2014 : A Global Financial Centre There’s an energy in Calgary that exhilarates, invigorates & motivates. It’s a place of big skies and big ideas. There is opportunity here — to start a business, start a new life or start an adventure. And everyone is welcome to be part of the energy.

Home to over a million residents, Calgary is ’s third most populous city and fifth most populous metropolitan area. In fact, the region attracted more than 45,000 new migrants in 2013. Ranked as the fifth most livable city in the world, Calgary has thesecond most-educated population in Canada with approximately 70 per cent of the population holding a post-secondary certificate, diploma or degree. Calgary also exhibits the highest labour force productivity in the country and residents enjoy the highest personal income per capita of Canada’s metropolitan areas.

Personal income per capita, 2013 Calgary; a safe and secure destination for foreign investment $48,426 $44,972 $41,898 $41,166 $37,645 $54,577 The energy companies headquartered in Calgary Edmonton Ottawa Toronto Vancouver Montreal Calgary (Conference Board of Canada) are fortunate to operate in

Calgary’s position as a global energy centre, the Canada’s fiscally and politically education levels of the population and the high stable environment. It’s easy to rate of business start-ups combined with endless business opportunities, helped Calgary rank second conduct business in Calgary due in the Top 10 North American Cities of the Future (FDI Magazine 2013) to a well-connected business community. Royalties are Calgary ranked the competitive and the provincial 5th government is committed to most livable city in the world ensuring they remain so into the past five years the future. Regulatory burdens (Economist Intelligence Unit, 2010-2014) are minimized as the regulatory The Calgary region attracted over system is precedent based, largely rules driven, fair and 45,000 consistent, and provides all new migrants in 2013, more than parties with the right to be heard half of which which were new immigrants to Canada. or have their concerns addressed. Calgary posted the second highest GDP growth and highest employment growth in Canada over the past 10 years and is one of the top performing economies in North America. The Calgary region posted GDP growth of 3.7 per cent in 2013, while generating 24,200 jobs, 11 per cent of the national total.

Total employment growth Canadian Calgary has the highest rate Metropolitan Areas 2004-2013 of labour force participation and employment, and has the lowest unemployment rates in Canada. The average annual participation % % % % % % rate for the past five years 27.4 15.3 27.8 14.4 12.0 16.1 (2009-2013) is 75 per cent and Edmonton Toronto Calgary Vancouver Montreal Ottawa unemployment in September (Statistics Canada) 2014 was 4.6 per cent.

Calgary boasts the highest number of corporate head officesand has the highest number of small businesses per capita in the country.

At 25 per cent, ’s combined federal and provincial corporate tax rate is lower than the Canadian average at 27 per cent and significantly lower than the average American combined federal and state rate at 39 per cent. (Government of Alberta)

Canada has the lowest corporate tax rate in the G8 Strength of Calgary’s financial services sector While oil and gas is the driving force behind Calgary’s buoyant economy, the growing financial services sector has, in its own right, become internationally recognized and is a major contributor to the city’s economy.

International energy companies increasingly look to Calgary not just for capital investments or mergers and acquisitions, but also for advice on structuring complex deals. This has resulted in the financial services sector in Calgary handling, on average, In March 2014, 12 per cent of global energy deal volume over the last five years. Calgary ranked 22 At the same time, Alberta’s energy sector accounted for only out of 77 global financial centres 4.7 per cent of global production. on the Global Financial Centre Index.

Global energy deal flow Total Announced Market Share (%) Total Announced Market Share (%) Deal Volume World Deal Deal Number World Deal 2008-2013 (US$MM) Volume Number Calgary 264,809.95 12.0% 1330 9.3% World 2,214,072.72 100.0% 14297 100.0% (Bloomberg) The deals handled by Calgary’s financial services sector serves to secure funding for the largest share of capital expenditures in Canada. The capital needed to finance the energy sector and the revenue it generates cannot be overstated – no other sector in Canada requires the capital infusion that the energy sector does. The Conference Board of Canada estimates $364 billion will be spent in the next 25 years on oil sands production, maintenance, pipelines and upgraders.

Capital Investment in Alberta The volume of transactions conducted in 2010-2014 ($Billions) Calgary is expanding and now extends 120 well beyond the energy industry. As a result, there is a certain sophistication and 100 knowledge that operates within the financial services sector. From 2008 to 2013, Calgary 80 36.7 46.7 54.2 55.3 57.1 accounted for 25 per cent of total deal 40 volume in Canada (across all sectors), second only to Toronto. 22.3 22.6 25.8 31.7 32.3 20 8.9 8.3 7.5 8 7.7 And with Calgary housing the largest 13.5 12.5 14.9 16.2 16.7 0 concentration of head offices per capita, the 2010 2011 2012 2013 2014 access to key decision makers offers Calgary Housing Institutions a unique competitive advantage that cannot Non-Energy Oil and Gas (Statistics Canada) be beat by many other cities. Calgary has one of the most educated populations in Canada with the second highest level of educational attainment of people aged 25 – 64 within the major

Canadian cities. (2011 National Household Survey) This results in a highly skilled labour pool for the financial services sector.

