ANNUAL REPORT

WATERLOO EDC

Message from the Board of Directors 2 Gerry Remers

Message from the President & CEO 3 Tony LaMantia

Vision, Mission, Values 4

2017 Business Plan 4

Annual Highlights 5

Investment Sales 7

Concierge Services and Advocacy 11

InvestmentMarketingandAwareness 15

Strategic Plan 18

2017 Financial Statements 19

Board of Directors 21

TABLE OF CONTENTS

Investmentattractionisafiercelycompetitiveendeavour.Communities,regionsandcountriespushhardtopositionthemselvesas“the”place tobeforbusinesses,entrepreneursandhighlyskilledtalent.In2017, theWaterlooEDCteamcontinuedtopassionatelydemonstratewhyWaterlooRegionisthatplace.

IncreasingawarenessofWaterlooRegion’suniqueeconomicdevelopmentvaluepropositionintargetedgeographiesandsectors–throughhostingamixofinboundmissionsforcompaniesinterestedinlocating,relocatingorexpandinghereintheRegion,andorganizingoutboundmissionstokeymarkets–remainedakeyareaoffocusthisyear.

WaterlooEDCoffereditssupporttoOntario’ssuccessfulAdvancedManufacturingSuperclusterfundproposal,throughbothCommunitechandtheGreaterKWChamberofCommerce.ThisInnovationSuperclusterInitiativebuildsontheeconomicdensityintheToronto-WaterlooInnovationCorridortohelpCanadianmanufacturingfirmssucceed,andoffersopportunitytogrowSouthernOntario’seconomyatarapidpacebyinvestinginnewtechnology,growingbusinessR&D,trainingthousandsofworkers,encouragingnewpartnershipsandincreasingproductivity.

TheBoardandseniorstaffhavedevelopeda5-yearstrategicplanforWaterlooEDCthispastyear–onewhichaddressesopportunitiesforfurtherdevelopmentofourmandate.FDI,localgrowthandstrongmarketingwillbekeytooursuccessandweplantoleverageprovincial andfederalopportunitiestoincreaseinvestmentintheseareas.The futurelooksverybrightandWaterlooEDCiscommittedtobeinganimportantpartofdeliveringprosperitytotheRegion.

Inclosing,IwouldliketocongratulateWaterlooEDCstaffonasuccessfulyearandforcontinuouslyreinforcingthefocusoneconomicdevelopment,investmentandgrowthofWaterlooRegion.

Gerry Remers Chair, Board or Directors, Waterloo EDC

MESSAGE FROM THE BOARD OF DIRECTORS

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Gerry RemersChair, Board of Directors

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2017wasabusyyearforeconomicdevelopmentand investment in Waterloo Region. I am pleasedtoreportthesuccess and momentum achieved in 2016 continuedthroughout oursophomoreyear.

Anumberofsignificantinvestmentwinsledtoastrong year for Waterloo EDC,with11closeddealsvalued at more than $315

million.OurfirstcloseddealoftheyearwasESCRYPT’sstrategicacquisitionoflocalcompanyTrustPointInnovationTechnologies,whichoccurredoneyearafterESCRYPTopenedtheirCanadianheadquartersinWaterloo(andplayedakeyrolein theirdecisiontogrowtheiroperationslocally).

TheteamwasalsocloselyinvolvedinErwinHymerGroupNorthAmerica’s(EHGNA)expansiontoanewR&DandmanufacturingfacilityinCambridge-theirsecondlocationinWaterlooRegion.HavingworkedwithWaterlooEDCtofosteranumberofrelationshipswithlocalindustryaswellastheUniversityofWaterloo,EHGNAhasbeenabletodriveinnovationandasaresult,areconsideringWaterlooRegionasthelocationfor their global technology hub.

Additionalkeyinvestmentsincluded:AscentCorporation,HuronDigitalPathology,Unilock,ConestogaMeatPackersandAllianz.EachoftheseexpansionsaresignificantsuccessstoriesinourcitiesandtownshipsandIamlookingforwardtocontinuingtosupporttheirongoinggrowth.

