Date B.C. Based Target Buyer

03/01/2018 Sea to Sky Innovations Ltd. SOCOMORE S.A.S.

17/01/2018 CMC Industrial and Junge Control Ag Growth International Inc.

(TSX:AFN)25/01/2018 Radial Engineering Ltd. Regimen Equity Partners Inc.

06/02/2018 Carney's Waste Systems Ltd. GFL Environmental Inc.

07/02/2018 Cafferky Gilding Insurance Brokers Westland Insurance Group Ltd.

16/02/2018 Pointbreak Consulting Group Ltd. HUB International Limited

01/03/2018 Smithrite Disposal Ltd. GFL Environmental Inc.

02/03/2018 Point of Use Water Assets of Wa-2

Water

Quench USA, Inc.

13/03/2018 Shelter Modular Inc. Horizon North Logistics Inc.

(TSX:HNL)19/03/2018 Baron Insurance Broker Group Inc. Westland Insurance Group Ltd.

16%84%

Q1 2018 Transactions: Industry Split

Oilfield Services Industrials & Diversified

Deal analytics and news for entrepreneurs and dealmakers

Calendar year 2018 is off to a great start for our team with three transactions closed in recent weeks. In B.C., werepresented ES3 Advisory on its sale to HUB International. In Alberta, we represented Noralta Lodge on the sale toCiveo (NYSE:CVEO) and Cervus Equipment (TSX:CERV) on the sale of its Construction Dealership Group to CalmontGroup.

Q1 2018 was a strong quarter for mid-market transactions in general. Within the industrial, diversified and oilfieldservices segments, Q1 saw 90 disclosed transactions where either the target company or the buyer wereCanadian. Of the 90 transactions, 84% were in the Industrial & Diversified sector, 16% were in the Energy Sector.

There were 10 transactions in the Industrial & Diversified sector where the target company was based in B.C. Themajority of these targets were in the insurance and environmental industries.

Q1 - 2018

Sources: Capital IQ and Sequeira Partners Research

Of the 90 disclosed transactions in the quarter, 38% of target companies were located in Western Canada.The buyer universe continued to favor strategic parties at 93% of disclosed transactions. There was only onetransaction valued over $1B of enterprise value in the quarter: A group of investors including Caisse dedépôt et placement du Québec and Ullico Inc. acquired Student Transportation Inc.

Transactions Over the Quarter

Sources: Capital IQ and Sequeira Partners Research

1%

38%

18%5%

53%

37%

8%

2%

38%

Target Location

Undisclosed Eastern Canada USA International Alberta British Columbia Saskatchewan Manitoba

93%

6%1%

Buyer Type

Strategic Buyer Financial Buyer

Undisclosed

1%

39%

38%

17%

5%

Buyer Location

Undisclosed Western Canada Eastern Canada

USA International

Undisclosed Western Canada

Eastern Canada USA

International

Sequeira Partners was engaged to assist ES3 in identifying the best-fit partner to position the company for growth and allow the shareholder to monetize their investment in the business. The Sequeira team provided advisory assistance throughout the transaction including initial valuation analysis; identifying potential purchasers; running a targeted sale process; negotiating preliminary deal terms, transaction structure, and consideration; managing the due diligence process and negotiating final transaction terms. Sequeira also assisted the company in carving out ES3’s individual insurance operations prior to close.

The sale to Hub allows ES3 to leverage the resources of one of North America’s largest insurance brokers. This will best position the company for future growth and continued exceptional client service.

Our Closed Transactions this Quarter

Sequeira Partners was engaged to assist Noralta in identifying the best-fit partner to allow the shareholders to monetize a portion of their investment in the company and help the business through its next phase of growth. The Sequeira team provided advisory assistance throughout the transaction including providing an initial valuation; running a targeted marketing process; negotiating preliminary deal terms, structure, and consideration; managing the due diligence process and negotiating final transaction terms.

The sale to Civeo allows Noralta shareholders to monetize their investment in the business while also allowing ongoing participation as significant shareholders of the combined entity going forward.

Sequeira Partners was engaged by Cervus to assist with the divestiture of its Construction Dealership Group, a non-core division. The Sequeira team assisted Cervus through a targeted sale process including identifying potential purchasers with consideration for brand conflicts and managing OEM relationships. Sequeira also assisted in carving out financial statements of the Construction Group, provided initial valuation parameters, performed preliminary negotiations and managed pricing discussions, due diligence, and negotiation of final transaction terms including the sale of associated real estate.

