Peak Energy Services

investorSCOREcard

Standard Stock Report as of Mar 15, 2011

Peak Energy Services Ltd. (PES-T)Calgary, AB, Canada (403) 543-7325 www.peak-energy.com

Share Price $0.70 Market Cap (Mil)

52 Week High $0.81 Cash (Mil)

52 Week Low $0.20 Debt & Preferreds (Mil)

Avg Vol Last 3 mos. (000's) 139.36 Enterprise Value (Mil)

Basic Shares Outstanding (Mil) 172.38 Dividend Yield 0.0%

Diluted Shares Outstanding (Mil) 173.27 P/E (TTM) NA

Stock Price and Volume Business Description Source: Morningstar

ComparablesScorecard HighlightsRatings Out of Possible 5 Stars

Quarter Ending Dec 10 Quarter Ending Sep 10

Stock Market Performance

Insider Ownership

Revenue, EBITDA and EPS

Balance Sheet Analysis

Return on Capital

Valuation

© 2010 The Equicom Group Inc. All rights reserved. The Investor Scorecard is exclusively distributed by TMX Equicom. To learn more visit www.tmxmoney.com/scorecardFor a full description of the methodology used, refer to www.fsavaluation.com/scorecardinformation.aspxPlease see the final page(s) of this Investor Scorecard for important disclosure and disclaimer information.

4.2

2.6

1.9

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$120.67

$157.82

$12.17

$49.32

Peak Energy Services Ltd. provides drilling and productionservices to its customers both in the conventional andunconventional oil and natural gas industry and oil thesands regions of western Canada. It also provides watertechnology solutions. The Company amalgamated underthe Business Corporations Act (Alberta)("the Act"). TheCompany became the public entity as a result of theconversion of Peak Energy Services Trust (the "Trust") to acorporation pursuant to a Plan Arrangement under the Act,entered into by the Trust (the "Reorganization") onDecember 31, 2010. The Board of Directors andmanagement remained the same upon completion of theReorganization.

HWO-TPSV-VESN-T

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investorSCOREcard

Peak Energy Services Ltd. (PES-T)

Market Overview and Opportunity In 2009, global oil production fell by 2 million barrels of oil per day, representing the largest decline in production since 1982. Similarly, global natural gas production fell by 2.1 per cent in 2009, representing the first decline in natural gas production on record. Despite the global decline, oil and natural gas production actually rose slightly in North America in 2009, by 1.6 per cent in both cases (BP Statistical Review of World Energy, June 2010). It is expected that as the global economy emerges from the recession, oil and natural gas drilling activity levels will continue to rise in North America. Peak has the opportunity to meet the needs of its customers’ existing and upcoming drilling and production projects as industry activity increases. Peak has a geographical reach throughout western Canada (14 locations) and is pursuing replicating this model in the United States (4 locations). There is an opportunity for Peak’s performance to improve with both industry activity levels and increased market share in the United States as Peak establishes itself in new geographies.

Products and Services

Peak offers a range of energy services to customers through its various operating divisions. The Company provides drilling and production services to customers operating in both the conventional and unconventional oil and natural gas industry. Peak’s also provides water technology solutions to a variety of customers in various industries throughout North America. Surface Rentals – Canada and U.S. Divisions

• Solids control – sumpless (“closed loop”) drilling systems comprised of a series of tanks and centrifuges for the removal of drill cuttings from the drilling fluid as it is circulated out of the well bore;

• Well-site accommodations – high-quality well-site accommodation units used as offices and living quarters for personnel on drilling rig locations;

• Remote waste water systems – waste water management systems for the processing of grey and black water effluent in remote locations; and

• Production equipment – frac/production tanks, blow-back tanks, flare stacks, light towers, service rig equipment and miscellaneous production and completion equipment.