Withacontinuedfocusoninvestmentmarketingandawareness,wehadtheopportunitytolead13missionstoseveralhighprioritymarkets,includingCaliforniaandtheUnitedKingdom.Inaddition,wefacilitated55inboundmissionstoassistinternationalcompaniesinlearningaboutthecommunity’sbusinesslandscape. IjoinedrespectiveMayorsandEconomicDevelopmentstafffromtheCitiesofCambridge,KitchenerandWaterlooontwoinvestmentattractionmissionstoGermanyandtheNortheasternUS,wherewehadtheopportunitytomeetwithanumberofimportant

multinationalorganizationsthathavesubsidiariesinWaterloo Region.

Throughalloftheseactivities,theteamcontinuedtoworkcloselywithourlocaleconomicdevelopmentpartnersandstakeholderstopromoteWaterlooRegionontheinternationalstage,focusingonforeigndirectinvestmentaswellaslocalexpansionandretention.AnimportantcomponenttothesuccessofWaterlooEDC and our community is the commitment and collaborationwithourmunicipalpartnersandlocalstakeholders.

WaterlooRegionpartneredwiththeTorontoRegiontosubmitajointproposalforAmazon’sHQ2bid.Thejointsubmission, led by Toronto Global, included Waterloo Region,GuelphandtheTorontoRegionandprovidedauniqueopportunitytoraiseinternationalawarenessandreinforcetheToronto-WaterlooCorridorasthesecondlargestinnovationclusterinNorthAmerica.Thisjoint-proposalwasoneof20NorthAmericancentrestobeshortlistedandtheonlyCanadianproposaltomakeit to the second stage of theprocess.

Wecontinuedtomakesignificantprogressinourinternationalbrandingeffortswithournewlylaunchedinvestmentpromotionwebsiteandvideo,whichpromotesWhyWaterlooforBusinessandouruniqueeconomicdevelopmentvaluepropositiontoourtargetaudience:internationalbusinessleaders,siteselectorsandinvestmentintermediaries.Thenewsiteincludesanumberofstate-of-the-artfeaturessuchasanup-to-dateBusinessRealEstatepropertysearch,demographicsandstatisticsandaninteractiveindustrymap.TheseinvestmentmarketingandawarenessassetswillbecriticalforourorganizationaswecontinuetoputWaterlooRegionontheinternationalmapforbusinessinvestment.Besuretovisitusat:www.WaterlooEDC.ca

WiththeorganizationandcommunitymakinggreatstridesinadvancingrecognitionofWaterlooRegionasaplacetodobusinessonaninternationalscale,thefuture looks very bright.

Let’sgettowork!

Tony LaMantia President & CEO

MESSAGE FROM THE PRESIDENT & CEO

Tony LaMantiaPresident & CEO,Waterloo EDC

MISSIONTo build a world-leading legacy of sustainable economic development, prosperity and diversity for Waterloo Region.

VISIONTo be locally rooted, internationally competitive and globally renowned.

VALUESCollaborative, professional, integrity, accountable, results-focused.

3Investment

Marketing and Awareness

1Investment

Sales

2Concierge

Service and Advocacy

2017 BUSINESS PLAN: THREE STRATEGIC PILLARS

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We are pleased to report 2017 was a very successful year on a number of operational fronts. A summary of our highlights and significant wins are summarized below:

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ANNUAL HIGHLIGHTS

Companies that closed deals in 2017

7 localexpansioninvestments4 foreign direct investments

11 closed deals

Investment deals of $315.6 million

1607 new jobs created from closed deals

Breakdown of deals by sector: 53%information andcommunications technology(ICT)

41% advanced manufacturing

WINS BY MUNICIPALITY

0.16%

35%

3%

62% Kitchener

Cambridge

Waterloo

Townships

INVESTMENT CLOSED DEALS IN 2017

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Twitterfollowersincreasedby 15.3%LinkedInfollowersincreasedby119%

Attendedandparticipatedinapproximately165 events

Waterloo EDC advocacy involvement: • Bill 148•AmazonHQ2• NAFTA•AdvancedManufacturingSupercluster•RegionofWaterlooInternationalAirport(YKF)expansion

