Canada Capital Markets Review

FIRST HALF 2019 | MANAGING UNDERWRITERS Canada Capital Markets Review First Half 2019 | Managing Underwriters

Global Deals Intelligence Canada Debt Capital Markets Issuance (C$bil)

$200 350 Canadian Debt Capital Markets $180 Overall Canadian DCM issuance (excluding self-funded deals) totaled C$91.5 billion in the first half of 300 2019, a 4% decrease from the year prior. On a quarter-over-quarter basis, proceeds fell by 3% and the $160 number of issues fell by 7% and 10% on a year-over-year and quarter-over-quarter basis respectively. $140 250 Government and Agency debt led the market, with a 59% share of overall issuance at the end of the first six months. Financials and Energy & Power followed, with 21% and 10% market shares, $120 respectively. 200 $100 RBC placed first in nearly all Canadian rankings in the first half, including Canadian All Debt (including 150 & excluding self-funded), Canadian Domestic Corporate Debt (including and excluding self-funded), $80 Canadian Domestic Government Debt (True Economics), and Canadian Cross Border transactions. National Bank placed first in Canadian Domestic Government Debt (Full Credit). $60 100

Overall, the top corporate deals list for the first six months, exclusive of self-funded issues, was led by $40 Hydro One with C$1.5 billion of issuance, followed by Enbride Pipelines with $1.2 billion, and 50 Northwestern Hydro with C$1.1 billion. $20

Canadian Equity Capital Markets $0 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Canadian Equity & Equity-Related issuance (excluding self-led issuance) totaled C$11.6 billion from Q1 Q2 Q3 Q4 H1 # of Deals 137 issues in the first half, representing a 33% decrease in total proceeds from the previous year, but a 46% climb from the previous quarter. It was the worst first half for Canadian equity issuance in dollar Canada Equity & Equity-Related Issuance (C$bil) terms since 2003. $70 400

The Real Estate sector posted overall equity proceeds of C$3.4 billion, representing a 35% market 350 share. Energy & Power and Healthcare followed, with 20% and 12% shares of the market respectively. $60

The top underwriter of the first half was RBC, which placed first in Canada Equity & Equity-related, 300 Canada Common Stock & Trusts, and Canada Secondary Offerings. The first place ranking for $50 Canada Preferred Securities was split between RBC and TD Securities, While Canaccord Genuity 250 placed first in Canada Retail Structured Products and Canada Intitial Public Offerings. $40 Canadian Secondary Offerings in the first half totaled C$9.1 billion from 107 deals. This represented a 200 32% decrease in issuance proceeds from the prior year, but an increase of 80% over the previous $30 quarter. Preferred Securities totaled C$550 million, a 65% decrease from the year prior. 150

Northland Power had the largest issuance of the first six months with C$863 million in a deal led by $20 100 CIBC, followed by Corus Entertainment with C$548 million, and ranking third was Aphira with C$467 million. $10 50

$0 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Q1 Q2 Q3 Q4 H1 # of Deals

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Canadian All Debt Canadian Domestic Corporate Canadian Domestic Excluding Self-Funded (CC1) YoY Change ($) -4% QoQ Change ($) -3% Debt Excluding Self-Funded (CC3) YoY Change ($) -16% QoQ Change ($) -12% Government Debt Full Credit (CC4) YoY Change ($) 10% QoQ Change ($) 3% Rank Rank Proceeds Market Mkt. Rank Rank Proceeds Market Mkt. Rank Rank Proceeds Market Mkt. Bookrunner 2019 2018 C$mil Share Sh. Chg # of Deals Bookrunner 2019 2018 C$mil Share Sh. Chg # of Deals Bookrunner 2019 2018 C$mil Share Sh. Chg # of Deals RBC Capital Markets 1 1 18,829 20.6 0.5 96 RBC Capital Markets 1 1 9,750 32.9 3.2 54 National Bank of Canada Fin'l 1 1 16,290 26.6 3.2 104 National Bank of Canada Fin'l 2 4 16,765 18.3 3.7 112 CIBC World Markets Inc 2 3 6,650 22.5 3.1 39 BMO Capital Markets 2 5 10,604 17.3 3.4 34 BMO Capital Markets 3 5 15,560 17.0 4.0 58 BMO Capital Markets 3 4 4,956 16.7 3.5 24 TD Securities Inc 3 2 8,981 14.7 -3.9 32 TD Securities Inc 4 2 13,164 14.4 -4.7 57 TD Securities Inc 4 2 4,183 14.1 -5.8 25 RBC Capital Markets 4 4 8,703 14.2 0.3 39 CIBC World Markets Inc 5 3 13,088 14.3 -3.3 86 Scotiabank 5 5 3,343 11.3 -0.1 24 Scotiabank 5 6 7,858 12.8 1.6 23 Scotiabank 6 6 11,200 12.2 1.3 47 National Bank of Canada Fin'l 6 6 476 1.6 -1.0 8 CIBC World Markets Inc 6 3 6,189 10.1 -6.5 46 Desjardins Securities Inc. 7 8 1,645 1.8 1.1 11 Bank of America Merrill Lynch 7 11 150 0.5 0.1 1 Desjardins Securities Inc. 7 7 1,645 2.7 1.7 11 HSBC Holdings PLC 8 7 393 0.4 -2.2 2 Citi 8 - 108 0.4 0.4 1 HSBC Holdings PLC 8 8 393 0.6 -0.2 2 Bank of America Merrill Lynch 9 9 342 0.4 -0.3 2 Bank of Canada 9 - 261 0.4 0.4 1 Bank of Canada 10 - 261 0.3 0.3 1 Bank of America Merrill Lynch 10 9 193 0.3 -0.1 1 Industry Total 91,510 100.0 226 Industry Total 29,614 100.0 70 Industry Total 61,270 100.0 153

