 My name is Orly Wertheim, I work for Toronto Stock Exchange and TSX Venture Exchange and I head up the business development for the mining sector. Today what I'd like to do is speak briefly, but what I'd like to do is provide a very short overview about our markets, I know many of you in the room are familiar. And I'd like to talk a bit more specifically about our markets in terms of the mining sector and in terms of clean technology. And then I'll provide you with a bit of a market update and what we saw last year and what we've been seeing in the first quarter of this year. So just a bit of an overview of Toronto Stock Exchange and TSX Venture Exchange. As many of you probably do know, we have two markets that are both owned by TMX Group which is the parent company that owns those two exchanges. TSX Venture Exchange is the junior market which is intended for companies at an earlier stage of development and Toronto Stock Exchange is the senior market which is for companies that are further along in their development. It's no secret that over the past three or four years it's been a very difficult market specifically for mining we've seen very challenging times, but I would say that has not been something that's been specific to Canada, specific to TSX Venture Exchange or Toronto Stock Exchange, but it has been something that we've been seeing globally. And actually when you look at the stock exchanges overall, we've actually done fairly well in terms of overall rankings. So for last year we ranked number two in the number of IPOs and new listings. Number two in terms of the number of international IPOs and new listings. And number six in equity capital raise in terms of exchanges. But what I find really interesting is if you look at the right of the slide here, you'll see that in terms of country rankings Canada actually ranks number three in terms of equity capital raise. So I think sometimes there's a perception that Canada is a small market in the global context however, in 2015 that was actually proved to be quite wrong and we ranked right underneath USA and China and before Australia and the UK. So I've been working for the exchanges for almost 10 years now and over 10 years I've seen quite a bit of changes and I think that some of these changes have been slowly taking place over a longer period of time than that. But what I've really noticed and what I find very interesting is that the exchanges have become quite a bit more international and I would say that's not only the exchanges in Canada but just in terms of the exchange landscape I think that more and more so we're seeing that participants are trading more globally, companies are listing more globally. So it used to be that if you were a Canadian company you would automatically list in Canada, an Australian company in Australia and I think over time that's changed and companies are really looking at what is the best option for them as opposed to just only what their local exchanges. So we currently have 245 non-Canadian companies listed on our markets. Over half of those companies are in the mining space and when you look at the geographical makeup of those companies, 126 of them are from the US. Some areas where we are seeing growth I would say would be Latin America, we're seeing quite a few companies from Brazil, from Chile, we have seen a few companies from Columbia come and access capital on our markets. Most of those companies have been in the resource space in both mining and oil and gas. There are 22 Australian based companies listed on our markets. About two years ago that number was much higher I would say closer to about 45 companies. Most of those companies are companies that are dual listed so they originally went public on the ASX and subsequently dual listed on the TSX or the TSX venture exchange. Given the challenging markets we've seen quite a few companies drop their secondary listings but I would say as the markets pick up we will see continued interest in dual listing and I would say in the first quarter of this year we've seen a number of inquiries from Australian companies that are very interested in dual listing again and tapping into the ability to access capital in the North American markets. So the previous slide looked at where companies internationally, what the makeup of our stock list is in terms of international companies and this looks at the other end of things. So it looks at where the capital is coming from and I think that this is very interesting particularly for international companies looking at a North American listing. I think it's very important to note that over 40% of the average daily trading volume on Toronto Stock Exchange actually originates from outside of Canada. Most of this number is from the US and then second to that is U.K. and Europe. But it's quite interesting if you look at our trading volumes on a holiday in the US you do see a significant dip in the volumes and I think it just indicates how much trading there is coming from the US and I think that what we see is a lot of that trading volume does come from our mining stocks as well as our oil and gas stocks. You also see many names up on the slide that you'll recognize so 25% of the TSX and TSXV member firms are headquartered outside of Canada and some of the big names are up on the slide here. So I mentioned previously that we do have our two markets TSX Venture Exchange and Toronto Stock Exchange. This is a very unique model the one that you don't see in many parts of the world where you have two exchanges working together offering early stage companies a platform to start their business raise venture capital in a well regulated environment with the opportunity to graduate when they've reached a certain point in their development when they meet the requirements from the senior board and as well when they feel that it's well suited for their company. So since 2000 we've had 600 614 companies graduate from the TSX venture exchange to the Toronto Stock Exchange and 266 of those companies are mining companies. Many of the companies that you'll see listed on the slide here are now some of the largest companies on the Toronto Stock Exchange and they actually started on the TSX Venture Exchange. So a lot of people are actually surprised by some of the names that are up there. Some are actually quite recent graduates. I think in the first quarter of this year we've seen a number of venture companies consider graduation and I think that's come as soon as we started seeing the markets improve we started seeing a lot more interest from venture companies and graduating to Toronto Stock Exchange which is always a great thing from our perspective. So this slide here gives you an idea of where our companies are in terms of the sector that they're working in. No surprise the biggest chunk is mining with over 