•High-speedraildiscussion• 2021 Canada Summer Games

Forecast

Upside

Pipeline

INVESTMENT BY STAGE

$85,000,000 | 54%$52,400,000 | 34%

$19,000,000 | 12%

INVESTMENT SALES PIPELINE

28 potential deals in our pipeline(attheendof2017) withanestimatedvalueof$156.4 million

6 opportunities in ‘forecast’ stagewithanestimatedvalueof $19 million

55 inbound and 13 outbound missions

Key countries visited: •USA(California,Boston,NYC)• Germany•UnitedKingdom•Switzerland(Zurich)•Netherlands(Amsterdam)•France(Paris)

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PURCHASE OF THE FORMER BLACKBERRY DATA CENTRE

AnotherkeyinvestmentwasAscentCorporation’spurchaseoftheformerBlackBerrydatacentreinCambridge,Ontario.TheteamworkedcloselywiththeCityofCambridgeandtheireconomicdevelopmentteamtofacilitatethisdealandsupportthegrowthofWaterlooRegion’sdatacentreinfrastructure.

“ The City of Cambridge is thrilled to welcome Ascent to the region. This represents an important investment in our community that strengthens our city’s position in the tech corridor.”

— Doug Craig, Mayor of Cambridge

HURON DIGITAL PATHOLOGY EXPANSION InJune,HuronDigitalPathology(HDP)announcedtheirexpansiontoanew9,700squarefootmanufacturingandresearchanddevelopmentfacilitywithaground-breakingceremonyintheTownshipofWoolwich.Thisbeganabusysummerofexpansionnews.

“ Huron Digital Pathology’s move to Woolwich is a powerful invitation for others to join us as they forge their success in an environment that has a diverse economy.”

— Sandy Shantz, Mayor of the Township of Woolwich

FIRST CLOSED DEAL OF 2017 Ourfirstcloseddealof2017wasannouncedin MarchwithESCRYPT’s(ETAS)acquisitionoflocalcompanyTrustPointInnovationTechnologies. TheacquisitioncamejustoneyearafterESCRYPT openedtheirCanadianheadquartersintheRegionandplayedanimportantfactorinthecompany’sdecisiontoexpandtheiroperationsintoanewlyrenovated facility in Waterloo.

“ With our recent acquisition of TrustPoint Innovations and our plans to continue to grow in the immediate future, it made sense to locate in Waterloo and find a location that we could make our own. The decision to open our Canadian headquarters in Waterloo Region was based on the area’s reputation and culture of innovation and entrepreneurship.”

— ESCRYPT Canada General Manager David MacFarlane

INVESTMENT SALES

ESCRYPTgrandopeningwithvariouscommunitymembersincludingJeffHenry,CityCouncillor,KenSeiling,RegionofWaterlooChair,TonyLaMantia,President&CEOofWaterloo EDC, David MacFarlane, General Manager ofESCRYPT,DaveJaworsky,MayorofWaterloo,BerryVrbanovic, Mayor of Kitchener, Detlef Engler, Trade Commissioner and Senior Investment Counselor at GovernmentofCanada,SherryShannon-Vanstone,President&CEOofTrustPointInnovationTechnologies.

HuronDigitalPathologyground-breakingwithemployeesofHDP and Doug Craig, Mayor of Cambridge.

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JOINT-PROPOSAL FOR AMAZON’S HQ2 BIDWaterlooRegionpartneredwiththeTorontoRegiontosubmitajointproposalforAmazon’sHQ2bid.Thejointsubmission, led by Toronto Global, included Waterloo Region,GuelphandtheTorontoRegion,andprovidedauniqueopportunitytoraiseawarenessandreinforcetheToronto-WaterlooCorridorasthesecondlargestinnovationclusterinNorthAmerica.This jointproposalwasoneof20NorthAmericancentres tobeshortlistedandwastheonlyCanadianproposaltomakeittothesecondstageoftheprocess.MoreinformationaboutourjointAmazonproposalwillfollowinfuturereports.

