2016 · Commodities Outlook — the Global Supply and Demand Conundrum ... Jessica is responsible for providing fundamental research and price forecasts for the major commodities

2016National

BUSINESS VALUATIONConferenceVictoria, BC

June 16 & 17, 2016

Keynote: 4 Trends That Are Shaping The World, Canada and Impacting Your Personal FinancesMichael Campbell | Speakers Spotlight | Vancouver, BC www.speakers.caMichael Campbell helps audiences find ways to survive and thrive in today’s tumultuous economic environment. The top-rated business analyst in British Columbia, Michael is the senior business analyst for BCTV News on Global TV and a frequent contributor to their Canada Tonight broadcast. He is also the host of Canada’s top rated financial radio show Money Talks, and the author of the bestseller, Cooking the Books with Mike: Michael Campbell’s Favourite 50 Recipes for Instant Financial Success.

Trained in New York, Michael worked in the investment business for 10 years and has been a successful business owner. He has also written extensively for a number of publications, and is often in high demand in the media due to his outstanding track record, including calling the low on the Canadian dollar in December 2002, the high in November 2007, and his prescient warning in October 2007 of the coming market decline.

Commodities Outlook — the Global Supply and Demand ConundrumJessica Fung | BMO | Toronto, ON [email protected] is responsible for providing fundamental research and price forecasts for the major commodities within the Global Metals & Mining equity research team at BMO Capital Markets. Her analysis includes tracking 800 mining operations with her team, as well as publishing insight into pricing and commodities consumption trends for institutional, metals trading and corporate clients. Prior to covering mining commodities, Jessica was an equity research associate with a focus on the large cap diversified miners and iron ore producers.

Jessica has appeared on CNBC, BNN television and Bloomberg TV, and been quoted in other press such as Financial Times, Wall Street Journal, kitco, LatinFinance, Globe & Mail, Mineweb and Chile Explore. Jessica holds an MBA from the Rotman School of Management at the University of Toronto, and a BAA from Ryerson University.

Speakers

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BUSINESS VALUATIONConference

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Comprehensive, Estimate and Calculation Valuation Reports — What’s in a Name?Lorne Siebert | Siebert Valuation Services Ltd.| Calgary, AB [email protected] is a Chartered Professional Accountant/Chartered Accountant and a Chartered Business Valuator (Fellow), and is principal in the Calgary, Alberta valuations firm Siebert Valuation Services Ltd. Lorne specializes in valuing businesses and quantifying losses for financial claims, with a particular focus on shareholder transactions, corporate/commercial litigation and matrimonial property/income determination. He has practiced full time advising lawyers, shareholders, corporations, individuals and institutions on resolving financial disputes since 1986.

Much of Lorne’s practice has involved the courts. Lorne has testified in Alberta Court of Queen’s Bench, Saskatchewan Court of Queen’s Bench, Tax Court of Canada, Supreme Court of the Yukon Territory, Ontario Superior Court and in private arbitrations, qualifying as an expert in business valuation and the quantification of economic/business losses. In 2010, Lorne was awarded his FCBV.

Comprehensive, Estimate and Calculation Valuation Reports — What’s in a Name?Bob Boulton | CICBV | Toronto, ON [email protected] was appointed the CICBV’s first Director of Professional Affairs in March 2007. He holds the Canadian Professional Accountant, Chartered Accountant and Chartered Business Valuator designations. Bob manages the development and delivery of the CICBV education program and in junction with the CICBV’s Professional Practice and Standards Committee, is responsible for standards of professional practice, the issuance of practice bulletins, and assessment and providing comment on IVSC International Valuation Standards. He also manages the activities of the CICBV concerning complaints of professional misconduct as well as the accreditation process and the membership qualification examination.

Bob provides practice advisory support to CBVs on practice matters related to standards of practice and the CICBV code of ethics and played an instrumental role in re-writing the CICBV’s By-Laws. He teaches business valuation at McMaster University’s MBA program and through the continuing education program of the Institute of Chartered Accountants of Ontario. He has been a member of the Users Advisory Council, a committee of the Canadian Accounting Standard Board that provided advice in connection with the development and implementation of Canadian and international accounting standards.

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Valuing Businesses in Volatile MarketsTyler Smyrski | Yellow Point Equity Partners | Vancouver, BC [email protected] is a Partner at Yellow Point Equity Partners, a mid-market private equity firm in Western Canada. He currently sits on the Board of Directors of Remcan Projects, Bravo Target Safety, and Viper Innovation. In addition, he is the President of the Vancouver chapter of the Association for Corporate Growth and a member of the Young Leaders group with the St Paul’s Hospital Foundation.

