Canada's Public Equities Markets Your

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CANADA’S PUBLIC EQUITIES MARKETS YOUR OPPORTUNITY Table of contents

Investment opportunities in Canada’s leading public equities markets 4 Oil and gas: World-class competitors 8 Mining: From the ground up 10 Technology and innovation: Find your next investment opportunity on Fast growth in ideas 12 Toronto Stock Exchange and TSX Venture Exchange. Diversified industries: Exposure to a wealth of sub-sectors 16 Choose from more than 3,400 companies listed on the ETFs and closed-end funds: Exchanges, from micro-cap to mega-cap, across a broad All the stocks that fit 20 spectrum of industry sectors. TSX and TSXV by the numbers 22 Number of Canadian companies and issuers listed on TSX and TSXV by province 24 Top 20 stocks on TSX and TSXV by volume traded 26 New listings in 2014: Welcome to TSX and TSXV 28

2 CANADA’S PUBLIC EQUITIES MARKETS. YOUR OPPORTUNITY. 3 Investment opportunities in Canada’s leading public equities markets

If you are like most Canadians, you probably understand how companies raise capital “TSX provides access to capital – and a welcoming environment – on a stock exchange by issuing shares to the public. You are familiar with the role for many companies located in Canada and outside our borders,” of public equities markets, and you understand the risks and rewards of investing says Ungad Chadda. in public companies. Yet are you aware of the breadth and depth of Canadian companies listed on our country’s leading public markets? “TSX is Canada’s leading capital market, by any measure, and has become a critical piece of our country’s financial Toronto Stock Exchange (TSX) and TSX Venture Exchange (TSXV) offer a diverse and infrastructure. The Exchange provides a well-regulated, globally Ungad Chadda vibrant stock list to access various investment opportunities. Together, TSX and TSXV Senior Vice President, recognized marketplace for companies to raise growth capital, are home to a wide range of companies, providing Canadian investors an opportunity Toronto Stock while also providing an environment where investors can find a to invest in home grown companies. More than 3,400 companies – including over Exchange world of opportunities for their investment portfolios,” 3,220 Canadian companies, from coast to coast – are listed on the according to Chadda. Exchanges across a spectrum of industry sectors including oil and gas, mining, technology, life sciences, clean technology, industrials Many investors in Canada, however, may not realize that they can also participate in TSX and TSXV: and financial services. And with the two-tier nature of the exchanges, the growth and development of smaller but no less ambitious companies, from their investors can choose to invest in growing businesses on TSXV or more early stages to their maturity, through the almost 2,000 companies listed on TSXV. 3,400+ established blue chip corporations on TSX. LISTED COMPANIES “Early stage companies can offer growth opportunities,” For more than 160 years, some of Canada’s most renowned businesses says John McCoach have listed their securities on TSX, Canada’s oldest and largest “TSXV is unique in Canada, in that it provides a market for Exchange. On TSX, investors can choose from over 1,500 Canadian Canadians to invest during the early phases of a company’s and global companies spanning several different sectors. In fact, TSX is home to development. There’s no other public venture market like some of the world’s biggest natural resources companies as a result of the Exchange’s this anywhere in the world in terms of the number of companies global leadership position in financing oil, gas and mining companies. TSX is also listed and the amount of equity capital raised. We see these John McCoach Canada’s only home to over 340 exchange-traded funds (ETFs), which provide exposure companies as vital to the future of Canada’s economy.” President, to a wide range of industry sectors and asset classes, including Canadian and TSX Venture Exchange international equities, fixed income, commodities and currencies. There are also over Through stocks issued on TSXV, investors gain access to 210 closed-end funds listed on TSX, which have a current market value of more than emerging companies, some of which may grow into tomorrow’s $25 billion. Closed-end funds are flexible investment products that are designed to leaders. Their investment helps these companies to advance respond to modern investor needs, from yield enhancement and capital protection their activities in research and development, innovation to risk reduction. and exploration as they grow from their initial stages to commercialization, production and expansion. TSX and TSXV are the world’s premier public equities markets for natural resources 4 5 companies from across the globe. CANADA’S PUBLIC EQUITIES MARKETS. YOUR OPPORTUNITY. TSX and TSXV provide a unique environment that supports the needs of public companies through their development. And as companies on TSXV grow, some may be eligible to graduate to TSX, the “senior” market, thereby enabling investors to seamlessly participate in their development over the full span of their lifecycle. In fact, since January 2000, more than 600 companies have graduated from TSXV to TSX. The graduates have raised $85 billion in equity capital on TSX since then. There are 316 graduates currently listed on TSX, representing a market capitalization of more than $160 billion, and

15% of these companies are currently in the S&P/TSX* Composite 605 Index, with three in the S&P/TSX* 60 Index. COMPANIES HAVE GRADUATED While the performance of a listed company depends on many factors, FROM TSXV TO TSX investors can take comfort in knowing that these companies have SINCE JANUARY 2000 met the initial and ongoing requirements to qualify for listing on TSX and TSXV. Before they can offer shares to the public on either Exchange, companies have to meet specific financial criteria, and demonstrate that their management team has adequate experience and expertise to successfully manage a listed company. Nevertheless, investors should always seek guidance from investment professionals before making investment decisions. Past performance is not indicative of future performance, and investing in securities is not without risk.

Investors across Canada, from coast to coast, can participate in the growth of emerging companies in their early stages of development on TSXV, as well as established large-cap businesses on TSX.

