Alberta's Financial Sector : Strength in Numbers

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ALBERTA’S FINANCIAL SECTOR: STRENGTH IN NUMBERS

AUGUST 2014 VIEW OF DOWNTOWN CALGARY Photo courtesy Matthews Southwest INVESTING IN CANADA

WITH A STRONG AND STABLE ECONOMY – ONE THAT CONTINUALLY OUTPERFORMS THOSE OF MOST OTHER COUNTRIES – CANADA IS ONE OF THE MOST WELCOMING AND PROFITABLE PLACES FOR INTERNATIONAL BUSINESS AND FOREIGN DIRECT INVESTMENT.

1 INVESTINGGLOBAL TOP IN 10 CANADA

Canada ranks among the top 10 on a range of key investment-related indices, including:

• ECONOMIC WELL-BEING1 • COUNTRY CREDIT RATING2 • EASE TO START A BUSINESS2 • SOUNDNESS OF BANKS2 • STRENGTH OF INVESTOR PROTECTION3 • QUALITY OF MANAGEMENT SCHOOLS2 • PROPERTY RIGHTS3 • LABOUR MARKET EFFICIENCY1 • JUDICIAL INDEPENDENCE3

Forbes magazine consistently lists Canada among the top 10 best places in the world for business.

In 2012, the aggregate Canadian market capitalization reached US$2.19 trillion – one of the top 10 in the world.3,4

CANADA’S BANKING SYSTEM HAS BEEN RANKED THE SOUNDEST IN THE WORLD, SIX YEARS IN A ROW.2

1 Centre for the Study of Living Standards (2011). Moving from a GDP-based to a well-being based metric of economic performance and social progress. Retrieved from http://www.csls.ca/reports/csls 2011-12.pdf 2 World Economic Forum (2014). The Global Competitiveness Report 2013-2014. Retrieved from http://www.weforum.org/reports/global-competitiveness-report-2013-2014 3 World Federation of Exchanges. WFE database. Retrieved from http://www.world-exchanges.org/statistics 4 Alberta Securities Commission (2014). The Alberta capital market: A comparative overview. Retrieved from http://www.albertasecurities.com/Publications/alberta-capital-market-report-2014.pdf 2 Canada is one the world’s largest and most advanced economies, as well as one of the most welcoming places for international business and foreign investment.

Canada was among the first G-7 economies to emerge from the global recession and is expected to continue to be a leader among major industrial nations in the coming years. The country’s strong performance is due mainly to its dynamic business environment, diversified economy, broad resource base, strong financial system, sound fiscal management, low corporate tax rates, and highly skilled population.

One of the key drivers of Canada’s economy is its broad resource base, including the world’s third largest oil reserves.5

The majority (over 98%) of this massive concentration of oil is found in only one of Canada’s provinces—Alberta.6

CANADA’S OIL RESERVES ARE AN ATTRACTIVE INVESTMENT OPPORTUNITY – LARGE RESERVES IN A POLITICALLY STABLE LOCATION THAT IS OPEN TO PRIVATE INVESTMENT.

5 Canadian Association of Petroleum Producers. Basic statistics. Retrieved from http://www.capp.ca/library/statistics/basic/Pages/default.aspx 6 Alberta Energy. Facts and statistics. Retrieved from http://www.energy.alberta.ca/oilsands/791.asp 3 INVESTING IN ALBERTA

ALBERTA

Vancouver Toronto

Chicago New York City Houston

Edmonton

Calgary

4 5 FASTEST GROWING ECONOMY IN CANADA

Alberta is Canada’s new economic engine. During the past 20 years, it has surpassed every other province with an average annual GDP growth of 3.4%. In 2013, the Alberta economy experienced a solid expansion of 3.9%.7

Alberta’s economic growth is expected to continue in the coming years in response to rising global demand for energy resources and agricultural products.