Tyler is a Chartered Business Valuator, and prior to joining Yellow Point, he qualified as a Chartered Accountant with KPMG, earning a silver medal for placing second in British Columbia on his final qualification exam.

Valuing Businesses in Volatile MarketsCarl Landry | ARC Financial Corp | Calgary, AB | [email protected] Landry is Vice-President of ARC Financial Corp. He is focused on the origination, structuring and execution of new investment opportunities in the exploration and production industry. His responsibilities also include working closely with ARC’s portfolio companies on corporate strategy, risk management, strategy execution and financial matters. Carl currently represents ARC on the boards of Deltastream Energy Corporation and Shiningstar Energy Ltd. and as a board observer on Longshore Resources Ltd., Modern Resources Inc. and Steelhead Petroleum Ltd.

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“Yah, I’m going to have to Google this one.” — Valuing Beneficial Interests in Discretionary TrustsKiu Ghanavizchian | Blair Mackay Mynett Valuations Inc. | Vancouver, BC [email protected] is a partner at Blair Mackay Mynett Valuations Inc. and holds the designations of Chartered Professional Accountant and Chartered Accountant (2001) and Chartered Business Valuator (2009). In 2007 he completed his Masters of Business Administration at the Sauder School of Business (University of British Columbia). Kiu specializes in business valuations and has prepared reports in the context of Family Law matters, shareholder disputes, corporate reorganizations, acquisitions and divestitures and estate planning. Some of the industries involved in those valuation assignments have included agriculture, construction, distribution, manufacturing, professional practices (e.g., accounting, engineering, legal, medical, dental and veterinary), real estate, restaurant and hospitality, retail, software and transportation.

Kiu also routinely prepares expert reports regarding the amount of income available to a spouse pursuant to the Federal Child Support Guidelines. Kiu is a regular speaker on the topic of business valuations and the use of financial statements for both legal and non-legal audiences and, prior to joining Blair Mackay Mynett, was a lecturer at the University of British Columbia where he taught courses dealing with financial accounting, financial statement analysis and the use of financial information in business valuations. Kiu has given expert witness testimony in the Supreme Court of British Columbia.

Papering the Deal: Anticipating and Addressing Valuation Issues in Legal AgreementsMario Nigro | Stikeman Elliott | Toronto, ON [email protected] Nigro is a partner in the Toronto office of Stikeman Elliott and a member of the firm’s M&A/Private Equity Group. His practice focusses on business law, including mergers and acquisitions, private equity and venture capital, dispositions, and reorganizations. Mario’s practice includes extensive experience drafting shareholder’s agreements and other documents governing the relationships between shareholders.

Mario represents numerous Canadian, US and European private equity and venture capital clients on acquisitions and dispositions and is actively involved in the private equity and venture capital sectors in Canada. Mario also represents food, retail and manufacturing businesses in Canada, as well as a leading provider of outsourced office and workplace solutions in Canada. He works with a number of growing technology companies and has helped them with acquisitions, financings and growth capital transactions.

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From Behind the Vail or to no Avail: Current Thoughts on Attribution of Corporate Income for Support PurposesSharon Shore | Epstein, Cole | Toronto, ON [email protected] is a partner at Epstein Cole with 18 years’ experience exclusively in family law. Sharon acts as counsel for a wide range of clients, often dealing with complex financial issues and parenting matters.

Sharon is a frequent speaker/panelist at programs for the Ontario Bar Association, the Law Society of Upper Canada and the High Conflict Forum and has authored several papers and articles on family law issues. She has appeared at all levels of Court in Ontario. She was an instructor for the family law section of the Bar Admission Course and is the current Chair of the Executive of the Ontario Bar Association, Family Law Section. Sharon is a member of the Bench and Bar Committee of the Ontario Superior Court of Justice (Toronto) and sits on a number of advisory committees and working groups for changes to family law rules and procedures. Sharon co-chaired the Institute, Family Law Section, for the Ontario Bar Association in 2014 and 2015. She also sat on the Advisory Board at Downtown Legal Services, Family Law Project for the University of Toronto Law School.