Camps and Catering The rental of camp accommodations for drilling, pipeline and oil sand related personnel, including full service on-site catering, water supply and housekeeping in remote locations. Fluids Handling The provision of tank truck and related services for production and completion activities. Water Technology The provision of water and waste water treatment design and fabrication services. Water technology operates under the “Sanitherm” trade name and includes design, assembly and sales of both permanent and portable water and waste water treatment systems.

investorSCOREcard


Growth Strategy Since its inception in 1996, Peak has expanded by investing approximately $200 million in the acquisition of complementary service companies. In 2008, Peak completed a $62 million public merger with Wellco Energy Services Trust, an organization that provided a variety of oilfield services to companies engaged in oil and natural gas development in western Canada. An additional $220 million has been invested since inception to execute on its internal growth plan. The Company is pursuing additional growth opportunities primarily in the United States market and continues to look for opportunities where it may reduce its infrastructure costs to further improve its margins.

Progress and Milestones

• Completed a $24.8 million equity raise in March 2010

• Signed nine contracts in the period between May 2010 and November 2010 for an aggregate total revenue of approximately $37.0 million, which will be earned over fiscal year 2010 through fiscal year 2012

• Completed the conversion from a trust to a corporation on December 31, 2010

Investment Highlights

• Revenue growth of 33% in 2010

• United States market growth in revenue more than tripled to $38.2 million in 2010.

• EBITDA growth of 251% in 2010 (on a margin basis improved to 15% in 2010 from 6% in 2009)

• Diversified asset base with equipment that meets or exceeds average industry quality

• Strong balance sheet with working capital of $35.6 million

• Tangible assets of $194.0 million with approximately 4,000 rental assets

• Significant funded debt reduction of $23.3 million from $60.5 million at December 31, 2009 to $37.2 million and a current debt to equity ratio of 0.29 to 1.00

investorSCOREcard


Management

Curtis W. Whitteron President and Chief Executive Officer

Matthew J. Huber Executive Vice President

Monty R. Balderston Chief Financial Officer and Investor Relations contact

Dale M. Kaufmann Chief Operating Officer

John E. Hudson Vice President, Health, Safety & Environment and Risk Management

Dean R. Herbert Vice President, Human Resources and Administration

Geoff McFarlane Director, Sales and Marketing

Marion M. Jerome Risk Manager and Corporate Secretary

Comparables High Arctic Energy Services, Inc. (HWO-T) Pure Energy Services Ltd. (PSV-T) Essential Energy Services Ltd (ESN-T)

investorSCOREcard


Stock Market Performance Rating

Stock Market Returns

Return Percentile RatingThree Months 46% 93% 4.6

Six Months 75% 99% 5.01 Year 218% 100% 5.0

3 Years (CAGR) (35.3%) 0% 0.05 Years (CAGR) (43.8%) 0% 0.0

Market DataPrice

Mkt Cap (Mil) Shs Outstanding (Mil)

Dividend Yield % Avg Vol Last 3mos. (000's)

P/E (TTM)

Insider Ownership Rating

Value of Shares and Options Percent of Ownership

Options Total Value Rating Percent Rating 4.5% Insiders

48.7% > 10% Holders

Rating Percent of Rating 46.7% Other

(Add all) Mkt. Value (Add all)

$64,107,511 $1,062,448 $531,224 $64,638,735 2.2 4.5% 0.9(Max of 4) (Max of 4)

* Adjusted $ Value of Options is 50% of their full value if exercised to account for volatility. Furthermore, our view is that shareholders would rather management owned shares vs. options.

Add: Compensation Type

Category Rating Addition Percent of Compensation

SalaryTotal

Comp.