ALBERTA’S GROWTH IN SELECTED INDICATORS: 2002-2012 % CHANGE

24.3 POPULATION 10.8

28.2 EMPLOYMENT 14.4

37.0 GDP 19.9

95.1 GOODS EXPORTS 17.0

130.3 INVESTMENT 83.0

ALBERTA CANADA

Source: Statistics Canada and Alberta Innovation and Advanced Education

7 Alberta Innovation and Advanced Education. Highlights of the Alberta Economy 2014. Retrieved from: https://albertacanada.com/files/albertacanada/SP-EH_highlightsABEconomyPresentation.pdf 6 STRONGEST ECONOMY IN CANADA

The province of Alberta is blessed with an abundance of natural resources, including land, forests and energy commodities. These raw materials form the foundation of Alberta’s thriving economy, but it is the province’s firmly engrained pro-business culture, lowest overall taxes in Canada and no long-term debt that have sustained it. While Alberta has developed a reputation as a world-class producer of oil and natural gas, it has capitalized also on its strengths in agriculture, alternative energy, forestry, manufacturing, and technology to develop a dynamic economy.

7 STRONGEST ECONOMY IN CANADA

Alberta’s Triple A credit rating (since 2001) remains solid as it continues to be the only province in Canada with total financial assets that exceed total liabilities.8

PROVINCIAL NET FINANCIAL ASSETS/DEBT AS % OF GDP (2012-2013)

3.5% ALBERTA

-5.0% SASKATCHEWAN

-17.2% BRITISH COLUMBIA

-27.2% NEWFOUNDLAND AND LABRADOR

-27.6% MANITOBA

-33.3% NEW BRUNSWICK

-35.9% PRINCE EDWARD ISLAND

-36.3% NOVA SCOTIA

-37.4% CANADA

-37.5% ONTARIO

-49.4% QUEBEC

Source: Conference Board of Canada

8Alberta Treasury Board & Finance. Provincial Borrowing. Retrieved from http://finance.alberta.ca/business/borrowing/index.html 8 THE WORLD’S MOST ACCESSIBLE OIL RESERVES

Only 21% of the world’s proven oil reserves are accessible to private sector investment (i.e. are not state-controlled). Of these, 52% are in Alberta.

WORLD OIL RESERVES (PROVEN, AS OF JANUARY 1, 2014 )

300 298 World Oil Reserves Accessible Oil Reserves

266

250 52% Canada’s Oil Sands 79% 21% State Owned Other or Controlled 48% Other Accessible Reserves 200 173

169 157 150 140 BILLION BARRELS 102 92 100 80

48 37 50 32 30 25 24 ALBERTA 0 IRAQ IRAN U.S.A LIBYA SAUDI CHINA QATAR RUSSIA KUWAIT ARABIA NIGERIA CANADA ABU DHABI VENEZUELA KAZHAKHSTAN

Sources: Canadian Association of Petroleum Producers (CAPP) and Oil and Gas Journal9

9 Oil and Gas Journal. Worldwide Look at Reserves and Production 2014. Retrieved from http://www.ogj.com/articles/print/volume-112/issue-1/drilling-production/worldwide-look-at-reserves-and-production.html 9 TOP GLOBAL INVESTMENT DESTINATION IN CANADA

Alberta is one of the world’s top investment destinations. From 2008 through 2012, capital investment in Alberta totaled over $654 billion, much of which went to support the development of the province’s vast oil resources. Capital expenditures in the province hit $111.2 billion in 2013 and are expected to reach over $113 billion in 2014.10

Alberta’s strong investment environment is reflected also by the success of its companies in public markets. While the province accounts for only 11% of the Canadian population, over 30% of the country’s publicly traded billion-dollar firms are located in Alberta.11

TOTAL INVESTMENT IN ALBERTA CAPITAL EXPENDITURES ($ BILLIONS)