From Behind the Vail or to no Avail: Current Thoughts on Attribution of Corporate Income for Support PurposesOhran Gobrin | Fuller Landau LLP | Toronto, ON | [email protected] Gobrin is a partner at Fuller Landau LLP and has more than 20 years of insightful financial advisory experience, focusing on business valuation, income determination and damage quantification. He provides financial litigation expertise for family law, commercial litigation, and other dispute matters. Ohran also provides financial guidance to families and private companies and advises in mergers, acquisitions and corporate finance transactions. Ohran has qualified as an expert and has given evidence on business valuation, income determination and other related issues in the Ontario Superior Court of Justice. He also provides evidence in arbitrations and mediations, and speaks regularly at professional and academic conferences.

Prior to joining Fuller Landau, Ohran was a partner at a leading independent financial advisory firm as well as director at a global valuation and corporate finance advisory firm.

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Lessons from the Trenches: Fiction & Facts of Private Equity and Public Company AcquisitionsIrfhan Rawji | Totem Capital Corporation | Calgary, AB [email protected] Rawji is a Principal with Calgary-based investment manager Totem Capital Corporation. Irfhan has significant experience in private equity, having been a Principal at Canada’s largest mid-market private equity firm, Birch Hill Equity Partners, and a Director at Canada’s largest large-cap private equity firm, Onex Corporation. Irfhan also has led the M&A, strategy and investor relations teams for Parkland Fuel Corporation, a $2 billion market cap fuel distributor that has grown 10 fold in the last 10 years via acquisitions.

Irfhan has been on a number of private company and non-profit boards and currently serves as a director with the Glenbow Museum, the Institute for Canadian Citizenship, imagiNation150, and the Harvard Business School Global Alumni Board. Irfhan has a Bachelor of Commerce degree with Honours from UBC and a Masters in Business Administration with High Honours from Harvard Business School.

Redefining Value Through Social EnterprisePatrick Seeton Patrick began his career as a staff auditor at KPMG in Toronto where he earned is Chartered Accountant designation in 2003. After leaving KPMG he backpacked around South America for much of 2004 and 2005. Patrick then returned to Toronto trading his pack for the five-star life of a senior auditor with Fairmont Hotels & Resorts, leading SOX 404 international compliance teams. When FHR was “taken private” later the next year Patrick’s interest in valuation, deals and his itchy feet took him to Vancouver. There he had the good fortune to join KPMG’s Corporate Finance and Valuations practice. Again with KPMG, he worked with some great teammates (including the organizers of this conference) and earned his CBV designation.

After six years, and a lot of billable hours, Patrick became increasingly interested in social enterprise and the marriage of profit, environmental stewardship and social purpose. This led him to take a six-month sabbatical to Nairobi, Kenya, where he completed a fellowship with Kiva, a microfinance lending platform. While in Kenya Patrick was exposed to a wide variety of innovative and disruptive models and he met the founding team of Sanergy, a social enterprise in the sanitation and agriculture space.

Encouraged by what he saw as a real chance at contributing to changing the for-profit model, he joined the team as CFO and helped raise commercial and grant capital, built a financial analysis function and instituted a unique hybrid corporate structure. After 3 years in Africa, Patrick returned to Vancouver last year and now works as an independent consultant, helping impact focused businesses create financial, environmental and social returns for entrepreneurs and investors.

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The Business of Craft BeerMichael Kuzyk | Category 12 Brewing | Victoria, BC [email protected] 12’s head brewer and founder, Michael Kuzyk, has been brewing beer for nearly 20 years and received his doctorate in microbiology and biochemistry from the University of Victoria.

Category 12 Brewing has been 20 years in the making as Michael started brewing his own beer in the mid-1990s, during graduate studies. Decades later, his passion for brewing finally prevailed. After winning a gold medal at the Canadian Brewing Awards in their first year, Category 12 Brewing is poised to become Victoria’s preeminent destination craft brewery. Local residents and community are all welcomed into their West Coast growler filling shop, where craft beer always comes first.

To repeatedly produce top quality craft beers that stand out from the crowd–and keep customers returning for more–requires both creativity and intense attention to detail. We’ve got both. Welcome to our lab.

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Keynote: The Monumental Shift: An In-Depth Look into the Future of Canada, Technology and the Changing WorkforceLeonard Brody | Speakers Spotlight | Vancouver, BC www.speakers.caLeonard was called “a controversial leader of the new world order”. He is an award winning entrepreneur, venture capitalist, best-selling author and a 2 time Emmy nominated media visionary. He has helped in raising millions of dollars for startup companies, been through one of the largest internet IPOs in history and has been involved in the building, financing and/or sale of five companies to date.

