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1 THE ALBERTA CAPITAL MARKET: A COMPARATIVE OVERVIEW MAY 214 REPORT

2 TABLE OF CONTENTS Table of Contents Introduction 5 Executive Summary 6 Key Observations from Provincial Comparisons 8 Charts and Analysis 9 International Representation Among Listed Issuers 9 Provincial Representation in the Canadian Capital Markets 11 Major Industries in the Canadian Capital Markets 14 Exchange-Traded Products In the Canadian Capital Markets 16 Focus on Alberta s Capital Market 17 Exempt Market Financings 21 Energy Markets Trading 26 THE ALBERTA CAPITAL MARKET: A COMPARATIVE OVERVIEW 214 REPORT 3 3

3 INTRODUCTION Introduction The Alberta Capital Market report is an annual publication by the Alberta Securities Commission (ASC) that provides market participants with a comparative analysis of Alberta s capital market and a better understanding of the similarities and differences of Alberta s capital market in relation to other major capital markets in Canada. This report also provides the ASC with useful context for internal projects and rules related to continuous disclosure, corporate governance, and financings in the prospectus and exempt markets. Listed Issuers Unless otherwise noted, analysis presented in this report regarding listed issuers has been derived from comprehensive data made available by the TMX Group Limited. 1 The data represents every public company listed on either of the Toronto Stock Exchange (TSX) Canada s senior equities market or the TSX Venture Exchange (TSXV) 2 the most prominent of Canada s junior equities markets, as at December 31, 213. The information compiled does not take into account reporting issuers that are not listed on either the TSX or TSXV. In this report, we analyze companies 3 based on aggregate market capitalization, industry sector, and head office location. We use this data to compare the four major Canadian capital markets (Alberta, British Columbia, Ontario, and Québec) and further describe the Alberta market. The companies based in the four provinces represent 97 per cent of the number of all domestic companies listed on the two exchanges and 94 per cent of the aggregate market capitalization. 4 Exempt Market Financings In this report we also present summary information of prospectusexempt financings, commonly called the exempt market, based on regulatory filings made with the ASC of Form 45-16F1 Report of Exempt Distribution. The most commonly used capital raising exemptions include accredited investor, offering memorandum, minimum amount, and close friends, family and business associates. 5 Financings in the exempt market by Alberta issuers declined significantly in 213, to $8.7 billion, owing to a 36 per cent decline in exempt market financings by oil and gas issuers. In the exempt market, 57 per cent of the funds were raised by reporting issuers. Energy Markets Trading 26% Alberta is the secondlargest capital market in Canada, representing 26 per cent of total market capitalization. We also present data on energy markets trading by Natural Gas Exchange Inc. (NGX), which is part of the TMX Group. NGX s trading volumes over all products in 213 declined 12 per cent over 212 to an energy-equivalent 12,835 petajoules, with declines in nearly all categories, led by a 51 per cent decline in OTC clearing volumes and a 44 per cent decline in trading of US physical crude oil, partially offset by a 15 per cent increase in Western Canada natural gas trading volumes. 1 TMX Group has not reviewed or endorsed this report. 2 Including the NEX Board. 3 In this report, the term company means company, trust or partnership. 4 Including foreign companies listed on the TSX or TSXV, the four provinces represented 91 per cent of listings and 88 per cent of total market capitalization. 5 As available under National Instrument Prospectus and Registration Exemptions. THE ALBERTA CAPITAL MARKET: A COMPARATIVE OVERVIEW 214 REPORT 5 5