2007 6.6 14.8 22.5 40.0 83.9

2008 8.5 13.4 25.2 42.7 89.7

2009 8.5 10.4 23.2 23.6 65.7

2010 8.9 13.5 22.3 36.7 81.3

2011 8.2 12.5 22.3 47.0 90.0

2012 7.5 14.9 25.4 54.6 102.4

2013* 8.0 16.2 31.4 55.6 111.2

INSTITUTIONS HOUSING NON-ENERGY OIL & GAS *Preliminary Actual

10 Statistics Canada. Capital expenditures by sector, by province and territory (Alberta). Retrieved from http://www.statcan.gc.ca/tables-tableaux/sum-som/l01/cst01/busi03j-eng.htm 11 Centre for Digital Entrepreneurship and Economic Performance (2014). “Canada’s Billion Dollar Firms: Contributions, Challenges and Opportunities”. Retrieved from http://deepcentre.com/wordpress/wp- content/uploads/2014/07/DEEP-Centre-Canadas-Billion-Dollar-Firms-July-2014_ENG.pdf 10 LARGEST PER CAPITA INVESTMENT IN CANADA

In 2012, per capita investment in Alberta was $25,251, more than double the national average of $11,265.12,13

PER CAPITA INVESTMENT IN CANADA (2012)

ALBERTA $25,251

SASKATCHEWAN $19,208

NEWFOUNDLAND AND LABRADOR $19,054

CANADA $11,265

BRITISH COLUMBIA $10,239

MANITOBA $9,845

QUEBEC $8,789

ONTARIO $8,634

NEW BRUNSWICK $7,750

NOVA SCOTIA $7,187

PRINCE EDWARD ISLAND $6,795

12 Alberta Innovation and Advanced Education. Highlights of the Alberta economy 2014. Retrieved from http://albertacanada.com/SP-EH_highlightsABEconomy.pdf 13 Statistics Canada. Capital expenditures by sector, by province and territory (Alberta). Retrieved from http://www.statcan.gc.ca/tables-tableaux/sum-som/l01/cst01/busi03j-eng.htm 11 TOP GLOBAL INVESTMENT DESTINATION IN NORTH AMERICA

Alberta consistently tops the list of North American jurisdictions with the best investment climate because of its low corporate taxes, economic freedom, transparency and lack of public debt.

With no provincial retail sales tax, provincial capital taxes, payroll taxes or machinery and equipment taxes, Alberta offers one of the most competitive business and personal tax environments in North America.14

COMPARISON OF CORPORATE INCOME TAXES ALBERTA TEXAS

UNITED STATES BRITISH COLUMBIA JANUARY 2013 32.7% 6.3% 39.0%* COLORADO

ALBERTA ALASKA JANUARY 2013 15.0% 10.0% 25.0% LOUISIANA

FEDERAL PROVINCIAL/STATE ONTARIO *6.3% represents the average top general state corporate income tax rate U.S. rates known as of January 2013 Source: Alberta Innovation and Advanced Education, Tax Foundation and Federation of Tax Administrators NORTH DAKOTA NEW YORK

PENNSYLVANIA

QUEBEC

14 Alberta Innovation and Advanced Education (2014). Highlights of the Alberta Economy Presentation 2014. Retrieved from https://albertacanada.com/files/albertacanada/SP-EH_ highlightsABEconomyPresentation.pdf 12

A STRONG COMMITMENT TO ECONOMIC FREEDOM

Alberta benefits from very high levels of economic freedom and consistently ranks among the top 5 in North America.15 This commitment to free enterprise creates a business-friendly environment that rewards investing and locating business in the province, and empowers Alberta businesses to successfully compete in the global arena.

ALBERTA IS THE MOST ECONOMICALLY FREE JURISDICTION IN NORTH AMERICA

SCORE RANK ALBERTA 8.3 1

TEXAS 7.7 4

BRITISH COLUMBIA 7.6 7

COLORADO 7.6 10

ALASKA 7.5 15

LOUISIANA 7.5 16

ONTARIO 7.4 25

NORTH DAKOTA 7.3 31

NEW YORK 7.3 33

PENNSYLVANIA 7.2 41

QUEBEC 7.1 49

Source: Economic Freedom of North America 2013, Fraser Institute

15 Fraser Institute (2014). Economic Freedom in North America 2013. Retrieved from http://www.fraserinstitute.org/research-news/display.aspx?id=20692 13 84%

14 CANADA’S NEW BUSINESS CENTRE

Over the past 10 years, numerous headquarters have relocated to Western Canada – a trend that is expected to continue as the Asia-Pacific region gains increasing momentum. Alberta’s economic momentum has led to a significant increase in companies establishing their national and international headquarters in the province. Between 2002 and 2013, Alberta’s two major cities – Calgary and Edmonton – experienced an overall increase of more than 84% in the number of head offices.

