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TSX GROUP
Going Public Abroad 2008 – Tel Aviv2 April 2008
© 2008 TSX Inc. All rights reserved. Do not copy, distribute or modify this document without TSX Inc.’s prior written consent.
Providing Access to North American Capital for
Growth-Orientated Israeli Companies
Raymond D. KingSenior Manager, Global Diversified Industries – Listings Business DevelopmentToronto Stock Exchange & TSX Venture Exchange
2
Disclaimer
This document is for information purposes only and is not an invitation to purchase securities listed
on Toronto Stock Exchange and/or TSX Venture Exchange or Natural Gas Exchange. TSX Group Inc.
and its affiliates do not endorse or recommend any securities referenced in this document. Please
seek professional advice to evaluate specific securities.
While the information herein is collected and compiled with care, neither TSX Group Inc. nor any of its
affiliated companies represents, warrants or guarantees the accuracy or the completeness of the
information. You agree not to rely on the information contained herein for any trading, business or
financial purpose.
This information is provided with the express condition, to which by making use thereof you expressly
consent, that no liability shall be incurred by TSX Group Inc. and/or any of its affiliates as a result
of any errors or inaccuracies herein or any use or reliance upon this information.
© 2008 TSX Inc.
3
1. TSX Group Overview – A Globally Competitive Exchange
2. Competitive Positioning of TSX Group
3. Contact Information
Discussion Outline
4
Pink sheets
OTC BB
NASDAQ
NYSE
• No listing standards
• Senior listing standards
• Disclosure rules
• Junior listing standards
North American Stock Markets Continuum
TSX
CNQ
5
Access to Capital
SizeLarge Peer Group
TSX Group is 2nd in the world and 1st in North America by number of
listed public companies
Total of 3,951 companies:• 1,613 on TSX• 2,176 on TSX Venture Exchange• 162 on NEX
Source: World Federation of Stock Exchanges
TSX Group is 3rd in North America and 7th in the world by total listed
company market capitalization ($2.2 Trillion)
Source: World Federation of Stock Exchanges By Domestic Market Cap, December 31, 2007
TSX Group’s equity exchanges are among the best markets in the world for raising
public equity capital
• 7th in the world in 2007
Source: World Federation of Stock Exchanges By total dollar amount raised
Unless noted, all stats are as at December 31, 2007
Market Performance
S&P/TSX Indices Outperform
Source: BloombergTotal Cumulative Return
Sept 30 2002 to Sept 30 2007
TSX Group is a world leading marketplace
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2,176 companies72 companies graduated to senior market in 200767 companies graduated to senior market in 2006
1,613 companies
TSX Venture Exchange
• Access to capital for earlier stage companies or smaller financings
• Cost effective stepping stone for international companies looking to list on a quality North American market
• Exchange mandate to mentor management of newly public companies
• Streamlined graduation to TSX when senior market requirements are met
• 101 year history
Toronto Stock Exchange
• Senior market for well established businesses and management teams with experience in public markets
• Access to larger and more international institutional investors and greater analyst coverage
• Globally visible specialized indices
• 155 year history
*As at 31 December 2007 (excludes NEX)
Total of 3,738 listed companies*
TSX Group serves companies at different stages of development, and…
7
0% 2% 3%
10%
14% 16%19%
12%9%
15%
26%
17%
22%
12%
6%4%
1% 0% 0%
13%
<1 1-5 5-10 10-25 25-50 50-100 100-250 250-500 500-1B >1B
TSX TSX Venture
Market Capitalization (C$MM)
As at 31 December 2007
Toronto Stock Exchange:1,613 issuers, Market Cap = $2.09 Trillion
TSX Venture Exchange:2,176 issuers, Market Cap = $58.1 Billion
…TSX Group of exchanges support companies at ALL stages of their growth
8
Canadian equity marketplace ideal for small to mid-cap IPOs
185
142123
272 268
338
232
91 94 81
208199197
233
2001 2002 2003 2004 2005 2006 2007
Canada USA
Total IPOs in Canada and U.S.