Salary

Bonus

Shares & Units

Options

All Other

$976,223 $0 $0 $294,688 $109,201 $1,380,112 0.00 0.00 0.25(Max Score)

Bonus: Net Buying/Selling Last Six MonthsInsider Holdings Beginning and Ending Value

Transactions

RatingBuying Selling Net Bonus

$0 $0 $0 0.00$10,204 $10,204 $0 0.00

$0 $0 $0 0.00Board of Directors (excl. CEO) $0 $0 $0 0.00

> 10% Holders (info only) $0 $0 $0$10,204 $10,204 $0 0.00 (Total Score)Total (excl. >10% Holders)

Curtis W. Whitteron, President and CEOMonty R. Balderston, CFO

Other Officers

0.25VP Human Resources

Total

$35,771 $25,235 $231,064Dean R. Herbert

$170,058

$6,855 $241,803 0.25COO

0.25Executive VP

Dale M. Kaufmann$183,846 $51,102

$66,433 $25,581 $289,649Matthew J. Huber

$197,635

0.25CFO

0.25President and CEO

Monty R. Balderston$176,492 $45,992 $25,315 $247,799

$95,390 $26,215 $369,797Curtis W. Whitteron

$248,192

All Other Comp.

Perform-ance

Bonus

Share and Unit

AwardsOption Awards

Total (excl. >10% Holders)

Perform-ance Bonus

Share and Unit

AwardsOption Awards

48.7%For info only

3.1% 0.6

> 10% Holders84,463,163 $59,124,214 - $0 $0 $59,124,214

$0 1.55,377,229 $3,764,060 - Board of Directors (excl.

CEO)

$342,418 $171,209 $630,708

$0 $3,764,060

0.3Other Officers

656,427 $459,499 489,168

$239,751 $119,875 $243,483 0.1Monty R. Balderston

176,583 $123,608 342,501 CFO

* Adjusted $ Value if Exercised

Adjusted $ Value

Curtis W. Whitteron908,757 $636,130 686,114 $480,280 $240,140 $876,270

President and CEO

# of Shares $ Value # of

Options$ Value if Exercised

0.4 0.7% 0.1

$0.70$120.67172.380.0%139.36NA

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agarfunkel

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Balance Sheet Analysis Rating 3.5

Short-Term Liquidity

Quadrant Rating Dec-09 Mar-10 Jun-10 Sep-10 Dec-10Working Capital ($0.7) $ 27.8 $ 26.1 $ 30.4 $ 35.6

Cash Flow Ops (Q in mil) $ 0.6 $ 5.6 $ 1.0 $ 6.0 $ 7.3

Cash Flow Ops (Ann Q's in mil) $ 2.3 $ 22.2 $ 4.1 $ 24.2 $ 29.4

Quadrant Rating 2.0 4.0 4.0 4.0 4.0

Addition to Quadrant Rating

Add: 0.4 - VE Working Capital + VE

Short-Term Liquidity Rating 4.4

Debt to EquityDec-09 Mar-10 Jun-10 Sep-10 Dec-10

EquityCommon Stock Equity $ 150.7 $ 173.2 $ 168.9 $ 171.4 $ 172.6

Total Equity $ 150.7 $ 173.2 $ 168.9 $ 171.4 $ 172.6

Debt and EquivalentsPref. Securities of Sub Trust - - - - -

Pref. Equity Outside Stock Equity - - - - -

Preferred Stock Equity - - - - -

Minority Interest (Bal. Sheet) - - - - -

Short-Term Debt $ 11.9 - - - -

Long-Term Debt $ 49.7 $ 49.1 $ 49.2 $ 49.2 $ 49.3

Capital Lease Obligations - - - - -

Total Debt and Equivalents $ 61.5 $ 49.1 $ 49.2 $ 49.2 $ 49.3

Debt to Equity 0.41 0.28 0.29 0.29 0.29Debt to Equity Rating 4.4 Low Risk High Risk

Debt to Equity Rating 4.4

Interest CoverageDec-09 Mar-10 Jun-10 Sep-10 Dec-10

EBITQuarterly ($4.3) $ 2.7 ($3.6) $ 4.5 $ 7.0

TTM ($6.7) ($12.5) ($9.8) ($0.7) $ 10.7

Interest ExpenseQuarterly $ 1.3 $ 1.3 $ 1.1 $ 1.1 $ 1.1

TTM $ 4.5 $ 4.6 $ 4.7 $ 4.8 $ 4.6

Interest CoverageQuarterly #N/A 2.1 x #N/A 4.0 x 6.2 x

TTM #N/A #N/A #N/A #N/A 2.3 x

Interest Coverage RatingQtrly Interest Coverage Rating 1.0 1.7 2.4 QuarterlyTTM Interest Coverage Rating 1.1 TTM