% CALGARY HAS TODAY THE SECOND LARGEST NUMBER OF HEAD OFFICES IN CANADA SECOND ONLY TO TORONTO.

HEAD OFFICE GROWTH (2002-2013) SELECTED CENSUS METROPOLITAN AREAS 94.1%

41.2% 28.4%

TORONTO OTTAWA MONTREAL CALGARY EDMONTON VANCOUVER 84 -19.9% -30.0% Source: Calgary Economic Development; FP500 2014 Database; FP500 2003 Database. -36.3% 15 64%

16 A RISING FINANCIAL CENTRE

Between 2003 and 2013, Alberta’s financial services sector GDP rose by 64%, outpacing all other industries in the province. By comparison, GDP in Canada’s financial services sector rose by 30% over the same period.16,17 % Over the past 10 years, Alberta’s financial services industry has experienced exceptional growth fuelled by high levels of capital investment in the province’s energy sector. With an annual average of $90 billion of capital investments in Alberta in the last six years (2008-2013) and almost $114 billion expected in 2014 alone,16,17 the sector appears poised for additional growth. In 2013, the financial services industry contributed $11.3 billion to Alberta’s economy, accounting for roughly 64 4.0% of the province’s total GDP.16,17

16 Statistics Canada. 17 Alberta Innovation and Advanced Education Highlights of the Alberta economy 2014. Retrieved from http://albertacanada.com/SP-EH_highlightsABEconomy.pdf 17 Over the past decade, Calgary has developed a world-class investment banking and asset management industry focused primarily on the oil and gas sector, while Edmonton has developed a globally competitive wealth management and pension management industry.

Calgary is Western Canada’s business hub and a rising global financial centre. The city has the highest concentration of corporate head offices per capita in the country, including the Canadian headquarters of all the major global oil and gas companies. This world-class energy cluster is supported by a diversity of commercial and retail banks, investment firms, stockbrokers, trust companies, credit unions and mortgage companies, as well as law firms, insurance companies, agents, brokers and adjusters.

CALGARY IS RANKED IN 22ND PLACE OUT OF 83 JURISDICTIONS IN THE MARCH 2014 RANKING OF THE GLOBAL FINANCIAL CENTRES INDEX, ABOVE MANY OTHER MORE TRADITIONAL FINANCIAL CENTRES.18

18 Long Finance (2014). The Global Financial Centres Index. Retrieved from http://www.longfinance.net/images/GFCI15_15March2014.pdf 18 AS OF JUNE 2014, 17 OF THE TOP 20 GLOBAL INVESTMENT BANKS HAD A PRESENCE IN ALBERTA19,20 Edmonton is one of Canada’s leading centres for asset management and banking entrepreneurship. Four of Western Canada’s largest financial institutions are headquartered in Edmonton, including one of the country’s largest institutional investment fund managers and Western Canada’s two largest banks.

19 Kopecki, Dawn. “JPMorgan Repeats at Top in Fees as Bankers Anticipate More Deals”. Bloomberg, 4 March 2014. Retrieved from http://www.bloomberg.com/news/2014-03-04/jpmorgan-repeats-at-top-in- fees-as-bankers-anticipate-more-deals.html 20 Alberta Innovation and Advanced Education analysis. 19 AN ENERGY FINANCING AND CAPITAL INVESTMENT HUB

ENERGY FINANCING Alberta is a world leader in managing the way money moves through the energy sector – expertise that reaches well beyond Canada. The high rates of deal flow in the province’s oil and gas industry have transformed Alberta into a global leader in energy financing activities, including:

