1. Vantaggi Competitivi: Investimenti in Ontario October 27, 2011

3. PROFILO ECONOMICO

4. Ontario: Potenza Economica del Canada Percentuali Ontario rispetto al Canada Figures for 2010. Sources: Ministry of Finance, Industry Canada, Statistics Canada, 2011 38% GDP ( PIL) 39% Popolazione 39% Reddito individuale ( Personal Income ) 43% Servizi Finanziari per l’impiego (Financial services employment) 48% Occupazione settore ICT 46% Prodotti Manifatturieri 39% Beni esportati

5. Ontario è la prima giurisdizione in Nord America per il FDI Top Ranking Foreign Direct Investment Destination States/Provinces in North America by Estimated Jobs in 2010 Source: FDI Markets; April 21, 2011: The Financial Times Ltd 2011 ( www.fdiintelligence.com )

6. La giurisdizione manifatturiera dell’Ontario è al terzo posto nei mercati USA e Canada . Occupazione espressa in milioni Sources: Bureau of Labour Statistics for US States and Statistics Canada for Ontario and Quebec.

7. 2010-11 Il debito netto dell’Ontario in relazione al PIL risulta essere molto al di sotto rispetto ai dati dei paesi del G7 e del 50% inferiore a quello degli USA. Note: Net debt measures are not always comparable across countries due to different definitions and treatment of debt (and asset) components. Sources: IMF World Economic Outlook (April 2011) and Ontario Financing Authority.

8. p: projected Source: Ontario Ministry of Finance; Statistics Canada Proiezione Economica a 3 anni: Solida Crescita Economica per l’Ontario 2009 2010 2011 p 2012 p 2013 p Crescita Reale del PIL -3.6% 3.2% 2.2% 2.5% 2.7% Aumento dell’occupazione -2.4% 1.7% 1.7% 1.8% 1.9% CPI Inflation cambio medio nel tempo per I prezzi pagati dai consumatori in riferimento al mercato di beni e servizi per i privati 0.4% 2.3% 2.1% 2.0% 2.0%

10. ENERGIE ALTERNATIVE Fotovoltaico Solare Termico Eolico Biomasse – Cogenerazione Water Technologies

12. Forti Opportunità per costruttori e produttori del settore Eolico L’Ontario è ben posizionato per I costruttori; I produttori possono trarre un notevole vantaggio stabilendosi nel mercato Canadese, come dimostrano le stime di mercato domestico e statunitense Source: www.canwea.ca

16. Ontario: Feed-in Tariff Solar Rates *On projects submitted after July 2, 2010. Prior rate was 80.2 ¢/kWh *Eligible for Aboriginal or community adder Contract term is 20 years MW – megawatts kW - kilowatts 0,45 c/€ Technology Size Tranches ¢/kWh (CDN) Solar PV Rooftop ( Tetto ) ≤ 10 kW 80.2 Rooftop > 10 – 250 kW 71.3 Rooftop > 250 – 500 kW 63.5 Rooftop > 500 kW 53.9 Ground Mounted + ( a terra ) ≤ 10 kW 64.2 Ground Mounted * > 10 kW ≤ 10 MW 44.3

17. Impianti di Produzione di Pannelli Solari in Ontario - 1 *The list contains announced, planned and operational plants AQ Solar (Evergreen Power/ASOLA JV) Crystalline PV modules (mid-2011) Arise Technologies Corp. Solar grade silicon – pilot production Calisolar Inc (formerly 6N Silicon) Solar grade silicon Canadian Solar PV Modules (early 2011) Canasia Solar Corp. PV Modules (2011) Cleanfield Energy Corporation Nanowire PV Cell Development Cyrium Technologies Development of solar cells for concentrated photovoltaics Eco Energy Solar electronics, charge controllers, low voltage disconnectors for PV systems Everbrite Thin film solar panels (2010) Glenergy Inc. Small solar-powered lights, alternative energy equipment distribution, design and installation services Greenpower Farms PV Modules (November, 2010) Heliene Canada PV Panels (September, 2010) Menova Energy Solar Concentrator to provide heat, hot water, and electrical power Morgan Solar Concentrated photovoltaics (2011) Opsun Panels PV Panels (Q3 2010) Photowatt Ontario PV Modules