Canadian All Debt Canadian Domestic Corporate Debt Canadian Domestic Government Including Self-Funded (CC1a) YoY Change ($) -16% QoQ Change ($) -5% Including Self-Funded (CC3a) YoY Change ($) -37% QoQ Change ($) -28% Debt True Economics (CC4a) YoY Change ($) 10% QoQ Change ($) 3% Rank Rank Proceeds Market Mkt. Rank Rank Proceeds Market Mkt. Rank Rank Proceeds Market Mkt. Bookrunner 2019 2018 C$mil Share Sh. Chg # of Deals Bookrunner 2019 2018 C$mil Share Sh. Chg # of Deals Manager 2019 2018 C$mil Share Sh. Chg # of Deals RBC Capital Markets 1 2 22,496 22.2 4.2 100 RBC Capital Markets 1 2 11,250 31.0 9.3 56 RBC Capital Markets 1 2 8,468 13.8 0.4 79 National Bank of Canada Fin'l 2 5 17,265 17.1 4.8 113 CIBC World Markets Inc 2 4 7,029 19.4 1.6 49 TD Securities Inc 2 3 8,165 13.3 -0.1 76 BMO Capital Markets 3 4 15,726 15.6 -0.1 59 TD Securities Inc 3 1 6,183 17.1 -5.6 26 CIBC World Markets Inc 3 4 8,151 13.3 0.7 93 TD Securities Inc 4 1 15,331 15.2 -5.4 59 Scotiabank 4 5 5,343 14.7 3.8 26 National Bank of Canada Fin'l 4 1 8,067 13.2 -1.0 131 CIBC World Markets Inc 5 3 13,634 13.5 -3.5 97 BMO Capital Markets 5 3 4,956 13.7 -4.7 24 BMO Capital Markets 5 6 7,458 12.2 0.9 74 Scotiabank 6 6 13,367 13.2 2.3 50 National Bank of Canada Fin'l 6 7 976 2.7 -0.3 9 Scotiabank 6 5 6,388 10.4 -1.3 72 Desjardins Securities Inc. 7 9 1,645 1.6 1.0 11 Wells Fargo & Co 7 - 250 0.7 0.7 1 Desjardins Securities Inc. 7 7 4,474 7.3 0.2 61 Bank of America Merrill Lynch 8 8 509 0.5 -0.3 3 Bank of America Merrill Lynch 8 12 150 0.4 0.2 1 Bank of America Merrill Lynch 8 8 2,659 4.3 -0.2 40 HSBC Holdings PLC 9 7 393 0.4 -2.7 2 Citi 9 - 108 0.3 0.3 1 Casgrain & Companie Ltee 9 9 2,489 4.1 0.2 67 Bank of Canada 10 - 261 0.3 0.3 1 Laurentian Bank of Canada 10 10 2,354 3.8 0.2 63 Industry Total 101,139 100.0 242 Industry Total 36,243 100.0 84 Industry Total 61,270 100.0 153