1300 companies on the mining space but another very important area for us is clean technology and part of the reason why we felt it was important for us to participate in this conference is the intersection between the two and our exchanges strength in both of them. So there are currently 112 clean technology companies listed on both of our exchanges working in a wide ray of clean technology markets. So what I'll do now is just talk briefly about each of those sectors. So first starting with clean technology we are number one in terms of listed clean technology and renewable energy companies. We have many issuers from Canada but as well we've seen a lot of companies international companies come from the US Europe and Asia and I would say we're seeing right now a lot of interest from both the US and Europe in clean technology and we think that that's a trend that will continue to grow. The 112 companies that are listed in the clean technology space have a market capitalization of 30 billion and in 2015 $2.4 billion were raised by those companies. Interesting fact as well is that 90 percent of those clean technology and renewable energy companies do have analyst coverage and there are over 100 analysts that do cover the sector and those companies listed on Toronto Stock Exchange and TSX Venture Exchange. So in terms of the mining sector we are globally number one in listed mining companies. So as I mentioned over 13 company 1300 companies with our closest competitor being the ASX at just over 600 companies. We're also number one in terms of mining equity capital raised. So over the past five years 97 billion has been raised by TSX and TSX Venture mining companies. This is looking at last year so 53 percent of the number of equity financings globally were done on Toronto Stock Exchange and TSX Venture Exchange and that represents $6.8 billion that was raised and that was done through over 1100 transactions. So I always think that the interesting thing to take away from this slide is the $6.8 billion is really impressive but I think what's more impressive is the 1100 separate financing transactions that did happen and I think that's particularly important in the mining space where companies are continuously needing to go back to the market and raise money as opposed to raising one large amount of money every number of years. We see companies go back to market sometimes two or three times a year and raising money. So this slide here started to get a bit messy when I was working on it. This gives you the breakdown of issuers on TSX and TSXV by primary metals and I started kind of going through and looking at what metals were relevant to this conference and I think I missed a couple especially lead but I realize that quite a few of them actually are. So there are you know quite a few companies here that are represented on our place that are attending here at this conference today and we've seen a lot of interest in companies in the lithium space in particular over the past couple of months and have seen a lot of growth in that area. So this slide I'm particularly excited about as far as slides go because it's the first time in a while that I've had some good news to tell. So this slide here gives you the index performance of firstly the metal and minings index which you could see in brown and that is up 66 percent year to date. So quite amazing compared to where we were at last year so we're very excited about. As well TSX Venture Exchange index which we've seen struggle we've seen many companies on the TSX Venture Exchange struggle that is at over 27 percent year to date and the TSX Composite index is up close to six percent. So we're actually seeing some positive momentum and we're seeing many of the companies listed on our markets continue to appreciate and share price and continue to grow. So we recognize it's still a very challenging time but we are seeing some positive momentum. So I won't go much into these slides this just gives you an idea of 2015 some of the largest mining financings that we saw on Toronto Stock Exchange. So was a very challenging year but we did see quite a large number of financings. So we saw that the value raised didn't go down substantially from the previous year however we did see fewer transactions on the Toronto Stock Exchange. Here we see the largest mining financings on the TSX Venture Exchange and happy to see Largo resources up there as the largest financing on the TSX Venture Exchange and finally the TSX Venture 50. So I'm not sure if you're familiar with this but the TSX Venture 50 is an annual ranking that we do across sectors on the TSX Venture Exchange where we look at a number of factors in the venture companies and go across sector and choose the 50 what we consider to be best performing companies on the venture exchange. 10 of those companies every year are in the mining space and I wanted to highlight this because I think it's really interesting to see that there are two lithium companies up there and two graphite companies up there some of which are here today so we have Pure Energy Minerals, Namasko Lithium, we have Alcora Advanced Materials Corp and Canada Carbon Inc. So I think that really shows the momentum that's currently going on in the sector and those companies did have a great appreciation both in terms of share price and their market capitalization. So just before I finished up I just wanted to mention something that we are working on at the exchange companies on the TSX Venture Exchange have had quite a challenging time over the past number of years and what we've done I would say over the past year and a half is do a bit of public consultation to really see what we could do to help improve the markets create a better environment moving forward. This is a process that we're very committed to it does take time to get it implemented but we did hold a series of town halls across the countries we put out a white paper we've had numerous discussions over the past year I know our president of the TSX Venture Exchange John McCosh has been out there speaking to many of our issuers and these are some of the commitments that we've made towards revitalizing Canada's public venture market and those are focused on reducing costs increasing capital liquidity and diversifying the stock list. So this is something I'm happy to talk to anyone about I don't want to go into too much detail but we're very much committed to working on doing what we can to make the markets thrive I think it's very important for all of us here today and what we have in Canada is something that is quite unique and something that I think we need to fight to continue to grow so I'm always happy to take any feedback and I know that on our website there's a lot of information and opportunity for people to leave comments and feedbacks so that's all for me today