6 * “S&P” is the trade-mark of Standard & Poor’s Financial Services LLC, and “TSX” is the trade-mark of TSX Inc. CANADA’S PUBLIC EQUITIES MARKETS. YOUR OPPORTUNITY. 7 SECTOR OVERVIEW DISCOVER SOME OF THE COMPANIES IN THIS SECTOR

• 337 oil and gas Blackbird Energy Inc. (TSXV:BBI) operates in the western Canadian Oil and gas: World-class competitors companies - accounting basin, one of the largest shale basins in the world, with operations for 30% of the world’s in Alberta’s Montney natural gas resource, about 200 km north of public oil and gas Grand Prairie. companies - are listed --> Calgary, AB on TSX and TSXV With more than 175 billion barrels of oil, Canada ranks third in the world in proven Keyera Corp. (TSX:KEY) provides products and services to oil • Oil and gas companies and gas producers in Western Canada, including gathering and crude oil reserves – one of the largest of its kind accessible on public markets. raised $11 billion in processing NGLs, fractionation, storage, transportation, logistics Canada is also a top five global producer of natural gas. equity capital on TSX and marketing services. As an independent midstream business, and TSXV in 2014, more the company focuses on providing essential services to producers For investors interested in the oil and gas sector, TSX and TSXV provide an important and delivering NGLs and related products to key markets across than double the equity North America. and liquid market for trading shares in public energy companies. The Exchanges capital raised during --> Calgary, AB currently rank third in the world in terms of liquidity in the sector, with an average of 2013 ($5.2 billion) $1 billion in shares traded every day. These shares are issued by oil and gas companies at various development stages and with operations not only in Canada, • TSX and TSXV rank #2 Mapan Energy Ltd. (TSXV:MPG) is a new oil and gas company incorporated in early 2014. The company aims to build a low-cost but throughout the world. in the world for equity exploration and production company with emphasis on natural gas capital raised in this properties in the western Canadian basin and has two operations in 335+ Investors in Canada can choose from more than 335 oil and gas sector in 2014 Alberta and British Columbia. OIL AND GAS companies listed on TSX and TSXV. Of that total, almost 230 exploration --> Calgary, AB COMPANIES ARE and production stage oil and gas companies are listed on TSXV. As these companies develop and mature, they have the potential to graduate Painted Pony Petroleum Ltd.* (TSX:PPY) is a recent graduate LISTED ON TSX of TSXV. The company focuses on natural gas and natural gas AND TSXV to TSX. Yangarra Resources Ltd. (TSX:YGR), Africa Oil Corp. (TSX:AOI) and Mart Resources Inc. (TSX:MMT) are a few examples of companies liquids (NGLs) from the Montney formation in northeast British Columbia, where it has a 72% working interest in more than that graduated to TSX in 2014. In fact, more than 30% of oil and gas 100,000 acres around Blair, Cameron and other towns. It also has companies on TSX are graduates of TSXV, while four of the eight oil and gas companies a 75% interest in more than 77,000 acres of property around Midale, newly listed on TSX in 2014 graduated from TSXV. Graduating to TSX, a globally Kisbey and other locales in Saskatchewan. recognized public equities market, helps raise their visibility with investors --> Calgary, AB around the world. * Painted Pony Petroleum Ltd. graduated from TSXV to TSX on 17 October 2013. On TSX, investors can choose from more than 100 oil and gas companies, including Suncor Energy Inc. (TSX:SU), Canadian Natural Resources Limited (TSX:CNQ) and Husky Energy Inc. (TSX:HSE). With a listing on TSX, these companies gain exposure PrairieSky Royalty Ltd. enters the market with IPO to the global investment community, who recognize the advantages of trading in a Canada’s oil and gas sector went through a tumultuous time during the latter part of 2014, with global market that leads the world in oil and gas listings. energy prices undergoing a significant shift. Despite the uncertainty this may have caused, Calgary-based PrairieSky Royalty Ltd. (TSX:PSK) was a bright spot in the oil and gas sector on TSX. PrairieSky was spun out of Encana Corporation (TSX:ECA) and owns mineral rights and other royalty interests covering roughly 9 million acres of land in Alberta, British Columbia and Saskatchewan and collects royalty revenues from those assets. In what was Canada’s largest initial public offering (IPO) in the last 14 years, Encana Corporation sold close to $1.7 billion of common shares through the PrairieSky initial public offering.

8 CANADA’S PUBLIC EQUITIES MARKETS. YOUR OPPORTUNITY. 9 SECTOR OVERVIEW DISCOVER SOME OF THE COMPANIES IN THIS SECTOR

• TSX and TSXV rank #1 Detour Gold Corporation (TSX:DGC) owns the Detour Lake Mine Mining: From the ground up in the world in equity in northeastern Ontario, near Cochrane and Timmins. With more capital raised by the than 15.5 million ounces of reserves, the property ranks fourth mining sector over the among North American gold deposits and began commercial past five years production in August 2013. --> Toronto, ON • The Exchanges rank TSX and TSXV provide vibrant markets for more than half of the world’s public #1 globally by the Merrex Gold Inc. (TSXV:MXI) is a mineral exploration company with mining companies, enabling investors to buy and sell shares in more than total number of listed 1,490 mining companies – more than any other exchange group in the world. two advanced exploration projects, including one in Mali, West mining companies Africa, in partnership with IAMGOLD Corporation (TSX:IMG) as well as a high-grade zinc-lead project in Nova Scotia. Canada is one of the largest producers of zinc and uranium in the world, and a major • TSX and TSXV account --> Bedford, NS producer of gold, nickel, aluminum and lead. Canadian companies are involved in for 60% of the equity exploration, development and production of all of these resources. Altogether, over capital raised in the 1,200 companies listed on TSXV and almost 300 companies listed on TSX operate world for mining Odin Mining and Exploration Ltd. (TSXV:ODN) is involved in more than 5,530 mining operations in Canada and elsewhere globally, companies * precious and base metals exploration and development in Ecuador. In 2011, after years of political and social upheaval in the country, accounting for more than 25% of the world’s active mining projects. the government invited international investment in the extraction Mining companies look to Canada to raise capital because of the world- of mineral wealth and Odin received permits to drill on formally- 1,490+ class expertise of bankers, analysts and other financial professionals approved properties. in Canada’s financial ecosystem. That’s also why investors across --> Vancouver, BC MINING COMPANIES Canada and around the world look to our markets to find investment LISTED ARE ON TSX opportunities in the mining sector. AND TSXV Osisko Gold Royalties Ltd. (TSX:OR) is a gold-focused royalty and stream company who receives a 5% net smelter return (NSR) Thanks to the two-tier structure of TSX and TSXV, investors interested royalties from the Canadian Malartic Mine in Western Québec. The in the mining sector can buy stocks in companies at all stages of company was spun off from Osisko Mining Corp., the mine’s former development, from grassroots explorers to some of the largest mining companies owner. In November 2014, the company entered into a definitive in the world. More than half of the world’s mining companies are listed on TSX and agreement to merge with Virginia Mines Inc. (TSX:VGQ). The combined entity will own two of the biggest gold royalties in the TSXV. In 2014, 50% of all global mining equity financings were completed on the two business: Canadian Malarctic and Eleonore. Exchanges, and almost two-thirds of the equity capital raised globally for mining --> Montréal, QC originated from companies listed on TSX and TSXV.