The sale of the Construction Group allowed Cervus to focus on its core business while providing Calmont the opportunity to enter the construction equipment dealership market.

The Sequeira Western Canadian Industrial Index (SWCII) is comprised of 9 companies representing differentsegments of the industrial and diversified sector in Western Canada. The index is a way to measure the overallWestern Canadian diversified and industrials market. Companies within the index have operations primarilyfocused within the region and all trade on the TSX. We have selected both large and mid-cap public companiesfor a comprehensive representation of Western Canada. Similar to the DOW Jones Industrial Average,components of this index will be adjusted over time as market conditions change.

Market Overview

Sources: Capital IQ

Q1 2018 was a rocky start for Western Canadian industrial equities. Overall North American equity markets fellduring the quarter primarily as a result of a looming international trade war instigated by the U.S. Despite higher90-day average stock prices, nearly all companies within the SWCII ended the quarter lower then at the start ofthe year.

Sequeira Western Canadian Industrial Index

80

90

100

110

120

130

140

150

Rel

ativ

e In

dex

Val

ue

Sequeira Western Canadian Industrial Index

Sequeira Average Dow Jones Industrial Average S&P500 TSX Composite Index

Company Name Industry Q1 2018 90-Day Avg Q4 2017 90-Day Avg

Finning International Equipment Distribution 33.03 30.74

ATCO Utilities 42.86 45.83

Stantec Construction & Engineering 34.10 35.44

Canadian Western Bank Financial 37.33 35.68

Trican Well Service Ltd.

(TSX:TCW)

Oilfield Services 3.56 4.47

Precision Drilling

Corporation (TSX:PD)

Oilfield Services 4.15 3.50

Ag Growth International Agriculture 55.64 52.05

Bird Construction Construction & Engineering 9.18 9.83

Cervus Equipment Equipment Distribution 14.40 15.06

Taiga Building Products Building Products 1.46 1.38

Index Average 23.57 23.40

1790, 999 West Hastings StreetVancouver, BC V6C 2W2

604-687-5300

With offices in Edmonton, Calgary, and Vancouver, Sequeira Partners is focused onproviding mergers and acquisition advisory, corporate valuations and financialopinions, and recapitalization services to mid-market energy and industrial servicecompanies.

We welcome your thoughts or comments and inquiries as to how we could assistyour business with its transaction needs.

About Us

Recent Transactions Our TeamAroon Sequeira, CA, CBV, ICD.D

asequeira@sequeirapartners.com780.784.0114

Mark McRae, CA, CBVmmcrae@sequeirapartners.com

780.784.0115

Julie Afanasiff, CA, CBVjafanasiff@sequeirapartners.com

780.784.0116

Ken Tarry, MBAktarry@sequeirapartners.com

604.687.5300 ext. 201

Kellie Manchester, CFAkmanchester@sequeirapartners.com

604.687.5300 ext. 202

Jordan Martel, CBV, ASA, MBAjmartel@sequeirapartners.com

587.352.2500 ext. 302

Scott Acheson, CA, CBV, CFAsacheson@sequeirapartners.com

780.784.0124

Erica McGuinness, CA, CBVemcguinness@sequeirapartners.com

604.687.5300 ext. 203

David Lang, CAdlang@sequeirapartners.com

780.784.0127

Mark Luo, CAmluo@sequeirapartners.com

587.352.2500 ext. 301

Ryan Turpin, CPArturpin@sequeirapartners.com

780.784.0121

Wenlei Tang, CAwtang@sequeirapartners.com

587.352.2500 ext. 306

Radwa Gabriel, CPArgabriel@sequeirapartners.com

780.784.0117

400, 520 – 5TH Avenue SWCalgary, AB T2P 3R7587-352-2500

2250, 10088 102 Avenue NWEdmonton, AB T5J 2Z1

780-633-5200

VancouverEdmonton

Calgarywww.sequeirapartners.com

Source: Capital IQSummary of Disclosed Transactions Q1 2018

VancouverEdmonton

Calgarywww.sequeirapartners.com

Appendix BWhat’s the Deal?