4 EXECUTIVE SUMMARY Executive Summary According to the World Federation of Exchanges, the market capitalization of global equity markets increased 17.4 per cent in 213 while markets in the Americas (including Canada) increased 22 per cent. By comparison, as shown in Table A, the market capitalization of companies listed on the TSX and TSXV increased by 7.3 per cent to $2.35 trillion. However, the market capitalization of the TSX (about 7 times larger than the TSXV) increased by 7.9 per cent, while the market capitalization of the TSXV decreased by 17.9 per cent. Table A: National Market Capitalization Summary Aggregate Canadian Market Capitalization $2.35 trillion $2.19 trillion $2.5 trillion TSX Market Capitalization $2.32 trillion $2.15 trillion $2. trillion TSXV Market Capitalization $33.1 billion $4.3 billion $48.7 billion During 213, financial services remained the most prominent sector within the Canadian capital markets in terms of aggregate market capitalization, as shown in Table B. The total market capitalization of companies in the financial services industry represented approximately 28 per cent of the total market capitalization on the TSX and TSXV. Diversified industries (including oil and gas services) followed with 18 per cent and the oil and gas sector was the third largest with 16 per cent. Table B: Industry Market Capitalization Comparative Analysis, Per Cent of Total Financial Services 28 per cent 24 per cent 24 per cent Diversified Industries 18 per cent 18 per cent 15 per cent Oil and Gas 16 per cent 16 per cent 18 per cent Mining 1 per cent 18 per cent 21 per cent As shown in Table C, Alberta-based listings represented approximately 26 per cent of the total market capitalization value of TSX and TSXV listings. In addition, Alberta-based companies represented 14 per cent of the total listings on the two exchanges and of those listed on the TSX, 38 per cent previously graduated from the TSXV. Table C: Provincial Market Capitalization Comparative Analysis, Per Cent of Total Alberta Market Share 26 per cent 25 per cent 27 per cent Ontario Market Share 4 per cent 41 per cent 4 per cent Québec Market Share 14 per cent 12 per cent 11 per cent British Columbia Market Share 7 per cent 1 per cent 11 per cent 6 Including foreign-based companies. 6 6 THE ALBERTA CAPITAL MARKET: A COMPARATIVE OVERVIEW 214 REPORT

5 KEY OBSERVATIONS FROM 213 Key Observations from 213 An examination of the TMX market capitalization data for 213 reveals the following observations: The overall gain in market capitalization of 7.3 per cent was due to the 7.9 per cent increase in market capitalization of TSX-listed companies, which accounted for 99 per cent of the total. In sharp contrast, the market capitalization of TSXV-listed companies fell 17.9 per cent. By comparison, according to the World Federation of Exchanges, market capitalization of companies listed in the United States increased by 29 per cent and that of the Americas region overall increased 22 per cent. Canada-based companies represented approximately 94 per cent of the companies listed on the two exchanges and 93 per cent of the aggregate market capitalization of public companies. Please refer to Table D for details of foreign listings on both the TSX and TSXV. 57% Oil and gas is by far the most significant industry in Alberta, representing approximately 57 per cent of the province s aggregate market capitalization. Canada s public equities market remained tiered with approximately 58 per cent of public companies listed on the TSXV. While TSX-listed companies represent approximately 99 per cent of the total aggregate Canadian market capitalization, about 22 per cent of TSX listings previously graduated from the TSXV. The financial services industry remained the most significant industry in the Canadian capital markets based on aggregate market capitalization (28 per cent), followed by diversified industries (18 per cent) and oil and gas (16 per cent). However, the mining industry represented 44 per cent of total listings, with oil and gas a distant second at 1 per cent and diversified industries at nine per cent. Ontario maintained the greatest share of aggregate market capitalization of listings at approximately 4 per cent (approximately $95 billion), with Alberta contributing approximately 26 per cent (approximately $615 billion). Québec and British Columbia represented approximately 14 per cent and seven per cent (respectively) of the total market capitalization listed on the TSX and TSXV exchanges (approximately $33 billion and $17 billion respectively). Of the four largest provincial markets, Québec based companies had the highest average market capitalization per listing at $1.3 billion, with Alberta based companies following at $1.2 billion, Ontariobased companies at $.7 billion and British Columbia-based companies at approximately $.1 billion. Of the four provinces, Ontario had the greatest number of companies listed on the TSX (837) and had the second greatest number of listings on the TSXV (444). British Columbia-based companies made up the almost half of companies listed on the TSXV (193) and Alberta-based companies had the second greatest number of listings on the TSX (26). Thirty-eight per cent of Alberta-based companies listed on the TSX were TSXV graduates (i.e. previously listed on the TSXV), second to the number of graduates in British Columbia at 48 per cent. By comparison, the number of TSXV graduates based in Québec were 14 per cent and those based in Ontario were 1 per cent. Oil and gas continued to be the most significant industry in Alberta, representing approximately 57 per cent of the province s aggregate market capitalization, two and a half times more than utilities and pipelines, the next largest industry in Alberta. Furthermore, oil and gas public companies represented 16 per cent of the aggregate public market capitalization in Canada and 1 per cent of total listings on the TSX and TSXV. THE ALBERTA CAPITAL MARKET: A COMPARATIVE OVERVIEW 214 REPORT 7 7