Smaller companies like Fission Uranium Corp. (TSX:FCU) – another recent graduate of TSXV – raised $43 million for projects in Saskatchewan, while Probe Mines Limited (TSXV:PRB) raised $26 million for its gold exploration activities in Ontario and Quebec. * As of November 30, 2014. Source: Gamah International Ltd.

TSX and TSXV are proud to be the largest public mining marketplace in the world by the number of listed companies and equity capital raised in the sector. The Exchanges will continue to provide a vibrant and diverse stock list for investors from Canada and around the world to find their next investment in the mining sector.

10 CANADA’S PUBLIC EQUITIES MARKETS. YOUR OPPORTUNITY. 11 SECTOR OVERVIEW DISCOVER SOME OF THE COMPANIES IN THIS SECTOR

• Technology and TECHNOLOGY: over 170 companies to choose from in this sector Technology and Innovation: Fast growth in ideas innovation companies listed on TSX and Amaya Gaming Group Inc. (TSX:AYA) provides casino, poker, TSXV raised more then sportsbook, platform, lotteries and slot machines to some of the $6 billion through over world’s largest and best known gaming operators and casinos. With 300 financings in 2014 offices in North America, Europe and Latin America, Amaya enables its partners to deliver gaming content through online, mobile Investors looking to invest in innovation and technology businesses listed on • The companies and land-based channels. With the acquisition of the company TSX and TSXV can choose from over 410 companies operating in the technology, that comprise the operating Poker Stars in 2014, Amaya became the world’s biggest publicly listed online gambling company. clean technology and life sciences sectors. technology and innovation sector on --> Pointe-Claire, QC Canada’s public innovation sector has been on the upswing these last few years, TSX and TSXV have a including listed companies such as Open Text Corp. (TSX:OTC), Avigilon Corp. market capitalization Blackline GPS Corp. (TSXV:BLN) designs, develops, manufactures, (TSX:AVO) and CGI Group Inc. (TSX:GIB.A), as well as emerging companies including of over $187 billion and markets high technology products to address worker safety ARHT Media Inc. (TSXV:ART), Vogogo Inc. (TSXV:VGO) and SLYCE Inc. (TSXV:SLC). Some and loss prevention needs for global industry. Its safety monitoring, of the world’s most exciting technology and innovation companies are being founded, • The combined security, and surveillance technology is used in a range of industries built and funded in Canada, and investors recognize opportunity in market value of from utilities and public works, oil and gas and manufacturing to technology and innovation listings on TSX and TSXV. these companies has natural resources and healthcare. 410+ increased by 113% --> Calgary, AB The technology and innovation sector is the fastest-growing on since the start of TECHNOLOGY Constellation Software Inc. (TSX:CSU) acquires, manages AND INNOVATION TSX and TSXV combined, leading all other sectors by the number of 2013 – faster than any IPOs and new listings in 2014. Altogether, the aggregate market value other sector on the and builds industry-specific software businesses that provide COMPANIES ARE specialized, mission-critical software to public and private Exchanges LISTED ON TSX of innovation and technology companies listed on TSX and TSXV has companies. The company has over 30,000 customers in more than increased since the start of 2013 by 113%, outpacing every other sector AND TSXV • TSX and TSXV are 30 countries. One of its wholly-owned subsidiaries, Volaris Group, on the Exchanges. for example, provides specialized solutions to vertical markets home to more clean around the world including agri-food, asset management and technology and For example, companies listed on TSX include DH Corporation (TSX:DH), a provider of logistics, benefits administration, cultural collections management, renewable energy technology to financial institutions;The Descartes Systems Group Inc. (TSX:DSG), insurance, justice, marine, people transportation, rental companies than any management and communications. a logistics technology provider; and Absolute Software Corporation (TSX:ABT), a other exchange --> Toronto, ON company that recovers stolen laptops. globally EXO U Inc. (TSXV:EXO) creates software that enables businesses While these established companies are listed on TSX, investors can also find and educational organizations to securely manage information tomorrow’s leaders on TSXV as they emerge from their early-growth stages. Supported and facilitate people to communicate across desktop and mobile by a number of Exchange-led initiatives, these small and early-stage companies are computing environments. EXO U software unifies multiple software attracting investors who see the potential of early-growth companies. platforms, which allows devices to interact and communicate, and addresses mobility issues such as security, privacy, collaboration “Over 30% of the technology companies on TSX are graduates of TSXV, which is a and management of application and content. testament to the vibrancy of our unique two-tier exchange system,” --> Montréal, QC says Kevan Cowan, President, TSX Markets and Group Head of Equities, TMX Group.