18. *The list contains announced, planned and operational plants Impianti di Produzione di Pannelli Solari in Ontario - 2 PRISED Solar Inc. Silicon refinement development Quadra Solar Concentrated photovoltaics Routes Astro Engineering Space-grade solar panels for satellites Silfab SpA PV Modules (July, 2011) Siliken Renewable Energies PV Panels (Q2 2011) Solar Semiconductor PV Panels (2010) Solar Source Corp. of Canada/HHV PV Crystalline Panels (2011) Solera Sustainable Energies Company Photovoltaic system controls SolGate Solar panels, 75-230 watts Sustainable Energy Technologies Thin Film PV Modules (2011) Unconquered Sun Solar Technologies Solar panels, 220 watts

19. Produttori di Inverter e Sistemi di Montaggio in realizzazione* *The list contains announced, planned and operational plants Inverter Manufacturers Advanced Energy Industries Inc. (2010) Eaton Canada Flextronics – Enphase Energy (Microinverters) Fronius Canada (2011) Hybridyne Power Electronics KACO New Energy (2011) Magnatek, Inc. (2010) Power-One Inc./ SAE Power Company Schneider Electric (Xantrex) Siemens Canada Ltd. (2010) SMA Solar Technology AG (2010) Sparq Systems Inc. (Microinverters, 2010) Sunrise Power Sustainable Energy Technologies/ Melitron (2010) Mounting Manufacturers Abuma Manufacturing PLP Solar Anchor Danly Samco Solar Atlas Tube Sasco Strut Can Art Aluminum Extrusion Inc. Schletter Canada Conergy Ltd. Solar Power Products Conserval Engineering Steel Tree Structures DBMS Energy Solutions SUN Energy Development Corp. Dyco Solar Inc. Sunlink Solar Canada Extrudex Aluminum Triodetic Green Sun Rising True North Power NG Inc. HB Solar Unistrut Canada Opsun Panels

20. Ontario è al IV posto come capacità Solare Installata Megawatts (MW) Source: IREC 2010 Updates & Trends Note: 2009 figures

21. L’Ontario ha un enorme potenziale fotovoltaico grazie all’irraggiamento di cui gode Source: Natural Resources Canada

23. SETTORE AEROSPAZIALE

25. LIFE SCIENCES

27. Vantaggi sui costi della Ricerca&Sviluppo R&D Cost Advantage (%) Le aziende possono ottenere un rimborso fino al 41,5% delle spese R&S Ontario ha l’ 11.3% di vantaggio sui costi R&S rispetto agli USA Sources: Ontario Ministry of Finance and Canada Revenue Agency (2010) Sources: KPMG and MEDT (2010) Note: estimates effective July 1, 2010 Medi e Piccoli Produttori (pubblici, privati o esteri) spese R&S (generiche) Spesa Lorda $100.00 Spese al netto delle imposte $49.51

28. ONTARIO: Principale Centro di Life Sciences Sources: Rx&D, CGPA, HTX, Ernst & Young and Statistics Canada SETTORI ALCUNE INDUSTRIE IMPIEGATI RICAVI PHARMA Brand and Generic GSK, Pfizer, Apotex, Teva 15,500+ $ 8.3 Billion BIOTECHNOLOGY Amgen, Genzyme 5,000+ $ 2.8 Billion MEDIVAL ASSISTIVE DEVICE Baxter, Johnson & Johnson, 22,000+ $ 4.0 Billion CLINICAL SERVICES Patheon, Abbott 3,500+ N/A TOTAL In 2009, “Fierce Biotech” named Ontario one of the top five places in North America for biotech. 46,000+ $ 15.1 Billion

29. SELEZIONE DI AZIENDE Life Science in Ontario Brand Pharma Generic Pharma Biotechnology Medical Devices CMO CRO

30. Poli industriali in Ontario Life Science Toronto Ottawa-Hull Hamilton Kitchener Waterloo Legend = Total Establishments London Kingston

31. Il Distretto Discovery di Toronto: il più grande polo di Ricerca del Canada Source: TRRA, 2008

33. Investimenti Recenti Azienda Dettagli di Investimento $79.5M di capitale in infrastrutture per 24 nuovo mandati di produzione e creazione di 225 nuovi posti di lavoro $480M per la ricerca di nuovi vaccini per il cancro e la pertosse e l'ampliamento di impianti di produzione $250M investmento ultradecennale per espansione delle strutture $32M Sede Centrale Canadese e Ricerca Clinica $627M investmento per un nuovo stato dell’arte nella ricerca, sviluppo ed impianto di produzione. Creazione di 1,500 nuovi posti di lavoro $20M espansione per la produzione di penicillina e creazione di 50 nuovi posti di lavoro

