EXCHANGE AND TSX VENTURE EXCHANGE

A GROWTH PLATFORM for U.S. Companies

A sophisticated, diversified marketplace that connects companies of all sizes and sectors to the growth capital they need. A two-tiered capital formation ecosystem offering traditional and non-traditional financing and liquidity solutions.

us.tsx.com Benefits of Going Public As a U.S. company, if you are looking Access To Capital And Future Financing Opportunities to access capital Going public can provide your company with financing to fuel your opportunities to grow your business via expansion of operations, hiring or acquisitions. The issuance company’s growth, of public shares can also expand and diversify your investor base by giving you access to pools of capital consider this: in , the U.S. and globally. Facilitate Growth Reason As a public company, your shares can be used as a Does your company have a reason to currency substitute to acquire target companies, instead be public and take advantages of the of a direct cash offering. Using shares for an acquisition can be a tax-efficient and cost-effective vehicle to benefits of being a public company? finance such a transaction. This can also improve your ability to complete mergers and acquisitions in a more timely and cost-effective manner. Increase Visibility And Prestige Ready Going public enhances your company’s visibility. Greater Are you and the company ready public awareness gained through media coverage, to go and be public? publicly filed documents and coverage of your shares by sector investment analysts can provide your company Do you have the required team and with a higher profile and greater credibility. Ultimately, infrastructure in place? this can result in a more diversified group of investors following your company, which may increase demand for your company’s shares and potentially increase your company’s value. Provide Liquidity For Shareholders Requirements Becoming a public company establishes a market for Does your company meet the TSX or your company’s shares, providing your investors with TSXV listing requirements? an efficient and regulated vehicle in which to trade their shares. Greater liquidity in the public market can See our Guide to Listing to find out: often lead to better than would be achieved as a private company. tsx.com/ebooks/en/2021-guide-to-listing Create Employee Incentive Mechanisms Your employees can participate in the ownership of your company and benefit from being shareholders. Reality Stock options and employee share purchase programs Can Canadian investment bankers are good mechanisms for compensating your get investor support for your type employees without depleting cash reserves. This can serve to ensure stronger employee commitment to and size of company in current your company’s performance and success. Share market conditions? ownership can have an immediate and tangible value to employees, and can be used as a recruitment incentive. • TSX Venture Exchange is a fully No Longer Just a Benefits of regulated junior market with listing and reporting standards Resource Exchange the Canadian that are tailored to early stage companies. Built on a strong history of financing resource companies, TSX and TSXV Markets • TSX Venture Exchange is rules- now welcome a diverse list of based versus a disclosure-based companies. Why are TSX and TSX Venture (OTC) regime, which may provide relevant to U.S. growth companies? comfort to investors. • +45% of listings (by market Companies creating their long- • The timing and costs of listing cap) are tech, cleantech, life term funding strategy should on TSX and TSXV are typically sciences, diversified industries, consider all options including significantly lower than listing communications/media (“Growth” traditional venture capital, private on a U.S. national exchange. Sectors) on TSX and TSXV. equity, crowdfunding, ICOs... • Be a larger company in a smaller • Innovation was the #1 sector and the public markets. TSX market than the U.S. which can on TSX and TSXV for IPOs and and TSXV are each platforms lead to greater analyst coverage, new listings in 2020. that may be the most viable institutional investor interest, • $48 Billion in equity capital and attractive path for and overall exposure. was raised by the Innovation your company. • TSX and TSXV provide several sector in the past 5 years. listing options that are ideal • TSX and TSXV are 4th among Canada Embraces for small cap companies, from global peers by number of IPOs Small Cap Public the traditional IPO to a reverse and new listings in 2020*. Companies merger into an existing shell or • TSX and TSXV are 3rd among a capital pool company (CPC). global peers by number of • Go public at an earlier stage • TSX Venture is an incubation international IPOs and new than in the U.S. markets and platform with the opportunity listings in 2020*. access “public venture capital”. to graduate to TSX when ready.

*Source: TSX/TSXV Market Intelligence Group, World Federation of Exchanges and exchange websites.