12 CANADA’S PUBLIC EQUITIES MARKETS. YOUR OPPORTUNITY. 13 CLEAN TECHNOLOGY AND RENEWABLE ENERGY: over 120 companies listed in this sector Tekmira Pharmaceuticals Corporation (TSX:TKM) develops drugs in the field of ribonucleic acid (RNA) and RNA interference (RNAi) therapeutics to treat diseases such as cancer and viral infections Ballard Power Systems Inc. (TSX:BLD) focuses on selling technology for commercial uses as such like Ebola and Hepatitis B. RNAi involves the inhibition of gene expression through the destruction backup power systems, forklifts and buses. Among its activities, the company sells telecom backup of specific messenger RNA molecules. The company also licenses its delivery technology to partners systems in high-growth markets in Asia and has an agreement to develop fuel cells for use in around the world. powering demonstration cars for Volkswagen. --> Burnaby, BC --> Burnaby, BC Titan Medical Inc.* (TSX:TMD) is a recent graduate of TSXV that developed a robotic surgical system New Flyer Industries Inc. (TSX:NFI) manufactures heavy-duty transit buses in the U.S. and Canada that will allow surgeons to perform procedures such as gall bladder and appendix removal and ear, including drive systems powered by clean diesel, natural gas, diesel-electric hybrid, electric trolley nose and throat procedures. Currently, the most common medical procedures for which robotic and battery-electric. With more than 3,000 employees, the company also operates an aftermarket systems are used are hysterectomies and prostatectomies. parts organization to support all types of transit buses including the 32,000 New Flyer and NABI --> Toronto, ON heavy-duty transit buses currently in operation. * Titan Medical Inc. graduated from TSXV to TSX on 30 September 2014. --> Winnipeg, MB

Questor Technology Inc. (TSXV:QST) is an international clean air technology company active globally. It develops and sells clean combustion solutions for waste gases. Questor’s combustion and dispersion models have been approved by the Alberta Energy Utilities Board. The company works with multinationals such as Exxon/Mobil, Shell, TransCanada Pipelines, Vacquero and Dominion Medical marijuana: New market, new opportunity Exploration. Questor was also included in the 2014 TSX Venture 50 ranking. In 2014, the Canadian federal government began licensing companies in Canada to cultivate marijuana --> Calgary, AB for medical applications. It did not take long for three of these companies to start raising capital with a listing on TSXV: Tweed Marijuana Inc. (TSXV:TWD), Bedrocan Cannabis Corp. (TSXV:BED) and OrganiGram Inc. (TSXV:OGI). Investors who saw an opportunity in the new market could now buy LIFE SCIENCES: almost 120 companies to discover in this sector shares in each of these public companies as they developed and refined their medicinal products.

Immunovaccine Inc.* (TSX:IMV) is a clinical-stage vaccine development company that develops In order to list on TSXV, these companies must have already met the rigorous standards required to obtain cancer immunotherapies and infectious disease vaccines based on a patented formulation. The U.S. a government license, such as maintaining highly secure facilities, meeting strict standards for product National Institute of Health recently asked the company to apply technology from its anthrax vaccine safety and cleanliness, and local community support. Through a public listing on TSXV, these companies (DepoVax) to help fight the spread of Ebola. increased their level of openness and transparency which, in turn, helps build trust with stakeholders including patients, doctors and investors. --> Halifax, NS “With the number of start-up companies in our industry, competition for capital is fierce,” Medicure Inc. (TSXV:MPH) is a specialty pharmaceutical company involved in research, clinical says Bruce Linton, Chief Executive Officer, Tweed Marijuana Inc.“ [A listing on TSXV] enhances our development and commercialization of human therapeutics. The company is focused on a drug ability to raise capital as well as to reach a broad range of institutional and retail investors that may reduce the rate of thrombotic cardiovascular events in patients with certain types of acute coronary conditions. who would otherwise be unable to invest. The more companies we see listed, the more credibility we build as a sector. That’s good for Tweed, our patients and our shareholders.” --> Winnipeg, MB

* Immunovaccine Inc. graduated from TSXV to TSX on 26 November 2014.

14 CANADA’S PUBLIC EQUITIES MARKETS. YOUR OPPORTUNITY. 15 Real Estate: Includes real estate investment trusts (REITs), real estate operating Diversified industries: companies (REOCs) and real estate development & services providers (REDs). Exposure to a wealth of sub-sectors Brookfield Residential Properties Inc. (TSX:BRP), a North American land developer and residential home builder with a market capitalization of over $3 billion, operates in this category; while companies like NorthWest International Healthcare Properties REIT The diversified industries sector includes over 635 public companies on TSX and TSXV (TSXV:MOB.UN), which invests in real estate in Germany, Brazil, Canada and Australia, with a total market capitalization of more than $1.5 trillion. These companies operate are listed on TSXV. in a broad range of industries including: Utilities & Pipelines: Includes electrical generation and service utilities, as well Communications & Media: Includes all companies involved in telecommunications as gas transportation companies. On TSXV, companies like Macro Enterprises Inc. equipment and services, television and radio broadcasting, motion picture/video (TSXV:MCR), based in Fort St. John, BC, provide pipeline and facilities construction production and publishing. They range from Canada’s major providers of cable and maintenance services to major companies in the oil and gas industry, while TSX and internet services, such as BCE Inc. (TSX:BCE) and Rogers Communications Inc. listings include TransAlta Corporation (TSX:TA), a $3.6-billion power generator and (TSX:RCI), to smaller companies on TSXV such as ZoomerMedia Limited (TSXV:ZUM), electricity marketer with hydro, wind, geothermal, natural gas- and coal-fired facilities a multimedia company that serves the 45-plus age demographic through television, and related mining operations in Canada, the U.S. and Australia. radio, magazine, internet and trade shows, and Asian Television Network International Ltd. (TSXV:SAT), which operates 52 specialty television channels for Canada’s diverse cultural communities. SECTOR OVERVIEW DISCOVER SOME OF THE COMPANIES IN THIS SECTOR

