Global Financial Centres 2020 © Z/Yen Group 2020 Focus on Toronto 27 August 2020

Global Financial Centres 2020 © Z/Yen Group 2020 Focus On Toronto 27 August 2020

Financial Centre Futures

1 Focus On Toronto © Z/Yen Group 2020

Jennifer Reynolds Robert Peterman Professor Michael President & CEO Vice-President, Global Mainelli Toronto Finance Business Development Executive Chairman International Toronto Stock Exchange, TSX Z/Yen Group Venture Exchange TMX Group 2 Agenda

14:00 – 14:05 Welcoming Remarks

14:05 – 14:15 Overview of Toronto as a Global Financial Centre

14:15 – 14:30 Toronto Stock Exchange - Supporter Of Innovation & Access To Capital

14:30 – 14:45 Q&A

3 Toronto Advantage Toronto: The Centre of Finance in Canada

5 Banking Toronto ranks 6th globally in total bank assets

Canada’s big five banks are all ranked in the global The big five banks’ market capitalization has top 100 largest banks. RBC, the fifth-largest bank in more than doubled over the last 10 years. North America, leads the way at number 23.

More than 1/3 of the revenues from Canada’s five largest banks are generated abroad.

Six largest Canadian banks spend more than $13 billion annually on technology (second-largest and fastest-growing expense) – $100 billion on technology since financial crisis.

Source: The Banker IFC Rankings (Oct. 2019); The impact of Toronto’s financial sector, Conference Board of Canada, March 2020; Pandemic Accelerates Canada’s Shift to Electronic Banking, Bloomberg, April 2020 66 Insurance Canada’s insurers provide coverage and services to 60 million people in 20 jurisdictions

Life & Health Insurance − Canada is home to 3 of the top 15 life insurance firms globally which have assets totaling more than $2.5 trillion − The life industry employs over 156,000 personnel in Canada, with more than a quarter in the Toronto region − Manulife and Sun Life, two of Canada’s largest insurance companies, relied on international operations for 76 and 63 per cent of their earnings

Property & Casualty Insurance − The Toronto Region hosts the headquarters for most of Canada’s largest P&C insurers including:

Source: Canadian Life and Health Insurance Association, CLHIA Facts, 2019 Edition; Company Annual Reports; The Impact of Toronto’s Financial Sector, Conference Board of Canada, March 2020. 77 Pension Funds & Asset Management Toronto has a large pool of competitive asset management companies and expertise

Canada is ranked third among Canadian financial institutions and rd OECD countries in total assets of $10 pension funds hold $10 trillion 3 funded and private pension plans trillion in assets

The share of foreign investment in major Seventeen Canadian pension funds Canadian pension fund assets has more rank among the largest both in North 57% than doubled, from 24 per cent in 2000 America and globally, as reported by to 57 per cent in 2019 17 Pension & Investments World 300

th Toronto is ranked sixth globally in total 6 bank assets by The Banker

Source: The Impact of Toronto’s Financial Sector, Conference Board of Canada, March 2020 88 Toronto Stock Exchange: A Global Leader

1st 1st 2nd Globally in Globally in Clean Globally in Listed Mining Technology Companies

2nd 2nd Globally in Globally in New New Listings International Listings

9 A Vibrant FinTech Ecosystem

Toronto had one of the highest Toronto Region added second growth rates globally for FinTech % nd most tech jobs in North 118 equity financing with a CAGR of 2 America over last 5 years 118% from 2010 to 2018

Toronto Region is North America’s st Toronto has the densest cluster of nd second largest financial centre with 1 AI startups in the world 2 the second highest density of startups in the world

Source: The Impact of Toronto’s Financial Sector, Conference Board of Canada, March 2020; CBRE’s Scoring Tech Talent 2020.CBCBRE’s Scoring Tec 10 Canada’s Dynamic AI Ecosystem

− Canada has a thriving AI ecosystem composed of more than 850 start- up companies, 20 public research labs, 75 incubators and accelerators, and 60 groups of investors from across the country