Canadian Cross Border Excluding Self-Funded (CC5) YoY Change ($) -2% QoQ Change ($) -46% Debt Issuance - Macro Industry Composition Top Canadian Corporate Debt Deals Rank Rank Proceeds Market Mkt. Issue Proceeds Bookrunner 2019 2018 C$mil Share Sh. Chg # of Deals $2.6 $2.3 Date Issuer C$mil Issue Type Macro Sector RBC Capital Markets 1 1 7,162 9.6 -1.2 26 Investment Grade $4.6 02/04/19 Hydro One $1,499.5 Energy and Power Bank of America Merrill Lynch 2 5 6,707 9.0 0.9 21 Corporate TD Securities Inc 3 9 6,529 8.8 3.6 22 3 11 Investment Grade 11 20/02/19 Enbridge Pipelines $1,199.6 Energy and Power Citi 4 2 5,735 7.7 -2.5 18 $10.6 Corporate HSBC Holdings PLC 5 10 5,589 7.5 2.6 17 Investment Grade 06/03/19 Northwestern Hydro $1,084.0 Energy and Power Barclays 6 7 4,365 5.9 0.7 17 17 Corporate BMO Capital Markets 7 12 3,966 5.3 1.4 12 Investment Grade 29/03/19 TELUS Corp $1,000.0 Telecommunications JP Morgan 8 3 3,846 5.2 -4.8 15 Government and Agencies Corporate Goldman Sachs & Co 9 6 3,358 4.5 -0.9 12 Financials Investment Grade 08/04/19 TransCanada Pipelines $999.7 Energy and Power Scotiabank 10 17 3,180 4.3 2.6 11 Energy and Power Corporate Deutsche Bank 11 4 2,710 3.6 -4.6 9 Investment Grade Industrials 23/04/19 Rogers Comnnunications $997.5 Telecommunications CIBC World Markets Inc 12 16 2,650 3.6 1.8 9 52 Corporate National Bank of Canada Fin'l 13 22 2,558 3.4 2.8 8 Telecommunications Investment Grade 148 $59.8 01/04/19 Pembina Pipeline Corp $800.0 Energy and Power BNP Paribas SA 14 11 2,354 3.2 -1.0 8 $21.2 Others Corporate Credit Suisse 15 15 1,643 2.2 0.3 5 Investment Grade 04/03/19 407 Etr Intl Inc $799.2 Industrials Morgan Stanley 16 8 1,566 2.1 -3.1 6 Corporate Credit Agricole CIB 17 14 1,141 1.5 -0.5 3 Canadian National Investment Grade 05/02/19 $794.7 Industrials Wells Fargo & Co 18 13 1,067 1.4 -1.3 6 Railway Co Corporate Natixis Securities NA 19 - 850 1.1 1.1 2 06/03/19 Fortified Trust $780.4 Mortgage-backed Financials Commerzbank AG 20 23* 605 0.8 0.3 3 Industry Total 74,559 100.0 72 Outer Ring: Proceeds (C$bil) *Indicates a Tie Inner Ring: # Deals