• 416 listed companies AGT Food and Ingredients Inc.* (TSX:AGT) is a supplier of value- Consumer & Industrial Products and Services: Includes a wide array on TSX with a total added pulse crops, staple foods and food ingredients. A graduate 635+ of companies ranging from manufacturing, infrastructure, mining, market capitalization of TSXV, the company, (formerly called Alliance Grain Traders Inc.), energy services, transportation and commercial services, to apparel, of $1.7 trillion buys lentils, peas, beans and chickpeas from farmers around its DIVERSIFIED restaurants, drugstores and household products. Companies in this 34 facilities located in pulse growing regions in Canada, the U.S., INDUSTRIES category include Air Canada (TSX:AC), Canada’s largest airline, and • 222 listed companies Turkey, Australia, China and South Africa and ships its products to COMPANIES ARE Cordy Oilfield Services Inc. (TSXV:CKK), which provides heavy on TSXV with a total over 100 countries. LISTED ON TSX construction, pipeline & facilities, manufacturing and supply & market capitalization --> Regina, SK AND TSXVV environmental services to the Canadian energy industry. of $7.3 billion Alimentation Couche-Tard Inc. (TSX:ATD.B) operates over 6,200 convenience stores throughout North America, including 4,478 Financial Services: Includes traditional banks, trading firms, investment banks, asset SECTOR BREAKDOWN stores with gas stations, and employs more than 60,000 people. In managers, investment funds, insurance companies, non-bank lenders, transfer agencies the U.S., it is the largest independent convenience store operator in and other providers of financial services. They range from Canada’s major banks such as terms of number of company-operated stores and is a significant Canadian Imperial Bank of Commerce (TSX:CM) to investment holding companies such player in convenience store and gas stations in Scandinavia, the as Northfield Capital Corporation (TSXV:NFD.A). Baltic countries, Poland and Russia. Couche-Tard also operates fuel terminals and fuel depots in eight countries and about 4,600 stores licensed under the Circle K banner in over 10 countries around Forest Products & Paper: Includes companies manufacturing softwood lumber, the world. structural panels, newsprint, pulp and various other wood and paper products. --> Laval, QC They range in size from Canfor Corporation (TSX:CFP), with a market capitalization of

$4 billion, to Jemi Fibre Corp. (TSXV:JFI), a $48-million forestry company that owns * AGT Food and Ingredients Inc. graduated from TSXV to TSX on 18 September 2009. private timberlands, harvesting operations and manufacturing specialty wood products.

16 CANADA’S PUBLIC EQUITIES MARKETS. YOUR OPPORTUNITY. 17 Lakeview Hotel Investment Corp. (TSXV:LHR) is a vehicle through which investors can participate Diversified industries: in the growth of the Lakeview brand, which has developed over 20 hotels and currently owns or manages 26 properties. Tracing its origins to 1964, the company is now the largest hotel company Exposure to a wealth of sub-sectors based in Manitoba. --> Winnipeg, MB

Clearwater Seafoods Incorporated (TSX:CLR) is a vertically-integrated seafood companies and a People Corporation (TSXV:PEO) provides employee group benefit consulting, pension consulting and holder of shellfish licenses and quotas in Canada. With its emphasis on low-impact materials and third-party benefits administration services, as well as recruiting services, strategic human resources products, the company is recognized globally for its superior quality, food safety, diversity of species consulting and career management services. The company employs more than 200 professionals and and reliable worldwide delivery of premium wild, eco-certified seafood, including scallops, lobster, support staff who deliver services to over 2,000 clients in a wide range of industries from 27 offices clams, coldwater shrimp, crab and groundfish. and satellite offices in seven Canadian provinces. --> Bedford, NS --> Winnipeg, MB

DHX Media Ltd. (TSX:DHX) creates, produces, markets and broadcasts family entertainment such theScore Inc. (TSXV:SCR) delivers mobile-based sports content in the form of real-time news, scores, as Yo Gabba Gabba!, Caillou, Teletubbies, In the Night Garden, Inspector Gadget, Johnny Test, and fantasy information and alerts. Available on iOS, Android, BlackBerry and Windows phone devices, Degrassi. Owner of the Family Channel, the most-viewed children’s television channel in Canada, theScore’s content has attracted more than nine million users. the company markets and distributes its library of more than 10,000 half-hours of entertainment programming throughout the world. --> Toronto, ON --> Halifax, NS Winpak Ltd. (TSX:WPK) manufactures and distributes high-quality packaging materials and related packaging machines. Its products are used primarily for the protection of perishable foods, beverages Emera Incorporated (TSX:EMA) invests in electricity generation, transmission and distribution, as and in health care applications. As part of a global packaging group, Winpak operates 10 production well as gas transmission and utility energy services. With $9.4 billion in assets and 2013 revenues facilities in Canada, the U.S. and Mexico and serves European customers through a strategic alliance. of $2.2 billion, Emera focuses on the generation and delivery of clean energy and has investments Winpak packaging equipment is distributed worldwide. throughout northeastern North America, and in four Caribbean countries. --> Winnipeg, MB --> Halifax, NS

Kelso Technologies Inc.** (TSX:KLS) designs, engineers and sells patented technologies such as external pressure relief valves, eduction tubes and manways for rail tank cars and roadway tank trailers. The company, which was also included in the 2014 TSX Venture 50 ranking and has since graduated to TSX, designs its technologies to reduce risk and improve reliability in the transport of hazardous commodities in North America. --> North Delta, BC

** Kelso Technologies Inc. graduated from TSXV to TSX on 22 May 2014.

18 CANADA’S PUBLIC EQUITIES MARKETS. YOUR OPPORTUNITY. 19 CLOSED-END FUNDS LISTED ON TSX

ETFs and closed-end funds: All the stocks that fit There are also over 210 closed-end funds listed on TSX, which have a current market value of more than $25 billion. Closed-end funds are flexible investment products that are designed to respond to modern investor needs, from yield enhancement and capital protection to risk reduction.