34. INFORMATION COMMUNICATION TECHNOLOGIES

35. SETTORI ICT PHOTONICS E-HEALTH GREEN IT SECURITY SOFTWARE ANIMATION & SPECIAL EFFECTS DIGITAL MEDIA MICROELECTRONICS WIRELESS & TELECOM SOFTWARE & SYSTEM DEVELOPERS ICT

38. Esempi di Aziende ICT in Ontario Software Professional Services Hardware & Infrastructure Security Wireless and Telecom

40. Programmi ed Incentivi per l’Industria ICT Ontario Media Development Corporation *of eligible expenditures Digital Media, Gaming, Animation & Filming Incentivi* Interactive Digital Media Tax Credit credito d'imposta rimborsabile per il lavoro, il marketing e le spese di distribuzione per la creazione di prodotti multimediali digitali interattivi. http://www.omdc.on.ca/Page3400.aspx Rimborso dal 25%al 40% Computer Animation and Special Effects Tax Credit credito d'imposta rimborsabile per le animazioni al computer e attività di effetti speciali infilm o produzioni televisive. http://www.omdc.on.ca/Page3402.aspx Rimborso 20 % Ontario Sound Recording Tax Credit credito d'imposta per il supporto audio o la musica delle attività di registrazione video di un artista o di un gruppo emergente canadese. http://www.omdc.on.ca/Page3398.aspx Rimborso 20 % di produzione e spese di marketing Book Publishing Tax Credit Credito d'imposta per le case editrici per pubblicare e promuovere le opere di un autore canadese. http://www.omdc.on.ca/Page3397.aspx 30% sul credito di imposta per attività pubbblicazione libri fino ad un massimo di $30,000 per titolo Film and Television Tax Credit credito d'imposta rimborsabile per le produzioni cinematografiche e video. http://www.omdc.on.ca/Page3399.aspx 35 % fino al 40% Production Services Tax Credit credito d'imposta rimborsabile per quelle produzioni che non soddisfano i requisiti per il film e la televisione. http://www.omdc.on.ca/Page3401.aspx 25%

41. Investimenti Recenti Company Investment Details $67 milioni. investimento che creerà 200+ nuovi posti di lavoro in 5 anni per la R&S di telecomunicazioni e vendite Cifre riservate. Apertura di una filiale a Kitchener $500M investmento in uno Studio di Sviluppo di Software per Giochi, 800 posti di lavoro $200M investimento per espandere il centro di R&S $165 M per for its Canadian R&D capabilities in business communications integrated technology, supporting 350 jobs

42. ALTRI DETTAGLI SUL REGIME FISCALE AGEVOLATO ED INCENTIVI

44. *of eligible expenditures Ricerca& Sviluppo e Commercializzazione Incentivi* Ricerca scientifica e sviluppo sperimentale Canada Revenue Agency http://www.cra-arc.gc.ca/txcrdt/sred-rsde/bts-eng.html Fino al 35% del credito di imposta per I primi 3 milioni di dollari delle Aziende Private controllate dal Canada Qualificazione della ricerca scientifica e sviluppo sperimentale (SR & ED) le spese comprendono il 100% delle spese correnti e il 40% delle spese in conto capitale. www.rev.gov.on.ca/english/credit/oitc/index.html Rimborso del 10% credito di imposta per le spese SR&ED. Il credito annuale massimo è di $300,000 Collaborazione con Istituti di Ricerca Credito di imposta rimborsabile per aziende che sostengono spese relative ad un contratto stipulato con un Centro di Ricerca riconosciuto. Canada Revenue Agency http://www.rev.gov.on.ca/en/bulletins/ct/obitc_frost_0002.html 20 % credito di imposta fino a 4 milioni di dollari all’anno Innovation Demonstration Fund Partecipazione all’equity, credito garantito o a fondo perduto per supportare la commercializzazione di tecnologie innovative. Ministry of Research and Innovation http://www.mri.gov.on.ca/english/programs/idf/guidelines.asp Fino al 50 % dei costi di progetti approvati, da un minimo di $100K a $4 million Tax Exemption for Commercialization (OTEC) Supporta le start-up per bioeconomia, telecomunicazioni, computer e tecnologie digital media nella commercializzazione della proprietà intellettuale sviluppata da riconosciute Università o Colleges Canadesi. Ministry of Research and Innovation http://www.mri.gov.on.ca/english/programs/TaxExemptionCommercialization.asp Esenzione di 10 anni per le nuove società

