A Capital Opportunity. A Global Market for Technology Companies

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1 A Capital Opportunity A Global Market for Technology Companies

2 Disclaimer This document is for information purposes only. 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, legal, accounting, tax, investment, business, financial or other 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 omissions herein or any use or reliance upon this information TSX Inc. All rights reserved. Do not sell or modify without the prior written consent of TSX Inc.

3 Section 1 Toronto Stock Exchange and TSX Venture Exchange Overview

4 Canada and TSX: Strong Fundamentals Economically stable Ranked the best country in the G7 for doing business ( ) World s soundest banking system Lowest debt-to-gdp among G7 Strong equity culture 160+ year history of serving the Canadian markets ~$2.3 trillion in market cap $267 billion in equity capital raised in last 5 years A dynamic marketplace Robust marketplace Access to capital History of innovation Committed to growth 4 Source: Rankings from The Economic Intelligence Unit, via Invest in Canada Think Canada, January Named world s soundest banking system by the World Economic Forum in 2016 for the eighth consecutive year.

5 Overview: Canada s Equity Market TSX and TSX Venture Exchange World Ranking Country Ranking: Equity Capital Raised ( ) #2 Number #2 Number #6 Equity of IPOs and New Listings (2015) of International IPOs and New Listings (2015) capital raised ( ) Rank Country Stock Exchanges 1 USA NYSE, Nasdaq 2 China Hong Kong Exchanges, Shanghai SE, Shenzhen SE 3 Canada TSX / TSX Venture Exchange 4 Australia Australian Securities Exchange 5 United Kingdom London Stock Exchange 5 Source: TSX/TSXV Market Intelligence Group, World Federation of Exchanges, LSE Group; as at December 31, 2015; country ranking reflects the total equity capital raised by companies listed on the stock exchanges based in each country.

6 Global Capital Comes to TSX ~40% of daily trading originates from outside Canada ~25% of TSX and TSXV Member Firms are headquartered outside Canada 6

7 Diverse Issuer Base TSX/TSXV Sectors by Market Capitalization Comm. & Media, $163B Utilities & Pipelines, $164B Clean Technology & Renewable Energy, $30B Technology, $78B Life Sciences, $80B Real Estate, $84B ETFs, $98B Mining, $180B Oil & Gas, $232B Forest Products & Paper, $24B Total: $2.3T Closed-End Funds, $23B CPC/SPAC, $1B Financial Services, $689B Diversified Industries, $478B Top TSX Issuers by Market Capitalization Company Market Cap. at Dec. 31, 2015 (C$) Sector Royal Bank of Canada $115.5 B Financial Services Toronto-Dominion Bank (The) $102.9 B Financial Services Bank of Nova Scotia (The) $70.5 B Financial Services Canadian National Railway Company $61.2 B Diversified Industries General Motors Company $53.0 B Diversified Industries Bank of Montreal $52.5 B Financial Services Suncor Energy Inc. $51.6 B Oil & Gas BCE Inc. $48.7 B Comm & Media Valeant Pharmaceuticals International Inc. $48.0 B Life Sciences Brookfield Asset Management Inc. $46.1 B Financial Services Enbridge Inc. $44.4 B Utilities & Pipelines Manulife Financial Corporation $43.2 B Financial Services Thomson Reuters Corporation $40.3 B Comm. & Media Imperial Oil Limited $38.2 B Oil & Gas Canadian Imperial Bank Of Commerce $37.0 B Financial Services Great-West Lifeco Inc. $36.6 B Financial Services Alimentation Couche-Tard Inc. $34.7 B Diversified Industries TransCanada Corporation $33.7 B Utilities & Pipelines Canadian Natural Resources Limited $33.1 B Oil & Gas Sun Life Financial Inc. $28.3 B Financial Services 7 As at December 31, 2015.

8 Financing and Liquidity Platforms Access to capital and liquidity are the core offerings of our platforms. Private Equity 8

9 TSX and TSXV by the Numbers 3,278 Issuers $57.7B Equity raised 194 Going public events $94.2M Average Financing on TSX $2.6M Average Financing on TSXV 9 As at or YTD December 31,

10 A Unique Growth Platform 20% of Toronto Stock Exchange issuers are graduates of TSX Venture Exchange 24% of TSX Cleantech issuers graduated from TSXV 50% of TSX Mining issuers graduated from TSXV 29% of TSX Real Estate issuers graduated from TSXV 50% of TSX Life Sciences issuers graduated from TSXV 45% of TSX Oil & Gas issuers graduated from TSXV 32% of TSX Technology issuers graduated from TSXV Facts & Figures 614 companies that listed on TSXV have graduated to TSX. Graduates from TSXV to TSX account for $125 billion in total market capitalization. 12% of TSX companies with a market capitalization over $1 billion are TSXV graduates. 17% of S&P TM /TSX Composite Index constituents are graduates from TSXV. 29% of currently listed graduates were CPCs. 10 As at December 31, 2015.