Interest Coverage Rating 1.8

This Company's cash flow is considered NOT SEASONAL, therefore this report uses the last quarter's cash flow multiplied by 4 as a proxy for annual cash flow. +

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Our methodology accounts for the 'nearness' to improving or worsening a Company's quadrant ranking based on current cash generation/burn rate and working capital position. The Company's short term liquidity situation is OPTIMAL. At the current cash generation rate the Company's working capital will double in 15 month(s).

Debt to Equity

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Quadrant 3: "RECOVERING"

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Revenue, EBITDA and EPS Rating 1.8

Revenue (in millions)

Annual (Fiscal Year) Dec-06 Dec-07 Dec-08 Dec-09 Dec-10Revenue $ 127.7 $ 109.0 $ 155.6 $ 115.2 $ 153.0

Quarterly Dec-09 Mar-10 Jun-10 Sep-10 Dec-10Quarter Ending $ 25.5 $ 38.9 $ 27.8 $ 38.3 $ 48.0

TTM $ 118.2 $ 106.6 $ 113.3 $ 130.5 $ 153.0

Growth Percent Rating Stability R² RatingRev. Growth % TTM 29.5% 4.7Rev. Growth % LFY 32.8% 4.9 Revenue Stability Last 2 Yrs 17.2% 0.9Rev. Growth % 3 Year CAGR 12.0% 2.8 Revenue Stability Last 3 Yrs 5.8% 0.3Rev. Growth % 5 Year CAGR 6.7% 2.0 Revenue Stability Last 5 Yrs 12.6% 0.6Revenue Growth Rating 3.6 Overall Revenue Stability Rating 0.6

Revenue Growth and Stability Rating 2.1

EBITDA (in millions)

Annual (Fiscal Year) Dec-06 Dec-07 Dec-08 Dec-09 Dec-10EBITDA $ 38.0 $ 24.3 $ 21.7 $ 6.8 $ 23.8

Quarterly Dec-09 Mar-10 Jun-10 Sep-10 Dec-10Quarter Ending ($1.0) $ 6.5 ($0.3) $ 7.7 $ 9.9

TTM $ 7.4 $ 1.1 $ 3.9 $ 12.9 $ 23.8

Growth Percent Rating Stability R² RatingEBITDA Growth % TTM 221.3% 5.0EBITDA Growth % LFY 250.6% 5.0 EBITDA Stability Last 2 Yrs 16.8% 0.8EBITDA Grwth % 3 Yr CAGR -0.7% 1.2 EBITDA Stability Last 3 Yrs 29.4% 0.7EBITDA Grwth % 5 Yrr CAGR -11.3% 0.3 EBITDA Stability Last 5 Yrs 73.2% 1.8EBITDA Growth Rating 2.9 Overall EBITDA Stablitity Rating 1.1

EBITDA Growth and Stability Rating 2.0

Basic Earnings Per Share (EPS*)* (excluding acquired in process R&D, restructuring and M&A, special income & charges and discontinued ops)

Annual (Fiscal Year) Dec-06 Dec-07 Dec-08 Dec-09 Dec-10EPS $ 0.89 $ 0.26 ($0.11) ($0.27) ($0.01)

Quarterly (TTM) Dec-09 Mar-10 Jun-10 Sep-10 Dec-10Quarter Ending ($0.18) ($0.01) ($0.03) $ 0.01 $ 0.02TTM ($0.27) ($0.39) ($0.31) ($0.21) ($0.01)

