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Canada and TSX: Strong Fundamentals Economically stable • • • • • • Canada is the fifth largest equity market by float capitalization in the MSCI World Index World’s soundest banking system Lowest debt-to-GDP among G7 Strong equity culture ~$2.4 trillion in market cap $270 billion in equity capital raised in last 5 years A dynamic marketplace • • • • 3 Robust marketplace Access to capital History of innovation Committed to growth Canadian Markets… Global Leaders 4 st 1 st 1 st 1 In Listed Mining Companies Worldwide In Listed Oil and Gas Companies Worldwide In Listed Clean Technology Companies Worldwide st 1 st 1 nd 2 In Global Mining and Global Gold S&P/TSX Indices In Exchange-Traded Funds (ETFs) Originator of the World’s First ETF In the World by Number of New Listings nd 2 th 7 th 7 In the World by Number of Listed Companies In Equity Financing In Market Capitalization Source: World Federation of Exchanges, December 2013, TSX and TSXV Market Intelligence Group 4 Global Exchange Leader in 2013 TSX/TSXV LSE/ AIM NYSE/MKT Euronext Nasdaq OMX ASX Hong Kong Exchanges 3,673 2,736 3,433 3,392 2,055 1,643 Quoted Market Value (US$ Trillions) 2.1 4.4 21.5 7.4 1.4 3.1 New Listings International New Listings 266 25 170 32 325 35 144 N/A 84 19 110 4 Equity Capital Raised (US$ Billions) 42.0 47.5 202.8 77.5 49.0 48.3 1.4 2.2 15.4 10.2 0.9 1.3 Number of Issuers Listed Value Traded (US$ Trillions) 5 Source: Capital IQ and World Federation of Exchanges, December 2013 5 Access to Capital Toronto Stock Exchange and TSX Venture Exchange Total Financings (C$ Billions) 1999 – 2013 Average Financing Size: TSX: $67M TSXV: $2M Toronto Stock Exchange TSX Venture Exchange 64.9 58.8 52.2 49.7 46.2 19.2 19.2 1999* 6 25.5 23.1 22.0 20.9 2.4 1.1 2000 2001 27.3 25.8 1.4 2002 31.5 32.5 29.1 28.4 54.0 47.6 41.8 40.8 44.1 51.1 50.6 41.0 2.4 4.1 2003 2004 2005 7.9 2006 11.1 2007 5.5 2008 9.8 5.0 2009 2010 10.1 2011 43.6 39.9 35.3 6.1 * TSX Venture Exchange commenced operations on November 29, 1999 56.5 60.0 6.0 2012 3.8 2013 Diverse Issuer Base Number of Issuers by Sector Mining 1,618 Oil & Gas & Energy Services 449 Structured Products 214 Financial Services 122 Clean Technology 116 Real Estate 106 ETPs 296 Forest Products 23 Technology 169 Diversified Industrials 254 7 *As at December 31, 2013, Includes issuers on TSX and TSXV (100% = 3,673) Utilities & Pipelines 29 CPC 115 Comm & Media 52 Life Sciences 110 Service at All Stages of Growth A Unique Market Structure with a Strong Feeder System Serving all Market Caps % of TSX Issuers % of TSXV Issuers 94% 583 35% 535 Issuers 29% 2,015 Issuers <$50 Million 442 Issuers graduates +147 M&A* 36% 5% 114 $50 - $250 Million 555 Issuers 1% 12 >$250 Million * From January 1, 2000 – December 31, 2013 8 Market Capitalization, December 31, 2013 The World Lists on TSX and TSXV TSX and TSXV International Listings by Country/Region Total International Listings as at December 31, 2013= 314 TSX = 164 Listings | QMV=$151 B TSXV = 150 Listings | QMV= $2.8 B 9 The World Trades on TSX and TSXV ~40% of daily trading originates from international brokers th 7 in the world in value traded 10 TSX and TSXV by the Numbers 3673 Issuers 266 Going public events $43.6B Equity raised $66.5M Average Financing