I N F O B U L L E T I N

Feb. 7, 2014 I N F O B U L L E T I N Ministry of International Trade and Responsible for the Asia Pacific Strategy and Multiculturalism International trade mission costs summary VICTORIA The B.C. government today released summaries of costs for Premier-led and Minister-led missions and delegations to key markets throughout Asia in 2013. Costs and mission highlights are now available for Premier Christy Clark s Jobs and Trade Mission to China, Korea and Japan; Minister of International Trade Teresa Wat s extended mission to China; Minister of Natural Gas Development Rich Coleman s business development trip to Korea, China and Malaysia; Minister of Forests, Lands and Natural Resource Operations Steve Thomson s forestry mission to Japan and China; and Finance Minister Mike de Jong s trip to Beijing as B.C. became the first foreign government to issue bonds into the Chinese Renminbi market. Countries and markets throughout Asia are developing quickly and changing their energy mix. They are looking for new solutions and partners, and these trade missions and business development trips delivered the message that British Columbia is open for business across a range of priority sectors. Jobs and Trade Mission 2013 and Minister Coleman s business development trip promoted British Columbia s developing liquefied natural gas (LNG) industry and its competitive advantages in priority markets. They advanced government-to-government energy cooperation in countries where those relationships are the key to securing investment, and where the size of the market and consumer base offer significant opportunities. In three meetings with provincial and municipal leaders the governor of Sichuan and mayor of Chongqing in China, and the governor of Korea s Gyeonggi province Premier Clark was able to connect with officials representing over 120 million people. All of the missions and business development trips included a focus on China, which is British Columbia s second largest trading partner. China s huge demand for natural resources, including LNG and wood products, and its government s Go Overseas strategy present significant investment attraction opportunities for British Columbia. While in Beijing, Minister de Jong met with key Chinese government representatives and business executives to discuss how B.C. s participation in the bond market could strengthen financial, trade and tourism connections between China and British Columbia. Cities in China especially second-tier cities will account for 28 per cent of global growth to 2025, and the 2013 Jobs and Trade Mission marked the first official visits by a B.C. Premier to rapidly growing centres such as Chengdu and Chongqing. Minister Wat s extended mission

included strategic stops in Tianjin and Urumqi, and Minister Thompson s forestry promotion mission included meetings in Hangzhou. See the backgrounders for detailed breakdowns. Media contact: Media Relations Ministry of International Trade and Minister Responsible for the Asia Pacific Strategy and Multiculturalism 778 977-0298 Connect with the Province of B.C. at www.gov.bc.ca/connect For Immediate Release Feb. 7, 2014 Ministry of International Trade and Minister Responsible for the Asia Pacific Strategy and Multiculturalism Jobs and trade mission to China, Korea and Japan In November and December of 2013, Premier Christy Clark completed a trade mission to Asia to deepen relationships and secure markets for the province s natural gas. Mission Costs: Lead: Country: Duration: Cities: Premier Christy Clark China, Korea, Japan 12 days Beijing, Chengdu, Chongqing, Seoul, Tokyo Travel costs, official delegation: $64,395 Travel, support staff: $55,820 Ground transportation: $41,580 Meetings, ceremonies, luncheons and receptions: $80,689 Gifting: $6,324