− Canada's AI sector ranks 4th globally according to the Global AI Index

− Canada’s dynamic AI private sector has attracted $3 billion in new investment and created 50,000 jobs

− Canada has produced the most AI patents per million people among G7 nations and China

Sources: The governments of Canada and Quebec and the international community join forces to advance the responsible development of artificial intelligence; Canada’s AI Ecosystem Government Investment Propels Private Sector Grow th 11 Global Investment and Innovation Hubs Supporting AI Toronto Region has:

− The densest cluster of AI startups in the world

− University of Toronto AI research partnerships with Microsoft, Google, Uber, Thomson Reuters, Samsung, IBM, Amazon, Intel, NVIDIA, LG, Electronics and General Motors, among others

− Leading innovation hubs supporting AI including: Creative Destruction Lab (CDL), MaRS and Next AI

QUANTUM BLOCKCHAIN CYBERSECURITY

Globally recognized institutes Toronto is also home to Canada is 4th most active country such as: Canada’s leading blockchain globally for cybersecurity deals Institute for Quantum thinktank, the Blockchain Computing Research Institute Government of Canada unveiled National Cyber Security Strategy in Perimeter Institute for Theoretical mid-2018 Physics Half of Canadian Distributed Quantum NanoFab Ledger Technology (DLT) start- 125 cybersecurity programs offered Facility ups are already headquartered by Canadian postsecondary in Toronto institutions World’s first quantum machine learning start-up program at Demand for cyber talent in Canada Creative Destruction Lab increasing by 7% annually

Sources: https://www.newswire.ca/news-releases/canada-is-the-fourth-largest-cybersecurity-hub-in-the-world-597559631.html; https://www.serene-risc.ca/en/cybersecurity-programs; https://www2.deloitte.com/content/dam/Deloitte/ca/Documents/risk/ca-cyber-talent-campaign-report-pov-aoda-en.PDF 13 Highly Educated Workforce Higher Education Degrees Per 100,000 People

The Toronto Region has the most highly educated population in the OECD, with more higher education degrees per 100,000 people than any of our U.S. comparator cities*

50,000

40,000

30,000

20,000 Degrees per 100k per Degrees

10,000

0 Toronto San Washington, Boston Seattle Denver Pittsburgh New York Philadelphia Chicago Atlanta Charlotte Dallas Region Francisco DC

Source: Statistics Canada 2016 Census; US Census Bureau; 2016 American Community Survey 14 Global Talent Access Toronto’s deep highly skilled talent pool is supplemented by easier access to global talent

National Global Skills Strategy provides businesses in Canada with a faster way to bring in highly skilled global talent to scale-up and grow.

The Strategy includes: − A streamlined application process

− 2-week application-processing standard

− Dedicated service/support for companies

− No work permit requirement for short-term, highly skilled work and brief academic stays

15 Toronto Cost Advantage The Toronto Region is more cost-effective in areas such as:

Labor and Benefits Research and Development

The Toronto Region has Transportation and Utilities health costs that are half Facility Leases that of U.S. counterparts. All citizens and permanent residents in Ontario have access to our universal health care system under Digital Services the Ontario Health Insurance Plan

16 Toronto’s Operational Advantage Occupancy Costs (USD$ per workstation, 2017)

Source: Cushman & Wakefield, 2017 17 Strong Policy Environment from Government

− Federal Government reformed legislation to encourage greater partnerships/collaboration between incumbents and FinTechs

− Federal Government is formally reviewing Open Banking (learning best practices from UK, EU and Australia). This is also being complimented by many leading Canadian financial services firms adopting FDX technical standards for secure financial data sharing.

− Federal Government ensuring a modern payments system

− Canadian securities regulators have a regulatory sandbox for FinTechs

− Ontario Securities Commission joined the Global Financial Innovation Network (GFIN) to coordinate with global regulators

https://www.newswire.ca/news-releases/leading-canadian-financial-services-firms-moving-to-adopt-the-fdx-technical-standards-for-secure-financial- data-sharing-859396367.html 18 Toronto is Diverse Immigration is not a problem in our country. It is a solution.