Growth Percent Rating Stability R² RatingEPS Growth % TTM 96.3% 2.5EPS Growth % LFY 96.3% 2.5 EPS Stability Last 2 Yrs 24.1% 0.6EPS Grwth % 3 Year CAGR -131.8% 0.0 EPS Stability Last 3 Yrs 67.4% 1.7EPS Grwth % 5 Year CAGR -139.9% 0.0 EPS Stability Last 5 Yrs 87.3% 2.2EPS Growth Rating 1.2 Overall EPS Stablitity Rating 1.5

EPS Growth and Stability Rating 1.4

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Return On Capital Rating 1.9

Return On Invested Capital (ROIC)

Annual (Fiscal Year) Dec-06 Dec-07 Dec-08 Dec-09 Dec-10Invested Capital Period Ending $ 257.4 $ 229.6 $ 275.5 $ 218.6 $ 230.5

Average Invested Capital $ 255.0 $ 243.5 $ 252.5 $ 247.1 $ 224.6

* Net Income $ 23.9 $ 7.8 ($4.8) ($12.9) ($2.1)

Add Back: After Tax Interest Expense $ 1.9 $ 2.8 $ 3.3 $ 2.9 $ 3.0

Annual ROIC 10.1% 4.4% -0.6% -4.0% 0.4%Level Rating 3.1 2.4 1.8 1.5 2.0Consistency Rating 2.2

Quarterly (TTM) Dec-09 Mar-10 Jun-10 Sep-10 Dec-10Invested Capital Period Ending $ 218.6 $ 228.1 $ 222.9 $ 225.8 $ 230.5

Average Invested Capital $ 246.8 $ 237.3 $ 227.1 $ 224.5 $ 225.2

* Net Income ($12.8) ($19.5) ($18.6) ($11.8) ($2.1)


Quarterly ROIC -4.0% -7.0% -6.8% -3.9% 0.4%Level Rating 1.5 1.2 1.2 1.5 2.0Consistency Rating 1.5

Return on Invested Capital (ROIC) Rating 1.9

Return On Assets (ROA)

Annual (Fiscal Year) Dec-06 Dec-07 Dec-08 Dec-09 Dec-10Total Assets Period Ending $ 271.7 $ 240.9 $ 301.2 $ 235.2 $ 252.0

Average Total Assets $ 270.5 $ 256.3 $ 271.1 $ 268.2 $ 243.6

* Net Income $ 23.9 $ 7.8 ($4.8) ($12.9) ($2.1)


Annual ROA 9.5% 4.2% -0.6% -3.7% 0.4%Level Rating 3.1 2.5 2.0 1.7 2.1Consistency Rating 2.3

Quarterly (TTM) Dec-09 Mar-10 Jun-10 Sep-10 Dec-10Total Assets Period Ending $ 235.2 $ 249.3 $ 237.6 $ 243.5 $ 252.0

Average Total Assets $ 264.9 $ 254.5 $ 242.1 $ 241.0 $ 243.5

* Net Income ($12.8) ($19.5) ($18.6) ($11.8) ($2.1)


Quarterly ROA -4.0% -7.0% -6.8% -3.9% 0.4%Level Rating 1.7 1.4 1.4 1.7 2.1Consistency Rating 1.7

Return on Assets (ROA) Rating 2.0

Return On Common Equity (ROE)

Annual (Fiscal Year) Dec-06 Dec-07 Dec-08 Dec-09 Dec-10Total Equity Period Ending $ 162.7 $ 138.7 $ 173.8 $ 150.7 $ 172.6

Average Common Equity $ 171.5 $ 150.7 $ 156.3 $ 162.3 $ 161.7

* Net Income $ 23.9 $ 7.8 ($4.8) ($12.9) ($2.1)

Add Back: NA -$ -$ -$ -$ -$

Annual ROE 13.9% 5.2% -3.1% -7.9% -1.3%Level Rating 3.0 2.3 1.6 1.3 1.8Consistency Rating 2.0

Quarterly (TTM) Dec-09 Mar-10 Jun-10 Sep-10 Dec-10Total Equity Period Ending $ 150.7 $ 173.2 $ 168.9 $ 171.4 $ 172.6