6 PROVINCIAL COMPARISONS Provincial Comparisons Each major provincial capital market had unique characteristics in terms of the types of industries represented, the size of companies (in terms of market capitalization) and the total number of listings. While the total market capitalization of Alberta issuers ranked second in Canada behind Ontario, within each province Alberta had the smallest proportion of companies with market capitalization less than $1 million (63 per cent) and the largest proportion of companies with market capitalization greater than $1 billion (15 per cent). Alberta and British Columbia Both Alberta and British Columbia are known for having strong junior markets particularly for oil and gas in Alberta (44 per cent of listings and 57 per cent of market capitalization) and mining in British Columbia (73 per cent of listings and 56 per cent of market capitalization). Although British Columbia had more than twice the number of listed companies as Alberta, the aggregate market capitalization of those companies was about one quarter of Alberta s market capitalization. British Columbia had a much greater number of companies than Alberta with market capitalization under $1 million 91 per cent of companies in British Columbia compared with 63 per cent in Alberta. A further difference was that 15 per cent of Alberta-based companies had a market capitalization greater than $1 billion versus two per cent of companies in British Columbia. Lastly, the cumulative proportion of companies graduating from the TSXV to the TSX was higher in British Columbia at 48 per cent versus 38 per cent in Alberta. Alberta and Ontario While Alberta and British Columbia have reputations as strong junior markets, 7 per cent of the listed issuers in Ontario had a market capitalization of less than $1 million (compared to 63 per cent in Alberta) and eight per cent of listed issuers had a market capitalization of greater than $1 billion (versus 15 per cent in Alberta). However, Ontario had significantly more public companies listed on the TSX than Alberta (65 per cent compared with 41 per cent of listings, respectively). Yet, the percentage of TSXV graduates in Ontario was only 1 per cent versus 38 per cent in Alberta. In terms of total market capitalization, 57 per cent of issuers in Ontario were from financial services, which represented only six per cent of listings in Ontario. By comparison, Alberta companies in financial services represented one per cent of total market capitalization and three per cent of all listings. While oil and gas is the primary industry in Alberta, in Ontario, only two per cent of issuers were in oil and gas, representing one per cent of total market capitalization. Alberta and Québec SIZE OF PROVINCIAL MARKETS* The distribution of market capitalization in Québec was quite similar to that of companies in Alberta, with 68 per cent of Québec companies having a market capitalization less than $1 million (63 per cent in Alberta) and 14 per cent having market capitalization greater than $1 billion (15 per cent in Alberta). Overall, there were approximately half as many listings of Québec-based companies as in Alberta, although the proportion of TSXV listings was quite similar 56 per cent in Québec and 59 per cent in Alberta. Of TSXlisted Québec companies, 14 per cent graduated from the TSXV. In Québec, 41 per cent of the total market capitalization was attributable to diversified industries, represented by 2 per cent of all listings. In Alberta, 13 per cent of total market capitalization was from diversified industries, representing 18 per cent of all listings. One per cent of all listings in Québec were in the oil and gas industry, but these companies represented less than one per cent of overall market capitalization. 14% 13% 4% 26% 7% Alberta British Columbia Ontario Québec Other *by market capitalization 8 8 THE ALBERTA CAPITAL MARKET: A COMPARATIVE OVERVIEW 214 REPORT