on TSX $2.4M Average Financing on TSXV 11 * As of or YTD December 31 2013 11 TSX: Ideal Equity Marketplace for Growth-Oriented US Companies 26 financings| Equity capital raised: $1.4B | Average offering size: $53M Exchange 12 Company Name Sector Amount Raised (C$M) Clean Technology $418M Real Estate $229M Mining $154M Real Estate $102M Diversified Industries $75M TSX Pattern Energy Group Inc. TSX Milestone Apartments Real Estate Investment Trust TSX Allied Nevada Gold Corp. TSX WPT Industrial Real Estate Investment Trust TSX Student Transportation Inc. TSX HealthLease Properties Real Estate Investment Trust Real Estate $69M TSX HealthLease Properties Real Estate Investment Trust Real Estate $69M TSX Sophiris Bio Inc. Life Sciences $69M TSX Polymet Mining Corp. Mining $63M TSX HealthLease Properties Real Estate Investment Trust Real Estate $50M YTD December 31 2013 TSXV: Ideal Equity Marketplace for Early Stage US Companies 57 financings| Equity capital raised: $138.8M | Average offering size: $2.4M Exchange 13 Sector Company Name Amount Raised (C$M) TSX Atlas Financial Holdings, Inc. Financial Services $24M TSX Strata-X Energy Ltd. Oil & Gas $13M TSX Stellar Biotechnologies, Inc. Life Sciences $12M TSX ePals Corporation Technology $8.2M TSX OPEL Technologies Inc. Technology $7.2M TSX Greenfields Petroleum Corporation Oil & Gas $6.8M TSX PACEpartners Inc. Life Sciences $6.0M TSX Strata-X Energy Ltd. Oil & Gas $5.9M TSX Spectra7 Microsystems Inc. Technology $5.4M TSX Gold Reserve Inc. Mining $5.3M YTD December 31 2013 Support for Issuers of all Sectors and Sizes TSX/TSXV US Listings by Sector Total US Listings as at April 30 2014 = 166 TSX = 82 listings, QMV=$109.5B TSXV = 84 listings, QMV= $1.7B **Source: Capital IQ, TSX and TSXV Market Intelligence Group As at April 30 2014 14 Market Capitalization Distribution of Listed Issuers** US Based Companies By The Numbers 166 $111B US Companies listed on TSX and TSXV Market Cap Top 10 US Companies on TSX by Market Capitalization Company Market Cap (C$) 1 General Motors Company $55.2 B 2 Brookfield Office Properties Inc. $13.2 B 3 Catamaran Corporation $8.6 B 4 Royal Gold Inc. $4.6 B Tahoe Resources Inc. $3.6 B 6 Stillwater Mining Company $1.8 B 16 $1.5B 5 7 Pattern Energy Group Inc. $1.0 B New US Companies Listed in 2013 Raised Through 83 Financings in 2013 8 Cott Corporation $0.841 B 9 Alacer Gold Corp. $0.761 B 10 Atlantic Power Corporation $0.751 B Unless otherwise noted, all data is as at April 30, 2014 15 15 Multiple Pathways to Listing IPO Initial Public Offering RTO Reverse Takeover/ Reverse Merger CPC Capital Pool Company SPAC Special Purpose Acquisition Corp. QT Qualifying Transaction/ Acquisition Dual or Interlisting 16 Capital Pool Company™ (CPC) Program has a Strong Track Record Anatomy of a Qualifying Transaction (QT) CPC Since inception – 2,401 CPCs were created – 84% have completed their QT (2,015 companies) Private Company Currently Qualifying Transaction Coinciding Private Placement New TSX Venture Company 17 – 339 graduates now trade on TSX – 92 of the grads were CPCs – 66 QTs in 2013 A new clean CPC shell has none of the hidden costs of a shell with previous operating history Specific Listing Criteria for Mining, Oil & Gas and Industrial Sectors Technical Listing Requirements 18 19