Average Common Equity $ 165.4 $ 165.2 $ 163.2 $ 164.7 $ 167.4

* Net Income ($12.8) ($19.5) ($18.6) ($11.8) ($2.1)

Add Back: NA -$ -$ -$ -$ -$

Quarterly ROE -7.8% -11.8% -11.4% -7.2% -1.3%Level Rating 1.3 1.0 1.1 1.3 1.8Consistency Rating 1.3

Return on Common Equity (ROE) Rating 1.7* Net Income - Excludes Net Income from Discontinued Operations, Income Acquired in Process R&D, Income Restructuring And M&A, and Other Special Income/(Charges)

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Valuation Rating 4.2

Price to Earnings (P/E)(Lower numbers receive higher rankings)

Annual (Fiscal Year) Dec-06 Dec-07 Dec-08 Dec-09 Dec-10* Price $ 4.42 $ 2.85 $ 0.53 $ 0.30 $ 0.68Earnings Per Share (EPS) $ 0.89 $ 0.26 ($0.11) ($0.27) ($0.01)

Annual P/E 5.0 x 11.0 xAnnual P/E Rating 4.3 3.7

Quarterly (TTM) Dec-09 Mar-10 Jun-10 Sep-10 Dec-10* Price $ 0.30 $ 0.33 $ 0.28 $ 0.48 $ 0.66Earnings Per Share (EPS) ($0.27) ($0.39) ($0.31) ($0.21) ($0.01)

Quarterly (TTM) P/EQuarterly (TTM) P/E Rating

Price to Earnings (P/E) N/A

Price to Book (P/Book)(Lower numbers receive higher rankings)

Annual (Fiscal Year) Dec-06 Dec-07 Dec-08 Dec-09 Dec-10* Price $ 4.42 $ 2.85 $ 0.53 $ 0.30 $ 0.68Book Equity Per Share $ 5.92 $ 5.01 $ 3.59 $ 3.11 $ 1.00

Annual P/Book 0.7 x 0.6 x 0.1 x 0.1 x 0.7 xAnnual P/Book Rating 4.4 4.5 4.7 4.7 4.5

Quarterly Dec-09 Mar-10 Jun-10 Sep-10 Dec-10* Price $ 0.30 $ 0.33 $ 0.28 $ 0.48 $ 0.66Book Equity Per Share $ 3.11 $ 1.00 $ 0.98 $ 0.99 $ 1.00

Quarterly P/Book 0.1 x 0.3 x 0.3 x 0.5 x 0.7 xQuarterly P/Book Rating 4.7 4.6 4.7 4.6 4.5

Price to Book (P/Book) 4.5

Enterprise Value to EBITDA (EV/EBITDA)(Lower numbers receive higher rankings)

Annual (Fiscal Year) Dec-06 Dec-07 Dec-08 Dec-09 Dec-10* Enterprise Value $ 185.4 $ 148.1 $ 106.1 $ 75.8 $ 154.4

EBITDA $ 38.00 $ 24.30 $ 21.71 $ 6.79 $ 23.80

Annual EV/EBITDA 5.0 x 6.2 x 5.3 x 11.2 x 7.0 xAnnual EV/EBITDA Rating 4.4 4.2 4.4 2.7 4.0

Quarterly (TTM) Dec-09 Mar-10 Jun-10 Sep-10 Dec-10* Enterprise Value $ 75.8 $ 95.6 $ 86.7 $ 121.5 $ 150.9

EBITDA $ 7.41 $ 1.11 $ 3.88 $ 12.95 $ 23.80

Quarterly (TTM) EV/EBITDA 10.2 x 94.8 x 25.1 x 10.1 x 6.9 xQuarterly (TTM) EV/EBITDA Ratin 3.0 0.0 3.1 4.0

Enterprise Value to EBITDA (EV/EBITDA) 4.0* Price - Delayed 60 days to reflect the fact that financial statements are public approximately 60 days after the last day of the reporting period. For the last period the most recent price is used.