Interpreter/translation: $26,074 Premier's total mission costs: $274,881 Pre-departure event and advance travel: $4,662 Corporate support: Friends of BC Beijing: $15,000 Friends of BC Seoul: $30,000 Friends of BC Tokyo: $30,000 Total mission costs offset by corporate support: $75,000 Note: These expenses are accurate to the best available information as of Feb. 6, 2014. Over 120 companies, First Nations and labour representatives, and organizations and communities took part in the Jobs and Trade Mission to China, Korea and Japan. Premier Clark, Minister of International Trade Teresa Wat and British Columbia s new Special Representative in Asia, Ben Stewart, participated in high-level meetings with LNG decision makers and signed co-operation agreements with multiple levels of government. Highlights of Jobs and Trade Mission 2013: Premier Clark addressed forums dedicated to British Columbia's resources and natural gas in Beijing, Seoul and Tokyo. Participated in high-level meetings with natural gas proponents and potential investors, including China National Offshore Oil Corporation (CNOOC), Sinopec Group and PetroChina Group. A tour of the Jiangsu Rudong liquefied natural gas terminal that offered a first-hand look at a facility that is ready to receive British Columbia's LNG exports. Key government-to-government agreements to expand co-operation and strengthen energy-related business opportunities, including: o The Sichuan Department of Commerce; o The Chongqing Foreign Trade and Economic Relations Commission (COFTEC); o Shanghai Municipal Commission of Economy and Informatization; o Korea's Gyeonggi Province; and, o Japan's Minister of Economy, Trade and Industry.

Bank of China (Canada), a wholly owned subsidiary of the Bank of China, announced it has consolidated its Canadian trade finance services at its International Business Centre in Vancouver; it will lead new trade settlement business for the Bank of China (Canada). Samsung Electronics announced the official opening of its first Canadian research and development centre in Burnaby; it will focus on developing mobile enterprise solutions. An agreement between the University of British Columbia and the Korea Gas Corporation to formulate a joint strategy related to fuel cell technology and the production, processing and liquefaction of natural gas. Learn More: Find all of the updates from #TM2013 on the BC Newsroom site: http://www.newsroom.gov.bc.ca/2013/10/growing-markets-in-asia-and-promotinginvestment-in-british-columbia---trade-missions.html Check out what the world sees about B.C. on http://www.britishcolumbia.ca, the Province's international-facing website, its Twitter feed at https://twitter.com/bctradeinvest and on LinkedIn: http://www.linkedin.com/company/trade-&-invest-british-columbia Blair Phelps Communications Director Ministry of International Trade and Minister Responsible for the Asia Pacific Strategy and Multiculturalism 250 356-7104 For Immediate Release Feb. 7, 2014 Ministry of International Trade and Minister Responsible for the Asia Pacific Strategy and Multiculturalism Minister Wat s trade mission to China In November and December of 2013, Minister of International Trade Teresa Wat completed a trade mission to strengthen relationships in China. Mission Costs: Lead: Minister Teresa Wat

Country: Duration: Cities: China 13 days Beijing, Chengdu, Chongqing, Tianjin, Shanghai, Urumqi, Guangzhou, Hong Kong Travel costs, official delegation: $36,690 Travel, support staff: $14,040 Ground transportation: $14,362 Meetings, ceremonies, luncheons and receptions: $38,879 Gifting: $1,620 Interpreter/translation: $24,937 Minister's total mission costs: $130,528 Pre-departure event and advance travel: $4,662 Corporate Support: Friends of BC Beijing: $15,000 Total mission costs offset by corporate support: $15,000 Note: These expenses are accurate to the best available information as of Feb. 6, 2014. Minister Wat accompanied Premier Christy Clark and British Columbia s Special Representative in Asia, Ben Stewart, to Beijing, Nantong, Chengdu, Chongqing from Nov. 21 to Nov. 27. When Premier Clark and the B.C. delegation departed for Korea and Japan, Wat continued to focus on the Chinese market from Nov. 28 to Dec. 5, with visits to Tianjin, Shanghai, Urumqi, Guangzhou and Hong Kong. Highlights of Minister Wat s China Trade Mission: Participated in high-level meetings with natural gas proponents and potential investors, including China National Offshore Oil Corporation (CNOOC), Sinopec Group and PetroChina Group.