ASSET TRADING – Approximately 8% of all assets in the Western Canadian Sedimentary Basin (the geological formation that is the source of Alberta’s energy wealth) are traded, compared to an average of 1-2% in other jurisdictions.21

MERGERS AND ACQUISITIONS (M&A) – Calgary is one of the world’s hubs of M&A activity in the energy industry. With over $314 billion announced since 2007, it accounts for an annual average of 12% of global M&A deal volume in the sector.22

EQUITY ISSUANCE – While Alberta holds about 3% of the world’s oil production, an average of 12-15% equity issuance in the global energy industry since 2010 has been done by Alberta-based companies.23,24,25

21 Calgary Economic Development (2010). Calgary: an emerging financial centre. Retrieved from http://www.calgaryeconomicdevelopment.com/sites/default/files/pdf/research/reports/sector_profiles/CED_ FinancialSvcs_SectorProfile.pdf 22 Bloomberg data. Alberta Innovation and Advanced Education and Calgary Economic Development analysis. 23 Calgary Economic Development (2012). Energy sector profile. Retrieved from http://www.calgaryeconomicdevelopment.com/sites/default/files/pdf/research/reports/sector_profiles/CED_ EnergySectorProfile_2012.pdf 24 TMX Group. Retrieved from http://www.tmx.com/en/listings/sector_profiles/energy.html 25 Alberta Innovation and Advanced Education analysis. 20 220

CAPITAL INVESTMENT Alberta has the energy resources and agricultural products that the world (particularly the rapidly growing emerging markets) needs and, as a result, it offers an exceptional long term value proposition for global investors.

This is illustrated by over $220 billion in major projects ($5 million or greater) that have been recently completed, are currently under construction, or are proposed to start construction in Alberta within the next two years.26

26 Alberta Innovation and Advanced Education. “Inventory of Major Alberta Projects”. Retrieved on July 28 2014 from http://albertacanada.com/business/statistics/inventory-of-major-projects.aspx 21 HIGH QUALITY OF LIFE

Alberta’s quality of life is one of the highest in Canada. As the nation’s leader in economic well-being for over 30 years, Alberta consistently reports the highest GDP and personal income per capita among all Canadian provinces.27 Its two major cities have some of the highest per capita numbers of people reporting an income of $1 million or more in Canada28 and the province has enjoyed the highest annual retail sales growth in the country over the past 10 years.29

Alberta is home to an ethnically diverse population of over 4.1 million people. With one of five Alberta residents born outside of Canada, the province is one of the most multi-national and multi-cultural in the country.30

27 Alberta Innovation and Advanced Education (2014). Highlights of the Alberta Economy Presentation 2014. Retrieved from https://albertacanada.com/files/albertacanada/SP-EH_ highlightsABEconomyPresentation.pdf 28 Calgary Economic Development. Calgary Wealth Fact Sheet (2014). Retrieved from http://www.calgaryeconomicdevelopment.com/sites/default/files/pdf/research/reports/special_research/CED_Wealth_Fact_ Sheet_2012_Edition_Final.pdf 29 Statistics Canada. Retail trade, by province and territory. Table 080-0020. Retrieved from http://www5.statcan.gc.ca/cansim/a26?lang=eng&retrLang= eng&id=0800020&paSer=&pattern=&stByVal=1&p1=1&p2= 37&tabMode=dataTable&csid 30 National Household Survey. September 18, 2013. “Spotlight on Immigrants in Alberta”. Retrieved from http://www.finance.alberta.ca/aboutalberta/national-household-survey/2011/2011-national-household- survey-release1-Immigration.pdf 22 SELECTED MEASURES OF INCOME IN CANADA (2011) $67,200 $66,030 $63,930 $66,500 $36,469 $29,618 $30,390 $26,089 $29,377 $68,170 $27,783 $26,311 $25,375 $27,190 $28,556 $89,830 $69,150 $77,300 $68,710 $73,290

