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Toronto Stock Exchange Tsx Venture Exchange Eligibility for Global and Customized Regulatory Regime for Small S&P/Tsx Index Products and Medium-Sized Companies

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Toronto Stock Exchange Tsx Venture Exchange Eligibility for Global and Customized Regulatory Regime for Small S&P/Tsx Index Products and Medium-Sized Companies A Capital Opportunity A Global Market for Companies LEADERSHIP IN NEW LISTINGS TSX IS A TOP-RANKED DESTINATION FOR GLOBAL IPOs AND NEW LISTINGS 144NEW CORPORATE LISTINGS #2IN NUMBER OF IPOs AND IN 2017 NEW LISTINGS (2016) Source: TSX/TXV Market Intelligence Group, World Federation of Exchanges; as at December 31, 2016, unless otherwise noted; country ranking reflects the total equity capital raised by companies listed on the stock 2 exchanges based in each country and does not include exchange groups that encompass multiple countries. GLOBAL MARKET FOR CAPITAL $55 BILLION RAISED ON TSX/TSXV IN 2017 COUNTRY RANKING: EQUITY CAPITAL RAISED (2016) CHINA & HONG KONG – 1. HKSE, SHANGHAI SE, SHENZEN SE 2. US – NYSE, NASDAQ 34% MORE EQUITY CAPITAL RAISED ON THE 3. CANADA – TSX TSX THAN LSE IN 2016 4. UNITED KINGDOM – LSE 5. AUSTRALIA – ASX Source: TSX/TXV Market Intelligence Group, World Federation of Exchanges; as at December 31, 2016, unless otherwise noted; country ranking reflects the total equity capital raised by companies listed on the stock 3 exchanges based in each country and does not include exchange groups that encompass multiple countries. A TRULY DIVERSE MARKET $3 TRILLION OF MARKET CAPITALIZATION ACROSS DIVERSE SECTORS [CATEGORYReal ETFs/Closed- Estate,NAME], End Funds/ [VALUE]$98B SPACs/CPCs, $156B Innovation, Financial $160B Services, $856B [CATEGORY Comm & NAME], Media, [VALUE] $191B Consumer Products, $3T $285B TOTAL MARKET CAPTIALIZATION Mining, $293B Energy, $565B Industrials, $340B As at or YTD September 30, 2017. 4 $5 TRILLION INSTITUTIONAL MARKET A TSX LISTING MAXIMIZES ACCESS TO CANADIAN INSTITUTIONAL INVESTORS TOP CANADIAN MONEY MANAGERS TOP CANADIAN PENSION PLANS1 INSTITUTION AUM (C$ BN) INSTITUTION AUM (C$ BN) RBC Global Asset Management $286 Canada Pension Plan Investment Board $283 TD Asset Management $253 Caisse de Dépôt et Placement du Québec $248 BlackRock $149 Ontario Teachers Pension Plan $171 Fidelity (Canada) $108 British Columbia Investment Management $124 1832 Asset Management (Scotiabank) $108 Public Sector Pension $112 Manulife $104 Alberta Investment Management Company $90 BMO Global Asset Management $95 Ontario Municipal Employees Retirement $77 CIBC Asset Management $88 Healthcare of Ontario Pension Plan $64 CI Financial $86 Ontario Pension Board $22 Fiera $77 OPTrust $18 Other AUM $1,371 Other Pension Funds/Undisclosed $699 Total $2,725 Total $1,908 Source: Investor Economics, Spring 2016 Managed Money Report. 1 Pension plan AUM includes private equity, real estate and infrastructure divisions. 5 GLOBAL CAPITAL AND LIQUIDITY THE WORLD’S LARGEST ASSET MANAGERS INVEST AND TRADE ON TSX 40% OF DAILY TRADING ORIGINATES FROM OUTSIDE CANADA 25% OF TSX AND TSXV MEMBER FIRMS ARE HEADQUARTERED OUTSIDE CANADA 6 WORLD-LEADING TWO TIER MARKET OUR EQUITY MARKETS FINANCE COMPANIES ACROSS THEIR LIFECYCLE TORONTO STOCK EXCHANGE TSX VENTURE EXCHANGE ELIGIBILITY FOR GLOBAL AND CUSTOMIZED REGULATORY REGIME FOR SMALL S&P/TSX INDEX PRODUCTS AND MEDIUM-SIZED COMPANIES $25-100+M >$25M TYPICAL FINANCING SIZE TYPICAL FINANCING SIZE $1.8B $25M AVERAGE MARKET VALUE AVERAGE MARKET VALUE Source: TSX/TXV Market Intelligence Group, as at December 31, 2016. 