In 2019, Canada welcomed the highest Recent international survey showed number of new immigrants in more than a Canadians have the most favourable st +340k century, opening its doors to more than 1 opinion of immigrants among the world’s 340,000 people from 175 different top migrant destination countries countries

Of the population are foreign th Most livable city in > % born, speaking over 180 the world 51 languages and dialects 7

Source: Pew Research Center, March 2019, “Around the World, More Say Immigrants Are a Strength Than a Burden Source: The Global Liveability Index 2019 19 Contact TFI

Jennifer Reynolds +1 (416) 933-6784 [email protected]

325 Front Street West, Suite 300 Toronto, ON M5V 2Y1

www.tfi.ca

August 2020 CANADA

GLOBAL LEADERSHIP, WORLD-CLASS FINANCIAL INSTITUTIONS AND ECONOMIC STABILITY #1 #1 #2 IN G20 FOR DOING BUSINESS LOWEST DEBT-TO-GDP SOUNDEST BANKING (2020-2024) AMONG G7 SYSTEM IN THE G20

SOUNDEST IN THE G7

Source: The Economist Intelligence Unit, via Global Affairs Canada, November 2019. The World Economic Forum ranked Canada as one of the top 2 soundest banking systems for 11 consecutive years. GLOBAL MARKET FOR CAPITAL

$39 BILLION RAISED ON TSX/TSXV IN 2019

COUNTRY RANKING: EQUITY CAPITAL RAISED (2015-2019)

US 1. NYSE, NASDAQ

2. CHINA & HONG KONG HKSE, SHANGHAI SE CANADA $254B 3. TSX/TSXV IN EQUITY CAPITAL RAISED ON TSX/TSXV IN THE PAST 5 YEARS 4. UNITED KINGDOM LSE/AIM

5. AUSTRALIA ASX

Source: TSX/TXV Market Intelligence Group, S&P Capital IQ and World Federation of Exchanges. As at December 31, 2019. Country ranking reflects the total equity capital raised by companies listed on the stock exchanges and does not include exchange groups that encompass multiple countries. 23 A TRULY DIVERSE MARKET

$3 TRILLION OF MARKET CAPITALIZATION ACROSS DIVERSE SECTORS

Real Estate, Comm. & Media 3% 6%

Financial Serv ices ETFs/Closed-End 28% Funds/SPACs/CPCs 7%

Consumer Products, 8% $3T TOTAL MARKET CAPTIALIZATION

Innov ation 9%

Industrials Energy 11% 16%

Mining 12%

Source: TSX/TSXV Market Intelligence Group; as at December 31, 2019. 24 $5 TRILLION INSTITUTIONAL MARKET

A TSX LISTING MAXIMIZES ACCESS TO CANADIAN INSTITUTIONAL INVESTORS

TOP CANADIAN MONEY MANAGERS TOP CANADIAN PENSION PLANS1

INSTITUTION AUM (C$ BN) INSTITUTION AUM (C$ BN) RBC Asset Management $319 Canada Pension Plan Investment Board $283 TD Asset Management $312 Caisse de Dépôt et Placement du Québec $248 BlackRock $180 Ontario Teachers Pension Plan $171 CIBC Asset Management $167 British Columbia Investment Management $124 Fidelity Investments Canada $139 Public Sector Pension $112 CI Investments $133 Alberta Investment Management Company $90 Scotia Asset Management $131 Ontario Municipal Employees Retirement $77 Mackenzie Investments $129 Healthcare of Ontario Pension Plan $64 Manulife Asset Management $126 Ontario Pension Board $22 BMO Asset Management $117 OPTrust $18 Other AUM $1,753 Other Pension Funds/Undisclosed $699 Total $2,882 Total $1,908

Source: SI Research: Managed Money Adv isory Serv ice—Canada, Fall 2018. 1Pension plan AUM includes priv ate equity , real estate and inf rastructure div isions. Source: Inv estor Economics, Spring 2016 Managed Money Report. 25 GLOBAL CAPITAL AND LIQUIDITY