ALBERTA BC SASKATCHEWAN MANITOBA ONTARIO QUEBEC NEW BRUNSWICK PEI NOVA SCOTIA NEWFOUNDLAND & LABRADOR

MEDIAN TOTAL INCOME (2011)31 HOUSEHOLD DISPOSABLE INCOME (2011)32

31 Statistics Canada (2014). “Median total income, by family type, by province and territory (all census families). Retrieved from http://www.statcan.gc.ca/tables-tableaux/sum-som/l01/cst01/famil108a-eng.htm 32 Institut de la statistique du Quebec (2014). “Primary Household Income, Household Disposable Income and GDP at Market Prices per capita, Canada, Provinces and Territories, 2008-2012”. Retrieved from http://www.stat.gouv.qc.ca/statistiques/economie/comptes-economiques/revenu-menage/index_an.html 23

HIGHLY EDUCATED WORKFORCE

Albertans are among the best-educated people in North America and rank among the best in the world in terms of the quality of their education. In 2010, the province’s Composite Learning Index was the highest in Canada.33 In 2011, over 63% of the labour force 25 years of age and older reported holding a university degree, post-secondary diploma or certificate.34 Alberta’s students have ranked highly in the Programme for International Student Assessment (PISA) performed by the Organisation for Economic Co-operation and Development (OECD) every three years. In the most recent testing round in 2012, 15-year old students from the province excelled in literary reading and ranked among the top ten in the world in science.35 COMPOSITE LEARNING INDEX 2010 ALBERTA 82.0 ONTARIO 79.0 BRITISH COLUMBIA 78.0 SASKATCHEWAN 77.0 MANITOBA 76.0 CANADA 75.0 NOVA SCOTIA 71.0 PEI 69.0 QUEBEC 68.0 NEW BRUNSWICK 65.0 NEWFOUNDLAND 61.0 & LABRADOR Source: Canadian Council on Learning There are 26 publicly funded post-secondary institutions in Alberta, including 6 universities, 2 polytechnical institutes, 11 public colleges, 5 private colleges, and 2 specialized arts and culture institutions.

33 Alberta Innovation and Advanced Education (2014). Highlights of the Alberta Economy Presentation 2014. Retrieved from https://albertacanada.com/files/albertacanada/SP-EH_ highlightsABEconomyPresentation.pdf 34 Statistics Canada. National Household Survey, Alberta 2011. Retrieved from http://www12.statcan.gc.ca/nhs-enm/2011/dp-pd/prof/details/Page.cfm?Lang=E&Geo1=PR&Code1=48&Data=Count&SearchText= Alberta&SearchType=Begins&SearchPR=01&A1=All&B1=All&GeoLevel=PR&GeoCode=10 35 Alberta Education. National and International Testing. Retrieved from https://education.alberta.ca/admin/testing/nationaltesting/international.aspx 24 82.0 79.0 78.0 77.0 76.0 75.0 71.0 69.0 68.0 65.0 61.0

VIEW OF DOWNTOWN EDMONTON Photo courtesy Edmonton Economic Development Corporation Some of the over 4,000 financial institutions operating in Alberta include:

