2020 End of the Year Update

Looking back at the past 12 months, the team at TSX Trust sums up 2020 with two words - "gratitude" and "unprecedented:"

Gratitude foremost for our health and that of our families. Gratitude for our colleagues and clients for supporting us to refashion how we did business and deliver on our commitments and objectives together.

And unprecedented for the times we are in with COVID 19 and the resilience and determination required to adapt to the virtual world we now inhabit.

Adapting to the Unprecedented

The biggest challenge of 2020 was the sudden onset of the COVID 19 virus in March. Our workforce quickly adapted to remote working while making sure we continued to deliver superior client and investor services. The pandemic continues to disrupt business operations even now and will clearly do so well into the new year.

But 2020 was also a year of achievements as we expanded our issuer services. Here are a few of our highlights:

Virtual Meetings. Dealing with the virus has led to a reliance on virtual meetings. With the onset of the pandemic affecting the annual meeting season, virtual meeting services became a priority service for issuers. We have an improved service for 2021 that we will be sharing details with you shortly.

Private placements. We are excited to team with Katipult, a leading SaaS Fintech software provider to introduce an innovative private placement solution. Launching in January 2021, the new platform will offer new compelling efficiencies and benefits to the capital-raising and debt financing process. This is just one example of how we continue to seek out opportunities to evolve and enhance our core services to better serve the needs of all stakeholders.

Capital Markets Regulation. The Capital Markets Modernization Taskforce (CMMT) issued a report that may lead to substantial changes in how publicly-traded issuers interact with their investors and, therefore, how TSX Trust services you. The CMMT's final report is due at year-end, and we will be updating you about the changes it will bring.

Dealer Services. We launched our registered plan trustee business and welcomed Fidelity Clearing Canada — a globally recognized industry leader in financial services — as a client. For all our clients, we are committed to building collaborative and transparent trustee/dealer relationships, from start to finish.

Innovating Trust Services. TSX Trust continues to expand its services for both issuers and investors. We received approval from The Deposit Trust Company to act as a DTC FAST agent. As a FAST agent, we can process transactions electronically in the United States through DTC and in Canada through Canadian Dealer Services (CDS).

We are fortunate to have had so many accomplishments in an unprecedented period in history. As a token of our gratitude, we made a donation to foodbanks across Canada to support those most in need at this challenging time.

Forward Momentum

The biggest news of the year was our acquisition of AST Canada. The transaction is currently going through the regulatory and competitive review, and we expect to close between mid to 2H 2021. Once complete, this deal will lead to expanded product and service capabilities in the future, with the same client-facing teams you work with today.

In 2021, we will continue to build our issuer services by investing in technology enablement and automation to increase our staff's efficiencies while bringing value to our clients as we all adapt to the post-Covid normal. While we hope to return to something like "business as usual" sometime in the new year, we are preparing for every contingency.

In closing, I want to pass along my very best wishes to you for a safe and happy holiday season and a prosperous and healthy new year.

I am always happy to hear from you. You can reach me at claire.johnson@tmx.com.