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Canada Equity & Equity-Related Canada Common Stock & Trusts Canada Secondary Offerings Ex. Self-Led (CA1a) YoY Change ($) -33% QoQ Change ($) 46% Ex. Self-Led (CA2a) YoY Change ($) -32% QoQ Change ($) 69% Ex. Self-Led (CA4a) YoY Change ($) -32% QoQ Change ($) 80% Rank Rank Proceeds Market Mkt. Rank Rank Proceeds Market Mkt. Rank Rank Proceeds Market Mkt. Bookrunner 2019 2018 C$mil Share Sh. Chg # of Deals Bookrunner 2019 2018 C$mil Share Sh. Chg # of Deals Bookrunner 2019 2018 C$mil Share Sh. Chg # of Deals RBC Capital Markets 1 4 2,019 17.4 10.0 22 RBC Capital Markets 1 7 1,800 18.6 12.5 18 RBC Capital Markets 1 9 1,800 19.8 14.6 18 CIBC World Markets Inc 2 3 1,719 14.8 6.7 15 CIBC World Markets Inc 2 3 1,600 16.5 8.0 12 CIBC World Markets Inc 2 2 1,561 17.2 9.5 11 TD Securities Inc 3 2 1,601 13.8 4.1 15 TD Securities Inc 3 1 1,552 16.1 5.7 13 TD Securities Inc 3 1 1,513 16.7 5.6 12 BMO Capital Markets 4 1 1,254 10.8 0.5 22 BMO Capital Markets 4 2 1,027 10.6 1.5 19 BMO Capital Markets 4 5 988 10.9 3.3 18 Jefferies LLC 5 25 561 4.8 4.3 3 Scotiabank 5 10 485 5.0 0.8 8 Scotiabank 5 10 445 4.9 0.7 7 Scotiabank 6 10 550 4.8 0.2 10 Canaccord Genuity 6 9 414 4.3 -1.4 20 Canaccord Genuity 6 8 360 4.0 -1.6 18 Canaccord Genuity 7 6 543 4.7 -1.9 27 Eight Capital 7 14 223 2.3 0.3 6 Goldman Sachs & Co 7 18 192 2.1 0.5 2 National Bank of Canada Fin'l 8 5 301 2.6 -4.1 13 JP Morgan 8 11 209 2.2 -1.4 3 Eight Capital 8 16 186 2.1 0.2 5 Eight Capital 9 11 252 2.2 -2.1 8 Goldman Sachs & Co 9 18 192 2.0 0.5 2 JP Morgan 9 11 169 1.9 -2.0 2 Cowen & Co 10 15 230 2.0 0.0 4 National Bank of Canada Fin'l 10 6 176 1.8 -4.6 9 Barclays 10 15 164 1.8 -0.3 1 Piper Jaffray Cos 11 - 212 1.8 1.8 3 Barclays 11 16 164 1.7 -0.3 1 National Bank of Canada Fin'l 11 6 136 1.5 -5.4 8 JP Morgan 12 12 209 1.8 -1.2 3 GMP Capital Corp 12 8 147 1.5 -4.6 11 GMP Capital Corp 12 7 130 1.4 -5.1 10 Goldman Sachs & Co 13 20 192 1.7 0.5 2 Cormark Securities Inc 13 15 137 1.4 -0.6 8 Haywood Securities Ltd. 13 27 122 1.4 1.0 12 GMP Capital Corp 14 9 186 1.6 -3.4 15 Haywood Securities Ltd. 14 25 132 1.4 0.9 13 Credit Suisse 14 3 121 1.3 -6.4 2 Barclays 15 17 164 1.4 -0.2 1 Credit Suisse 15 4 121 1.3 -5.9 2 Desjardins Group 15 29 116 1.3 0.9 2 Industry Total 11,590 100.0 137 Industry Total 9,672 100.0 113 Industry Total 9,073 100.0 107

Canada Initial Public Offerings Canada Retail Structured Products Canada Preferred Securities Ex. Self-Led (CA3a) YoY Change ($) -38% QoQ Change ($) -33% Ex. Self-Led (CA5a) YoY Change ($) -5% QoQ Change ($) 283% Ex. Self-Led (CA6a) YoY Change ($) -65% QoQ Change ($) -63% Rank Rank Proceeds Market Mkt. Rank Rank Proceeds Market Mkt. Rank Rank Proceeds Market Mkt. Bookrunner 2019 2018 C$mil Share Sh. Chg # of Deals Bookrunner 2019 2018 C$mil Share Sh. Chg # of Deals Bookrunner 2019 2018 C$mil Share Sh. Chg # of Deals Canaccord Genuity 1 5* 54 9.1 2.3 2 Canaccord Genuity 1 9* 404 43.5 43.1 6 RBC Capital Markets 1* 2* 130 23.6 4.5 3 Raymond James Financial Inc 2 - 46 7.6 7.6 2 CIBC World Markets Inc 2 1 144 15.5 -9.6 23 TD Securities Inc 1* 1 130 23.6 -4.2 3 Cowen & Co 3* - 43 7.1 7.1 1 RBC Capital Markets 3 2 131 14.1 -9.3 20 BMO Capital Markets 3 5 118 21.4 11.1 3 Piper Jaffray Cos 3* - 43 7.1 7.1 1 Scotiabank 4 3 118 12.7 -9.6 20 National Bank of Canada Fin'l 4 6 63 11.4 2.7 1 Jefferies LLC 3* 4 43 7.1 -1.2 1 National Bank of Canada Fin'l 5 4 114 12.3 -2.2 22 Scotiabank 5* 2* 55 10.0 -9.1 2 TD Securities Inc 6* - 39 6.6 6.6 1 TD Securities Inc 6* 9* 6 0.6 0.2 3 CIBC World Markets Inc 5* 4 55 10.0 -5.1 2 Scotiabank 6* 7 39 6.6 2.2 1 BMO Capital Markets 6* 6 6 0.6 -1.5 3 CIBC World Markets Inc 6* 2* 39 6.6 -12.7 1 Echelon Wealth Partners 8 9* 1 0.1 -0.3 2 BMO Capital Markets 6* 1 39 6.6 -22.3 1 Mackie Research Financial Corp 9 0 1 0.1 0.1 2 JP Morgan 6* - 39 6.6 6.6 1 PI Financial Corp 10 0 1 0.1 0.1 2 National Bank of Canada Fin'l 6* - 39 6.6 6.6 1 Industry Total 930 100.0 41 Industry Total 550 100.0 4 Industry Total 599 100.0 6