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investorSCOREcard

Disclosure and Disclaimer

The issuer (“Issuer”) covered under this investor scorecard (“Investor Scorecard”) has paid a fee or has been charged a fee for the production and distribution of this Investor Scorecard. The fee paid or charged for the production and distribution of this Investor Scorecard was not subject to the rankings or information provided herein, nor was any securities of the Issuer accepted as payment for such fee. FSA Financial Science & Art Ltd. (“FSA”), The Equicom Group Inc. (“Equicom”) and their respective employees and directors may have had or from time to time acquire, hold or sell an interest in the listed securities of the Issuer.

Unless specified otherwise, all forward looking statements in this Investor Scorecard have been approved by the Issuer, and the Issuer has advised FSA and Equicom, without independent verification by FSA or Equicom that a reasonable basis exists for such forward looking statements. Other information contained in this Investor Scorecard has been compiled by FSA or Equicom from sources believed to be reliable, which may include but not limited to, public information, research reports and discussions with management of the Issuer. Prior to its publication, this Investor Scorecard had been submitted to the management of the Issuer for review for factual accuracy.

No representation or warranty, express or implied, is made by FSA, Equicom, its affiliates, any other person that provided information or data for this Investor Scorecard or any person that distributes this Investor Scorecard with respect to the adequacy, accuracy, completeness or timeliness of any information, estimates or opinions provided in this Investor Scorecard. All estimates, opinions and other information in this Investor Scorecard are provided by FSA, Equicom or another party as of the date of this Investor Scorecard. Such estimates, opinions and other information are subject to change without notice, and are provided in good faith but without any legal responsibility. Past performance is no guarantee of future results.

This Investor Scorecard is provided for informational purposes only and does not constitute an offer or solicitation to buy or sell any securities discussed herein in any jurisdiction. The securities discussed in this Investor Scorecard may not be eligible for sale in some jurisdictions. This Investor Scorecard is not, and under no circumstances should be construed as, a solicitation to act as a securities broker, dealer or advisor in any jurisdiction by any person or company that is not legally permitted to carry on the business of a securities broker, dealer or advisor in that jurisdiction. Neither FSA nor Equicom is a registered investment dealer, broker or advisor, has investment banking operations or makes markets in any securities.

This Investor Scorecard is prepared for general circulation and to provide an overview of Issuer’s business. This Investor Scorecard does not consider the investment objectives, financial situation or particular needs of any particular person, and is not tailored to the needs of any person receiving this Investor Scorecard. Readers of this Investor Scorecard should obtain professional advice based on their own individual circumstances before making an investment decision. Nothing in this Investor Scorecard constitutes individual investment, legal or tax advice. To the fullest extent permitted by law, FSA, Equicom, Morningstar Inc., its content providers, any other person that has provided information or data for this Investor Scorecard nor any authorized person that distributes this Investor Scorecard accepts any liability whatsoever for any direct, indirect, special, economic or consequential loss (whether in contract or tort even if FSA, Equicom or the other party has been advised of the possibility of such loss) arising from any use of, or reliance on the estimates, opinions or other information contained in this Investor Scorecard.

Without limiting the generality of the foregoing, you are prohibited from using or disclosing any personal information contained in the Investor Scorecard for purposes unrelated to the purposes for which the information is made available to you and/or the public under Canadian securities laws, including, without limitation, for secondary marketing purposes, unless you have obtained any and all consents as required under applicable Canadian privacy laws.

The information contained in this Investor Scorecard is copyrighted, and it may not be sold or licensed for commercial value or altered, in whole or in part, without prior express written consent of Equicom. Furthermore, Investor Scorecard can only be distributed in its entirety. Information or data herein, including any trade mark, service mark or logo is the intellectual property of FSA, Equicom, Morningstar Inc. and/or its content providers, Issuer or other persons that have provided such information or data, including but not limited to the organizations listed below and their respective content providers.

This report was produced in part with information from the following organizations: