Selected Financial Advisory Transactions

Atlas Financial Holdings Inc.

Capital Canada Limited prepared a formal valuation for Atlas Financial Holdings, Inc. in connection with its offer to the holders of its ordinary share purchase warrants.

Partners Real Estate Investment Trust

Capital Canada Limited prepared a formal valuation for Partners Real Estate Investment Trust in connection with its acquisition of certain assets of NorRock Realty Finance Corporation.

Automodular Corporation

Capital Canada provided a independent formal valuation in connection with Automodular's substantial issuer bid to repurchase for cancellation a portion of its outstanding common shares.

Prime Restaurants Royalty Income Fund

Prime Restaurants Royalty Income Fund has merged with Prime Restaurants of Canada Inc. Capital Canada provided an independent formal valuation and rendered a fairness opinion to the Board of Trustees of Prime Restaurants Royalty Income Fund.

Sonomax Technologies

Capital Canada rendered a Fairness Opinion to the Board of Directors of Sonomax regarding the Plan of Arrangement between Benvest New Look Income Fund and Sonomax Hearing Healthcare. Sonomax shareholders exchanged their Sonomax shares on a one-for-one basis for shares of a new corporation, Sonomax Technologies Inc., as a result of which the current shareholders of Sonomax will hold 100% of the outstanding shares of Sonomax Technologies. As part of the plan, holders of Sonomaxs stock options, warrants and convertible promissory notes will exchange their securities for identical securities of Sonomax Technologies.

Cargojet Income Fund

Capital Canada provided a independent formal valuation in connection with Cargojet's substantial issuer bid to repurchase for cancellation a portion of the fund's outstanding 7.5% Convertible Unsecured Subordinated Debentures due April 30, 2013.

Cortec

Rendered a fairness opinion to the Board of Directors of Cortec Inc.

Imvescor Inc.

Imvescor Inc. has merged with PDM Royalties Income Fund to form Imvescor Restaurant Group Inc. Capital Canada acted as financial advisor to Imvescor Inc. for the merger with PDM Royalties Income Fund and the conversion from an income trust to a corporation.

Hartco

Hartco Income Fund has Converted from an Income Trust to a Corporation. Capital Canada rendered a fairness opinion to the Board of Trustees of Hartco Income Fund and Board of Directors of Hartco Investments Inc.

Skylink Aviation Inc.

$125.00 million

SkyLink Aviation Inc. has been acquired by Apollo Group, Inc. and M2 Holdings LLC. Capital Canada acted as special advisor to the purchasing group.

Dynex Power Inc.

Rendered a fairness opinion to the Board of Directors of Dynex Power Inc.

CBC Galaxie

Acted as financial advisor to the Canadian Broadcasting Corporation

Oceanex Income Fund

Acted as financial advisor to the incoming Chief Executive Officer in structuring and negotiating compensation, equity ownership and development of the business plan

Standard Broadcasting

Acted as financial advisor to Standard Broadcasting Corporation Limited

Teranet Income Fund / Teramira Holdings

$2000.00 million

Acted as financial advisor to Teramira Holdings Inc. and assisted in the negotiations with the Province of Ontario

Trillium Health Care Products

Negotiated and advised a Founding Partner on the sale of its equity interest in Trillium Health Care Products Inc.

CargoJet Income Fund

$59.50 million

Advised Cargojet Ltd. on the income trust initial public offering

CBC Radio-Canada / Sirius / Standard Radio

Acted as financial advisor to the CBC on the joint venture with Sirius Satellite Radio Inc. and Standard Radio Inc. to broadcast satellite radio in Canada

Hy & Zels

Rendered a formal valuation and fairness opinion to the independent committee of the Board of Directors of HY & Zels Inc.

SMK Speedy International / Minute Muffler & Brake

Acted as financial advisor and rendered a fairness opinion to the Board of Directors of SMK Speedy International Inc. on its sale to Minute Muffler & Brake

Counsel Corporation

Rendered a formal valuation of the common shares of Counsel Corporation to the Audit Committee of the Board of Directors of Counsel Corporation

Teranet / Teramira Holdings

$370.00 million

Acted as financial advisor to Teramira Holdings Inc. and arranged the financing for the acquisition the 50% ownership of Teranet held by Ontario SuperBuild

CBC / TSN

Acted as financial advisor to the CBC on its joint acquisition with TSN of the NHL Canadian television rights for the period 2002-2007

Medcan / The Clinic

Acted as financial advisor to The Clinic on its joint venture with Medcan

Canada 3000

$10.00 million

Acted as financial advisor to Canada 3000 with regard to the sale of a 50% ownership in Royal Cargo Flagship International

Pine Falls Paper Company / National Bank of Canada

$55.00 million

Acted as financial advisor to Pine Falls Paper Company Limited to arrange debt financing provided by National Bank of Canada and Caisse de dépôt et placement du Québec

Games Trader

$10.00 million

Acted as financial advisor and co-investor in structuring and arranging mezzanine and equity capital for the $10.0 million acquisition and working capital provided by McKenna Gale, Brigham Group and Yorkton Securities

Pine Falls Paper Company

$97.00 million

Provided advisory services and arranged financing for the acquisition of Pine Falls Paper Company Limited by the management, employees and an investor group of Pine Falls newsprint from Abitibi-Price Inc. Financing for this transaction was provided by Royal Bank of Canada (6 year senior secured loan facility working capital loan), Manitoba Development Corporation (10 year subordinated debenture) and Abitibi-Price Inc. (10 year subordinated debenture).

Canadian Telacquisition Inc.

$605.00 million

Initiated this transaction and acted as financial advisor to Canadian Telacquistion Inc., a company owned by affiliates of Caisse de dépôt et placement du Québec, Claridge, Inc., ESPN Inc., a subsidiary of Capital Cities/ABC, Reitmans (Canada) Limited, Management of Labatt Communications Inc. has acquired from Interbrew S.A./N.V. the broadcast and broadcast-related assets of John Labatt Limited including: The Sports Network (TSN), Le Reseau Des Sports (RDS), The Discovery Channel Canada Inc., Dome Productions Inc., and Viewers Choice Canada

CHC Helicopter British International Helicopters

Acted as financial advisor and assisted in the negotiations of British International Helicopters acquisition of the shareholdings of CHC Helicopter held by Brown Shipley Venture Managers Limited (UK), Legal and General Insurance (UK), management and employees

Air Atlantic

Assisted in the structuring and negotiation to restructure Air Atlantic's equity ownership and related operating matters

Canadian Helicopters Ltd. / CHC Helicopter

$40.50 million

Acted as financial advisor to CHC Helicopter in the selection of its underwriters and the preparation of the companys initial public offering