After selling his company in 2009, Leonard became the President of the Innovation and Digital Group for the Anschutz Company, one of the largest live sport and entertainment businesses in the world owning assets such as stadiums like the O2 Arena in London and Staples Center in LA; sports teams like the Los Angeles Lakers, Los Angeles Galaxy and the Los Angeles Kings, and today, one of the premiere concert promotion businesses in the world seating hundreds of millions of people a year. He is also one of the proud owners of Coventry City Football Club in England.

Leonard also acts as principal in several venture capital funds throughout the world and is behind the financing and creation of 20-30 companies a year.

A highly sought-after public speaker, Leonard has lectured at institutions such as Stanford, the G8 and the United Nations. His insight has been requested by companies such as The Financial Times, Warner Music, Dell, Visa and Pepsi, as well as, the governments of countries such as India, Israel, Ireland, Russia and South Africa. His work has been featured in such publications as Fortune, the Wall Street Journal, the BBC and the New York Times.

He is co-author of the best selling books, “Innovation Nation: Canadian Leadership from Jurassic Park to Java” and “Everything I Needed to Know About Business...I Learned from a Canadian” both published by John Wiley and Sons. Currently, he is authoring a new book in partnership with Forbes Magazine, entitled, “The Great Re:Write” coming out in the next year.

If that wasn’t enough, Leonard was asked to run for Mayor of Vancouver in the last election.

Leonard holds an Honours Bachelor of Arts from Queens University, a law degree from Osgoode Hall and is a graduate of the Private Equity Program at the Harvard Business School.

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Net Working Capital: Buy-side vs. Sell-sideKlemens Wilhelm | Fulcrum Capital Partners | Vancouver, ON [email protected] works for Fulcrum Capital Partners, a Canadian middle market private equity firm where he leads the sourcing, execution and value creation of Fulcrum’s private equity investments. He serves as a director on the board of SR Canmore and as an observer on the board of Weatherhaven. Prior to Fulcrum Capital, Klemens has worked with a Big Four Accounting Firm in multiple countries with a focus on M&A Transaction Advisory practice.

Net Working Capital: Buy-side vs. Sell-sideKen Tarry | Sequeira Partners Inc | Vancouver, BC [email protected] a co-founder of Sequeira Partners in British Columbia, Ken is a respected authority on middle market corporate finance transactions. He has over 17 years of experience advising clients in B.C., Alberta and Saskatchewan.

He is known for leading and finalizing a wide range of transactions in industrial and diversified sectors. Ken is called upon to assist clients with all aspects of advisory services including business sales, valuations, understanding financing options, and executing merger and acquisition transactions. Prior to joining Sequeira Partners, Ken led the corporate finance practice for a Big Four accounting firm in British Columbia. He has also held senior management and board positions in a growing public company.

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Debt Instruments Can Be Complex. Valuing Them Doesn’t Have to BeThomas Lee | KPMG LLP | Toronto, ON [email protected] Lee is a partner in KPMG’s Valuation Services Practice and is the national lead for the group’s complex financial instruments team. With over 15 years of professional advisory experience, Thomas has worked closely with valuation and investment teams across the private equity, financial institution and corporate space. Specifically, Thomas has helped implement valuation methodologies relating to private debt at many of the Canadian pension plans and financial institutions, advised investment teams on the structuring and valuation implications around debt optionality, provided fairness opinions on complex financial instruments, and developed valuation models to price embedded derivatives and share based compensation for fair value accounting.

Thomas has completed his designation as an FRM with the Global Association of Risk Professionals and is also a designated CBV and CA with a degree in commerce and economics from the University of Toronto.

Debt Instruments Can Be Complex. Valuing Them Doesn’t Have to BeCheryl Cheng | KPMG LLP | Toronto, ON [email protected] Cheng is a manager at KPMG’s Valuation Services group focusing on complex financial instruments. With a focus in fixed-income instruments, Cheryl has worked with a wide range of clients from infrastructure projects to financial institutions. Specifically, Cheryl has reviewed and assisted on establishing best practice in credit rating methodologies, advised on capital structure and the implication on the yields of various private debt securities, and provided indicative pricing recommendations for hybrid financial instruments.

Cheryl is a member of the CFA Institute and is a designed CPA (CA) with a Master of Management from the University of Toronto.

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The Value Impact of Due DiligenceFany Boucher | PricewaterhouseCoopers LLP | Montreal, QC [email protected] Boucher is a Director in the Deals practice of PricewaterhouseCoopers LLP working in the Montréal office. She specializes in buy-side and sell-side due diligence, and has led the overall due diligence process—from multi-billion dollar cross-border transactions to small and medium entity buy-outs and minority transactions.

