1 a capital opportunity a growth market for renewable energy and clean technology companies
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A Capital OpportunityA GROWTH MARKET FOR RENEWABLE ENERGY AND CLEAN TECHNOLOGY COMPANIES
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#7 exchange in the world by market value
#4 weighting in the MSCI World Index
#3 exchange in the world for equity capital raised
#2 exchange in the world for total listings
#1 exchange in the world for new listings
Source: World Federation of Exchanges, December 2012
Canada and TSX: Overview
Canada and TSX: Strong Fundamentals
Economically stable Canada is the fourth largest equity
market by float capitalization in the MSCI World Index
World’s soundest banking system* Lowest debt-to-GDP among G7 Strong equity culture The global exchange leader
for new listings in 2012, 2011, 2010 and 2009
~$2.2 trillion in market cap
Resource rich Poised to be a leader in driving the
global clean economy
4* World Economic Forum, September 2012, five years in a row
1987 1992 1997 2002 2007 2012
2.5%2.3% 2.3% 2.2%
3.7%
4.9%
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Canada and TSX: Strong Growth
Canada’s Country Weight in the MSCI World Index
Source: MSCI Barra
Global Exchange Leader for New Listings in 2012
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TSX/TSXVLSE/AIM
NYSE/MKTEuronext
(US)Nasdaq ASX
Hong Kong Exchanges
Number of Issuers Listed 3,827 2,767 2,339 2,577 2,056 1,547
Quoted Market Value(US$ Billions) 2,058.8 3,396.5 14,085.9 4,582.4 1,386.9 2,831.9
New Listings International New Listings
37231
11533
14632
N/A7312
642
Equity Capital Raised(US$ Billions) 56.3 35.7 124.2 23.8* 43.8 39.2
Value Traded (US$ Billions) 1,357.3 2,194.3 13,422.7 9,784.2 936.0 1,106.1
Source: World Federation of Exchanges, December 2012* NASDAQ information does not include secondary financings
Access to Capital
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Toronto Stock Exchange and TSX Venture ExchangeTotal Financings (C$ Billions) 1999 – 2012
* TSX Venture Exchange commenced operations on November 29, 1999
Average Financing Size:
TSX: $70MTSXV: $3M
Large and Diverse Issuer Base
Number of Issuers by Sector
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Mining 1,638
Oil & Gas & Energy Services 461
Diversified Industrials 249
Structured Products 219
Life Sciences108
ETPs296
Financial Services124
CPC 135
Renewable Energy/Clean Technology 119
Real Estate 101
Technology175
Utilities &Pipelines 29
Comm & Media 53
Forest Products24
* As at August 31, 2013, includes issuers on Toronto Stock Exchange and TSX Venture Exchange (100% = 3,731)
Service at All Stages of Growth
Serving all Market Caps A Unique Market Structure with Strong Feeder System
569graduates
+136 M&A*
* Market Capitalization, June 30, 2013 9
576 Issuer
s
2,089 Issuer
s
449 Issuer
s 110
534 Issuer
s 11
*From January 1, 2000 – June 30, 2013
The World Lists on TSX and TSXV
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TSX and TSXV International Listings by Country/Region
Total international listings as at August 31, 2013= 324TSX = 173 listings • QMV=$152.2 B TSXV = 151 listings • QMV= $2.8 B
Asia13%
Australia10% UK/Europe
9%
Latin America6%
Africa2%
Other5%
USA55%
The World Trades on TSX and TSXV
~40%of daily trading originates from international brokers
77.9 85.3
119.1148.7
152.8164.8 171.9 168.1
125.743.1 58.6
92.1
127.2
188.8 196.6
198.3
223.3
186.1
0
50
100
150
200
250
50.0
75.0
100.0
125.0
150.0
175.0
200.0
225.0
250.0
2004 2005 2006 2007 2008 2009 2010 2011 2012
Volume (B) Number of Transactions (M)
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TSX and TSX Venture Exchange Volume & Transactions (2004-2012)
Leading a Growing Renewable Energy andClean Technology Sector