7 Charts and Analysis International Representation Among Listed Issuers Aggregate market capitalization of companies listed on the TSX and TSXV increased by 7.3 per cent, from $2.19 trillion at the end of 212 to $2.35 trillion at the end of 213, compared with an increase of 9.6 per cent for the S&P TSX Composite Index. Canada-based companies represented approximately 93 per cent of the aggregate market capitalization and 94 per cent of the head offices of the 3,669 public companies listed on the two exchanges. As further shown in Table D, foreign companies based in the following countries had the five greatest total market capitalization on the TSX and TSXV: 1. United States (US) $129.4 billion (a 36 per cent increase versus 212); 2. Bermuda $8.4 billion (a 68 per cent increase versus 212); 3. Sweden $6.3 billion (a 47 per cent decrease versus 212); 4. Australia $3.3 billion (a 89 per cent decrease versus 212); 5. Israel $2.6 billion (new in 213). Table D: International Representation in the Canadian Capital Market Country Number of Public Companies Total Market Capitalization ($ millions) Argentina 1 $8.1 Australia 25 $3,278.4 Bermuda 5 $8,438.3 Brazil 1 $23.5 British Virgin Islands 3 $58.3 Cayman Islands 2 $516.1 Channel Islands 5 $1,156.7 Chile 1 $2.5 China 9 $93.8 Colombia 2 $913.8 Cook Islands 1 $294.4 Cyprus 1 $2.7 France 1 $52.2 Hong Kong 6 $1,661.9 Isle of Man 1 $31.5 Israel 2 $2,646. Kazakhstan 1 $13.4 Luxembourg 1 $34.9 Mexico 1 $7.2 New Zealand 1 $1.1 Peru 1 $32.9 Singapore 1 $.6 South Africa 3 $258.3 Sweden 1 $6,272.4 Switzerland 3 $194. Tanzania 1 $8.2 Turkey 1 $339.8 UK 22 $2,45.3 US 125 $129,366.4 Grand Total 228 $158,895.7 THE ALBERTA CAPITAL MARKET: A COMPARATIVE OVERVIEW 214 REPORT 9 9

8 The charts below provide a visual snapshot by country of foreign-based companies listed on the TSX and TSXV, broken down by the total number of companies listed and aggregate market capitalization. In each case, the number of companies based in the United States was considerably greater than the number of companies based in other countries. CHART 1 (A): SAMPLE OF FOREIGN LISTINGS BY COUNTRY AND EXCHANGE 8 Number of Companies TSX TSXV 1 United States Australia United Kingdom China Hong Kong Bermuda Channel Islands South Africa Switzerland British Virgin Islands Cayman Islands Israel Colombia CHART 1 (B): TOP TEN AGGREGATE MARKET CAPITALIZATION OF FOREIGN LISTINGS BY COUNTRY 14 Market Capitalization ($ Billions) United States Bermuda Sweden Australia Israel United Kingdom Hong Kong Channel Islands Colombia Cayman Islands 1 1 THE ALBERTA CAPITAL MARKET: A COMPARATIVE OVERVIEW 214 REPORT

9 Provincial Representation in the Canadian Capital Markets The distribution of market capitalization by province is illustrated in Chart 2. In 213, Ontario-based companies continued to have the largest aggregate market capitalization of any Canadian jurisdiction at approximately $95 billion (4 per cent), followed by Alberta at approximately $615 billion (26 per cent), Québec at approximately $33 billion (14 per cent) and British Columbia at $17 billion (seven per cent). Companies based in these four provinces accounted for approximately 88 per cent of the market capitalization of the TSX and TSXV. CHART 2: DISTRIBUTION OF AGGREGATE MARKET CAPITALIZATION BY PROVINCE 1 Market Capitalization ($ Billions) AB BC MB NB NL NS ON QC SK YT Chart 3 illustrates the total number of listings on the TSX and TSXV based on the location of corporate head offices. Alberta, British Columbia, Ontario and Québec were home to 3,329, or approximately 91 per cent, of the total 3,669 public companies listed on the two exchanges. CHART 3: DISTRIBUTION OF HEAD OFFICES BY PROVINCE Total Number of Companies AB BC MB NB NL NS ON QC SK YT THE ALBERTA CAPITAL MARKET: A COMPARATIVE OVERVIEW 214 REPORT 11 11