An Exchange Traded Fund (ETF) is a security and investment vehicle that has SECTOR OVERVIEW Closed-end funds include a broad selection of financial attributes of both mutual funds and stocks. Like traditional mutual funds, ETFs vehicles, including: • 341 ETFs are listed on enable investors to access a diversified pool of assets. Like stocks – and unlike TSX, with AUM over Investment funds: similar to mutual funds, these traditional mutual funds – ETFs trade throughout normal trading hours on TSX. $77 billion vehicles have a specific investment strategy and hold a wide range of equities, income trusts, commodity and The world’s first exchange-traded, index-linked product was listed on Toronto Stock • In 2014, double-digit debt securities Exchange (TSX) in 1990. Since then, popularity of the Canadian ETF marketplace has asset growth of 14.4% grown rapidly, together with the value of its assets. There are currently more than in the Canadian ETF Split share corporations: allow investors to collect 340 ETFs listed on TSX, with more than $77 billion in assets under management (AUM), market exceeded both dividends from preferred shares or capital appreciation and the number of listings continues to grow. Thirty-six ETFs were added to TSX in the global growth rate from capital shares 2013, and another 63 new ETFs were listed in 2014. ETFs now account and that of the U.S. Capital trusts: provide investors a return on a portfolio of for more than 20% of total TSX listings. market mortgages and fixed income securities • 211 closed-end funds TSX-listed ETFs offer access and exposure to several asset classes, Principal protected notes: return the original investment 340+ are listed on TSX, with a sectors and strategies, providing Canadian investors with a wide to an investor, if held to maturity, along with any total market value over ETFs ARE LISTED range of financial products to help meet their investment objectives. investment gains ON TSX Whether an investor is bullish or bearish on a particular sector or the $25 billion broad market, or seeking an actively or passively managed fund, TSX Generally, these products use funds raised through a has a product to reflect their investment outlook and help diversify public offering to invest in a portfolio of securities which their portfolio. ETFs may track a broad spectrum of Canada’s major companies, for may be actively or passively managed. The objective of example, or a qualified selection of small public companies. Some ETFs follow selected most funds is to create an income stream for investors companies within a particular sector such as infrastructure, agriculture, information from dividends, capital gains, interest payments or capital technology or healthcare, while others track companies involved with particular appreciation from underlying investments. commodities such as gold, oil or natural gas. ETFs listed on TSX also follow indices that offer exposure to dividends, structured products or currencies. ETF Directory and Screener: find the product that’s right for you Some ETFs have evolved beyond passively tracking an underlying index or benchmark Given the rapid growth in both the diversity and availability of ETFs in the Canadian marketplace, to use futures contracts, index swaps and other derivative products to meet their TMXmoney.com – Canada’s leading online financial information hub – has created a comprehensive investment objectives. online resource to help investors better understand the wide range of investment choices available to them. TMXmoney.com has developed the ETF Directory (tsx.com/etfdirectory) to provide detailed and up-to-date information about all TSX-listed ETFs. The directory classifies ETFs based on based on asset class, sector and geographic region, among other search criteria. Investors can also perform advanced searches to collect more specific information. In addition, to help investors choose what type of product that best suits their investment objectives, the ETF Screener (tsx.com/etfscreener) conveniently searches for ETFs by asset class, region, style, size, sector or provider.

20 CANADA’S PUBLIC EQUITIES MARKETS. YOUR OPPORTUNITY. 21 TSX and TSXV by the numbers in 2014

TSX AND TSXV:

1,515 1,971 $1.3 TRILLION IN VALUE LISTED COMPANIES LISTED COMPANIES $2.5 TRADED IN 2014 TRILLION IN 120+ $52.5 $5.2 TOTAL MARKET BILLION BILLION IN EQUITY BILLION IN EQUITY SHARES TRADED CAPITAL RAISED CAPITAL RAISED CAPITALIZATION

121 122 NEW LISTINGS NEW LISTINGS

664 1,572 FINANCINGS FINANCINGS

22 CANADA’S PUBLIC EQUITIES MARKETS. YOUR OPPORTUNITY. 23 Number of Canadian companies and issuers listed on TSX and TSXV by province

24 25 Top 20 stocks on TSX and TSXV by volume traded in 2014

TSX Top 20 Ticker Sector Volume Traded TSXV Top 20 Ticker Sector Volume Traded Bombardier Inc. BBD Diversified Industries 1,544,307,923 Petroamerica Oil Corp. PTA Oil & Gas 468,827,119 B2Gold Corp. BTO Mining 1,193,704,720 Petromanas Energy Inc PMI Oil & Gas 457,721,500 Horizons BetaPro NYMEX Natural HND ETF 927,933,389 Patient Home Monitoring Corp PHM Life Sciences 398,874,261 Gas Bear Plus ETF Pine Cliff Energy Ltd PNE Oil & Gas 390,016,363 iShares S&P/TSX 60 Index ETF XIU ETF 832,079,704 Madalena Energy Inc. MVN Oil & Gas 375,212,094 Manulife Financial Corporation MFC Financial Services 823,312,268 Elkwater Resources Ltd. ELW Oil & Gas 294,605,714 Talisman Energy Inc. TLM Oil & Gas 818,977,627 POET Technologies Inc. PTK Technology 232,030,965 Yamana Gold Inc. YRI Mining 762,858,576 Blackbird Energy Inc BBI Oil & Gas 231,026,577 Suncor Energy Inc. SU Oil & Gas 754,152,876 Ikkuma Resources Corp. IKM Oil & Gas 230,324,062 Canadian Natural Resources Limited CNQ Oil & Gas 717,579,061 Keek Inc. KEK Technology 225,058,478 Air Canada AC Diversified Industries 714,205,083 Barrick Gold Corporation ABX Mining 681,604,204 True Gold Mining Inc. TGM Mining 212,336,508 BlackBerry Limited BB Technology 667,582,722 Mapan Energy Ltd. MPG Oil & Gas 194,859,713 Kinross Gold Corporation K Mining 653,244,790 Red Pine Exploration Inc RPX Mining 193,734,723 Torex Gold Resources Inc. TXG Mining 648,641,715 Iona Energy Inc INA Oil & Gas 187,313,981 Goldcorp Inc. G Mining 635,069,937 Africa Hydrocarbons Inc NFK Oil & Gas 182,094,731 Toronto-Dominion Bank (The) TD Financial Services 630,845,538 Mobio Technologies Inc. MBO Technology 175,902,576 Surge Energy Inc. SGY Oil & Gas 606,062,457 Lomiko Metals Inc LMR Mining 174,426,704 Encana Corporation ECA Oil & Gas 588,609,334 WesternZagros Resources Ltd WZR Oil & Gas 168,922,570 Twin Butte Energy Ltd. TBE Oil & Gas 571,671,057 theScore Inc. SCR Comm & Media 168,223,949 Whitecap Resources Inc. WCP Oil & Gas 570,120,628 Graphite One Resources Inc GPH Mining 167,836,175