Fany’s experiences include deals in technology, industrial products, retail and the service sectors. Some of her marquee transactions include Cisco/Webex, CGI/AMS, Dubai World/MGM, Green Mountain Coffee/Van Houtte, Mitel/Aastra and Permira/Atrium.

Before joining the Montréal office in 2010, Fany worked in due diligence for a labour-sponsored private equity fund. She also performed financial due diligence with another “Big 4” accounting firm for four years in San Jose (California) with a secondment in their Paris office. Prior, she spent two years in CGI’s corporate finance department.

Fany received her Honours in Accounting and Graduate Diploma in Accounting from McGill University, and is a member of the Québec Order of Chartered Professional Accountants and a Chartered Business Valuator.

The Value Impact of Due DiligenceAntoine Casimir | Novacap Investments | Longueuil, QC [email protected] joined Novacap, a leading Canadian PE firm with $1.5 billion under management in 2008 and is responsible for all aspects of the investment cycle, from origination, due diligence, closing and portfolio management. Antoine is a board member at Hallcon Corporation, a leading provider of employee transportation services as well as outsourced facility maintenance services for transit agencies. Antoine is a board member at Bentley Leathers, Canada’s largest retail chain of luggage, handbags and travel accessories. Antoine is a board member at Idaho Pacific Corp., a leading processor of dehydrated potato products. Antoine is a board member at the GTI Group, a leading specialized transportation and freight forwarding provider. Antoine is an observer on the board for Nautilus Plus, a leading chain of fitness clubs in Quebec. Antoine was a board member at Enviro-Viridis holdings, an integrated waste management company which was sold to GFL in March 2016.

Prior to Novacap, Antoine was an Associate at BMO Capital Markets Vancouver, BC office where he focused on a diversified Capital Markets client base with concentrations in Forestry and Mining. Prior to that Antoine was a Sr. Associate in PricewaterhouseCoopers Business Valuations practice in Vancouver, BC. Antoine holds a BComm from the John Molson School of Business at Concordia University. He is a CMA, CPA and is a Chartered Business Valuator (CBV).

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Tax Issues and Strategies Relevant to Matrimonial LitigationSteve Ranot | Marmer Penner Inc. | Toronto, ON [email protected] Z. Ranot, a Chartered Accountant since 1987, commenced his association with MARMER PENNER INC. in 1992. Previously, Steve was a commodity and income tax specialist, having successfully completed the CICA In-depth Income Tax Course. Steve has authored articles on business valuation, income determination and income tax related to litigation. In addition, he wrote about income tax issues in a major daily newspaper for 17 years. Steve has lectured at many professional seminars including those sponsored by the Law Society of Upper Canada, the Canadian and Ontario Bar Associations, Osgoode Hall and the National Family Law Programme. Steve has qualified as an expert on matters related to business valuation, income determination and quantification of commercial damages. He obtained his designation as a Chartered Business Valuator in 1993, as a Certified Fraud Examiner in 1995 and as an Investigative and Forensic Accounting Specialist in 2000. Steve has been the managing partner at Marmer Penner since 2008.

The Royalty ExploredGreg Gutmanis | Diversified Royalty Corp. | Vancouver, BCV [email protected] Gutmanis is the CFO & VP Acquisitions of Diversified Royalty Corp (“DIV”), a TSX-listed multi-royalty corporation, engaged in the business of acquiring top-line royalties from well-managed multi-location businesses and franchisors in North America. Previously, Greg was Vice President at Maxam Opportunities Fund, a private equity firm that focusses on structured investments in both publicly-traded and private companies. At Maxam, Greg was responsible for transaction execution, due diligence, structuring and monitoring of portfolio investments.

Prior to Maxam, Greg worked at Capital West Partners, a mid-market investment banking firm where he was actively involved in advising public and private companies with respect to acquisitions, restructurings, divestitures, mergers, financings and fairness opinions. Previously, he worked with KPMG Corporate Finance, focusing on private company divestitures and valuations. Greg is a graduate of the University of British Columbia with a degree in Commerce (Honours). He also holds a Chartered Accountant designation (top 50 in Canada on final examination) and a Chartered Business Valuator designation.

2016 · Commodities Outlook — the Global Supply and Demand Conundrum ... Jessica is responsible for providing fundamental research and price forecasts for the major commodities

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