10 A breakdown of the comparative representation of public companies listed in Alberta, British Columbia, Ontario and Québec is illustrated in Chart 4. At 55 per cent, Ontario had the greatest number of listings on the TSX, followed by Alberta and British Columbia, 13 per cent each, and Québec with seven per cent. British Columbia had the greatest number of listings on the TSXV (51 per cent), followed by Ontario (21 per cent), Alberta (14 per cent), and Québec (six per cent). On a combined basis, British Columbia and Ontario companies each represented 35 per cent of all listings on the two exchanges, followed by Alberta (14 per cent) and Québec (seven per cent). CHART 4: DISTRIBUTION OF HEAD OFFICES BY PROVINCE AND EXCHANGE 12 Total Number of Head Offices TSX TSXV AB BC ON QC Comparing Chart 4 and Chart 5 shows that British Columbia narrowly had the largest number of head offices of public companies (compared to Ontario), yet had the smallest aggregate market capitalization. Although Alberta had less than half the number of head offices as British Columbia or Ontario, the aggregate market capitalization of those Alberta public companies was more than three-and-a-half times that of British Columbia companies, but only approximately two-thirds of Ontario-based companies. As observed from Chart 4 and Chart 5, the four capital markets being analyzed, Alberta, British Columbia, and Québec have more companies listed on the TSXV than on the TSX. However, in terms of market capitalization, junior markets in all four provinces contributed a very small amount to the respective aggregate market capitalization. For example, 59 per cent of Alberta-based companies were listed on the TSXV, while 99 per cent of the province s aggregate market capitalization was from TSX-listed companies. Similarly, even though 84 per cent of British Columbia-based companies were listed on the TSXV, 93 per cent of British Columbia s market capitalization was attributable to TSX-listed companies THE ALBERTA CAPITAL MARKET: A COMPARATIVE OVERVIEW 214 REPORT

11 CHART 5: AGGREGATE MARKET CAPITALIZATION BY PROVINCE AND EXCHANGE Aggregate Market Capitalization ($ Billions) TSX TSXV AB BC ON QC The distribution of issuer market capitalization between the four provinces is very distinct. For example, when comparing British Columbia and Alberta, approximately 87 per cent of British Columbia-based companies (a total of 1114 listings) have market capitalization of less than $5 million, while 58 per cent of Alberta-based companies (a total of 291 listings) fall into this category. In contrast, Alberta had 132 companies with market capitalization of over $25 million (26 per cent of total Alberta-based listings) as compared to 68 British Columbia companies (five per cent of total British Columbia-based listings). CHART 6: DISTRIBUTION OF COMPANIES BY MARKET CAPITALIZATION, PROVINCE AND EXCHANGE 1 Number of Companies Under $1M $1M - $5M $5M - $25M Over $25M Alberta British Columbia Ontario Québec THE ALBERTA CAPITAL MARKET: A COMPARATIVE OVERVIEW 214 REPORT 13 13

12 While the overall market capitalization of the TSX and TSXV increased by about seven per cent for the year ended December 31, 213, the change in aggregate market capitalization for each of the four provinces was quite different. Aggregate market capitalization increased the most in Québec, by 29 per cent, followed by Alberta at 11 per cent and Ontario at six per cent. In contrast, aggregate market capitalization in British Columbia decreased by 2 per cent. Although aggregate market capitalization generally increased in 213, the total number of listings decreased by about four per cent for the TSX and TSXV. Only in Ontario did the number of listings remain flat yearover-year, while the number of Alberta- and Québec-based issuers decreased by seven per cent each and British Columbia-based companies decreased by eight per cent. Major Industries in the Canadian Capital Markets Chart 7 contrasts the relative percentage of all public companies engaged in each industry to the percentages of total market capitalization of each industry. Based on aggregate market capitalization, the top five industries in the Canadian capital markets were financial services, diversified industries (which includes oil and gas services), oil and gas, mining, and communications and media, which together represented 79 per cent of the market. The top five industries, based on the number of companies, represented 77 per cent of the market, but mining far outweighed any other industry (44 per cent) with oil and gas, diversified industries, exchange traded products, and structured products each with 1 per cent or less. CHART 7: DISTRIBUTION OF INDUSTRIES BY COMPANIES AND MARKET CAPITALIZATION 5 4 Number of Companies Market Capitalization Percentage Clean Technology Communications and Media Capital Pool Companies Diversified Industries Exchange Traded Products Financial Services Forest Products and Paper Life Sciences Mining Oil and Gas Real Estate Structured Products Technology Utilities and Pipelines THE ALBERTA CAPITAL MARKET: A COMPARATIVE OVERVIEW 214 REPORT