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Overview
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$19B#1in listed renewable energy and clean
technology companies globally
• 119 companies listed• Issuers from Canada, US, Europe and Asia• Diverse end-markets and service offerings
4 out of 5
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in total market capitalization
• At/near highest ever market value• Average market cap for TSX issuers is
$432M• Average market cap for TSXV issuers is
$10M
$2.1Bin equity capital raised since 2012
• Over $1B raised in each of last 4 years• Average offering size for TSX issuers is $66M*• Average offering size for TSXV issuers is $1M*
TSX renewable energy and cleantechnology issuers get analyst
coverage
• 140 research analysts cover the sector• Average of 3 analysts per company• Analysts based in Canada, US and Europe
Analyst coverage as at December 31, 2012;all other data as at August 31, 2013
*January 1, 2012 – August 31, 2013
Why the World Lists on TSX and TSXV
1.1. LARGE AND DIVERSE ISSUER BASELARGE AND DIVERSE ISSUER BASE
2.2. SECTOR GROWTH AND PERFORMANCESECTOR GROWTH AND PERFORMANCE
3.3. ACCESS TO CAPITALACCESS TO CAPITAL
4.4. GLOBAL RESEARCH FOLLOWINGGLOBAL RESEARCH FOLLOWING
5.5. SERVICE AT ALL STAGES OF GROWTHSERVICE AT ALL STAGES OF GROWTH
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33% 33% 34%
97%
3%
<$50 Million $50 - $250 Million >$250 Million
% of TSX Issuers% of TSXV Issuers
Large and Diverse Issuer Base: Overview
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By Market Capitalization
Breakdown of TSX and TSXV Renewable Energyand Clean Technology Issuers
By Sub Sector
* Market Capitalization, August 31, 2013
14 Issuer
s
74 Issuer
s
14 Issuer
s
15 Issuer
s2
Large and Diverse Issuer Base: Largest TSX Issuers
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Exchange Company Name
Market Capitalizatio
n ($M) 31-Aug-13 Subsector
Analyst Coverage
Share Performance (YTD 31-Aug-13)
TSXBrookfield Renewable Energy Partners L.P.
3,623
Renewable Energy Production and Distribution 12 (7.8%)
TSX Northland Power Inc.
2,134 Renewable Energy Production and Distribution 12 (24.2%)
TSX Westport Innovations Inc.
1,633 Energy Efficiency 17 3.2%
TSX Algonquin Power & Utilities Corp
1,496 Renewable Energy Production and Distribution 11 (4.9%)
TSX TransAlta Renewables Inc.
1,158 Renewable Energy Production and Distribution 3 1.2%
TSX Innergex Renewable Energy Inc.
997 Renewable Energy Production and Distribution 10 (16.6%)
TSX Newalta Corporation
842 Waste Reduction and Water Management 11 (5.9%)
TSX New Flyer Industries Inc.
681 Energy Efficiency 6 24.9%
TSX Boralex Inc.
657 Renewable Energy Production and Distribution 7 14.1%
TSX SunOpta Inc. 629 Low Impact Material & Products 9 65.5%
43 issuers | Average market cap: $432M | 13 graduates from TSXV
Large and Diverse Issuer Base: Largest TSXV Issuers
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Exchange Company Name
Market Capitalization
($M) 31-Aug-13 Subsector
Analyst Coverage
Share Performance (YTD 31-Aug-13)
TSXV EnWave Corporation
125 Low Impact Material and Products 1 15.9%
TSXV RDX Technologies Corporation
41 Waste Reduction and Water Management 5 (41.7%)
TSXV Titanium Corporation Inc.
38 Low Impact Material and Products 3 (14.5%)
TSXV Crailar Technologies Inc.
38 Low Impact Material and Products 2 (59.5%)
TSXV Zenn Motor Company Inc
34 Energy Efficiency 4 30.8%
TSXV Natcore Technology Inc
25 Renewable Energy Equipment Manufacturing and Tech - (30.1%)
TSXV Aqua-Pure Ventures Inc.
25 Waste Reduction and Water Management 1 128.0%
TSXV Wavefront Technology Solutions Inc
23 Waste Reduction and Water Management - (32.5%)
TSXV DynaCERT Inc.
23 Energy Efficiency - (11.8%)
TSXV Questor Technology Inc.