Average amount raised during IPO (2007)
U.S. markets: US$234.1 million
TSX: US$73.9 million
TSX Venture: US$2.2 million
Source: Hoovers IPO Central
9
TSX Group: Providing Access to CapitalThrough Equity Financing
2003 2004 2005 2006 2007
Public Offerings Private Placements IPOs
Equity Financing on TSX and TSX Venture Exchange
(C$ Billions)
$40.0
$49.7$50.7 $52.2
$58.8
10
Total Going Public Activity: TSX and TSX Venture Exchange
223 212259 281
366
128
207
197223
204
0
50
100
150
200
250
300
350
400
450
500
550
600
2003 2004 2005 2006 2007
TSX Venture Exchange TSX
*Going Public Activity includes RTOs and QTs on TSX Venture Exchange
351
416
482 478
573
11
TSX and TSX Venture Exchange have had consistent growth in liquidity
55.661.3 64.2
82.0
96.1
2003 2004 2005 2006 2007
Billions of Shares
• 5-Year CAGR 14.7%
• 2007 Volume up 17% vs. 2006
Toronto Stock ExchangeVolume of Shares Traded
Toronto Stock ExchangeVolume of Shares Traded
13.316.6
21.1
37.1
52.6
2003 2004 2005 2006 2007
Billions of Shares
• 5-Year CAGR 41.0%
• 2007 Volume up 42% vs. 2006
TSX Venture ExchangeVolume of Shares Traded
TSX Venture ExchangeVolume of Shares Traded
12
US firms that trade TSX as a Participating Organization
• CSFB• Citigroup• E*Trade• FIMAT/SocGen• Goldman Sachs• HSBC• Instinet• Interactive Broker• ITG• Merrill Lynch• Morgan Stanley• Penson
• Raymond James• Refco• State Street• Timberhill• UBS
US offices of Canadian “Big 6 Banks”:
• BMO Nesbitt Burns• CIBC World Markets• RBC Dain Rauscher• Scotia Capital Markets• TD Securities• NBF Financial
40% of TSX Group trading originates from US-based Participating Organizations servicing their US institutional
and retail client portfolio
13
1. TSX Group Overview – A Globally Competitive Exchange
2. Competitive Positioning of TSX Group
3. Contact Information
Discussion Outline
14
Offering Size – Israeli Companies Perspective
TSX, NASDAQ and AIM Overview
$142.0
$83.2
$20.0$8.2
-$10.0
$10.0
$30.0
$50.0
$70.0
$90.0
$110.0
$130.0
$150.0
NYSE NASDAQ AIM TASE
Average Size of Israeli Companies Offering by Market (2004 – 2006)
Source: IVC-Online and CIBC World Markets.Note: Includes IPOs and Follow-on offerings. Excluding real-estate, gaming industry offerings and exceptional size offerings (Teva).
Potential TSX Offering
15
Project /Project /IdeaIdea
R&D or R&D or Prototype Prototype
CommercialCommercialStageStage
StableStableProductionProduction
OperatingOperatingHistoryHistory
Pink Sheets/OTCbb
TSX Venture Candidates
TSX Candidates
NASDAQ Candidates
AIM Candidates
TSX Group exchanges are designed for companies at all stages of growth
Venture CapitalistsAngelsFounders, Family/FriendsPrivate Equity Candidates
16
TSX Group International ListingsAs of December 31, 2007
Australia/ New Zealand/ Papua New Guinea, 27,
11%
USA, 130, 54%
UK/ Europe, 23, 10%
China, 37, 15%
South America, 4, 2%
South Africa/ Africa, 10,
4%
Other* * , 9, 4%
Toronto Stock Exchange 146 international listings with QMV=$197.6 Billion
TSX Venture Exchange94 international listings withQMV=$3.4 Billion
*Based on location of company headquarters** Other includes Bermuda, Barbados, British West Indies, Channel Islands, Guernsey
17
TSX Group International New Listingsby Country
2002 2003 2004 2005 2006 2007
China
South Africa/ Africa
UK/ Europe
South America
Australia/ New Zealand
Other
USA
15
42
29
36
TSX Group’s new international listings
Oil & Gas, 4, 8% Technology, 2,
4%
Mining, 27, 56%
Life Sciences, 4, 8%
Diversified Industries, 10, 20%
Financial Services, 2,
4%
TSX Group New International Listingsby Sector
2007
Total = 49Total = 49
* Other includes Bermuda, Barbados, British West Indies, Channel Islands and Guernsey
49
15
18
1. TSX Group Overview – A Globally Competitive Exchange
2. Competitive Positioning of TSX Group
3. Contact Information
Discussion Outline
19
Raymond D. KingSenior Manager, Global Diversified Industrials – Listings
Business Development
Toronto Stock Exchange & TSX Venture Exchange
Contact Information
