1. A Capital Opportunity for Israeli Companies
Listing on Toronto Stock Exchange and TSX Venture Exchange
Raymond D. King, MBA
Senior Manager, Global Diversified Industrials
Listings Business Development
1

2. Canada and the Canadian Economy
Solid
Stable
Significant
Canada is recognized as a G8
country with surplus budgets
2

3. Outline
Who is TMX Group?
Toronto Stock Exchange and TSX Venture Exchange
Our Sector Strengths
TSX and TSXV Advantage
Appendix: Listing Requirements and Fees
3

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

5. TMX Group has weathered the global capital
market upheaval
+91% +31% +318%
S&P/TSX Venture S&P/TSX Composite S&P/TSX Diversified
Composite Index Index Metals & Mining Index
+54% +38% +70% TSX new equity
S&P/TSX Capped Info S&P/TSX Energy
financing
Tech Index Index
Index Returns from December 31 2008 to December 31 2009, Source: Capital IQ
5 Equity Financing Numbers YTD December 31 2009

6. TMX Group - Global Leader in Equities
th
8largest
exchange
group
By domestic market cap1
1st in North America 6th
largest
exchange
2ndglobally group
By equity capital raised2
By number of issuers 1
1Issuers on TSX and TSXV (WFE, Dec 2009)
6 2(WFE and Capital IQ, Dec 2009)
6

7. Understanding the North American Stock Markets
Continuum
NYSE
•Senior listing standards
NASDAQ
• Disclosure rules
• Junior listing
standards
OTCBB
CNQ •Minimal/No listing
OTC - Pink standards
Sheets
7

8. Market Comparison: TMX Group, AIM, NASDAQ
Market Data for 2009 (C$)
TSX TSX and
TSX Venture TSXV AIM Nasdaq
Number of Issuers Listed 1462 2178 3640 1293 2852
Quoted Market Value
(C$ Billions) $1,771.9 $35.8 $1,807.7 $100.8 $3,699.4
Going Public Activity 100 202* 302 36 131
Equity Capital Raised
(C$ Billions) $60.0 $4.8 $64.9 $9.8 $121.0
Volume Traded
(Billions of Shares) 118.5 46.2 164.7 205.7 N/A
Value Traded
(C$ Billions) $1,398.4 $16.0 $1,414.4 $59.9 $33,061.8
Number of Trades
(Millions) 191.3 5.3 196.6 4.0 3996.4
As at December 31, 2009
8 Source: TSX/TSXV Market Intelligence Group, AIM and Nasdaq Websites, WFE, Capital IQ

9. Unique Equity Market Structure
20 graduates in 2009
2,178 companies 1,462 companies
45 graduates in 2008
TSX Venture Exchange Toronto Stock Exchange
• Access to capital for earlier stage companies • Senior market for well established
or smaller financings businesses and management teams with
experience in public markets
• Total market cap of $36 Billion & average
market cap of $16.4MM • Total market cap of $1.8 Trillion & average
market cap of $1.2B
• Cost effective stepping stone for international
companies looking to list on a quality North • 30% of TSX issuers >$500M are interlisted
American market on a US exchange
• Exchange mandate to mentor management of • Access to larger, more international
newly public companies institutional investors and greater analyst
• Streamlined graduation to TSX when senior coverage
market requirements are met • Globally visible specialized indices
• 103 year history • 157 year history
9

10. TMX Group Serves Companies at all Stages of Growth
Market capitalization
Toronto Stock Exchange and TSX Venture Exchange
Unique feeder system
As at December 31, 2009
93%
% of TSX Issuers
% of TSXV Issuers 451
graduates
+ 73 M&A*
35% 32% 33%
512 2036 472
6% 478
Issuers Issuers Issuers Issuers
1% 15
127 Issuers
*From January 1, 2000 – December 31, 2009
<$50 Million $50 - $250 Million >$250 Million
Toronto Stock Exchange issuer base: 1,462 issuers, ~$1.8 trillion market cap
TSX Venture Exchange issuer base (excludes NEX): 2,178 issuers, ~$35.8 billion market cap
10
10