13 Chart 8 and Chart 9 provide a more in-depth view of the industries in the four major Canadian capital markets. In Alberta and British Columbia, oil and gas, and mining, respectively, stand out as primary industries based on either market capitalization or number of companies. In Ontario, financial services dominates in terms of market capitalization, but represents a relatively small proportion of the number of companies (unless exchange-traded products and structured products are included within a broader definition of financial services ). Québec s market is led by diversified industries in terms of market capitalization, but by mining in terms of number of companies. It is interesting to note that with the exception of exchange-traded products, each province had public companies of each industry type (even if only a few), illustrating that while some industries were concentrated in particular provinces, they were not confined to only those provinces. CHART 8: DISTRIBUTION OF MARKET CAPITALIZATION BY INDUSTRY AND PROVINCE Market Capitalizations ($ Billions) Capital Pool Companies Clean Technology Communications and Media Diversified Industries Exchange Traded Products Financial Services Forest Products and Paper Life Sciences Mining Oil and Gas Real Estate Structured Products Technology Utilities and Pipelines Alberta British Columbia Ontario Québec CHART 9: DISTRIBUTION OF INDUSTRIES BY PROVINCE 1 Number of Companies Capital Pool Companies Clean Technology Communications and Media Diversified Industries Exchange Traded Products Financial Services Forest Products and Paper Life Sciences Mining Oil and Gas Real Estate Structured Products Technology Utilities and Pipelines 2 1 Alberta British Columbia Ontario Québec THE ALBERTA CAPITAL MARKET: A COMPARATIVE OVERVIEW 214 REPORT 15 15

14 Exchange-Traded Products In the Canadian Capital Markets Aggregate market capitalization for exchange-traded products (ETPs) in Canada increased again in 213, but at a slower rate of eight per cent (25 per cent in 212) or about $5. billion, to $7.4 billion in total. This represented ETPs more than doubling in value in four years. However, Chart 1 shows that the market capitalization of US-based ETPs declined about 28 per cent in 213, in part due to the decline in the number of ETPs in the United States to 13 from 17, which was more than offset by an increase in the number of Ontario-based ETPs to 283 from 264. CHART 1: DISTRIBUTION OF EXCHANGE-TRADED PRODUCTS BY LOCATION OF HEAD OFFICE 7 Aggregate Market Capitalization ($ Billions) Ontario United States THE ALBERTA CAPITAL MARKET: A COMPARATIVE OVERVIEW 214 REPORT

15 Focus on Alberta s Capital Market Oil and gas companies represented 44 per cent of total Alberta listings, with diversified industries at 18 per cent and mining at 12 per cent. The significance of Alberta s junior market was evident by the fact that approximately 6 per cent of the total Alberta-based oil and gas listings and 95 per cent of total mining company listings were on the TSXV. Thirty-eight per cent of listings of Alberta-based diversified industries were on the TSXV. CHART 11: DISTRIBUTIONS OF ALBERTA INDUSTRIES BY EXCHANGE 16 Number of Companies TSX TSXV 2 Capital Pool Company Clean Technology Communications and Media Diversified Industries Exchange Traded Products Financial Services Forest Products and Paper Life Sciences Mining Oil and Gas Real Estate Structured Products Technology Utilities and Pipelines THE ALBERTA CAPITAL MARKET: A COMPARATIVE OVERVIEW 214 REPORT 17 17

16 When comparing the number of public companies with aggregate market capitalization (see Chart 12), mining companies represented only two per cent of aggregate market capitalization. The oil and gas sector represented 57 per cent of aggregate market capitalization and diversified industries represented 13 per cent. Utilities and pipelines represented 22 per cent on a market capitalization basis, but only three per cent of the listed companies (see Chart 11). The oil and gas industry continued to be the largest sector in Alberta s market by a significant margin. Grouping the utilities and pipeline sector with oil and gas for a broader energy sector would show that 47 per cent of the listings and 79 per cent of aggregate market capitalization of Alberta-based issuers were directly energy related (24 issuers and $484 billion, respectively). CHART 12: DISTRIBUTION OF MARKET CAPITALIZATION IN ALBERTA BY INDUSTRY Aggregate Market Capitalization ($ Billions) Clean Technology Communications and Media Diversified Industries Exchange Traded Products Financial Services Forest Products and Paper Life Sciences Mining Oil and Gas Real Estate Structured Products Technology Utilities and Pipelines THE ALBERTA CAPITAL MARKET: A COMPARATIVE OVERVIEW 214 REPORT