THE WORLD’S LARGEST ASSET MANAGERS INVEST AND TRADE ON TSX 40% OF DAILY TRADING ORIGINATES FROM OUTSIDE CANADA 25% OF TSX AND TSXV MEMBER FIRMS ARE HEADQUARTERED OUTSIDE CANADA

26 TSX & TSXV

GLOBAL LEADERSHIP, WORLD-CLASS ACCESS TO CAPITAL AND LIQUIDITY #1 50 #1 GLOBAL MARKET FOR MINING NEW INNOVATION LISTING VENUE FOR CAPITAL SECTOR LISTINGS US COMPANIES (2016 - 2020) IN 2019 OUTSIDE THE US

Source: TSX/TSXV Market Intelligence Group, S&P Capital IQ and S&P Global Market Intelligence; as at December 31, 2019. 27 Section 2 Mining Sector Overview ACCESS TO CAPITAL

TOP EXCHANGE FOR MINING CAPITAL GLOBALLY

GLOBAL MINING EQUITY CAPITAL RAISED 2015-2019 BY PRIMARY COMMODITY (C$B) 53% $43.6B OF THE NUMBER OF MINING EQUITY FINANCINGS GLOBALLY IN THE PAST 5 YEARS

$19.3B

37% $9.9B OF THE MINING EQUITY CAPITAL $7.3B $7.2B RAISED GLOBALLY IN THE PAST 5 YEARS

TSX/TSXV ASX NYSE/NYSE Amer. HKEx LSE/AIM

Source: TSX/TSXV Market Intelligence Group and S&P Capital IQ, as at December 31, 2019. 29 THE LEADING MINING EXCHANGE

LATIN AMERICAN MINING COMPANIES LOOK TO CANADA

Mexico Central America $1.6B 126 30 Guyana Venezuela EQUITY CAPITAL RAISED IN 2019 ON TSX/TSXV 11 Suriname BY COMPANIES WITH MINING PROJECTS IN 3 3 French LATIN AMERICA Colombia Guiana 30 4 Ecuador 15 Peru Brazil 5 57 36 Bolivia NEW MINING LISTINGS WITH PROJECTS IN 7 LATIN AMERICA

478 Chile 33 TSX/TSXV MINING Argentina Uruguay COMPANIES 46 3 IN LATIN AMERICA 1045 LATIN AMERICAN MINING PROPERTIES

Source: TSX/TSXV Market Intelligence Group and S&P Global Market Intelligence. As at December 31, 2019. 30 Section 3 Innovation Sector Overview INVESTOR DEMAND IN INNOVATION

CANADA HAS A VIBRANT CAPITAL MARKETS ECOSYSTEM IN THE INNOVATION SECTOR #1 #1 SECTOR FOR IPOs AND NEW LISTINGS SECTOR FOR NON-CANADIAN IPOs AND NEW LISTINGS ON TSX/TSXV IN 2015-2019 ON TSX/TSXV IN 2015-2019 204 $45B IPOs AND NEW LISTINGS IN EQUITY CAPITAL RAISED ON TSX/TSXV IN 2015-2019 ON TSX/TSXV IN 2015-2019

50 NEW INNOVATION LISTINGS IN 2019 $8 BILLION RAISED BY THE INNOVATION SECTOR IN 2019

Source: TSX/TSXV Market Intelligence Group; Innovation sector includes technology, clean technology, renew able energy and life sciences companies; as at December 31, 2019; new listings rankings exclude 32 graduations, comedow ns, and CPC/ETF listings. INVESTOR RETURNS IN INNOVATION

THE MAIN CANADIAN INNOVATION INDICES HAVE OUTPERFORMED KEY MARKET BENCHMARKS OVER THE LAST DECADE

Annualized Total Returns (%)

