Mr. John McKenzie reports

TMX GROUP LIMITED REPORTS RESULTS FOR FOURTH QUARTER OF 2022

TMX Group Ltd. has released results for the fourth quarter ended Dec. 31, 2022.

Commenting on year ended Dec. 31, 2022, John McKenzie, chief executive officer of TMX Group, said: "TMX's positive 2022 results reflect solid performance in some of our key business areas despite difficult macroeconomic conditions, and serve to highlight the benefits of an adaptive and responsive long-term global growth strategy. Revenue growth in Derivatives Trading and Clearing, Global Solutions, Insights and Analytics, and Capital Formation was driven by contributions from BOX, consolidated into our results in January, 2022, AST Canada, acquired in August, 2021, Trayport and TMX Datalinx. Looking to the future, we are focused on leveraging the deep value of our assets to augment our service offerings, solve emerging industry challenges and drive sustainable growth. TMX is extremely grateful to our clients and stakeholders for their partnership in progress as we strive to push the pace of evolution of world markets."

Commenting on TMX Group's performance in the fourth quarter of 2022, David Arnold, chief financial officer of TMX Group, said: "Our results for the fourth quarter reflect our commitment to continue investing for long-term growth and our ability to effectively manage our business in challenging economic conditions, with overall growth in revenue of 9 per cent, driven by increases in Derivatives Trading and Clearing, and Global Solutions, Insights and Analytics. Our organic revenue decreased by 3 per cent from the fourth quarter of last year, and we managed our organic operating expense increase to 3 per cent, which continues to be well below the current Canadian inflation rate. Our diluted earnings per share grew by 17 per cent, and our adjusted diluted earnings per share was down 2 per cent compared to the fourth quarter of last year. Our board increased the quarterly dividend by 5 per cent to 87 cents per common share, consistent with our target payout range. As we enter 2023, we remain focused on our purpose to make markets better and empower bold ideas."

BOX 7

On Jan. 3, 2022, BOX executed a unit buyback with certain members, which resulted in TMX Group's economic and voting interests increasing from 42.6 per cent and 45.5 per cent to 47.9 per cent and 51.4 per cent, respectively. As a result, effective Jan. 3, 2022, TMX Group obtained voting control over BOX and commenced consolidating the entity. Going forward, non-controlling interests (NCI) related to BOX (52.1 per cent), including net income and equity attributable to NCI, will be reported in the financial statements. The transaction has been accounted for as a business combination in accordance with international financial reporting standard 3 (Business Combinations). TMX Group remeasured its previously held interest, resulting in a non-cash gain of approximately $177.9-million in first quarter 2022, recognized in the consolidated income statements as other income. BOX is included in the Derivatives Trading and Clearing operating segment.

A well-diversified market model has enabled BOX to capture market share in its core operating segments, reaching an equity option market share of 7 per cent in fourth quarter 2022. Over all, BOX had a positive contribution to net income attributable to equity holders of TMX Group, adjusted net income attributable to equity holders of TMX Group, diluted earnings per share and adjusted diluted earnings per share in Q4 2022 compared with Q4 2021, as a result of improved operating performance and increased economic interest.

Financial statements governance practice

The finance and audit committee of the board of directors of TMX Group reviewed this press release, as well as the 2022 audited annual consolidated financial statements and related management's discussion and analysis (MD&A), and recommended they be approved by the board of directors. Following review by the full board, the 2022 audited annual consolidated financial statements, MD&A and the contents of this press release were approved.

Consolidated financial statements

Its 2022 audited annual consolidated financial statements are prepared in accordance with IFRS. Financial measures contained in the MD&A and this press release are based on financial statements prepared in accordance with IFRS.

Access to materials

TMX Group has filed its 2022 audited annual consolidated financial statements and MD&A with Canadian securities regulators. This press release should be read together with its 2022 audited annual consolidated financial statements and MD&A. These documents may be viewed through SEDAR or on the TMX Group website. The company is not incorporating information contained on the website in this press release. In addition, copies of these documents will be available upon request, at no cost, by contacting TMX Group investor relations by phone at 416-947-4277 or by e-mail at TMXshareholder@tmx.com.

About TMX Group Ltd.

TMX Group operates global markets, and builds digital communities and analytic solutions that facilitate the financing, growth and success of businesses, traders and investors. TMX Group's key operations include Toronto Stock Exchange, TSX Venture Exchange, TSX Alpha Exchange, the Canadian Depository for Securities, Montreal Exchange, Canadian Derivatives Clearing Corp. and Trayport, 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 (Montreal, Calgary, Vancouver and New York), as well as in key international markets, including London, Singapore and Vienna.

Teleconference/audio webcast

TMX Group will host a teleconference/audio webcast to discuss the financial results for Q4 2022.

Time:  8 a.m. to 9 a.m. ET on Tuesday, Feb. 7, 2023

To teleconference participants, please call the following number at least 15 minutes prior to the start of the event.

The audio webcast of the conference call will also be available on TMX Group's website under investor relations.

Teleconference number:  416-764-8659 or 1-888-664-6392

Audio replay:  416-764-8677 or 1-888-390-0541

The passcode for the replay is 265295.

We seek Safe Harbor.