17 Chart 13 below illustrates the distribution of Alberta-based companies according to market capitalization ranges. As would be expected, most companies under $1 million in market capitalization were listed on the TSXV. In fact, 86 per cent of all companies in Alberta with less than $1 million in market capitalization were listed on the TSXV. Further, there were only two companies with market capitalization of less than $1 million listed on the TSX. Conversely (and coincidentally), 86 per cent of all Alberta-based issuers with market capitalization greater than $1 million were listed on the TSX. Yet, several companies with market capitalization of up to $5 million were still listed on the TSXV. CHART 13: DISTRIBUTION OF ALBERTA MARKET CAPITALIZATION BY EXCHANGE 9 Number of Companies TSX TSXV 2 1 under $1M $1M - $5M $5M - $1M $1M - $25M $25M - $1M $1M - $25M $25M - $1B over $1B THE ALBERTA CAPITAL MARKET: A COMPARATIVE OVERVIEW 214 REPORT 19 19

18 Chart 14 shows the industries in which Alberta-based public companies operated and a break down by the number of companies in several market capitalization ranges. In the case of oil and gas, an equal number of companies (64) were in the under $5 million and over $25 million categories, accounting for 57 per cent of the companies in the industry. Other significant industries in Alberta show much different patterns. For instance, there were only 13 of 16 companies in the utilities and pipelines industry that had market capitalization greater than $25 million. There were nearly an equal number of companies in each market capitalization range for the diversified industries sector, with the exception of number of companies over $25 million, which was approximately double the number of companies in other ranges. CHART 14: DISTRIBUTION OF ALBERTA COMPANIES BY INDUSTRY AND MARKET CAPITALIZATION 9 Number of Companies Under $5M $5M - $25M $25M - $1M $1M - $25M Over $25M 2 1 Capital Pool Companies Clean Technology Communications and Media Diversified Industries Exchange Traded Products Financial Services Forest Products and Paper Life Sciences Mining Oil and Gas Real Estate Structured Products Technology Utilities and Pipelines 2 2 THE ALBERTA CAPITAL MARKET: A COMPARATIVE OVERVIEW 214 REPORT

19 Exempt Market Financings Approximately 6 Alberta-based issuers raised $8.7 billion via a prospectus exemption in Alberta during 213, based on the filings made with the ASC. Although investment funds may report sales of securities following the fund s fiscal year end, and will therefore continue to report sales of securities from 213 in 214, it is clear that Alberta issuers raised considerably less funds in 213 versus 212. This is the result of lower levels of financings in the oil and gas industry, which accounted for approximately $2.8 billion of the year-over-year decline. Of the total funds raised in 213, Alberta-based investors represented approximately 22 per cent ($1.9 billion) of the financings, while non-alberta based investors contributed the remaining 78 per cent ($6.8 billion). This is relatively consistent with prior years on a proportionate basis. CHART 15: TOTAL RAISED IN THE EXEMPT MARKET BY ALBERTA-BASED ISSUERS 7 Distributions ($ Billions) B 3.5B 8.8B 13.B 3.3B 9.8B 13.5B 4.2B 9.3B Alberta-based investors Non-Alberta based investors 8.7B 1.9B 6.8B Note: Data for has been revised since prior Alberta Capital Market Reports based on additional filings received and recorded by the ASC. THE ALBERTA CAPITAL MARKET: A COMPARATIVE OVERVIEW 214 REPORT 21 21

20 Chart 16 shows that, notwithstanding the significant decline in oil and gas financings in 213, oil and gas issuers still raised about $5. billion (57 per cent) of the total $8.7 billion raised by Alberta-based exempt market issuers during 213. Issuers in the real estate industry category raised approximately $1.4 billion, 28 per cent as much as the oil and gas industry. 8 CHART 16: FINANCINGS BY INDUSTRY OF ALBERTA-BASED ISSUERS Utilities Mortgage Investment Companies Industrial Distributions ($ Billions) B 1.5B 1.B 8.6B 13.B.8B 1.8B 1.5B 8.B 13.5B 1.3B 3.3B 7.8B Mining Real Estate Other Industries Investment Companies and Funds Oil and Gas 8.7B 1.4B 5.B Industry categories based on Form 45-16F1 industry classifications differ from TMX categories THE ALBERTA CAPITAL MARKET: A COMPARATIVE OVERVIEW 214 REPORT