UNILOCK, ALLIANZ, ERWIN HYMER GROUP AND CONESTOGA MEAT PACKERS EXPANSIONS

InAugust,UnilockandAllianzannouncedtheexpansionoftheiroperationsinNorthDumfriesandCambridge,respectively.ErwinHymerGroupNorth America, the leading manufacturer of class B motorhomes in North America, celebrated the grand openingoftheirnew255,000squarefootfacilityinCambridgeinSeptember.Thisexpansionisexpectedtocreate650jobsandwillfeatureproductionlines,officespaceandresearchanddevelopmentareas.ConestogaMeatPackersalsocontinuedtheircommitment to Waterloo Region by announcing the expansionoftheirlocaloperations,whichisexpectedto create 170 jobs.

“ We are proud of our team at Conestoga [Meat Packers] and look forward to providing more manufacturing jobs for Waterloo Region.”

— Conestoga Meat Packers President Arnold Drung

ErwinHymerGroupNorthAmericagrandopeningceremonywithMartinBrandt,CEOofEHG,VictorOh,SenatoratSenateofCanada,ChristianHymer,EHGGermanyPartner&Owner,CarolinHymer,EHGGermanyPartner&OwnerandJimHammill,President&CEOofErwinHymerGroupNorthAmericainattendance.

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From an investment perspective, 2017 was truly a record-breaking year for Waterloo EDC. Other notable wins were IDT Biologika, PerkinElmer, Hofstadter Analytics and Vision Controls Inc.

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“ Waterloo Region is emerging as a global centre for innovation, talent and investment. Through the leadership and vision of Waterloo EDC, the Region of Waterloo will send a clear signal to businesses and investors: Waterloo Region is open for business. The Township of Woolwich is proud to support Waterloo EDC to drive investment and interest in Waterloo Region. Together, we will open up new opportunities for residents and major industries such as manufacturing, technology and agriculture.”

— Sandy Shantz, Mayor of the Township of Woolwich

“ In a very short time, Waterloo EDC has proven its value. Whether it’s leading a trade mission or coordinating bids and outreach to prospective investors, their focus, dedication and expertise is paying off already. I’m looking forward to continued success.”

— Dave Jaworsky, Mayor of Waterloo

“ In the few years since Waterloo EDC’s inception, the EDC has done so much to raise the profile of Kitchener and our region internationally. Their work in setting up trade missions to Silicon Valley, New York, Boston, and Germany, amongst others, has generated interest and awareness in our area, as well as tangible investments and good new jobs for our community. We look forward to continued success in the years to come.”

— Berry Vrbanovic, Mayor of Kitchener

“ The City of Cambridge and our Economic Development team have been pleased with Waterloo EDC’s overall performance and investment successes in their initial 2+ years of operation. The organization has been influential not only in assisting the City’s Economic Development team in attracting several key investments to the City of Cambridge, but also by helping to ensure that large multinational’s ambitious expansion plans, such as those of Germany’s Erwin Hymer Group, remain firmly rooted within Waterloo Region. We look forward to our continued partnership and prosperity.”

— Doug Craig, Mayor of Cambridge

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CONCIERGE SERVICES AND ADVOCACY

WaterlooEDCpartneredwiththeGreaterKitchener-WaterlooChamberofCommerce(GKWCC)onanumberofeventstargetedathelpingourlocalbusinessesgrowandsucceed,including:

• The ManufacturingSummit,wheretheteamplayeda key role in securing Mr. Friedhelm Pickhard, Chairman of the Management Board at ETAS GmbH,astheevent’skeynotespeaker.Mr.PickharddiscussedwhyESCRYPT(ETAS)chosetolocateinWaterlooRegionduringafiresidechatmoderatedbyTonyLaMantia,President&CEO.

• GKWCC’s“TheFutureofGlobalization”event,whichfocusedonhelpinglocalcompaniesnavigate

NAFTAandhowchangesmayaffecttheirbusiness.The event included the former Federal Minister of ForeignAffairs,Mr.PierrePettigrew,asaspeaker.

Mostrecently,wehostedathree-partEconomicDevelopmentSpeakerSerieswiththeGKWCC.Thefirstevent,GrowYourBusinesswiththeEuropeanFree Trade Agreement, featured the Honourable PerrinBeatty,President&CEO,CanadianChamberofCommerce,asthekeynotespeaker.Thesecondevent,Immigration:ALifelinefortheGrowingWorkforce,focusedonprovidinginformationabouttheFederalgovernment’snewimmigrationprogramcalledGlobalSkillsStrategy,withthefinalinstallmenttakingplaceinearly 2018.