Q1 2018

Target Buyer Date EV ($CAD MM)

Worden Insurance & Financial Services Ltd. Mcdougall Insurance Brokers Limited 02/01/2018 -

Sonic Oilfield Service Ltd. Vertex Resource Group Ltd. (TSXV:VTX) 02/01/2018 5

Spruceland Millworks Inc. Millar Western Forest Products Ltd. 02/01/2018 -

Sea to Sky Innovations Ltd. SOCOMORE S.A.S. 03/01/2018 -

Belyer Insurance Limited Totten Insurance Group Inc. 03/01/2018 -

ISS Proko Oy WSP Global Inc. (TSX:WSP) 04/01/2018 -

T-RAM Canada Inc. Well Master Corporation 05/01/2018 -

Moose Haven Lodge in Janvier, Alberta Horizon North Logistics Inc. (TSX:HNL) 08/01/2018 14

ARA Engineering Ltd. McIntosh Perry Consulting Engineers Ltd. 10/01/2018 -

Beach & Associates Limited Acrisure, LLC 11/01/2018 -

Fisher Stevenson Boehm Insurance Inc. Duliban Insurance Brokers Ltd. 12/01/2018 -

Leake Auction Company Ritchie Bros. Auctioneers Incorporated (NYSE:RBA) 16/01/2018 -

All Assets of Horizon Plastics International Inc. Core Molding Technologies, Inc. (AMEX:CMT) 16/01/2018 78

Modern Industrial Rentals (1978) Ltd. Cooper Equipment Rentals Limited 16/01/2018 -

D2 Drilling Inc. MatRRix Energy Technologies Inc. (TSXV:MXX) 17/01/2018 3

CMC Industrial Electronics and Junge Control Inc. Ag Growth International Inc. (TSX:AFN) 17/01/2018 -

All The Assets Of H.T. Sweeney & Son, Inc. NAPEC Inc. 19/01/2018 25

Nubold Inc. Northern Contours, Inc. 22/01/2018 -

Hoff Insurance Inc. Harvard Western Ventures Inc. 23/01/2018 -

Atrenne Integrated Solutions, Inc. Celestica Inc. (TSX:CLS) 24/01/2018 172

SAMAC Engineering Ltd. Envista, Inc. 25/01/2018 -

Radial Engineering Ltd. Regimen Equity Partners Inc. 25/01/2018 -

MaXfield Group Inc. TerraVest Industries Inc. (TSX:TVK) 26/01/2018 21

Agrichem do Brasil S.A. Nutrien Ltd. (TSX:NTR) 29/01/2018 -

Trican Geological Solutions Ltd. AGAT Laboratories Ltd. 29/01/2018 -

Quadco And Southstar Forestry Attachment

Operations of Prenbec Equipment Inc.

Komatsu Ltd. (TSE:6301) 30/01/2018 -

Occam Engineers Inc. Stantec Inc. (TSX:STN) 31/01/2018 -

Site and other SCF Portfolio Companies Centurion Group 01/02/2018 -

ABEX Central Financial Services Ltd. Financial Horizons Inc. 01/02/2018 -

HMA Land Services Limited Vertex Resource Group Ltd. (TSXV:VTX) 01/02/2018 -

Crandall Engineering Ltd. EnGlobe Corp. 01/02/2018 -

Braun Industries, Inc. Demers, Manufacturier d'Ambulances Inc. 02/02/2018 -

Canadian Operations of Accuworx Inc. GFL Environmental Inc. 02/02/2018 -

Ready Machinery & Equipment (Canada) Inc BaleForce Recycling Equipment Inc. 02/02/2018 -

Highwood Trusses Ltd. Atlas Engineered Products Ltd. (TSXV:AEP) 05/02/2018 3

Carney's Waste Systems Ltd. GFL Environmental Inc. 06/02/2018 -

Carminex Systems Inc. Sepro Mineral Systems Corp. 06/02/2018 -

RDH Mining Equipment Ltd. SMT Scharf Corporation 07/02/2018 8

Kindersley Insurance Ltd. HUB International Limited 07/02/2018 -

PBW High Voltage Ltd. ENGIE Services Inc. 07/02/2018 -

Cafferky Gilding Insurance Brokers Westland Insurance Group Ltd. 07/02/2018 -

Quantex Technologies Inc. Covanta Environmental Solutions LLC 08/02/2018 -

TJR Coatings Inc. 2618249 Ontario Corp. 09/02/2018 -

Deep Foundations Contractors Inc. GFL Environmental Inc. 09/02/2018 -

DWS Logistics Inc. Mullen Group Ltd. (TSX:MTL) 12/02/2018 -

Source: Capital IQSummary of Disclosed Transactions Q1 2018

VancouverEdmonton

Calgarywww.sequeirapartners.com

Appendix BWhat’s the Deal?