7 CANADA’S GROWTH MARKET THE TSXV ECOSYSTEM SUCCESSFULLY INCUBATES EARLY-STAGE COMPANIES 52% 52% 39% OF TSX LIFE SCIENCES OF TSX MINING ISSUERS OF TSX OIL & GAS ISSUERS GRADUATED GRADUATED FROM TSXV ISSUERS GRADUATED FROM TSXV FROM TSXV FACTS & FIGURES 643 COMPANIES THAT LISTED ON TSXV HAVE GRADUATED TO TSX 31% 35% OF TSX REAL ESTATE OF TSX TECHNOLOGY 19% OF S&PTM/TSX COMPOSITE ISSUERS GRADUATED ISSUERS GRADUATED INDEX CONSTITUENTS ARE FROM TSXV FROM TSXV GRADUATES FROM TSXV As at September 30, 2017. 8 #TECHISBACK CANADA HAS A VIBRANT TECHNOLOGY ECOSYSTEM #1 SECTOR FOR IPOs AND NEW LISTINGS (NUMBER OF IPOs AND NEW LISTINGS ON TSX/TSXV IN 2015-16) 70 $17B IPOS AND NEW LISTINGS IN EQUITY CAPITAL RAISED (NUMBER OF IPOs AND NEW LISTINGS (CAPITAL RAISED ON TSX/TSXV IN 2015-16) ON TSX/TSXV IN 2015-16) Source: TSX/TSXV Market Intelligence Group; technology sector includes technology, clean technology, renewable energy and life sciences companies; as at December 31, 2016; new listings rankings exclude 9 graduations and comedowns. THE WORLD LISTS IN CANADA 270 INTERNATIONAL COMPANIES ARE LISTED ON TSX/TSXV Other, $16B Africa, $7B Australia, $17B 46 LatAm, IPOs AND NEW LISTINGS $18B OF US COMPANIES IN 2012-16 USA, $121B Europe, $25B $12B Asia, IN EQUITY CAPITAL RAISED $32B BY US COMPANIES IN 2012-16 Source: TSX/TSXV Market Intelligence Group; as at December 31, 2016; IPOs and new listings exclude 10 graduations, comedowns and CPC/ETF listings. GLOBAL LEADER IN MINING 11 GLOBAL COMPANIES, GLOBAL REACH Nearly 50% of the 5,700+ mineral exploration projects held by TSX & TSXV companies are outside of Canada 83 39 462 63 62 165 7 34 5 74 35 42 11 15 83 63 2 21 117 74 3 17 12 LEADERSHIP IN THE MINING SECTOR #1 #1 in listed Mining companies in Mining equity capital raised TSX and TSXV list the most Mining companies Value of Mining Equity Capital Raised in the world 5-Year (2013 to 2017) Total = $106 billion Other TSX/ 1,211 20% TSXV 38% 612 NYSE/ MKT 154 7% HKEx TSX/TSXV ASX LSE/AIM 7% LSE/ AIM ASX 11% 17% 13 ACCESS TO CAPITAL Global Mining Equity Financing 2017 (C$B) 59% $8.5B of the number of mining equity $5.4B financings globally $4.4B $3.1B $1.2B $0.9B $0.7B 30% of the mining equity capital raised globally 1,413 606 15 19 5 122 4 14 2017 YEAR IN MINING Breakdown of TSX and TSXV Breakdown of TSX and TSXV Mining Projects by Primary Metals Mining Projects by Location Coal Potash Asia/ 1% 0.5% Russia/ UK/ Iron Ore Graphite Lead Other CIS/ Europe Lanthanid1% 1% 1% 5% es Middle 240 Nickel Lithium East 4% 2% Africa 3% 2% 251 372 Zinc Gold 4% Canada 3% 50% 7% 3,048 Diamonds 54% 4% USA 643 Silver 11% 5% Uranium 8% Latin Copper America 14% 1,113 20% 15 TSX/V MINING IN THE U.S. 258 632 Top States by Number of Number of TSX/TSXV Mining Number of US Mining Properties TSX/TSXV Mining Companies in the USA Companies with Projects Nevada Arizona Alaska Idaho Utah Wyoming New Mexico $2.1B 5 California Equity Capital Raised in 2017 Number of New Mining Colorado on TSX/TSXV by Companies Listings with Projects Washington with Mining Projects in the U.S. in the US 16 LISTING ON TSX & TSXV 17 WHY TSX & TSXV? CANADA IS A UNIQUE LISTING AND FINANCING DESTINATION 1. TSX + TSXV are a real source of growth capital 2. Canada is very open to micro and small cap companies 3. No longer just a resource exchange 4. Platform for a long term growth strategy 18 LISTING CONSIDERATIONS THE 4 R’S TO CONSIDER 1. REASON – Does your company have a reason to be public? 