26 CANADA’S PUBLIC EQUITIES MARKETS. YOUR OPPORTUNITY. 27 New listings in 2014: Welcome to TSX

Oil & Gas Life Sciences Diversified Industries Closed-End Funds

Ticker Company Ticker Company Ticker Company Ticker Company AOI Africa Oil Corp. AUP Aurinia Pharmaceuticals Inc. DIV Diversified Royalty Corp. HBF Brand Leaders Plus Income Fund JOY Journey Energy Inc. CTH Cynapsus Therapeutics Inc. ENT ENTREC Corporation BPS.PR.B Brookfield Property Split Corp. MMT Mart Resources, Inc. ENL Endo International plc KLS Kelso Technologies Inc. BSO Brookfield Select Opportunities NBZ Northern Blizzard Resources Inc. IMV Immunovaccine Inc. QSR Restaurant Brands International Inc. Income Fund PSK PrairieSky Royalty Ltd. GUD Knight Therapeutics Inc. QSP Restaurant Brands International DRA Dream Hard Asset Alternatives Trust VII Seven Generations Energy Ltd. NVC Neovasc Inc. Limited Partnership HPF Energy Leaders Plus Income Fund SPE Spartan Energy Corp. TMD Titan Medical Inc. EBT Euro Banc Capital Securities Trust YGR Yangarra Resources Ltd. TR Trillium Therapeutics Inc. EBC Europe Blue-Chip Dividend & Growth Financial Services Fund Ticker Company EBF European Strategic Balanced Fund EB First Asset Hamilton Capital European Mining Technology CBL Callidus Capital Corporation Bank Fund Ticker Company Ticker Company FDS First Trust Global Dividend Seeker ATL Atlatsa Resources Corporation DW DataWind Inc. Forest Products & Paper Fund CIA Champion Iron Limited IT Intertain Group Limited (The) GHC Global Healthcare Dividend Fund FCU Fission Uranium Corp. KXS Kinaxis Inc. Ticker Company GIF Global Infrastructure Dividend Fund FOR Fortune Bay Corp. CFF Conifex Timber Inc. GSB Goldman Sachs U.S. Income HER Heron Resources Limited Builder Trust LUG Lundin Gold Inc. Clean Technology HHL.UN Healthcare Leaders Income Fund Real Estate HHY High Rock Canadian High Yield OR Osisko Gold Royalties Ltd. Ticker Company Bond Fund SMC Sulliden Mining Capital Inc. LMP Lumenpulse Inc. Ticker Company MBK Manulife U.S. Regional Bank Trust SVL SilverCrest Mines Inc. NPS Northern Power Systems Corp. SRT Slate Retail REIT PGI.UN PIMCO Global Income WG Wellgreen Platinum Ltd. Opportunities Fund PRF PineBridge Investment Grade Preferred Securities Fund VGI.UN Voya Global Income Solutions Fund

