1 Impact of the Global Financial Crisis on Mining & Energy Companies Cindy Gray, MBA Senior Manager, Global Energy Toronto Stock Exchange & TSX Venture Exchange June 18, 2009

2 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. TMX 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 TMX 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 TMX 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. All data used herein as at December 31, 2008 unless otherwise noted © 2009 TMX Group Inc. Disclaimer

3 Outline 1.Toronto Stock Exchange & TSX Venture Exchange Overview 2.Impact of Global Financial Situation on Mining & Energy Companies 3.Accessing Capital in the Current Economic Environment

4 TMX Group: A Multi-Asset Class Market Leader (53% Ownership) (47% Ownership) (19.9% Ownership) Data Energy Derivatives Fixed Income Equities

5 45 graduates in graduates in 2007 Unique Structure Facilitates ‘Graduation’ from Junior to Senior Market 2,262 companies Earlier stage, smaller companies Average company size = C$7.5MM market cap Stepping stone for international companies interested in a North American listing Potential for “graduation” to senior market as company grows Senior market for more established businesses Average company size = C$815MM market cap Access to large, international institutional investors Strong analyst coverage 1,570 companies

6 7 th largest exchange group By equity capital raised (WFE, Dec 2008) 1 st in North America 2 nd globally Based on number of listed issuers on TSX and TSXV (WFE, Dec 2008) 6 8 th largest exchange group Based on domestic market cap of listed issuers on TSX and TSXV (WFE, Dec 2008) Toronto Stock Exchange & TSX Venture Exchange

7 World Leaders in Resource Equities 1 st in Energy Home to 43% of the world’s public energy companies 1 st in Mining Home to 55% of the world’s public mining companies

8 Source: Exchange Websites *Includes RTOs and QTs on TSXV OIL & GAS ISSUERS N/A World’s Largest Oil & Gas Public Market NEW OIL & GAS LISTINGS IN 2008

9 Source: Exchange Websites *Includes RTOs and QTs on TSXV MINING ISSUERS NEW MINING LISTINGS IN 2008 World’s Largest Mining Public Market

10 Our Oil & Gas Issuers Have Global Operations

11 Our Mining Issuers Are Also Global

12 $4.1B $10.5B $5.3B $11.7B $2.6B $10.4B $9.2B Secondary OfferingsPrivate Placements IPOs Oil & Gas Companies Raise Equity Capital to Help Fund Their Business Oil & Gas Equity Capital Raised on Toronto Stock Exchange and TSX Venture Exchange (C$B) Oil & Gas Financings Have Raised C$46 B over last 5 years

13 Mining Equity Capital Raised Has Risen Dramatically Source: Gamah International, , compiled by Toronto Stock Exchange Global Mining Equity Financing Trend ($ Billions)

14 Outline 1.Toronto Stock Exchange & TSX Venture Exchange Overview 2.Impact of Global Financial Situation on Energy & Mining Companies 3.Accessing Capital in the Current Economic Environment

15 General Impacts* Massive de-leveraging in financial markets Lack of liquidity in credit markets plus dramatic withdrawal of capital from public markets Scaled-back production and capital spending deferral Unprecedented loss of wealth and rapidly weakening labor markets caused sharp pull back in consumer spending Global GDP expected to contract by 1.7% in 2009 GDP among developing economies expected to ease to 2.1% from 2008 level of 5.8% Demand has slowed, especially in emerging markets Natural gas prices remain weak; oil has rebounded but remains volatile From July 2008 to December 2008, crude oil prices dropped nearly 70% while non-energy prices fell nearly 40% *Data Source: World Bank, March 30, 2009

16 Impact on Resource Companies Earlier staged resource companies rely on external sources of financing to grow and move projects to the next phase As a result of the broader economic situation, companies face greater challenges accessing capital from traditional sources Drop in commodity prices impacts reserves-based lending Venture capitalists / angel investors retreated Private equity firms facing difficulties raising new funds IPO market very tight since Q3, 2008 Companies scaled-back capital investments to preserve balance sheet strength – impacts production & cash flow Acquisition, consolidation or winding up also occurring

17 Performance of Energy Indices Source: TSXconnect Total Return Performance Steep declines in 2H 2008 ranging from 50% to 80%+

18 However…..Energy Indices Showing Signs of Recovery in 2009 Source: TSXconnect Total Return Performance Energy indices showing signs of recovery in 2009

19 Diversified Mining & Metals Index Up YTD Source: TSXconnect 92.6% Index Returns Initial Investment: $100 (January to May ) Index Returns Initial Investment: $100 (January to May )

20 Sources of Financing for Resource Companies Exploration, development, extraction and production of resources is capital intensive Landscape for financing has changed Well capitalized companies with cleaner balance sheets remain well positioned Industry accustomed to volatility but companies need to be more creative to identify viable financing alternatives Consolidation / M&A activity Private placements Public markets

21 Outline 1.Toronto Stock Exchange & TSX Venture Exchange Overview 2.Impact of Global Financial Situation on Energy & Mining Companies 3.Accessing Capital in the Current Economic Environment

22 Canada and the Canadian Economy Solid Stable Significant

23 Majority of financings YTD 2009 are for gold producers, and those companies in production - generating positive cash flow Metals & Mining Continue to Access Capital 2009 YTD Mining Financings - Metal Source: CanaccordAdams, FP Infomart, common equity financings greater than Cdn$ 1.5 million 2009 YTD Mining Financings - Stage Gold – 51%

24 Canadian energy financings have been represented by large cap oil & gas issuers (80%) Demand for large issuers with oil sands exposure Investor Appetite for Energy in the Canadian Capital Markets Source: CanaccordAdams, FP Infomart, common equity financings greater than Cdn$ 1.5 million YTD Energy Financings – Market Cap2009 YTD Energy Financings - Material

25 Methods for Going Public on Toronto Stock Exchange or TSX Venture Exchange

26 Other Considerations Tailored listing requirements for mining, oil & gas and other industrial sectors Mining and energy companies required to report their reserves / resources in compliance with NI for mining and NI – both of which are globally recognized standards in technical disclosure JORC, SAMREC, etc. resource and reserve standards are recognized for purposes of reporting under NI IFRS Accounting/Audit Standards and U.S. GAAP accepted without reconciliation No requirement for Canadian officers / directors but senior market public company experience is required Timelines for listing vary significantly depending on company’s readiness

27  Excellent access to capital for smaller exploration and early development staged companies  Listing criteria and transaction policies specific to resources  Balanced corporate governance approach & flexible structure facilitates fast equity raisings  First in mining and energy by number of listed companies  TMX Group mining companies have 10,000 projects around the world; 50% are outside of Canada  Able to finance international projects even in high risk places  Large analyst community that covers juniors & seniors Access to Capital Global Visibility Benefits for Resource Companies  Strong trading liquidity for mining & energy  Graduation potential up to senior market as company grows  Vibrant investor base that understands resources Strong Trading Liquidity

28 Cindy Gray Senior Manager, Global Energy Toronto Stock Exchange / TSX Venture Exchange 10th Floor, 300 – 5th Ave SW Calgary, AB T2P 3C4 CANADA