WaterlooEDCEconomicDevelopmentSpeakerSeriesevent,inpartnershipwiththeGKWCC,entitled“Immigration:ALifelinefortheGrowingWorkforce”featuringTimCallan,TeamLeaderofAgilec,andStephenGreen,SeniorPartneratGreen&SpiegelLLP.

As the first point of contact for companies of all sectors looking to locate, relocate or expand in Waterloo Region, the Waterloo EDC team continued to extend concierge services and advocacy to both international organizations and local community stakeholders.

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Other notable event sponsorships: • WaterlooInnovationSummit,atwo-daygatheringcentredonthethemeof“HackingtheFuture” toexploreinnovationsandideasneededto shapetomorrow

• CentreforFamilyBusinesshostedthe“Creating aSustainableSaleableBusiness”event,which providedinformationonthefundamentalsofbusinessgrowthandcontinuityplanning

• OktoberfestPassporttoSuccess,aneventhostedinpartnershipwithK-WOktoberfestInc.toprovideappreciationtoourkeypartnersandstakeholdersandprovidealocalbusinessnetworkingopportunity

The spark of innovation only happens when we open our minds to new ways of thinking—and this is often the result of coming together to share and explore new ideas. The Waterloo Innovation Summit is one of the best opportunities I know of to meet with fellow thought leaders and explore the ideas shaping the future of technology and digital transformation.

— Cisco Canada Principal Systems Engineer, Rob Barton

WaterlooInnovationSummit,hostedbytheUniversityofWaterloo,featuringMikeLazaridis,ManagingPartner&Co-Founder,QuantumValleyInvestments.

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CONCIERGE SERVICES & ADVOCACY CONTINUED

AUTOTECH SYMPOSIUM AT THE UNIVERSITY OF WATERLOOIncollaborationwiththeAutomotivePartsManufacturer’sAssociation(APMA),WaterlooCentreforAutomotiveResearch(WatCAR),andtitlesponsorToyotaMotorManufacturingCompany(TMMC),Waterloo EDC hosted the second annual AutoTech SymposiumattheUniversityofWaterloo(UWaterloo)inOctober.TheSymposiumbroughttogethermore

than 225 delegates from government, academia, researchandautomotivesuppliersandcompaniestodiscussOntario’scapabilitiesandthefutureoftheautomotiveandmobilitysectors.TheeventshowcasedWaterlooRegionasaleaderinautomotivemanufacturingaswellasconnectedandautonomousvehicle technology.

Automotivetentatthe2017AutoTechSymposium.

Panelists on one of the breakout sessions at the 2017 AutoTech Symposium.

2017AutoTechSymposiumattendeesatoneofthebreakoutsessions.

VisitorstakingpartinademonstrationintheWatCARlabattheUniversityofWaterlooduringthe2017AutoTechSymposium.

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CONNECTING WATERLOO REGION’S AUTOTECH ECOSYSTEM

NOTE:Companiesmayhaveapresenceinmultipleaspects/categoriesoftheWaterlooRegion’sAutoTechclusterdespitetheirsingularrepresentationonthisinfographic.

RIDE SHARING SENSOR TECHNOLOGY

PROTOTYPING/ANALYTICS

AUTO REPAIR

NAVIGATION/MAPPING/TRACKING

DRIVER SAFETY

SECURITY

MANUFACTURING AUTOMATIONV2X/loT

AUTOMATED VEHICLE

CONNECTED VEHICLE

®

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INVESTMENT MARKETING AND AWARENESS

Waterloo EDC led 13 investment expansion missions to a number of high priority markets, including Germany, California, United Kingdom and the Northeastern US. We also facilitated 55 inbound missions to assist international companies in learning about the Region’s business landscape. Many of these were with high-potential multinational organizations.