2. REQUIREMENTS – Does your company meet the TSX/TSXV listing requirements? 3. READY – Are you and the company ready to go and be public? 4. REALITY – Can Canadian investment bankers get investor support for your type and size of company in current market conditions? 19 LISTINGS RECEIVE THE STATISTICS MONTHLY MIG REPORT IN YOUR INBOX TSX.COM/MIG @TSX_TSXV SUBSCRIBE For more TSX.COM/MIG @TSX_TSXV SUBSCRIBE The document and the information contained therein are provided “as is” for information purposes only and are not intended to provide investment, financial or information other advice, and should not be relied on for any trading, business, financial or other purposes. The information provided is not an invitation to purchase securities listed on Toronto Stock Exchange and/or TSX Toronto Stock Exchange and TSX Venture Exchange Venture Exchange. TMX Group Limited and its affiliated companies (collectively, “TMX”) do not endorse or recommend any securities referenced in this document. Neither TMX Group Limited, nor any of its affiliated companies or entities, guarantees the completeness of the information contained in this document and we are DELILAH PANIO not responsible for any errors or omissions in, or your Vice President, Capital Formation use of, or reliance on, the information. © 2018 TSX Inc. All rights reserved. Do not sell, reproduce or modify this document without TSX Inc.’s T +1 310 990-9032 prior written consent. TMX, the TMX design, TMX E [email protected] Group, Toronto Stock Exchange, TSX, TSX Venture Exchange and TSXV are the trademarks of TSX Inc. tmx.com 20 SEVERAL WAYS TO GO PUBLIC IPO Initial Public Offering RTO CPC Reverse Takeover/ Capital Pool Company Reverse Merger QT Qualifying SPAC Transaction/ Special Purpose Acquisition Acquisition Corp. Dual or Interlisting 21 THE CANADIAN IPO EXPERIENCE TIMING AND COST ADVANTAGES REDUCE THE RISKS OF GOING PUBLIC TSX IPO: LOWER DEAL AND EXECUTION RISK PRAGMATIC IPO Preparation REGULATORY REGIME Regulatory Review Canadian Median: 33 days Roadshow Pricing and Closing US IPO IPO Preparation Regulatory Review US Median: 106 days Roadshow Pricing and Closing Source: Regulatory review periods per Goodmans LLP analysis (November 2014) 22 Strong Liquidity for Mining Issuers $450 $450 $433 $439 $394 $373 AIM Value Traded $354 TSXV Value Traded ASX Value Traded $310 TSX Value Traded $273 $256 $210 $213 $204 $204 $197 $173 $149 $146 $141 $87 $22 $26 $15 $13 $10 $11 $12 $14 $11 $10 $5 $5 $4 $4 $3 $2 $2 $7 $8 $8 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 23 Source: Exchange websites, S&P Global Market Intelligence. Amounts in C$ billions. Analyst Coverage Top TSX and TSXV Mining Average Number of Analysts Issuers by Analyst Coverage by Size of Mining Company Market Cap. Number of TSX Dec. 31, 2017 Analysts 14 Barrick Gold Corporation $21.2 B 28 Lundin Mining Corporation $6.1 B 28 Teck Resources Limited $19.0 B 27 6 First Quantum Minerals Ltd.
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