21 As in prior years, the accredited investor exemption was the most heavily used exemption, representing 86 per cent of the total value of exempt market financings in 213. This was down from 9 per cent in 212. The accredited investor exemption is popular among reporting issuers (which are typically also listed on an exchange). Financings by Alberta-based issuers using this exemption represented about 61 per cent of the total accredited investor exemption financings in 213. CHART 17: FINANCINGS BY EXEMPTION USED BY ALBERTA-BASED ISSUERS Distributions ($ Billions) B.8B.8B 1.4B 13.B.9B 11.3B 13.5B 12.1B Friends, Family and Business Associates Minimum Amount Offering Memorandum Other Exemptions Accredited Investor 8.7B 7.5B THE ALBERTA CAPITAL MARKET: A COMPARATIVE OVERVIEW 214 REPORT 23 23

22 Albertans invested approximately $6.9 billion in the exempt market in 213 in a total of about 1,36 issuers. Approximately $1.9 billion of the total (28 per cent) was invested in approximately 6 Albertabased issuers. As of the date of this report it is too early to conclude how significant the apparent drop in investment year-over-year will turn out to be once remaining investment funds have reported to the ASC. 9 In the 213 Alberta Capital Market Report, we reported total investment by Albertans of $4.8 billion for 212, among 1,427 issuers, which has since been revised to $8.9 billion, among 2,6 issuers. CHART 18: TOTAL INVESTED IN THE EXEMPT MARKET BY ALBERTANS B 9.9B 8.9B Alberta-based issuers Non-Alberta based issuers Distributions ($ Billions) B 7.1B 3.3B 6.6B 4.2B 4.7B 6.9B 1.9B 5.B Note: Investment fund distributions are reported on an annual fiscal basis, hence the $6.9 billion currently recorded for 213 does not include all investment funds. By comparison, we initially reported total investment of $4.8 billion in 212, which has been revised to $8.9 billion THE ALBERTA CAPITAL MARKET: A COMPARATIVE OVERVIEW 214 REPORT

23 As shown in Chart 19, in past years, Albertans typically invested in investment companies and funds. This may yet prove to be the case for 213 once remaining investment funds have reported to the ASC; based on available data 43 per cent of investments were made in investment funds. It is noted that the year-over-year decline in investment by Albertans in oil and gas paralleled the decline of about 36 per cent shown in Chart 16. We also note that companies in the real estate industry raised a total of $.9 billion in 213 compared to $.5 billion in 212. Lastly, investment in the other industries category increased to $1.6 billion in 213 from $1. billion in CHART 19: INDUSTRIES INVESTED IN BY ALBERTA-BASED INVESTORS Utilities Industrial 14 Mortgage Investment Companies Mining Distributions ($ Billions) B.6B 1.1B 1.8B 6.4B 9.9B 1.5B 1.4B 6.B 8.9B Oil and Gas Investment Companies and Funds 1.B 6.9B 1.4B 5.4B Real Estate Other Industries.9B 1.6B.9B 3.B Issuers may report other on Form 45-16F1 if none of the industry choices on the form apply. We have also grouped Hi-Tech, Bio-Tech, and Forestry in this category for purposes of this report. THE ALBERTA CAPITAL MARKET: A COMPARATIVE OVERVIEW 214 REPORT 25 25

24 Energy Markets Trading Natural Gas Exchange (NGX) total trading volumes continued to decline during 213, and fell approximately 12 per cent from 14,51 petajoules (PJ) in 212 to approximately 12,835 PJ in 213. Volumes declined in nearly all categories, led by a 51 per cent decline in OTC clearing volumes and a 44 per cent decline in trading of US physical crude oil. The Western Canadian Natural Gas index continued to be the most actively traded index for the year, with total volume traded increasing to 8,915 PJ in 213 from 7,738 PJ in 212 (15 per cent increase). However, the Eastern Canadian Gas Index (the second most actively traded index) experienced an approximate 28 per cent decline to 1,619 PJ in 213 from 2,251 PJ in 212. Crude oil continued its decline in terms of total volumes traded to five PJ in 213 from 32 PJ in 212 (84 per cent decline). 11 CHART 2: NGX TRADING HISTORY Petajoules Traded Western Canada (PJ) Eastern Canada (PJ) US Physical (PJ) OTC Clearing (PJ) Electricity (PJ) Crude Oil (PJ) CDN Bilateral (PJ) All Swaps (PJ) TMX NGX: Historical NGX Trading Activity to December 31, THE ALBERTA CAPITAL MARKET: A COMPARATIVE OVERVIEW 214 REPORT

25

26 SUITE 6, 25-5TH ST. SW, CALGARY, ALBERTA, T2P R4

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