Canada Equity & Equity-Related Issuance - Macro Industry Composition Canada Secondary Offerings - Macro Industry Composition Top Canadian Equity & Equity-Related Deals Issue Proceeds Date Issuer C$mil Issue Type Macro Sector $1.7 $2.6 18/03/19 Northland Power Inc $862.5 Follow-On Energy and Power 20 19 Media and 31/05/19 Corus Entertainment Inc $548.3 Follow-On Entertainment Real Estate $3.7 Real Estate 16/04/19 Aphria Inc $467.2 Convertible Healthcare Healthcare Energy and Power $3.7 8 23/04/19 First Capital Realty Inc $453.2 Follow-On Real Estate 62 Energy and Power $0.8 50 Healthcare

$0.8 Consumer Products 31 Media and 13/03/19 Choice Ppty REIT $440.1 Follow-On Real Estate and Services Entertainment Consumer Products Media and 09/05/19 Allied Properties REIT $345.5 Follow-On Real Estate and Services Entertainment $0.8 Others Others 22 $1.1 10/06/19 CAPREIT $345.1 Follow-On Real Estate 11 Consumer Products 3 23/04/19 Brookfield Business Partners $345.1 Follow-On 4 9 5 and Services $2.0 $0.9 $1.3 Outer Ring: Proceeds (C$bil) $1.1 Outer Ring: Proceeds (C$bil) 21/06/19 Aurora Cannabis Inc $345.0 Convertible Healthcare *Indicates a Tie Inner Ring: # Deals Inner Ring: # Deals

www.refinitiv.com/dealsintelligence 3 Canada Capital Markets Criteria First Half 2019 | Managing Underwriters

If you would like to participate in the submission process, receive All current data and previous year's data is as of 12pm EST on Wednesday, July 3rd, 2019. For all transactions full credit is given to the bookrunner, equal if joint quarterly press releases, or have books. In cases of underwriter consolidation, credit is given to the surviving/parent firm. All league tables are based on d eal proceeds (total issue amount questions about our full league table multiplied by the issue price) unless otherwise stated. All league tables will be shown in Canadian dollars. Purely Private t ransactions will be eligible for league criteria please contact: table credit only if Thomson Reuters receives an Offering Memorandum from an agent on the transaction.

Gavin Penny Best-efforts offerings will be eligible for Canadian league table inclusion but excluded from the global league table rankings. Self-Led transactions will not receive Tel: +416 686 3922 Canadian league table credit. When disclosed in a prospectus or offering memorandum, bookrunners identified as ‘passive’ will not be eligible for league table [email protected] credit. Only ‘active’ bookrunners will receive standard league table credit. For government bonds, Thomson Reuters offers two league tables: (1) Government bond league (CC4) table will rank dealers based on full credit to lead manager (equal if joint). (2) Government bond league ( CC4a) table will rank dealers based Salvatore Reres on underwriting amount or on a ‘true economic’ basis. Tel: +646 223 8455 [email protected] Database coverage includes domestic and international placements of equity offerings in addition to domestic and internationa l equity-related transactions. This includes IPOs, follow-on offerings, PIPES, accelerated bookbuilds and block trades (with certain restrictions) and convertible b onds. Corporate structured products are included in the Canadian Equity & Equity-related league tables (CA1, CA2, CA3, and CA4). Retail structured products, while excluded from these tables, are included in the Retail Structured Products league table (CA5). Canadian equity, equity -related league tables are based on nation of incorporation. All league tables are based on deal proceeds (total issue amount or number of shares multiplied by the issue price) unless otherw ise stated. Full credit is given to the bookrunner, equal if joint books. In cases of underwriter consolidation, credit is given to the surviving/parent firm. C onvertible Bonds with a minimum life of less than 360 days are excluded. Minimum life defined as the difference between the settlement date and the earliest maturity date or first call/put option. Offerings of preferred shares are tracked and included in the CA6 (Canada Preferred Securities) league table.

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