Attended three at-capacity Friends of BC events that engaged over 500 prominent members of the business communities in Shanghai, Guangzhou and Hong Kong. Witnessed two MOU signings between the Ministry of International Trade and counterpart government organizations in Shanghai and Guangzhou to advance bilateral trade and investment connections. Witnessed 11 trade and investment commercial agreement signings that were facilitated and supported by MIT officials in B.C. and our China-based trade and investment offices. Engaged in detailed discussions with 20 major investors at roundtables in Shanghai and Hong Kong and promoted British Columbia s competitive advantages. Received Letter of Intent to establish head offices and invest in B.C. from two major Chinese companies during visits to Tianjin and Urumqi. Learn More: Find all of the updates from #TM2013 on the BC Newsroom site: http://www.newsroom.gov.bc.ca/2013/10/growing-markets-in-asia-and-promotinginvestment-in-british-columbia---trade-missions.html Check out what the world sees about B.C. on http://www.britishcolumbia.ca, the Province's international-facing website, its Twitter feed at https://twitter.com/bctradeinvest and on LinkedIn: http://www.linkedin.com/company/trade-&-invest-british-columbia Contact: Media Relations Ministry of International Trade 778 977-0298 For Immediate Release Feb. 7, 2014 Ministry of Forests, Lands and Natural Resource Operations Minister Thomson s forestry mission to Japan and China In October 2013, Forests, Lands and Natural Resource Operations Minister Thomson led a delegation of 25 senior forestry executives to Japan and China. Mission Costs:

Lead: Countries: Duration: Cities: Minister Steve Thomson Japan, China 11 days Tokyo, Sendai, Shanghai, Hangzhou, Beijing Travel delegation: $32,411 Ground transportation: $27,125* Meetings, ceremonies, luncheons and receptions: $32,890 Gifting $1,902 Interpreter/translation: $4,045** Minister's total mission costs: $98,373 * Includes transportation costs for Forestry Innovation Investment China staff. ** Forestry Innovation Investment China staff provided translation services in China. Note: These expenses are accurate to the best available information as of Feb. 6, 2014. China and Japan are British Columbia s two largest off-shore markets for softwood lumber. In both countries, strong government-to-government and business-to-business relationships are key to expanding market opportunities. During the 10-day mission, mission delegates participated in meetings with government officials, builders, developers and customers in Tokyo and Sendai in Japan, and Shanghai, Hangzhou and Beijing in China. Highlights in Japan: Speaking to 75 members of Japan s 2x4 lumber council about B.C. s timber supply and wood products. Signing a Memorandum of Understanding (MOU) to build the Jericho support centre for the disabled in Iwaki City. This is the third project to be built under the $4.6 million Canada Tohuku Earthquake Reconstruction Project. Visiting the Unisourire elderly care facility near Tokyo. With Japan s ageing population, it is estimated 7,700 elderly cares homes will need to be built in the next few years. If built with wood, this would translate into a lumber demand of 2.9 million cubic metres.

Meetings with Japan Forestry Agency and Ministry of Land, Infrastructure and Technology to discuss B.C. s experience with highlighting wood in the Vancouver 2010 Winter Olympic venues. Tokyo will be hosting the 2020 Summer Olympics. Highlights in China: Signing MOU with Zheijang Province for building with wood. Zheijang has China s fourth largest GDP. Signing MOU with the Shanghai Municipal Security Housing and Housing Administration Bureau. Speaking to the inaugural meeting of the China Wood Frame Alliance a group of over 200 builders, developers and architects interested in pursuing wood-frame construction. B.C. s October shipments of lumber to China set new records for monthly volume (865,000 cubic metres) and value ($145.5 million Quick Facts: As of November 2013, softwood lumber exports to China totalled $1.29 billion (a 32 per cent increase from November 2012); and softwood lumber exports to China totalled $761 million (a 23 per cent increase from November 2012). In 2010, Japan introduced a Wood First law modelled on B.C. s legislation. Learn More: Photos from the 2013 Forestry Asia Trade Mission are available here http://ow.ly/pchma Contact: Vivian Thomas Communications Director Ministry of Forests, Lands and Natural Resource Operations 250 356-2475 For Immediate Release Feb. 7, 2014 Ministry of Natural Gas Development Minister Coleman s business development trip to Asia