11. International Investment Community Trades
on Toronto Stock Exchange
25 International Brokers including:
Barclays Capital TSX Average Daily Volume
Citigroup (Millions of Shares Traded)
CSFB
Deutsche Bank
Goldman Sachs
HSBC 473.2
JP Morgan 435.2
382.1
Macquarie Capital Markets 326.9
Merrill Lynch 220.9 242.7 255.6
Morgan Stanley
Raymond James
Thomas Weisel
State Street 2003 2004 2005 2006 2007 2008 2009
UBS
80 Canadian Brokers including:
BMO Nesbitt Burns
Canaccord
CIBC World Markets ~35% of TSX daily trading originates from
GMP Securities International brokers for their institutional
RBC DS
Scotia Capital Markets and retail clients
TD Securities
National Bank Financial
11

12. A Diverse Pool of International Companies are
Listed on TMX Group’s Equity Exchanges
TMX Group International Listings TMX Group International Listings
by Country/Region by Sector
Clean
UK/Europe, 18, Oil & Gas, 25, 9% Technology, 21,
6% Australia/New 7%
Diversified
Zealand/Papua
Industries, 59, Financial Services
China, 50, 18% New Guinea, 33,
21% & Products, 20,
12%
7%
South
Africa/Africa, 11,
4%
Tech, 15, 5%
Central &
S.America, 9, 3%
Life Sciences, 13,
5%
Other*, 11, 4%
USA, 149, 53%
Mining, 128, 46%
Total International Listings as at December 31, 2009 = 281
Total International Listings as at December 31, 2009 = 281
TSX = 155 listings, QMV=$74.8B
TSX = 155 listings, QMV=$74.8B
TSXV =126 listings, QMV= $3.2B
TSXV =126 listings, QMV= $3.2B
*Other includes Caribbean, Channel Islands, Guernsey
12

13. Outline
Who is TMX Group?
Toronto Stock Exchange and TSX Venture Exchange
Our Sector Strengths
TSX and TSXV Advantage
Appendix: Listing Requirements and Fees
13

14. Benefits of Going Public
14

15. Methods for Going Public on Toronto Stock
Exchange or TSX Venture Exchange
15

16. Canadian equity marketplace is ideal for small to mid-cap IPOs
Total IPOs in Canada and U.S.
Average amount raised during IPO (2009)
U.S. markets: US$396.8 million
TSX: US$69.5 million
TSX Venture: US$4.0 million
Canada 233
USA 208
197 199
187
165 158
145
94 96
81 80
63
31
2003 2004 2005 2006 2007 2008 2009
Source: Hoovers IPO Central
16

17. Completing an IPO in Canada and Listing on TSX
Key Week
Events 1 2 3 4 5 6 7 8 9 10 11 12 13 14
Planning
Planning
Meeting
Securities
Filing Comments from Securities Response to File Final
Commission Drafting Preliminary Prospectus
Prospectus Commissions Comments Prospectus
Submission
Listing &
TSX Conditional
Advisory with TSX Filing " initial documents" Commencement
Application Approval for Listing
of Trading
Legal Ongoing Legal Work
Due
Due Diligence by Underwriters, including formal review sessions with Management, Counsel and Auditors
Diligence
Preparation of Marketing Documents and Roadshow Presentation Investor Presentations
Marketing Institutional One-on-One
Meetings
Pricing Pricing
Closing and
Closing
Settlement
17 *Assumes concurrent financing

18. Capital Pool Company™ (CPC) Program has a Strong Track Record
Since inception:
•Over 2050 CPCs were created
•80% have completed their QT – over
1600 companies
•329 Graduates now trade on TSX
•96 of the grads were CPCs
18

19. Why Companies Consider TSX and TSX Venture Exchange
Unique Public • Access to Capital
Market for small
• Liquidity
to mid cap tech
companies • Visibility
19

20. Access to Capital: All time record year for
financing on TSX despite global market challenges
Equity Financing on Toronto Stock Exchange and TSX Venture Exchange 1997 to 2009
($ Billions)
70
64.9
60
60.0
52.2 58.8
50
49.7 47.6
46.2
40 41.8 40.8
31.5 32.5
35.3
30 25.9 25.5 27.3
22.0 29.1 28.4
25.9 19.2 25.8
20 23.1
15.5 20.9
19.2
15.5 11.1
10 7.9
6.1 5.5 4.8
4.1
2.4 1.1 1.4 2.4
0
1997 1998 1999* 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
Toronto Stock Exchange TSX Venture Exchange
20 *TSX Venture Exchange commenced operations on November 29 1999