11 Section 2 Leading a Growing Technology Sector

12 Overview $78B in total market capitalization 27% increase since 2013 Average market cap for TSX issuers is $1.3B Average market cap for TSXV issuers is $19M 183 companies listed Issuers from Canada, US, Israel and Asia Diverse end-markets and service offerings Companies at various stages of development $9.1B in equity capital raised since financings in 2015 Average offering size for TSX issuers is $147M Average offering size for TSXV issuers is $3M 92% of TSX technology issuers get analyst coverage 240 analysts cover the sector Average of 2 analysts per company (TSX/TSXV) Analysts based in Canada, US and Europe 12 As at or YTD December 31, 2015.

13 Large and Diverse Issuer Base By Market Capitalization By Sub Sector 17 Issuers 91% % of TSX Issuers % of TSXV Issuers Communication Technology 13% IT Consulting & Services 7% Software 39% 43% 28% 28% 17 Issuers 112 Issuers 17 Issuers <$50 million Issuers Issuers $50-$250 million Issuers 13 >$250 million Issuers 9% Issuers 0% Hardware & Equipment 16% Internet Software & Services 25% 13 As at or YTD December 31, 2015.

14 Access to Capital $9.1B 2015 Equity Capital Raised by Sub Sector Communication Technology 6% Hardware & Equipment 1% in equity capital raised since 2011 Software 15% IT Consulting & Services 41% $3.3 $2.3 Internet Software & Services 37% $0.6 $1.3 $ Equity Capital Raised by Issuer Size Market Cap of TSX/TSXV Issuer 2015 Total # of Financings Average Size $0-50M $219M 96 $2M $50-250M $286M 10 $29M $250M+ $1,834M 5 $367M 14 As at or YTD December 31, 2015.

15 Section 3 Company Services and Support

16 TSX Company Services: Supporting Your Growth TSX InfoSuite Anonymous Activity Historical Data Access ir2020 On the Radar Market Access Investor Relations TMXmoney.com View from the C-Suite Equity Coverage Web Solutions Stock Quotes for Website Listed on Logo Market Open Ceremony Corporate Trust Services Transfer & Registrar Services Employee Plan Administration 16

17 TSX and TSXV Support and Services Building Profile for Listed Companies Investor Days Market Open Ceremony C-Suite Videos presenting companies (public and private) Private VIP reception for company employees/guests Video interview series for C-Suite executives 120 investors and capital markets professionals Market open broadcast live on BNN and streamed on YouTube Raises awareness of companies listed on the exchanges Toronto, Vancouver, Calgary, Montreal, New York, London Opportunity for media interviews before/after Posted to TSX and TMX Money websites 17

18 Capital Formation TSX and TSXV are committed to building the investor base and liquidity of our listed issuers. Institutional Investor Development TSX and TSXV produce more than 10 Investor Days each year, presenting TSX and TSXV companies to institutional investors The quarterly Buy Side Report provides market data to global institutional investors to keep them informed about trends and foreign investment into Canadian equities Retail Investor Development The TSX Venture 50 is the annual showcase of the fifty fastestgrowing companies on TSXV Financial information website, attracts nearly 1 million visitors each month Investor discovery tools to help retail investors identify investment opportunities C-Suite Videos feature interviews with TSX and TSXV CEOs created to profile companies to retail investors TSX Private Markets Provides public and private companies with a new tool to access capital from the exempt market Facilitates liquidity between investors with an appropriate exemption for 4-month hold stock Santiago Stock Exchange, Venture A unique partnership where issuers listed on TSXV can access capital and liquidity in Chile and through the MILA Exchanges 18 18

19 TSX Private Market Services TSX PM facilitates trading and financing in public and private company exempt securities. Private Issuers Public Issuers Capital Formation Accredited Investors participate in capital formation Private Placements posted to Accredited Investors All categories of exempt market securities (debt and equity) are eligible for capital raises Trade Facilitation Qualified or Exempt Investors buy and sell shares Trading of 4-month hold shares by Accredited Investors Electronic settlement of trades through CDS 19

20 Business Development Contacts Innovation Michael Kousaie Diversified Industries Priya Patil Mining Orlee Wertheim Oil & Gas Monica Rovers EMEA Graham Dallas TSX Private Markets Zulf Karim Asia Vera Xu (8610)

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