Canada s Top 100 Corporate R&D Spenders 2016

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1 Bombardier Inc.* $2,293,988 $2,022, $23,236, Aerospace 2 3 Magna International Inc.* $639,350 $585, $41,089, Automotive 3 2 BlackBerry Limited* ++ $599,710 $785, $2,761, Comm/Telecom Equipment 4 4 BCE Inc. $530,300 $546, $21,514, Telecommunications Services 5 7 Canadian Natural Resources Limited $527,000 $450, $12,795, Energy/Oil & Gas 6 5 Pratt & Whitney Canada Corp. (fs) $518,000 $542, nd Aerospace 7 6 IBM Canada Ltd. (fs) $477,000 $466, nd Stware & Computer Services 8 13 Valeant Pharmaceuticals International, Inc.* $427,597 $271, $13,357, Pharmaceuticals/Biotechnology 9 8 Rogers Communications Inc. $425,287 $418, $13,414, Telecommunications Services Constellation Stware Inc.* $349,325 $287, $2,350, Stware & Computer Services Ericsson Canada Inc. (fs) $316,000 $315, nd Comm/Telecom Equipment Apotex Inc. $274,505 $311, $1,875, Pharmaceuticals/Biotechnology CGI Group Inc. $257,177 $262, $10,287, Stware & Computer Services Open Text Corporation* $251,253 $195, $2,368, Stware & Computer Services TELUS Corporation $206,000 $194, $12,502, Telecommunications Services Suncor Energy Inc. $200,000 $150, $29,589, Energy/Oil & Gas Imperial Oil Limited $195,000 $175, $26,756, Energy/Oil & Gas General Motors Canada Limited (fs) $190,000 $190, nd Automotive AMD Canada (fs) $185,422 $206, $372, Electronic Systems & Parts Mitel Networks Corporation* $168,021 $130, $1,480, Comm/Telecom Equipment BRP Inc. ++ $164,400 $158, $3,829, Transportation CAE Inc. $138,900 $149, $2,246, Aerospace Sani (fs) (a) $133,300 $130, $694, Pharmaceuticals/Biotechnology Hydro-Québec $130,000 $106, $13,754, Electrical Power & Utilities RE$EARCH Infosource Inc Unauthorized reproduction prohibited 1

2 MDA $129,266 $138, $2,117, Stware & Computer Services Cisco Canada (fs) $114,926 $104, nd Comm/Telecom Equipment Sierra Wireless, Inc.* $95,390 $91, $777, Comm/Telecom Equipment Pfizer Canada Inc. (fs) $95,185 $68, $1,107, Pharmaceuticals/Biotechnology Huawei Canada (fs) $93,840 $52, nd Comm/Telecom Equipment Cenovus Energy Inc. $91,000 $124, $13,604, Energy/Oil & Gas PMC-Sierra Ltd. (fs) * + $87,781 $78, nd Electronic Systems & Parts Bayer Inc. (fs) $84,300 $57, $860, Pharmaceuticals/Biotechnology GlaxoSmithKline Inc. (fs) $80,907 $110, $848, Pharmaceuticals/Biotechnology Janssen Inc. (fs) $74,749 $73, $1,714, Pharmaceuticals/Biotechnology Amgen Canada Inc. (fs) $72,800 $73, nd Pharmaceuticals/Biotechnology Linamar Corporation $71,937 $70, $5,162, Automotive 37 Amaya Inc. $68,312 $25, $1,371, Stware & Computer Services Westport Innovations Inc.* $67,761 $85, $132, Transportation Arbutus Biopharma Corporation* $65,859 $42, $31, Pharmaceuticals/Biotechnology Evertz Technologies Limited $64,332 $60, $363, Comm/Telecom Equipment EXFO Inc.* $64,124 $57, $284, Medical Devices & Instrumentation Novelis Inc. (fs) * $63,935 $49, $14,253, Mining & Metals 43 9 Atomic Energy Canada Limited (b) $63,800 $64, $141, Engineering Services Redknee Solutions Inc.* $61,416 $68, $284, Stware & Computer Services Syncrude Canada Ltd. $58,698 $112, nd Energy/Oil & Gas SMART Technologies Inc.* $55,759 $45, $630, Computer Equipment 47 Novartis Pharmaceuticals Canada Inc. (fs) $53,000 $76, nd Pharmaceuticals/Biotechnology Shell Canada Limited (fs) * $52,427 $55, $5,632, Energy/Oil & Gas RE$EARCH Infosource Inc Unauthorized reproduction prohibited 2