Q1 2018

Target Buyer Date EV ($CAD MM)

Bay Disposal & Recycling Inc. Waste Connections, Inc. (NYSE:WCN) 14/02/2018 -

Pointbreak Consulting Group Ltd. HUB International Limited 16/02/2018 -

Optical Flow Meter Product Line of Photon Control King's Energy Services Ltd. 20/02/2018 -

AIRTRADES Freight Forwarders Inc. Delmar International Inc. 21/02/2018 -

Transform Pack Inc. Viscofan, S.A. (BME:VIS) 22/02/2018 3

Danmare Group Inc. Ag Growth International Inc. (TSX:AFN) 22/02/2018 -

Tucker Energy Services Holdings, Inc. STEP Energy Services Ltd. (TSX:STEP) 22/02/2018 349

MixOnSite USA, Inc. CEMATRIX Corporation (TSXV:CVX) 26/02/2018 6

PPI Management Inc. Industrial Alliance Insurance and Financial (TSX:IAG) 26/02/2018 -

Construction Dealership Group of Cervus

Equipment

Calmont Equipment Ltd. 26/02/2018 -

Beaver Aerospace & Defense, Inc. Héroux-Devtek Inc. (TSX:HRX) 27/02/2018 30

Bearpaw Line Aero Design Ltd. 27/02/2018 -

Litecorr Global, Inc. The Sloan Company, Inc. 27/02/2018 -

Student Transportation Inc. (TSX:STB) ULLICO Inc.; Caisse de dépôt et placement du

Québec

27/02/2018 1,302

Jet Power & Controls Ltd. Stina Resources Ltd. (DB:01X) 28/02/2018 2

Four Canadian Operations of Carillion Canada Inc. EllisDon Corporation 28/02/2018 -

Newalta Corporation (TSX:NAL) Tervita Corporation 01/03/2018 -

Smithrite Disposal Ltd. GFL Environmental Inc. 01/03/2018 -

Gulf Stream Marine, Inc. Logistec Corporation (TSX:LGT.B) 01/03/2018 84

GMS Insurance Inc. HUB International Ontario Limited 02/03/2018 -

Point of Use Water Assets of Wa-2 Water Company Quench USA, Inc. 02/03/2018 7

Tunnelling & Augering Division of Enterprise (TSX:E) Undisclosed 06/03/2018 21

Marubeni Auto Investment (CANADA) Inc. Fuyo General Lease Co., Ltd. (TSE:8424) 06/03/2018 -

Aeration Industries International, LLC newterra ltd. 06/03/2018 -

Desilets Insurance Brokers Ltd. HUB International Manitoba Ltd. 07/03/2018 -

Multifilm Packaging Corporation Transcontinental Inc. (TSX:TCL.A) 07/03/2018 -

RCR International Inc. M-D Building Products, Inc. 08/03/2018 -

Canadian Bottling Business of Coca-Cola Larry Tanenbaum O.C. and Junior Bridgeman 09/03/2018 -

Palmer Atlantic Insurance Ltd. Arthur J. Gallagher & Co. (NYSE:AJG) 12/03/2018 -

Total Energy Concepts, Inc. SmartCool Systems Inc. (TSXV:SSC) 13/03/2018 1

Shelter Modular Inc. Horizon North Logistics Inc. (TSX:HNL) 13/03/2018 5

All Assets of Wood Products Industries Inc. Stella-Jones Inc. (TSX:SJ) 14/03/2018 4

Manta Test Systems Inc. Doble Engineering Company 14/03/2018 -

Norwest Corporation Stantec Inc. (TSX:STN) 19/03/2018 -

Baron Insurance Broker Group Inc. Westland Insurance Group Ltd. 19/03/2018 -

Elite Tools Ltd. FICODIS INC 20/03/2018 -

Tibbs Transport Inc. Contrans Group Inc. 20/03/2018 -

UnionConsult AS WSP Global Inc. (TSX:WSP) 21/03/2018 -

Trinity Logistics Corporation Agrisolutions Corp. 22/03/2018 -

Grossinger MotorCorp, Inc. AutoCanada Inc. (TSX:ACQ) 22/03/2018 111

Process Cellular Inc. Tower One Wireless Corp. (CNSX:TO) 23/03/2018 -

ESI Limited Stantec Inc. (TSX:STN) 26/03/2018 -

Willbros Group, Inc. (OTCPK:WGRP) Primoris Services Corporation (NasdaqGS:PRIM) 27/03/2018 172

Specialized Desanders Inc. Morgan Stanley Private Equity ; North Haven

Energy

28/03/2018 -

Emission Monitoring solutions Kontrol Energy Corp. (OTCPK:OTSH.F) 28/03/2018 -