YTD 1 YEAR 3 YEAR 5 YEAR 10 YEAR Benchmarks

S&P/TSX Composite Index (TR) -7.5 -2.2 3.9 4.5 6.4

S&P 500 (TR) -3.1 7.5 10.7 10.7 14.0

NASDAQ -100 (TR) 16.9 33.8 22.9 19.6 20.7

NADSAQ Composite (TR) 12.1 25.6 17.9 15.1 16.9

Dow Jones Industrial Average -9.6 -2.9 6.5 7.9 10.2

Innovation Sector

S&P/TSX Capped Information Technology Index (TR) 37.8 53.8 38.9 28.2 20.3

S&P/TSX Renewable Energy & Clean TechnologyIndex 14.5 25.7 8.2 12.4 9.6 (TR)

Source: S&P Dow Jones Indices and NASDAQ; as at June 30, 2020. TR = total return. 33 CANADIAN AND GLOBAL INNOVATORS

TSX IS HOME TO LEADING CANADIAN AND GLOBAL INNOVATORS

TECHNOLOGY CLEANTECH & RENEWABLES LIFE SCIENCES

Market Market Market Company Cap. (C$) Company Cap. (C$) Company Cap. (C$)

Shopify Inc. $138.6 B Brookfield Renewable Partners L.P. $12.6 B Bausch Health Companies Inc. $8.8 B Constellation Software Inc. $32.8 B Algonquin Power & Utilities Corp. $9.4 B Canopy Growth Corporation $7.7 B CGI Inc. $19.6 B Northland Power Inc. $6.7 B Cronos Group Inc. $2.8 B Open Text Corporation $19.6 B Ballard Power Systems Inc. $5.0 B Aurinia Pharmaceuticals Inc. $2.4 B Ceridian HCM Holding Inc. $15.6 B TransAlta Renewables Inc. $3.8 B Aurora Cannabis Inc. $1.9 B Descartes Systems Group Inc. (The) $6.0 B Innergex Renewable Energy Inc. $3.7 B Aphria Inc. $1.6 B CAE Inc. $5.8 B Boralex Inc. $2.9 B Knight Therapeutics Inc. $919 M Kinaxis Inc. $5.1 B Cascades Inc. $1.4 B Trillium Therapeutics Inc. $906 M BlackBerry Limited $4.2 B NFI Group Inc. $1.0 B BELLUS Health Inc. $848 M Enghouse Systems Limited $3.9 B SunOpta Inc. $1.0 B Aptose Biosciences Inc. $650 M

Source: TSX/TSXV Market Intelligence Group; as at June 30, 2020. 34 DOCEBO INC.

TSX:DCBO

Docebo Inc. offers cloud-based learning platform for both internal and external enterprise learning with real time tracking of trainin g results, optimizing time, and reducing costs associated with traditional learning methods. Milan, Italy

HEADQUARTERS 40.00 1.80

35.00 1.60 October 8, 2019 1.40 30.00 DATE OF LISTING

1.20 25.00 1.00 125% 20.00 SHARE PRICE PERFORMANCE 0.80 SINCE LISTING

Share Price(C$) 15.00 Volume Traded (M) 0.60

10.00 0.40 $1,024M MARKET CAPITALIZATION (C$) 5.00 0.20

0.00 0.00 146%

Apr-21-2020 Oct-08-2019 Oct-22-2019 Apr-07-2020

Jan-14-2020 Jan-28-2020 Jun-02-2020 Jun-16-2020 Jun-30-2020

Feb-25-2020 Feb-11-2020 Mar-10-2020 Mar-24-2020

Nov-05-2019 Dec-31-2019 Nov-19-2019 Dec-03-2019 Dec-17-2019 May-19-2020 May-05-2020 MARKET CAPITALIZATION SINCE LISTING

Source: TSX/TSXV Market Intelligence Group and S&P Capital IQ. As at June 30, 2020. 35 VICE PRESIDENT, GLOBAL BUSINESS DEVELOPMENT STAY UP TO DATE RECEIVE THE WITH TSX AND MONTHLY MIG TSXV REPORT IN YOUR Robert Peterman INBOX

Toronto Stock Exchange and TSX Venture Exchange T +1 416 947-4305 E [email protected] @TSX_TSXV TSX.COM/MIG

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