In June, Waterloo EDC team members traveled to Hannover Messe,Germany,alongwithmembers of the Ontario ManufacturingCommunitiesAlliancetomeetwithofficialsfromthestateofBaden-Württemberg,VDMA–theMechanical Engineering Industry Association–andOCTOPUZInc.,anofflineroboticprogrammingandsimulationsoftwarecompanythathasoperationslocatedinbothWaterloo and Germany.

The German market remained inthespotlightforWaterlooEDCduringafive-citymissioninSeptemberalongsiderepresentativesfromtheCityofKitchener, including Mayor Berry Vrbanovic and Communitech, focusedonattractingandgrowingeconomic investment in a number of industries, such as technology and advanced manufacturing. The missionincludedavisittoErwinHymerGroup’sheadquarterstodiscusstheimportanceoftheirrecentlyopenedNorthAmericanheadquartersinCambridge.

“It [German investment] is directly responsible for approximately 35 businesses and thousands of jobs in our community. This trade mission is a critical part of Kitchener and Waterloo Region’s economic development agenda to continue to attract and retain business partners in our city and region.”

Berry Vrbanovic, Mayor of Kitchener

Güdel booth at Hannover Messe, Germany.

VisittoErwinHymerGroup’sheadquartersinGermanyincludingBrianBennett,BusinessDevelopmentManager,Cityof Kitchener, Berry Vrbanovic, Mayor of Kitchener, Joel Adams, Director of Engineering&Innovation,ErwinHymerGroupNorthAmerica,TonyLaMantia,President & CEO, Waterloo EDC.

MeetingatHannoverMessewithCarlGraeb, CARO Investment, Jens Liedke, robodev, Andreas Bihlmaier, robodev, Maria Suarez,WaterlooEDC,JulienMintenbeck,robodev, and Tim Reynolds, Niagara Region Investment and Trade.

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During the summer, Waterloo EDC attendedFinovate2017inNewYorkCity,creatingawarenessofWaterlooRegion’spositionasaleaderinbankingandfinancialtechnologyandinnovation.Theeventallowedustoconnectwithexpansion-focusedcompaniesandinvestment intermediaries in the area,whichwaskeyinpreparationforamayoralmissiontoNewYorkCityandBostonthattookplaceinNovember.Duringthatfour-daymission, City of Cambridge Mayor Doug Craig, City of Kitchener Mayor Berry Vrbanovic and City of Waterloo Mayor Dave Jaworsky,alongwithWaterlooRegionrepresentatives,attended24meetings,whichincludedtheCanadianConsulate’sSiteSelectorLuncheon,AUVSIUnmannedSystems’eventandthe2017BlackBerry Security Summit, whereMayorJaworskyspokeas apanelist.

Alongwith11otherCanadiancities–aspartoftheConsiderCanadaCityAlliance(CCCA)–WaterlooEDCparticipatedinanFDI-focusedmissiontoZurich,AmsterdamandParis,expandingawarenessofWaterlooRegion,participatingin24meetingsandforgingkey investment intermediary connectionsinanumberofnewEuropeanmarkets.

Throughout2017,theMarketingteamwasdiligentlyfocusedondevelopingbest-in-classeconomicdevelopmenttoolsandcollateralthatwillprovideastrongfoundationforincreasingourinternationalbrandawareness andequity.

Ournewwebsite, www.WaterlooEDC.ca,wascompletedattheendoftheyear and highlights Waterloo Region’sstrengthsanduniqueeconomicdevelopmentvaluepropositiontoourtargetaudienceofinternationalbusinessleaders,site selectors and investment intermediaries.Ourobjectiveforthewebsiteistodrivepotentialforeign direct investment sales leads for our community and includesanupdateddesignandstate-of-the-artfeatures,suchasanup-to-dateBusinessRealEstatepropertysearch,DemographicsandStatisticsandaninteractiveindustrymap.

Othernotableinternationalactivitiesincludedpartneringtohosttheevent“Toronto-WaterlooRegion Corridor Comes to the UK:SmartCitiesoftheFuture,”inLondon,England,whichfocusedonInternetofThings(IoT)andpromotingtheToronto-WaterlooInnovationCorridorintheUnitedKingdom.

CentralPark,NewYorkCity.

CCCAbusinessmeetingsinSwitzerlandwithWaterlooEDCteammembers.