While the Calgary financial services sector provides six per cent of total employment, it generates 15 per cent or $ 16.74 billion of the cities total GDP. (Calgary Regional Partnership). This reinforces the significance of the sector to the Calgary economy.

Employment by sub-sector, Calgary Metropolitan Area 2013 Lending services 12,100 Security and commodity exchange services 7,300 Insurance carriers and providers 9,900 Number of companies by sub-sector, City of Calgary June 2014 Lending services 914 Security and commodity exchange services 5528 Insurance carriers and providers 804

Canada provides a fiscally and politically stable environment for Calgary’s robust financial services sector. The Economist Intelligence Unit rates Canada as the #1 place to do business in the G7. (Industry Canada)

Canada ranks in the top five in a number of indices in the World Economic Forum’s Global Competitiveness Index (2013-2014)

1st 1st 1st 4th soundness number of procedures inflation, strength of investor of banks to start a business annual % change protection Financial success draws financial leaders. Calgary is home to major Canadian financial institutions, investment firmsand asset management and private equity firms. The Bank of Montreal, CIBC, Royal Bank of Canada, Scotiabank and TD Canada Trust all have a significant presence in Calgary. Canadian investment firms with offices in Calgary include Acumen Capital, Canaccord Capital, FirstEnergy Capital and Peters & Co.

In addition to Canada’s financial leaders, Calgary has also attracted a number of investment, a growing number of international banks asset management and private equity firms, now have a presence in Calgary. crucial to securing capital for large projects. Canadian based investment and asset Global banks with management firms with offices in Calgary include Alberta Investment Management Corporation, operations in Calgary ARC Financial, Fidelity Investments, Jarislowsky Fraser, Matco Financial and Mawer Investment include Bank of America, Management. Global institutions in Calgary include, Morgan Stanley and Goldman Sachs. KKR, a leading Barclays Bank, BNP Paribas, global investment firm, expanded to Calgary in 2014, reinforcing Calgary’s position as a global Deutsche Bank and financial centre. HSBC. More recently the Bank of China, Industrial Commercial Bank of China, Mizuho Bank and United 17 of the top 20 global investment Overseas Bank have also banks have a presence in Calgary. opened offices in Calgary. (Bloomberg Markets Magazine, April 2014) Calgary Economic Development is a conduit, connector, catalyst and story teller. We are opportunity- makers, helping to spark and fuel Calgary’s growth. Our job is to connect people with resources that can help them grow their careers or businesses, thrive in new locations or markets, and feel at home in our community. We offer a wealth of information to help everyone succeed and we tirelessly promote Calgary, in Canada and around the world. We’re exhilarated about our role in shaping and sharing Calgary’s story and we’re proud to be part of the energy.

A business resource your organization should know about: Global Business Centre: • centrally located in • Temporary business desk space available on Stephen Avenue Walk • Meeting facilities • landing pad for foreign companies • Networking and events • launching pad for local companies Action Calgary

Action Calgary is a corporate partnership program that engages Calgary business leaders to influence the movement of our economy. The thought leadership and generous financial support from this group of visionary Calgarians supports Calgary Economic Development in delivering award-winning initiatives and programs, drive economic and individual prosperity, and better compete on the global stage.

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Aecon Group Inc. DMG Events (Canada) Nexen Energy Silver Aspen Properties Ltd Enbridge Inc Redpoint Media Group ATCO Group ENMAX Corporation Resorts of the Canadian Rockies Birchcliff Energy Evans Hunt RGO Office Products Ltd Bow Valley College Glacier Media Group SAIT Brookfield Residential Gowlings Tarpon Energy Services Ltd Hockey Club Joe Media Group University of Calgary Calgary Regional Partnership KPMG LLP WestJet Airlines Calgary TELUS Convention Centre Matco Developments Cenovus Energy Mount Royal University

AXIA Supernet Ltd DIRTT Environmental Sizeland Evans Interior Design Inc. Bronze Bennett Jones LLP First Calgary Financial St. Mary’s University BKDI Architects Stone-Olafson Incorporated Burnet Duckworth & Palmer LLP GlobalFest Theatre Calgary Calgary Folk Music Festival HBI Trico Homes Lawson Projects YMCA Calgary Municipal PwC YYC Airport Authority Land Corporation Quintaro Imaging Inc V Strategies Inc Cresa Calgary Shape Properties

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