In October 2013, Minister of Natural Gas Development Rich Coleman went on a 12-day business development trip to strengthen business relationships in Asia. Mission Costs: Lead: Countries: Duration: Cities: Minister Rich Coleman Korea, China, Malaysia 12 days Seoul, Daegu, Beijing, Kuala Lumpur Travel, delegation: $37,121 Ground transportation: $5,913 Meetings, conferences, luncheons and receptions: $2,859 Translation Services $1,053 Minister's Total Mission Costs: $46,946 Note: These expenses are accurate to the best available information as of Feb. 6, 2014. During stops in Korea, China and Malaysia, Minister Coleman met with companies such as the Korean Gas Corporation (KOGAS), China National Offshore Oil Corporation (CNOOC Group) and PETRONAS. In all three countries, existing and new proponent companies and prospective investors endorsed British Columbia as a destination of choice for LNG plant construction and long-term operations. Asia Business Development Trip by the Numbers: Met with eight companies interested in LNG in B.C. Spoke at three major international conferences. Participated in three federal-provincial events. Met with two Asian government organizations. Toured one of the world s largest LNG facilities in Malaysia. Learn More:

Photostream of Minister Coleman s trip: http://www.flickr.com/photos/bcgovphotos/sets/72157634049014795/with/10405994 326/ Minister Coleman s Soundcloud: https://soundcloud.com/bcgov/sets/ministry-ofnatural-gas For an update on B.C.'s LNG strategy, visit: http://www.gov.bc.ca/com/attachments/lngreport_update2013_web130207.pdf Contact: Sandra Steilo Media Relations Ministry of Natural Gas Development 250 952-0617 For Immediate Release Feb. 7, 2014 Ministry of Finance Minister de Jong s RMB Bond announcement in China In November 2013, Minister of Finance Michael de Jong completed a trip to strengthen British Columbia s investment relationship with China. Minister de Jong travelled to Beijing to announce the government s decision to issue bonds in the Chinese Renminbi market. Mission Costs: Lead: Country: Duration: Cities: Minister Michael de Jong China 8 days Beijing Travel costs, minister: $3,792 Travel, support staff: $11,671 Ground transportation: $4,474 Meetings, ceremonies, luncheons and receptions: $40,247

VISAS: $856 Interpreter/translation: $3213 Minister's total mission costs: $64,256 Note: These expenses are accurate to the best available information as of Feb. 6, 2014. While in Beijing, Minister de Jong met with key Chinese government representatives, investment executives and business executives to discuss how the internationalization of the RMB and B.C.'s participation in the market could benefit financial, economic, trade and tourism ties between China, British Columbia and Canada. Key Facts about Minister de Jong s announcement: British Columbia is the first foreign government to issue bonds into the Chinese Renminbi (CNH) market, opening doors to new investors and raising British Columbia's profile in the Asia Pacific. The government invested the Renminbi bond proceeds in a matching bank term deposit with HSBC and will realize a profit of about $750,000 after all issue costs. The Province's CNH issue received a positive response from investors around the globe. Investors showed a strong appetite for the bond, and the issue was quickly over-subscribed. Nearly 60 per cent of the issue was bought by investors from Asia and 40 per cent by U.S. investors. Central banks and official institutions bought 62 per cent of the issue, with the remainder bought by private sector funds. British Columbia obtained substantial media coverage across Asia and the North American financial press, from CNBC Asia (covering China, Hong Kong and Singapore) through to the flagship Chinese TV news network CCTV1 running the story on the 7 p.m. news. Issuing RMB-denominated bonds is a statement of confidence by British Columbia in the importance and global emergence of China s Renminbi, and reflects the provincial government s desire to promote stronger relations between China, B.C., and Canada. Internationalization of the RMB also opens new business opportunities for financial institutions in B.C. in trade finance and wealth management, as well as further development of the province s international financial center. Contact: Jamie Edwardson Communications Director

Ministry of Finance 250 356-2821