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## 5. INVESTMENTS 

## Preferred LP Units: 

<img src='content_image/213974.jpg'>

The difference in the acquisition cost of Quetico and Agility at December 31, 2012 and December 31, 2013 is due to foreign currency translation. 

## Assumptions used in fair value calculations: 

The Corporation estimated the fair value of the available for sale financial assets (Preferred LP and LLC 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. 