3 Shopify Inc.* $52,145 $30, $262, Stware & Computer Services ProMetic Life Sciences Inc. $51,570 $36, $24, Pharmaceuticals/Biotechnology Ontario Power Generation Inc. $50,000 $84, $5,476, Electrical Power & Utilities Transition Therapeutics Inc. + $49,210 $17, $0 Pharmaceuticals/Biotechnology Titan Medical Inc.* $48,863 $11, $0 Medical Devices & Instrumentation Dorel Industries Inc.* $48,073 $39, $3,431, Other Manufacturing Teck Resources Limited $47,000 $20, $8,259, Mining & Metals TransCanada Corporation $46,600 $38, $11,300, Energy/Oil & Gas Pharmascience Inc. $44,614 $45, $730, Pharmaceuticals/Biotechnology Enghouse Systems Limited $42,357 $38, $279, Stware & Computer Services Descartes Systems Group Inc.* ++ $40,014 $31, $236, Stware & Computer Services Cascades Inc. $37,813 $36, $3,861, Forest & Paper Products Martinrea International Inc. $36,958 $38, $3,866, Automotive Trican Well Service Ltd. $34,900 $45, $1,188, Energy/Oil & Gas Thales Canada Inc. (fs) $33,100 $26, $488, Electronic Systems & Parts AstraZeneca Canada Inc. (fs) $32,914 $19, $668, Pharmaceuticals/Biotechnology Monsanto Canada Inc. (fs) + $32,864 $32, $729, Agriculture & Food Pason Systems Inc. $31,733 $35, $285, Stware & Computer Services Performance Sports Group Ltd.* $31,712 $20, $837, Other Manufacturing Avigilon Corporation $31,548 $24, $369, Computer Equipment Sandvine Corporation* $31,214 $27, $157, Comm/Telecom Equipment 70 Cynapsus Therapeutics Inc. $27,402 $6, $0 Pharmaceuticals/Biotechnology SNC-Lavalin Group Inc. $26,775 $28, $9,586, Engineering Services Lockheed Martin Canada (fs) $22,635 $21, $389, Aerospace RE$EARCH Infosource Inc Unauthorized reproduction prohibited 3

4 Novadaq Technologies Inc.* $22,440 $11, $81, Medical Devices & Instrumentation Celestica Inc.* $22,249 $21, $7,411, Electronic Systems & Parts AEterna Zentaris Inc.* $22,106 $26, $1,120 Pharmaceuticals/Biotechnology Canadian Solar Inc.* $21,810 $13, $4,434, Energy/Oil & Gas Kinaxis Inc.* $21,464 $17, $116, Stware & Computer Services Ballard Power Systems Inc.* $20,723 $15, $72, Machinery Aurinia Pharmaceuticals Inc.* $20,436 $10, $300 Pharmaceuticals/Biotechnology Winpak Ltd.* $19,643 $15, $1,019, Rubber & Plastics Concordia Healthcare Corp.* $19,170 $10, $504, Pharmaceuticals/Biotechnology Trillium Therapeutics Inc. $18,604 $10, $0 Pharmaceuticals/Biotechnology 83 Clementia Pharmaceuticals Inc. $18,595 $8, $0 Pharmaceuticals/Biotechnology Servier Canada Inc. (fs) $18,400 $40, $294, Pharmaceuticals/Biotechnology Computer Modelling Group Ltd. $18,313 $16, $84, Stware & Computer Services ViXS Systems Inc.* ++ $18,311 $19, $33, Electronic Systems & Parts DragonWave Inc.* ++ $17,142 $18, $110, Comm/Telecom Equipment Northland Power Inc. $16,345 $21, $728, Electrical Power & Utilities Halogen Stware Inc.* $16,303 $13, $84, Stware & Computer Services IMAX Corporation* $16,278 $17, $477, Other Services 91 UrtheCast Corp. $15,688 $3, $36, Stware & Computer Services Mediagrif Interactive Technologies Inc. $15,347 $14, $70, Stware & Computer Services Resolute Forest Products Inc. (fs) $15,300 $14, $2,790, Forest & Paper Products Absolute Stware Corporation* $14,696 $12, $119, Stware & Computer Services ShawCor Ltd. $13,664 $13, $1,810, Other Manufacturing QLT Inc.* + $12,518 $15, $0 Pharmaceuticals/Biotechnology RE$EARCH Infosource Inc Unauthorized reproduction prohibited 4

5 Héroux-Devtek Inc. $12,500 $20, $364, Aerospace 98 Intertape Polymer Group Inc.* $12,095 $8, $999, Rubber & Plastics Tesco Corporation* $11,761 $10, $357, Energy/Oil & Gas 100 Nymox Pharmaceutical Corporation* $11,061 $5, $3, Pharmaceuticals/Biotechnology Notes: 1. Data were obtained through annual reports, financial statements, securities commission filings, or through a survey. 2. We have attempted, wherever possible, to provide gross R&D spending before deduction investment tax credits or government grants. 3. We have attempted, wherever possible, to provide revenue net interest and investment income. 4. R&D spending figures may have been adjusted as more accurate information became available. 5. Canadian-owned company results included worldwide revenue and R&D spending; foreign subsidiaries (fs) included revenue and R&D spending for their Canadian operations only. *Converted to CDN$ at annual average = , 2014 = (Bank Canada) **Based on companies with $2 million or more revenue + Not current name/acquired/merged ++ Fiscal 2016 results were used for year-ended January or February fs = Foreign subsidiary (includes revenue and R&D spending for Canadian operations only) nd = Not disclosed (a) Sani Pasteur Limited and Sani-Aventis Canada Inc. (including Genzyme Canada). (b) Atomic Energy Canada Limited revised their reporting for, the figure has been adjusted accordingly. RE$EARCH Infosource Inc. is Canada s source R&D intelligence For further information visit RE$EARCH Infosource Inc Unauthorized reproduction prohibited 5

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