45. *of eligible expenditures Venture Capital Incentives* Emerging Technologies Fund A $250 million fund over five years to co-invest alongside qualified investors into innovative, high-growth companies. Up to $5 million a year initial investment to leverage private sector capital in clean technology, life sciences and advanced health technologies, digital media, information and communications technology sectors. Ontario Capital Growth Corporation Program will make a direct co-investment into a successful company alongside the qualified investor Venture Capital Fund A $205 million fund of funds that makes investments primarily in qualified underlying funds. These underlying funds subsequently make investments into high-growth companies in IT, life science/healthcare and cleantech industries. For a list of venture capital funds active in under this program, go to the “Fund Finder” tab on the following website: An important catalyst to create a globally competitive and self-sustaining venture capital industry in . Financing Incentives Development Fund Businesses that invest $500,000 or more in qualified projects that create at least 10 jobs over five years are eligible for up to 15 per cent support. Firms must be located in and currently employ at least 10 people. Ministry of Economic Development and Trade Grant up to 15 per cent of the total eligible expenses to a maximum of $1.5 million per project Federal Economic Development Agency for Approximately $100 million has been allocated under the general intake of the Southern Ontario Development Program. Financial assistance supports competitiveness and productivity, innovation and commercialization, and economic diversification of the region. Refund 25 percent to 40 percent of eligible expenditures Small Business Financing Program Loans financing up to 90% of the cost of purchasing or improving land, buildings, leasehold improvements or new or used equipment. Industry Refund 20 percent of eligible labour expenditures

46. SERVIZI FINANZIARI

48. Servizi Finanziari Banking Life & Health, Property & Casualty Insurance Trust and Loan companies Credit Unions Caisses Populaires Securities Dealers Exchanges Asset/Wealth Management Credit Card Companies Mutual/Hedge/Pension Fund Administrators

49. Toronto: Sede dei Servizi Finanziari dell’Ontario With over 220,000 financial jobs, Toronto has the third largest North American financial services concentration. Ranked 8th in Fortune Global 500 Cities 50 of 56 foreign banks operating in Canada are based the Toronto area 7 of the 10 largest global hedge fund administrators 3 of the 4 largest property and casualty insurers in Canada 2 of the largest 10 global life insurers 3rd largest exchange in North America and 7 th worldwide 3 of the world's largest 25 banks and Canada's 5 largest banks 3 of the top 50 global pension funds 4/5 largest Investment management firms in Canada TORONTO

53. Programmi Governativi

55. Programmi Governativi di Supporto Per una lista completa dei Programmi Governativi di Supporto offerti dall’Ontario visitate il sito: http://www.sse.gov.on.ca/medt/investinontario/en/Pages/Government_Programs.aspx

56. ALCUNI DATI SULLA LOGISTICA E CORRIDOI DI TRASPORTO E COLLEGAMENTO

60. L’Ontario commercia un’ampia varietà di Beni le 5 categorie principali Figures for 2010. Exports figures are domestic exports (does not include re-exports). Merchandise Trade data at HS2 Level. All product descriptions have been shortened. Please see full description in the notes accompanying this slide. Source: Industry Canada (Data from Statistics Canada), June 2011 Imports Exports

61. Costi di Assistenza Sanitaria per I dipendenti inferiori rispetto agli USA Costi Assistenza sanitaria per un’impresa tipo Typical firm defined as having approximately 97 employees Source: MMK Consulting, 2010 (Special run for MEDT) il costo medio per i dipendenti in USA è circa 3 volte più alto rispetto all’Ontario

62. Costi di Business altamente competitivi Overall Business Costs Index (US=100) Sources: KPMG and MEDT 2011 Note: Index for Ontario was estimated by MEDT

63. Imposte competitive sulla Produzione 2011 Combined Federal and State/Provincial Manufacturing Income Tax Rate (%) Note: Michigan rate reflects the Corporate Income Tax rate in effect when the Michigan Business Tax is eliminated; Ohio rate reflects Commercial Activity Tax rate which is levied on gross receipts rather than income. Source: Ontario Ministry of Finance, based on legislation as of May 1, 2011

64. Calo dell’aliquota dell’Imposta sul Reddito Corporate Income Tax Rates on Manufacturing Source: 2011 Ontario Ministry of Revenue and Canada Revenue Agency 2011 2012 2013 Federale 16.5% 15.0% 15.0% Ontario 10.0% 10.0% 10.0% Combinate 26.5% 25.0% 25.0%