CCCAdelegationvisitinSwitzerland,Amsterdam and France in November 2017.

NewWaterlooEDCwebsitehomepage.

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Working with our Board of Directors, Waterloo EDC’s senior leadership team finalized a strategic business plan that will lead the organization from 2018 to 2023. The plan focuses on our core organizational pillars and outlines the increased activities and added mandates Waterloo EDC would look to take on with future organizational expansion.

We are pleased with our progress, achievements and the positive contributions Waterloo EDC has made to Waterloo Region thus far and are confident the new 2018-2023 Strategic Business Plan will allow us to continue to support increased prosperity for this amazing community.

*WaterlooEDCisseekingProvincialandFederalgovernmentfundingtoleveragecurrentMunicipalcontributions.

STRATEGIC PLAN

Investment Sales and Trade Promotion

Concierge Service

Investment Marketing and Awareness

Intergovernmental Advocacy

To forge a clear track record of investment attraction, scale-up wins, trade promotion and increased Waterloo Region health

To build a best-in-class “go to” concierge service to facilitate investment attraction and retention

To increase awareness and interest of Waterloo Region’s unique Economic Development value proposition in targeted geographies and sectors

To lead government navigation,advocacyandeconomicdevelopmentinitiativestoincreaseWaterlooRegionprosperity.

OBJECTIVES WITH ADDITIONAL FUNDING*

2019 – 2023

Close deals of $1.4B, maintain a pipeline of potential investment of $450M

CURRENT OBJECTIVES 2018 – 2023

Close deals of $1.0B, maintain a pipeline of potential investment of $350M

STRATEGIC BUSINESS PLAN 2018 - 2023

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FINANCIAL STATEMENTS

REVENUEMunicipal funding $2,000,000Other government funding $164,341Other revenue $200,204Total revenue $2,364,545

EXPENSESProgram costs $596,725Administrative $1,775,687Amortization $20,527Total expenses $2,392,939

(Deficiency) of revenue over expenses ($28,394)

NET ASSETSNet assets, beginning of year $766,568(Deficiency) of revenue over expenses ($28,394)Net assets, end of year $738,174

STATEMENT OF EARNINGS – YEAR ENDED DECEMBER 31, 2017

STATEMENT OF NET ASSETS – YEAR ENDED DECEMBER 31, 2017

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ASSETSCash $52,245Investments $565,628Accounts receivable $187,722HST receivable $38,618Prepaid expenses $14,257Current assets $858,470

Intangible assets 1Capital assets $44,204Total assets $902,675

LIABILITIES AND NET ASSETSAccounts payable, accrued liabilities, and net assets $902,675

FINANCIAL POSITION – DECEMBER 31, 2017

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BOARD OF DIRECTORS

Gerry Remers Chair of the BoardRetiredPresidentandCOO,ChristieDigitalSystems Canada

Arnold Drung President, Conestoga Meat Packers Ltd.

Avvey Peters ChiefStrategyOfficer,Communitech

Dr. Barbara Fennessy VicePresident,AppliedResearchandInternationalEducation,ConestogaCollegeInstituteofTechnology and Advanced Learning

Charles Cipolla Chartered Professional Accountant and former PresidentofRockwellAutomation

Chris Donnelly Vice President and Counsel, Government, Industry and Regulatory Affairs,ManulifeFinancial

David Fransen ChiefOperationsOfficer,NextGenerationManufacturing Canada

Greg McCauley RetiredCharteredProfessional Accountant

Jane Black RetiredRegional Vice President, RoyalBankofCanada–Greater Waterloo

Jeff MacIntyre Co-founder,GrappleworksLtd.

Jennifer McCredie Leader, North American Strategy and Business Development,Oracle

Martha George President, Grand Valley ConstructionAssociation

Mike Kirkup CTO, Encircle

Murray Gamble President,C3Group

Robert Crow RetiredManagingDirectorandExecutiveinResidence,InstituteforQuantumComputing,UniversityofWaterloo

Waterloo Region Economic Development Corporation 151 Charles St. W, Suite 100, Kitchener, ON, N2G 1H6

@WaterlooEDC/WaterlooEDCwaterlooedc.ca