital stress testing, and others. Collateral is valued in Razor Risk and held to cover any potential losses from closing out of positions by a clearing member. Razor Risk supports extensive limit and excess management and automated workflow to control and effectively manage these exposures on daily, intraday and near real-time bases.

Recommendation 4 – Margin RequirementsRazor Risk supports multiple configurable models for calculation and management of accurate margin requirements in real-time, such as for initial margin, variation margin, portfolio margining, and the collateral requirements. These include simulation based methods of historical simulation VaR (HSVaR), volatility adjusted HSVaR, Monte Carlo simulation VaR (MCVaR), scenario based methods of SPAN, TIMS and others, and more conservative methods such as risk adjusted face value or market value, as may be required for less liquid securities.

Recommendation 4 – Financial ResourcesRazor Risk supports the monitoring of financial resources, and evaluation against default exposures.

Recommendation 5 – Default ProceduresRazor Risk supports the default management process, and measurement and monitoring of capital adequacy. Razor Risk’s sensitivity based and scenario analysis capability and the extensive what-if scenario capability support this requirement. Similarly, the capital and liquidity stress testing function in Razor Risk supports this requirement.

Recommendation 6 – Custody and Investment RisksRazor Risk supports the risk management for assets held by a CCP.

Recommendation 9 – Physical DeliveriesRazor Risk supports the measurement of risk associated with physical delivery obligations.

Recommendation 10 – Risks in Links between CCPsRazor Risk supports a very flexible and hierarchical representation of organisational structure to fully reflect all participant structures and complex relationships across multiple exchanges. Razor Risk’s mapping rules can be configured to fully reflect these structures and relationships to support the CCP specific risk models and hence cross-border risk and exposure measurement is supported by Razor Risk.

Recommendation 11 – EfficiencyThe cost-effective Razor Risk application supports a safe and secure technical and operational environment. Razor Risk’s security model and audit trail function supports this requirement.

Recommendation 13 – TransparencyRazor Risk provides a flexible reporting framework to support these transparency requirements.

FINANCIAL SERVICES AUTHORITY LIQUIDITY RISK REQUIREMENTS

Razor Risk helps financial institutions comply with the new Financial Services Authority (FSA) liquidity risk rules for wide ranging stress and scenario testing and extensive new regulatory reporting requirements.

Under the new regime, institutions have to identify and manage 10 key liquidity risk drivers, including wholesale funding, intra-day liquidity and off-balance sheet liquidity. Central to the approach is the requirement for institutions to evaluate their financial stability under various scenarios, including stress tests of severe but plausible scenarios. Not only do institutions have to construct relevant scenarios, including shocks to the risk drivers, but they need to gather the relevant operational and market data, simulate the scenarios in a timely fashion, and report to the regulator, while embedding the process in the overall governance and risk management of the institution.

DATA MANAGEMENT

As with all institution-wide risk management, liquidity risk analysis requires a significant amount of data from a wide range of sources. Some of this will be data that institutions have not collected for regulatory reporting before, such as contractual cash flows assigned to appropriate time buckets for the enhanced mismatch report. There is also the issue of how to store and report the results of stress tests.

Razor Risk has a data framework that includes an application programming interface (API) which simplifies integration with the diverse set of systems from which liquidity risk data will need to be extracted. Data is validated and transformed for internal consistency, which enables aggregation at any required level. Audit trails are an inherent part of the framework.

At the centre of the data framework is a single repository for regulatory and risk information, including the data required for liquidity stress testing – ‘a single source of truth’. It also stores the results of the stress tests.

The Razor Risk data framework has a ‘meta data’ design, where high level data defines the nature of the primary data held in the repository. This provides future flexibility for when liquidity and stress testing requirements evolve, as they are bound to do. By simply redefining the meta data, an institution will be able to add, edit or delete data requirements, under appropriate security, and the changes will then be available to the Razor Risk database, the graphical user interface of the application and the servers with no modification of source code required.

LIQUIDITY AND STRESS TESTING ANALYTICS

Razor Risk has a series of stress tests, with appropriate time frames, which encompass the FSA’s requirements and goes beyond them in best practice to investigate other macro-economic and unexpected events. The stress tests cover scenarios from market crises to institution-specific crises.