A Long-term Growth Strategy A Source of Growth Capital

Our market provides a well-used The Canadian markets boast growth path from TSX Venture TSXV graduates a robust retail investor base, to Toronto . 250 currently listed on TSX as well as world-class institutional investors. Companies can dual list on TSXV or TSX and a U.S. market Additionally, approximately or exchange. graduates from TSXV 40% of trading originates from 700+ to TSX since 2000 outside of Canada. Companies Benefits of Dual Listing: can access capital at varying sizes from small private • Enhanced demand and profile. placements to large IPOs. • Increased equity research 2020 Total Average analyst coverage. • Greater share liquidity. 225 55 Companies Companies TSX $36B $68M • Access to TSX listed company dual listed dual listed TSXV $6.6B $3.5M customer base. on TSX on TSXV • Awareness and credibility to (186 with (16 with H1 2021 Total Average access Canadian customers. / NASDAQ/ TSX $28B $76M • Advantages for Canadian NYSE) NYSE) employees. TSXV $6.3B $5.9M Canada’s Global Capital Markets

Total Market U.S. Issuers H1 2021 MARKETS AT A GLANCE TSX TSXV TSX & TSXV TSX TSXV TSX & TSXV

Listed Companies 1,707 1,673 3,380 50 62 112

Market Capitalization ($ Billions) $3,988.6 $100.7 $4,089.3 $175.5 $4.8 $180.3

Median ($ Millions) $176.2 $15.6 $45.6 $377.2 $26.6 $88.7

Average Market Capitalization ($ Millions) $2,336.6 $60.2 $1,209.8 $3,509.5 $76.8 $1,609.3

Total Financings ($ Millions) $28,335.5 $6,347.4 $34,682.9 $489.0 $265.9 $754.9

Average Financings ($ Millions) $75.6 $5.9 $24.0 $40.8 $5.9 $13.2

Going Public Activity* 108 118 226 5 5 10

Graduates from TSXV 19 - 19 1 - 1

*Includes Initial Public Offerings, Capital Pool Company IPOs, Reverse Takeovers, Qualifying Acquisitions and others. Excludes comedowns and grads.

RECENT U.S. LISTINGS June 2021 Equity Capital Raised ON TSX & TSXV Industry Market Cap (C$) Since Listing (C$)

Boardwalktech Software Corp. Technology $35M $27M

Brookfield Infrastructure Corporation Industrial Products & Services $4,200M -

Brookfield Renewable Corporation Clean Technology $8,969M -

Charlotte's Web Holdings, Inc. Life Sciences $489M $144M

DGTL Holdings Inc. Financial Services $14M $1.3M

Flagship Communities Real Estate Investment Trust Real Estate $208M $241M

Gatos Silver, Inc. Mining $1,286M $402M

Global Crossing Airlines Group Inc. Industrial Products & Services $115M $22M

HempFusion Wellness Inc. Life Sciences $44M $22M

NextPoint Acquisition Corp. SPAC $210M $267M

Perimeter Medical Imaging AI, Inc. Life Sciences $138M -

Quisitive Technology Solutions Inc. Technology $515M $94M

The Real Brokerage Inc. Technology $396M $29M

Simply Better Brands Corp. Consumer Products & Services $124M -

Skylight Health Group Inc. Life Sciences $182M $14M

Viemed Healthcare, Inc. Life Sciences $353M -

Note: New U.S. listings from 2020-2021, excluding grads.

Connect with us at [email protected] us.tsx.com

All information as at June 30, 2021, unless otherwise noted. ©2021 TSX Inc. All rights reserved. The information in this document is provided for informational purposes only. This document, and certain of the information contained in this document, is TSX Inc.’s proprietary information. Do not disclose, copy, distribute, sell or modify this document or any of its contents without TSX Inc.’s prior written consent. Neither TMX Group Limited nor any of its affiliates represents, warrants or guarantees the completeness or accuracy of the information contained in this document and they are not responsible for any errors or omissions in or your use of, or reliance on, the information. The information in this document 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 the information. The information provided in this document is not an invitation to purchase securities listed on Toronto Stock Exchange or TSX Venture Exchange. Listing on Toronto Stock Exchange or TSX Venture Exchange does not guarantee the future performance of a or an issuer nor does it guarantee access to growth capital. This document does not, nor should it be construed as, providing any trading, legal, accounting, tax, investment, business, financial or other advice, and you should not rely on it for such purposes. Professional advisors should be consulted. This document is does not a solicitation or a recommendation. Citizens of the U.S. may not access the Canadian markets directly, and any questions about or interest in investing in Canadian markets should be directed to a U.S. broker/dealer. TMX, the TMX design, TMX Group, Toronto Stock Exchange, TSX, TSX Venture Exchange, and TSXV are trademarks of TSX Inc. All other trademarks herein are the property of their respective owners.