22 Low Impact Material and Products - 117.3%
76 issuers | Average market cap: $10M | 33 former CPCs
Sector Growth and Performance
Growth of Sector:Year-End Market Capitalization
(C$M)
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$12,861
$18,031$16,803
$18,101$19,337
2009 2010 2011 2012 August
2013
Performance of S&P/TSX Renewable Energyand Clean Technology Index
Access to Capital: Overview
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$6.3Bin equity capital raised since 2009
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$1,805
$1,326$1,032
$1,323
$791
2009 2010 2011 2012 YTD Aug
2013
2012 Equity Capital Raised by Sub Sector
2012 Equity Capital Raised by Issuer Size
* C$ Millions
Run rate of >$1bn for 5th consecutive year
Access to Capital: Largest TSX Financings (2012-13)
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Exchange Company Name Subsector
Financing Date(Month/Year)
Amount Raised (C$M)
TSX Westport Innovations Inc. Energy Efficiency February 2012 275
TSX Brookfield Renewable Power Renewable Energy Production and Distribution October 2012 250
TSX TransAlta Renewables Inc. Renewable Energy Production and Distribution August 2013 221
TSX Brookfield Renewable Power Renewable Energy Production and Distribution January 2013 175
TSX Brookfield Renewable Power Renewable Energy Production and Distribution May 2013 175
TSX Innergex Renewable Energy Inc. Renewable Energy Production and Distribution August 2012 134
TSX Algonquin Power & Utilities Corp Renewable Energy Production and Distribution November 2012 120
TSX Northland Power Inc. Renewable Energy Production and Distribution May 2012 120
TSX New Flyer Industries Inc. Energy Efficiency February 2013 116
TSX Newalta Corporation Waste Reduction and Water Management October 2012 77
30 financings | Equity capital raised: $2B | Average offering size: $68M
*From January 2012 – August 2013
Access to Capital: Largest TSXV Financings (2012-13)
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61 financingsEquity capital raised: $117MAverage offering size: $2M
Exchange Company Name Subsector
Financing Date(Month/Year)
Amount Raised (C$M)
TSXV Nesscap Energy Inc Energy Efficiency January 2012 20
TSXVInnovative Composites International Inc Low Impact Material and Products January 2012 10
TSXV CRS Electronics Inc Energy Efficiency June 2012 9
TSXV Nesscap Energy Inc Energy Efficiency August 2012 9
TSXV AgriMarine Holdings Inc Low Impact Material and Products March 2012 5
TSXV Innovente IncRenewable Energy Equipment Manufacturing and Tech January 2012 5
TSXV PyroGenesis Canada Inc. Waste Reduction and Water Management April 2012 4
TSXV Lignol Energy CorporationRenewable Energy Equipment Manufacturing and Tech December 2012 3
TSXV Natcore Technology Inc.Renewable Energy Equipment Manufacturing and Tech August 2013 3
TSXV Catch The Wind LtdRenewable Energy Equipment Manufacturing and Tech September 2012 3
100 financings | Equity capital raised: $143M | Average offering size: $1M
*From January 2012 – August 2013
Global Research Following
Average Analyst Coverage by Market Capitalization
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Market Capitalization (C$ Millions)
Companies of all sizes receive analyst coverage
140 research analysts from Canada, the US and Europe cover the sector
Average of 3 analysts per company
22*Source Capital IQ, December 31, 2012
Service at All Stages of Growth: TSX Venture 50 Supporting Emerging Stars
TSX Venture 50® - Clean Technology Top 10
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66%Average One Year Market Cap Growth
20%Average Share Price
Growth in 2012
180MVolume of Shares
Traded in 2012
Sector Ranking Ticker Company Name
Listing Date
Share price ($)
31-Dec-11
Share Price ($)
31-Dec-12
Share Price
Change (%)
201252 Week High/Low
Market Cap ($) 31-Dec-11
Market Cap ($) 31-Dec-12
