Introduction .........................................................................4
Infrastructure Deficit ......................................................... 4
Deficit Amount .................................................................. 4
Why the Deficit?................................................................ 5
Outlook: Infrastructure/Government Budgets .....................5
Federal.............................................................................. 5
Ontario .............................................................................. 6
Quebec ............................................................................. 7
British Columbia ............................................................... 8
Alberta............................................................................... 8
Outlook: Non- and Residential Construction .....................9
Non-residential ................................................................. 9
Residential ........................................................................ 9
Commodity Outlook ..........................................................10
Energy............................................................................. 10
Mining ............................................................................. 11
Agriculture Outlook ...........................................................11
Valuation ............................................................................11
ARMTEC INFRASTRUCTURE INCOME FUND........13
Investment Summary ........................................................13
Description ........................................................................13
Business Segments........................................................ 13
Geographic Segments ................................................... 14
Strategy..............................................................................14
Organic Strategy............................................................. 15
Acquisition Strategy........................................................ 15
History of Growth ..............................................................15
Positive Attributes .............................................................16
National Platform and Cross-Selling Opportunities....... 16
Further Consolidation..................................................... 16
History of Growth............................................................ 16
Competitors .......................................................................16
Cost Drivers.......................................................................17
Debt....................................................................................17
Q4-08 Review; Q1-09 Preview...........................................17
Estimates ...........................................................................17
Valuation and Target Price................................................18
Key Risks...........................................................................18
Financial Statements.........................................................19
GENIVAR INCOME FUND ........................................ 22
Investment Summary........................................................ 22
Description........................................................................ 22
Business .........................................................................22
Customer and Geographic Segments ...........................23
Business Segments........................................................23
Backlog...........................................................................23
Strategy .............................................................................24
History ...............................................................................24
Positive Attributes.............................................................25
Revenue Base.................................................................25
Track Record of Growth .................................................25
Conservative Balance Sheet ..........................................26
Workforce........................................................................26
Industry Trends.................................................................26
Public Infrastructure Spending.......................................26
Consolidation..................................................................26
Competitors ......................................................................26
Debt ...................................................................................27
Q4-08 Review, Q1-09 Preview ..........................................27
Estimates...........................................................................28
Valuation and Target Price ...............................................28
Key Risks to Target Price .................................................28
Financial Statements ........................................................30
IBI INCOME FUND....................................................33
Investment Summary........................................................33
Description........................................................................33
Geographic Segments ......................................................33
Business Segments........................................................34
Backlog...........................................................................34
Strategy .............................................................................35
Organic Growth Strategy................................................35
Acquisition Growth Strategy...........................................36
Company History ..............................................................36
Positive Attributes.............................................................37
Integration of Services....................................................37
Geographic Reach..........................................................37
Track Record of Growth .................................................37
Experienced Professionals with Ownership Stake ........37
Debt.................................................................................37
Q4-08 Review and Q1-09 Preview....................................38
Estimates ........................................................................38
Valuation and Target Price ...............................................39
Key Risks to Target Price .................................................39
Financial Statements ........................................................40