THE FOLLOWING FIVE STRESS TEST SCENARIOS ARE ALREADY IN USE BY RAZOR RISK CLIENTS:

Financial market downturn E.G., A credit crunch, tight monetary policy or economic recession (time frame 40 days)

Name crisisA factual or market-hypothesised problem specific to an institution leading to a reduction in counterparty limits and possible withdrawal of deposits (time frame 20 days)

Ratings downgradeA downgrade of the institution’s credit rating leading to cuts in counterparty limits (time frame 40 days)

Major systems outageAn internal or systemic problem occurring in payment and settlement systems (time frame 5 days)

Disruption of the commercial paper or certificate of deposit marketsA lack of liquidity in the cp or cd markets leading to the need to fully replace these funds (time frame 40 days).

The first two points above cover the FSA idiosyncratic and market-wide stress requirements, alone or combined. The others are realistic and relevant – for example, a major systems outage could be the Swift payment system going down, while the financial crisis saw a disruption of the CP and CD markets.

The output from the five scenarios, along with market, credit and operational risk scenarios, can be used to generate the so-called ‘reverse stress tests’ that the FSA now requires institutions to undertake as part of an overall business resilience check.

REPORTING

Razor Risk’s reporting module (see section 5.2) meets the FSA’s requirement for an institution to have reliable management information system, as well as being capable of automating the reporting process to meet the short submission deadlines for the new liquidity reports, including daily reporting in times of market turmoil.

Data management, reporting/dash-boarding and analytics

DATA MANAGEMENT

Razor Risk uses a metadata driven approach to data management. Clients are able to define their own data types, typically during an implementation but also on an ongoing basis. This is one of the cornerstone technologies that allow Razor Risk to be adapted to meet a client’s specific risk policy requirements without any need for compromise of the risk policy requirements. All data can also be snapshot into an enterprise grade reporting database for traditional database archiving and reporting.

THE RAZOR RISK DATA FRAMEWORK HAS THE FOLLOWING CAPABILITIES:

Razor Risk has a metadata driven data framework that provides a single repository for regulatory and risk information

The Razor Risk API interface into Razor Risk simplifies integration from lots of systems from different departments,

Data validation and auditability is a core part of the Razor Risk solution, and

Razor Risk offers clients future flexibility. For example, as regulatory requirements change the client can, by redefining the Meta data, add, edit or delete the required change, under appropriate security. The change will then be available to the Razor Risk database, GUI and servers seamlessly with no modification of source code.

REPORTING/DASH-BOARDING

The Razor Risk user interface is layout based, supporting Dash-Board and Report layouts particular to a site, user group or individual user. Dash-Boards and Reports are context aware, allowing a particular user to see the most relevant information automatically, without the need for complex drill-down or searching/filtering of data.

Razor Risk has a specialist reporting module as part of its product structure. Razor Risk provides a variety of facilities to support reporting of stored and calculated data from the system. Razor Risk can deliver any required output as a structured XML response document through Razor Risk’s request interface. Reporting at a concise summary level is supported through the flexible Razor Risk user interface, where custom layouts are configured to show appropriate levels of detail. Comprehensive drill-down capability is supported from this view. The Razor Risk client supports reporting of tabular and graphical data from all relevant screens and graphs.

WHERE APPROPRIATE, THE CLIENT CAN BE CONFIGURED TO MANIPULATE THE REPORT BY:

Fields displayed

Sorting of records

Filtering of records.

Report configurations can be saved and shared between users. All static data and liquidity risk exposures can be exported through the online XML interface. The system provides direct query access to all data types used in the Razor Risk server processes, outputting an XML based result set that can be presented or manipulated in external systems such as Excel, Access or other in house OLAP tools.

Result output frames within the front end provide extensive result presentation and drill-down functionality and the views interact with one another and contain tabular and graphical format.

These views may be configured as reports and saved within the system. This means that the majority of detailed views within the front end may be saved as a report, specifying filtering, sorting and column selection.

Razor Risk’s reporting module also facilitates regulatory reporting. The reporting module provides access to calculated future, current and historical Razor Risk information in a form which is optimized for reporting purposes. Razor Risk provides a snapshot server and reporting database which is fed as required from the main application database. The reporting database contains enhanced views and summaries of application data that may be distributed as XML based reports or onto the corporate intranet.

ANALYTICS

Razor Risk supports term structure and pricing analytics for all major financial markets

Risk model analytics include:

Scenario Analysis

Sensitivity Analysis

Stress Testing

MtM plus add-on

Nominal

Monte-Carlo PFE

Monte-Carlo VaR

Monte-Carlo Economic Capital

HSVaR

CVaR

Greeks

Modern Cost Efficient Distributed ArchitectureRazor Risk’s modern distributed architecture leverages low-cost commodity hardware offering a unique balanced distributed processing capability which efficiently organises and caches the multiplicity of risk valuations over a network of servers, delivering supercomputing performance and scalability at a fraction of the cost of alternative technologies.