67. Comparazione Tasse - 2010 Source: MMK-KPG Competitive Alternatives 2010. Name of taxes varies across jurisdictions, but generic terms used include VAT (Value-added Tax), and GST/RST (General/Retail Sales Tax) Refundable sales taxes are just refundable for inputs, not for final consumptions services and goods. In some cases, the tax on final goods can be refunded as long as the use or consumption of the final product takes place out of the country where it was sold. Tasse sulle vendite non Rimborsabili (RST) Tasse sulle vendite Rimborsabili (IVA - VAT) Ontario 8% (Provincial, to be eliminated on July 1, 2010) 5% (federal) 8% (provincial, starting July 1, 2010, which will be combined with the federal one into a single harmonized rate of 13% HST) United States 4% to 7.25% (state) 1% to 6% (city) (Range provided, as rates vary by city and state. Few states and some cities do not have any RST) n/a France n/a 19.6% (federal) Germany n/a 19.0% (federal) Italy n/a 21.0% (federal) Netherlands n/a 19.0% (federal) United Kingdom n/a 17.5% (federal) Mexico n/a 16.0% (federal) Japan n/a 5.0% (federal)

68. Lo Scenario di Business del Canada si classifica come uno dei migliori del mondo Note: Average for 2009 - 2013 (score out of 10) Source: Economist Intelligence Unit (EIU). EIU Business Environment Index

69. Costo della Vita – Indici Toronto e Ottawa le meno onerose paragonate alle maggiori città americane ed europee New York = 100 Source: Mercer, Worldwide Cost of Living Survey 2009

70. Canada ha la Migliore Qualità della Vita nell’ambito dei Paesi del G7 Source: IMD, * Rank among 57 economies considered in the World Competitiveness Yearbook 2009.

71. Aziende Italiane con Investimenti in Ontario ABRIGO Advanced Manufacturing Agrex S.p.a. Advanced Manufacturing Ali Group S.p.A. Agrifood Autogrill S.p.A. Agrifood BEGHELLI Consumer Products BONFIGLIOLI RIDUTTORI S.p.A. Environment Calvi spa Advanced Manufacturing Caraglio SRL Advanced Manufacturing Compes (C.O.M.P.E.S.) Advanced Manufacturing Dynamic Technologies Automotive Ecopack S.p.A. Advanced Manufacturing Elettronica Santerno Environment Fenzi SpA Construction FERRARI Costruzioni Meccaniche Srl Construction Ferrero Agrifood Mapei S.p.A. Consumer Products MOLLIFICIO SpA Advanced Manufacturing Negri Bossi S.p.A. Plastics OFFICINE MACCAFERRI S.p.a. Construction Parmalat Agrifood PEREGO PINES Consumer Products PFM S.p.A. Advanced Manufacturing Prysmian Cables and Systems (formerly Pirelli & C. S.p.A.) Energy RIELLO BRUCIATORI R.B.L. S.p.A Advanced Manufacturing SALICE Consumer Products GROUP SpA Forestry Products SILFAB Environment SIEL Environment Solgenia ICT ST Microelectronics Srl Advanced Manufacturing URMET TLC S.p.A. ICT Util Industries S.p.A Advanced Manufacturing Gnutti Carlo S.p.A. Automotive Inglass Automotive Italcementi SpA Construction

72. ESTABLISHING A BUSINESS – ASSISTENZA GRATUITA DALL’ITALIA Il vostro Business Networking Confidenzialità

73. Ultime News CANADIAN BUSINESS.COM For any clients asking about the current economic situation in North America / Canada. “ Fresh data released Friday shows Canada's manufacturers posted a surprisingly robust 1.4 per cent jump in sales to $47.6 billion, almost three times expectations, while in the U.S., consumers bought enough autos, clothing and furniture in September to boost retail sales by 1.1 per cent” The Canadian Press Recession fears in North America recede on strong factory, consumer data By Julian Beltrame, The Canadian Press | October 14, 2011 […] Details of the Statistics Canada report show 11 of 21 industries reporting positive sales growth, with a 48 per cent surge in the aerospace sector leading the way. Transportation equipment sales were up seven per cent, the food industry 3.9 per cent and petroleum and coal products 2.7 per cent. Offsetting the gains, fabricated metal products were down seven per cent and primary metals 2.7 per cent. The Best Countries For Business 10/03/2011 @ 6:01PM |Forbes Canada ranks No. 1 in our annual look at the Best Countries for Business. While the U.S. is paralyzed by fears of a double-dip recession and Europe struggles with sovereign debt issues, Canada’s economy has held up better than most