28 CANADA’S PUBLIC EQUITIES MARKETS. YOUR OPPORTUNITY. 29 New listings in 2014: Welcome to TSX

ETFs

Ticker Company ZDB BMO Discount Bond Index ETF RWW First Asset MSCI World Low Risk HPD Horizons BetaPro MSCI Japan RBO RBC 1-5 Year Laddered Corporate ZBK BMO Equal Weight US Banks Index ETF Weighted ETF Bear Plus ETF Bond ETF ZEL BMO Equity Linked Corporate Bond ETF EUR First Trust AlphaDEX European HPU Horizons BetaPro MSCI Japan RCD RBC Quant Canadian Dividend Dividend Index ETF (CAD-Hedged) Bull Plus ETF Leaders ETF ZFH BMO Floating Rate High Yield ETF FHD First Trust AlphaDEX U.S. Consumer HOG Horizons Canadian Midstream RHI RBC Quant EAFE Dividend Leaders ZDI BMO International Dividend ETF Discretionary Sector Index ETF Oil & Gas Index ETF (CAD Hedged) ETF ZGQ BMO MSCI All Country World High FHC First Trust AlphaDEX U.S. Consumer HBB Horizons Cdn Select Universe RID RBC Quant EAFE Dividend Leaders ETF Quality Index ETF Staples Sector Index ETF Bond ETF RXD RBC Quant Emerging Markets ZEA BMO MSCI EAFE Index ETF FHE First Trust AlphaDEX U.S. Energy XSQ iShares Core Short Term High Quality Dividend Leaders ETF ZEQ BMO MSCI Europe High Quality Sector Index ETF Canadian Bond Index ETF RHP RBC Quant European Dividend Hedged to CAD Index ETF FHF First Trust AlphaDEX U.S. Financial XEU iShares MSCI Europe IMI Index ETF Leaders (CAD Hedged) ETF ZUQ BMO MSCI USA High Quality Index ETF Sector Index ETF XEH iShares MSCI Europe IMI Index ETF RPD RBC Quant European Dividend ZSU BMO Short-Term US IG Corporate Bond FHH First Trust AlphaDEX U.S. Health Care (CAD-Hedged) Leaders ETF Hedged to CAD Index ETF Sector Index ETF PFL PowerShares 1-3 Year Laddered RHU RBC Quant U.S. Dividend Leaders ZWH BMO US High Dividend Covered Call ETF FHG First Trust AlphaDEX U.S. Industrials Floating Rate Note Index ETF (CAD Hedged) ETF FDV First Asset Active Canadian Dividend ETF Sector Index ETF USB PowerShares LadderRite U.S. 0-5 Year RUD RBC Quant U.S. Dividend Leaders ETF FRF First Asset Active Canadian REIT ETF FHM First Trust AlphaDEX U.S. Materials Corporate Bond Index ETF VXC Vanguard FTSE All-World ex Canada FHB First Asset Hamilton Capital European Sector Index ETF ELV PowerShares S&P Emerging Markets Index ETF Bank ETF FHQ First Trust AlphaDEX U.S. Technology Low Volatility Index ETF VA Vanguard FTSE Developed ZXM First Asset Morningstar International Sector Index ETF ILV PowerShares S&P International Asia Pacific Index ETF Momentum Index ETF FHU First Trust AlphaDEX U.S. Utilities Developed Low Volatility Index ETF VE Vanguard FTSE Developed VXM First Asset Morningstar International Sector Index ETF PBI Purpose Best Ideas Fund Europe Index ETF Value Index ETF ETP First Trust Global Risk Managed PHR Purpose Duration Hedged VBG Vanguard Global ex-U.S. Aggregate RWC First Asset MSCI Canada Low Risk Income Index ETF Real Estate Fund Bond Index ETF (CAD-hedged) Weighted ETF FHY First Trust Short Duration High Yield PEU Purpose Enhanced US Equity Fund VBU Vanguard U.S. Aggregate Bond Index Bond ETF RWE First Asset MSCI Europe Low Risk PMM Purpose Multi-Strategy ETF (CAD-hedged) Weighted ETF HSL Horizons Active Floating Rate Senior Market Neutral Fund Loan ETF PUD Purpose US Dividend Fund

30 CANADA’S PUBLIC EQUITIES MARKETS. YOUR OPPORTUNITY. 31 New listings in 2014: Welcome to TSXV

Technology Diversified Industries

NEM New Era Minerals Inc. Ticker Company Ticker Company Oil & Gas NXS Nexus Gold Corp. TTM 3TL Technologies Corp. DLC Desmond Investments Ltd PXA Phoenix Gold Resources Corp. AT AcuityAds Holdings Inc. GOP Gourmet Ocean Products Inc. Ticker Company POR Portofino Resources Inc. ART ARHT Media Inc. NIA Niagara Ventures Corporation LXE Leucrotta Exploration Inc. REL Roughrider Exploration Limited CNS Contagious Gaming Inc. QE QE2 Acquisition Corp. MPL Maple Leaf Royalties Corp. TKU Tarku Resources Ltd. EQG eQube Gaming Limited RTI Radient Technologies Inc. MEP Marsa Energy Inc. AWE Thunderstruck Resources Ltd GGG Graphene 3D Lab Inc. VRY Petro-Victory Energy Corp. WAF West African Resources Limited HOM Hombre Capital Inc. Financial Services RPN Red Pine Petroleum Ltd. XND Xander Resources Inc. KEK Keek Inc. ROE Renaissance Oil Corp. XTT X-Terra Resources Inc NYX NYX Gaming Group Limited Ticker Company RHC Rockefeller Hughes Corporation PYD Poydras Gaming Finance Corp. GRC Grenville Strategic Royalty Corp. SFQ SFR Energy Ltd. * Life Sciences SLC SLYCE Inc. IOU IOU Financial Inc. SLK Silk Road Energy Inc TTD Tinkerine Studios Ltd. NVV Norvista Capital Corporation VUX Vital Energy Inc. Ticker Company VGO Vogogo Inc. MJN PharmaCan Capital Corp. APH Aphria Inc. Mining BED Bedrocan Cannabis Corp. Real Estate BCT Briacell Therapeutics Corp. Clean Technology Ticker Company EBM Eastwood Bio-Medical Canada Inc. Ticker Company Ticker Company ALP Alabama Graphite Corp. HEM Hemostemix Inc. EHT Enerdynamic Hybrid Technologies BVD Boulevard Industrial Real Estate AXC Alexandra Capital Corp MT Mettrum Health Corp. Corp. Investment Trust AFY Anthem United Inc. NU NeutriSci International Inc. GPV Greenpower Motor Company Inc. CHC CHC Realty Capital Corp. BMG Battle Mountain Gold Inc. OGI OrganiGram Holdings Inc. ON OneRoof Energy Group, Inc. DVO Delavaco Residential Properties Corp. BDC Blackeagle Development Corp. PPK Prospect Park Capital Corp. TCX ThermoCeramix Corporation ED.UN Edgefront Real Estate Investment KAY Karsten Energy Corp. RP Replicel Life Sciences Inc. TEP Transeastern Power Trust Trust DIA Margaret Lake Diamonds Inc. RVV Revive Therapeutics Ltd. UG UGE International Ltd. LMS Less Mess Storage Inc. MOI Mincom Capital Inc TPI T-Bird Pharma Inc. RRR R&R Real Estate Investment Trust MOR Morgan Resources Corp. TRX Tribute Pharmaceuticals Canada Inc. SUS.A Starlight U.S. Multi-Family (No. 3) Core Fund MRB Morro Bay Resources Ltd. TWD Tweed Marijuana Inc.

32 * SFR Energy changed its name to International SoftRock Oil Company Limited (TSXV:SOF) on January 5, 2015. CANADA’S PUBLIC EQUITIES MARKETS. YOUR OPPORTUNITY. 33 TSXV new listing in 2014

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