Market Cap Change (%)
Number of Shares O/S31-Dec-12
2012 Trading Volume
Analyst Coverage
1 OPL OPEL Technologies Inc. 05-Dec-07
0.35
0.58 68% 0.70/0.20 32,093,770
68,166,597 112%
117,528,615
66,900,530 -
2 NXT Natcore Technology Inc.° 19-May-09
0.56
0.79 41% 1.55/0.37 13,580,527
30,478,871 124%
38,580,849
32,570,721 -
3 WND Western Wind Energy Corp. 18-Feb-02
2.01
2.80 39% 2.81/1.14 118,495,423
196,665,865 66%
70,237,809
41,178,831 4
4 IGE Innovente Inc. 02-Dec-10
0.40
0.50 25% 0.86/0.40 4,784,450
15,741,855 229%
31,483,709
1,909,708 -
5 QST Questor Technology Inc. 03-Mar-98
0.28
0.41 47% 0.49/0.28 6,835,777
10,127,985 48%
25,007,370
3,999,691 -
6 WMT West Mountain Capital Corp.° 27-Dec-07
0.19
0.28 47% 0.30/0.13 7,199,353
10,609,573 47%
37,891,332
1,682,330 1
7 ENW EnWave Corporation 09-Aug-99
1.58
1.40 -11% 1.75/1.16 113,070,472
107,795,486 -5%
76,996,776
11,802,628 1
8 ACU ACT Aurora Control Technologies Corp.° 07-Nov-11
0.37
0.33 -10% 0.39/0.27 3,095,548
5,171,753 67%
15,671,980
1,669,502 -
9 CL Crailar Technologies Inc. 08-Jul-08
2.24
2.15 -4% 3.55/1.84 90,081,096
95,092,776 6%
44,229,198
5,568,865 3
10 ZNN Zenn Motor Company Inc.° 06-Feb-06
1.14
0.67 -41% 1.87/0.61 42,559,521
26,738,302 -37%
39,907,913
12,781,381 4
Service at All Stages of Growth: The Renewable Energy and Clean Technology Benchmark Index for TSX Issuers
Launched in March 2010The S&P/TSX Renewable Energy and Clean Technology Index measures performance of companies listed on the TSX whose core business is the development of green technologies and sustainable infrastructure solutions. Constituents are screened by Sustainalytics, one of the world's leading providers of environmental, social, and governance research and analysis.
EcoSynthetix Inc. (ECO)
GLV Inc. (GLV.A)
Innergex Renewable Energy Inc. (INE)
KP Tissue Inc. (KPT)
New Flyer Industries Inc. (NFI)
Newalta Corporation (NAL)
Northland Power Inc. (NPI)
5N Plus Inc. (VNP)
Algonquin Power & UtilitiesCorp. (AQN)
Ballard Power Systems Inc. (BLD)
Boralex Inc. (BLX)
Brookfield Renewable Energy PartnersLP (BEP.UN)
Capstone Infrastructure Corporation (CSE)
Cascades Inc. (CAS)
S&P/TSX Renewable Energy and Clean Technology Index
Primary Energy Recycling Corporation (PRI)
Pure Technologies Ltd. (PUR)
SunOpta, Inc. (SOY)
Tembec Inc. (TMB)
WaterFurnace Renewable Energy Inc. (WFI)
Westport Innovations Inc. (WPT)
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How to List on TSX and TSXV
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Multiple Pathways to Listing
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CPCCapital Pool Company
SPACSpecial PurposeAcquisition Corp.
Capital Pool Company™ (CPC) Program has a Strong Track Record
Anatomy of a Qualifying Transaction (QT)
Since inception 2,391 CPCs were created 83% have completed their
QT — 1,993 companies
Currently 347 graduates now trade on
TSX 95 of the grads were CPCs 105 QTs since 2012
CPC Private Company
Qualifying TransactionCoinciding Private Placement
New TSX Venture Company
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A new clean CPC shell has none of the hidden costs of a shell with previous operating history
As at August 31, 2013
Specific Listing Criteria
Technical Listing Requirements
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MiningOrlee Wertheim416 [email protected]
Mining AmericasCarlos Espinosa416 [email protected]
Oil & GasMonica Rovers403 [email protected]
Diversified IndustriesJustin Canivet416 [email protected]
AsiaGeorge Gao(8610) 6505 [email protected]
Europe · 44 20 3194 2529China · (+86 10) 6505-8011North America · 1 888 873 8392
Renewable Energy and Clean TechnologyMichael Kousaie416 [email protected]
A Capital OpportunityA GROWTH MARKET FOR RENEWABLE ENERGY AND CLEAN TECHNOLOGY COMPANIES
Contact our Business Development Team to learn more about your Capital Opportunity