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## 5. Investments 

## Available for Sale Financial Assets: 

Year ended December 31, 2011 

<img src='content_image/252750.jpg'>

## Assumptions used in fair value calculations: 

The Corporation estimated the fair value of the available for sale financial assets (Preferred LP Units) by evaluating a number of different methods: 

(a) A going concern value was calculated by calculating the discounted cash flow of the future expected distributions. Key assumptions used include the discount rate used in the calculation. 

For each individual Partner, the Corporation considered a number of different discount rate factors including what industry they operated in, the size of the company, the health of the balance sheet and the ability of the historical earnings to cover the future distributions. This was supported by the historical yield of the original investment, current investing yields, and the current yield of Alaris’ publicly traded shares and of other similar public companies. 

(b) A redemption or retraction value was calculated using the formula specified in each of the Partnership agreements alongside an assessment of the likelihood of a redemption of the Preferred Units. 

(c) A liquidation value was calculated using the formula specified in each of the Partnership agreements while considering an estimate of the current value of the private company to determine if there would be sufficient value to cover the liquidation amount. 

From this analysis, management of the Corporation determined the fair value of the Preferred LP Units for each individual Partner. Below is a summary of the fair value adjustments in 2011 and 2010. 