BENCHMARKS DEMONSTRATE RAZOR RISK’S OUTSTANDING PERFORMANCE AND LINEAR SCALABILITY.

Service Oriented Architecture (SOA) Razor Risk exposes a secure and fast XML standards based API which offers excellent accessibility and interoperability. This leads to reduced implementation schedules and costs, and to a more functional end solution.

Architected as a Framework Customisations are an integral part of the architecture with user defined data types and plug-in support for pricing, market and simulation modules. Where non-standard approaches are required, these can be combined to deliver the benefits of a bespoke solution from the proven Razor Risk framework.

The following diagram shows a detailed view of Razor Risk’s component layout including the operation of significant master and slave environment components.

SOFTWARE INTEGRATION APPROACH

Inbound calls are made through Razor Risk’s secure and fast XML standards based API and responses are returned through the same API, again being XML standards based. The adoption of a highly optimised and schema based XML interface provides an excellent software integration strategy for both batch and online real-time integration requirements. The XML API exposes all data from Razor Risk and all functionality offered by Razor Risk. It is uniform, well-documented and secure. Razor Risk also supports a highly optimised database snapshot process that loads both application database records and runtime data into the enterprise grade reporting database. This supports downstream reporting and integration through the traditional relational database.

SOFTWARE OPENNESS

Razor Risk’s secure and fast XML standards based API exposes all Razor Risk data and all Razor Risk functionality without exception.

SUPPORTING TOOLS

Razor Risk’s open and comprehensive API approach is suitable for integration with leading integration and system monitoring/control tools. We have successfully implemented using tools such as Informatica, Data Integrator, Control-M and custom J2EE services.

MASTER ENVIRONMENT

Portfolio Exposure Enquiry

Security & Auditing

Limit Management

Portfolio Creation

Pre-Deal Check

Portfolio/Trade Mapping

What-if Deal Analysis

Excess Notification

Database Updates

CONTROL

EXPOSURECALCULATION

RESULTSAGGREGATION

(By Credit Node)

ENQUIRY USER

EXPOSURECALCULATION

RESULTSAGGREGATION

(By Credit Node)

EXPOSURECALCULATION

RESULTSAGGREGATION

(By Credit Node)

SLAVE PROCESSOR SLAVE PROCESSOR SLAVE PROCESSORMASTER PROCESSOR

DEMS

About TMX Technology Solutions Inc.

TMX Technology Solutions Inc. is a leading provider of risk management technology and consulting solutions

to financial institutions worldwide. We provide successful solutions to proactively measure and manage risk

in the Americas, Europe and Asia.

With offices in Sydney, Toronto, New York and London, TMX Technology Solutions has a highly skilled team

of specialists who provide risk management technology and consulting services across the financial markets

and risk management sectors. We operate on a global risk consultancy structure, drawing upon the expertise

of all employees in implementing best practices for our clients’ individual needs. This methodology supports

an efficient, low cost, minimal risk implementation, allowing our clients to maximise optimal risk and

reward. TMX Technology Solutions has a 100 per cent successful implementation record for Razor Risk.

TO FIND OUT MORE ABOUT HOW RAZOR RISK CAN BE AN ESSENTIAL COMPONENT OF YOUR OPTIMAL TRADING AND RISK INFRASTRUCTURE TODAY AND INTO THE FUTURE, CONTACT:

SALES ENQUIRIES

razor.sales@razor-risk.com

This document is provided for information purposes only. Neither TMX Group Limited nor any of its affiliated companies guarantees the completeness of the information contained in this document and are not responsible for any errors or omissions in your use of, or reliance on, the information. The information provided is not an invitation to purchase securities listed on Toronto Stock Exchange and/or TSX Venture Exchange. TMX Group Limited and its affiliates do not endorse or recommend any securities referenced in this document. Please seek professional advice to evaluate specific securities. While the information herein is collected and compiled with care, neither TMX Group Limited nor any of its affiliated companies represents, warrants or guarantees the accuracy or the completeness of the information. You agree not to rely on the information contained herein for any trading, business or financial purpose. This information is provided with the express condition, to which by making use thereof you expressly consent, that no liability shall be incurred by TMX Group Limited and/or any of its affiliates as a result of any errors or inaccuracies herein or any use or reliance upon this information. TMX is the trade-mark of TSX Inc. Razor Risk is the trade-mark of Razor Risk Technologies Limited and is used under license.

© 2015 TMX Group Limited. All rights reserved. Do not copy, distribute, sell or modify this document with TMX Group Limited’s prior written consent.

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