Agriculture Financial Services Corporation Chrysalix Energy Venture Capital KERN Partners Amex Bank of Canada EnerTech Capital KKR & Co. LP ATB Financial Fronterra Ventures Ltd. Kootenay Capital Management Corp. Bank of America Canada iNovia Capital Leith Wheeler Investment Counsel Ltd. Bank of China (Canada) Yaletown Venture Partners Longbow Capital Inc. Barclays Capital Man Investments BMO Financial Group Canadian Depository for Securities Ltd. Matco Financial Inc. BNP Paribas Canadian National Stock Exchange (CNSX) Mawer Investment Management Ltd. Bridgewater Bank Natural Gas Exchange (NGX) McLean & Partners Wealth Management Ltd. Canadian Western Bank Net Energy Inc. Medwell Capital Corp. Canadian Imperial Bank of Commerce (CIBC) One Exchange Corp. Network Capital Management Inc. Citigroup Shorcan Energy Brokers Inc. Palisade Capital Management Ltd. Credit Suisse TSX Venture Exchange Paradigm Capital Inc. Credit Union Central Alberta Palisade Capital Management Ltd. Deutsche Bank AG Pennant Capital Partners Inc. DirectCash Bank Alberta Motor Association Insurance Company Pinnacle Wealth Brokers First Calgary Financial Allianz Insurance Company of Canada Portland Investment Counsel General Bank of Canada Allstate Insurance Company of Canada Priviti Capital Corporation Goldman Sachs Aviva Insurance Company of Canada QV Investors Inc. HSBC Bank of Canada Co-operators General Insurance Company Qwest Investment Management Corp. ICICI Bank of Canada First Canadian Title StoneBridge Merchant Capital Corp. Industrial and Commercial Bank of China (Canada) (ICBC) Intact Financial Corporation Thomas Weisel Partners Canada Inc. J.P. Morgan Lloyd’s Underwriters TriWest Capital Partners Korea Exchange Bank of Canada Manulife Financial Vantage Point Investment Management Inc. Laurentian Bank of Canada Marsh Inc. Werklund Capital Corporation Merrill Lynch & Co., Inc. Meloche Monnex Inc. Mizuho Bank Novex Insurance Company Acumen Capital Partners MonCana Bank of Canada Peace Hills General Insurance AltaCorp Capital Inc. Morgan Stanley Sun Life Assurance Company of Canada BowMont Capital and Advisory Ltd. National Bank of Canada Standard Life Canaccord Genuity Group Inc. Pacific and Western Bank of Canada State Farm Group CB Securities Inc. Peace Hills Trust The Great-West Life Assurance Company CIT Financial Ltd. Royal Bank of Canada The Sovereign General Insurance Company Clarus Securities Inc. Royal Bank of Scotland Wawanesa Mutual Insurance Company Cormark Securities Inc. Scotiabank Zurich Insurance Company Ltd. DAI Capital Advisors Inc. Servus Credit Union DWM Securities Inc. Société Générale Emerging Equities Inc. Tangerine Bank 32 Degrees Capital FirstEnergy Capital Corp. TD Bank Financial Group Adroit Investment Management GMP Securities LP UBS AG Alberta Investment Management Corporation (AIMCo) Global Maxfin Capital Inc. Union Bank of California Alberta Teachers’ Retirement Fund Board (ATRF) Haywood Securities Inc. United Overseas Bank (UOB) Annapolis Capital Jennings Capital Inc. Wells Fargo Financial ARC Financial Corp. Kinnear Financial Limited Western Financial Group Arrow Capital Management Kirchner Private Capital Group Auspice Capital Advisors Ltd. Leede Financial Markets Inc. Bissett Investment Management Lightyear Capital Inc. Alberta Enterprise Corporation Brickburn Asset Management Inc. Macquarie Group Limited AVAC Ltd. Brownstone Asset Management Inc. Mackie Research Capital Corporation Avrio Capital Inc. Camcor Partners Inc. MGI Securities Azure Capital Partners Canoe Financial Osprey Capital Partners Inc. BDC Venture Capital CGS Asset Management Ltd. Paradigm Capital Inc. Blackjack Investments Ltd. DundeeWealth Peters & Co. Limited Dynamic Funds PI Financial Corp. Fidelity Investments Portfolio Strategies Securities Inc. Fiera Capital Corporation Providence Grain Group Inc. Franklin Templeton Investments Raintree Financial Solutions Grafton Asset Management Raymond James Ltd. Guardian Capital Advisors LP Rockmount Financial Corporation Hesperian Capital Management Ltd. Rothschild Group Humboldt Capital Corporation Ltd. RothSayer Energy Advisors Jarislowsky Fraser Limited Sequeira Partners Inc. JOG Capital Inc. FOR MORE INFORMATION, VISIT WWW.ALBERTA-FSI.COM WWW.ALBERTACANADA.COM/FINANCIAL-SERVICES