Algonquin Power

Involvement of CFI:

Negotiated extensively with project proponents, which included principals of Innergex in addition to secondary partners. Completed extensive financial analysis of business plan; due diligence review of independent consultants' reports; worked with project proponents to determine suitable financing structure; made recommendations as to debt structure to sophisticated project proponents as well as ultimate funding sources. Reviewed/confirmed construction budgetary process with engineering firm during course of construction. Status of Projects: Construction financing on all projects was converted and subsequently repaid during the conversion of Algonquin Power into an Income Trust.

Bay Area Health Trust

Involvement of CFI:

Completed financial analysis of business plans; worked directly with hospital development team to determine suitable financing and contracting structure which resulted in the utilization of a trust structure to protect hospital's funding envelope; provided additional post construction loan facility. Deal funded by combination of long term lifeco and short term bank financing. Reviewed/confirmed construction budgetary process with engineering firm during course of construction. Status of Project: Facility operational. Construction financing now converted to term financing.

Tyson Creek Hydroelectric Project

Involvement of CFI:

Completed financial analysis of business plans; reviewed independent consultants reports; worked extensively with project proponents to determine suitable financing structure. Monitored construction progress with respect to budgetary and scheduling compliance in conjunction with the independent engineer. Status of Project: Facility operational.

Peterborough Victoria Northumberland and Clarington Catholic District School Board

Involvement of CFI:

Due diligence included determination of school board's right to borrow privately under the Education Act, subsequently confirmed by council during the creation of the debenture documents. Made recommendations on senior debt structure to school board and ultimate funding sources.

Zeballos Lake Hydroelectric Project

Involvement of CFI:

Completed financial analysis of business plans; reviewed independent consultants reports; worked extensively with project proponents to determine suitable financing structure. Monitored construction progress with respect to budgetary and scheduling compliance in conjunction with the independent engineer. Status of Project: Facility operational.

District School Board Ontario North East

Involvement of CFI:

Due diligence included determination of school board's right to borrow privately under the Education Act, subsequently confirmed by council during the creation of the debenture documents. Made recommendations on senior debt structure to school board and ultimate funding sources. Note that CFI remains lender of record and has participated not brokered the loan facility.

McNair Creek Hydro Partnership

Involvement of CFI:

Completed financial analysis of business plans; assessed proponents industry background during due diligence; reviewed independent consultants reports; worked directly with project proponents to determine suitable financing and ownership structure, resulting in the formation of a new capital group Peter Kiewit Hydro Investors. Reviewed/confirmed construction budgetary process with engineering firm during course of construction. Status of Project: Construction financing now converted to term financing. Note that project was subsequently purchased by Pacific Northern Gas, which is an energy distribution, supply and service company.

Yee Hong Centre for Geriatric Care

Involvement of CFI:

Completed financial analysis of business plans; assessed proponents industry background during due diligence; reviewed independent consultants reports; worked directly with project proponents to determine suitable debt structure; made recommendations as to senior debt structure to project proponents and ultimate funding sources. Reviewed/confirmed construction budgetary process with engineering firm during course of construction. Status of Project: Facility operational.

Innergex

Involvement of CFI:

Negotiated extensively with project proponents, which included principals of Innergex in addition to secondary partners. Completed extensive financial analysis of business plan; due diligence review of independent consultants' reports; worked with project proponents to determine suitable financing structure; made recommendations as to debt structure to sophisticated project proponents as well as ultimate funding sources. Reviewed/confirmed construction budgetary process with engineering firm during course of construction. Status of Projects: Financings of all projects were converted to term, subsequently all loans were repaid when Innergex converted it's ownership into an Income Trust.

Cloudworks

Involvement of CFI:

Private placement mandate obtained based on strength of prior client history and demonstrated ability to deliver long term funding on an innovative and competitive basis. Mandate successfully fulfilled by drawing upon exhaustive canvassing of North American sources. Cloudworks accepted an equity commitment from CFI Fund I for $32.5 million as well as $472.5 million of debt commitments arranged by CFI for 90% leverage primarily from Canadian institutional investors. Cloudworks subsequently decided to close on an alternative source of financing: a monoline backed rated public bond issue in the US market which gave them higher leverage. The client was appreciative of our efforts and paid CFI its commitment-fee for its efforts in opening up the financing market for the project.

Status of Projects: Construction completed and since sold to Innergex Energy.

Rutherford Creek Power Ltd.

Involvement of CFI:

Negotiations with Project proponents, including principals of Innergex and Cloudworks (which was subsequently bought out by the Innergex Power Income Fund). Extensive financial analysis of business plan; due diligence on proponents industry background and independent consultants reports; worked directly with project proponents to determine suitable financing and ownership structure, which enabled conversion into an income trust at the completion of construction; made recommendations as to senior debt structure to project proponents and ultimate funding sources. Reviewed/confirmed construction budgetary process with engineering firm during course of construction. Status of Project: Facility operational. Construction financing now converted to term financing.

Furry Creek Power Limited

Involvement of CFI:

Completed financial analysis of business plans; assessed proponents industry background during due diligence; reviewed independent consultants reports; worked directly with project proponents to determine suitable debt structure; made recommendations as to senior debt structure to project proponents and ultimate funding sources. Reviewed/Confirmed construction budgetary process with engineering firm during course of construction. Status of Project: Construction financing now converted to term financing. Note that project was subsequently purchased by Enmax which is an energy distribution, supply and service company, and a wholly owned subsidiary of The City of Calgary.