Making the Public Sector Finance Function More Strategic Presented to the Financial Management Institute of Canada - Ontario Chapter FMI Ontario – Controllership – Professional Development Day Feb 25, 2009 Financial Management Advisory ADVISORY

1 Presented on February 25, 2009 to Financial Management Institute of Canada, Ontario Chapter – Controllership Professional Development Day © 2008 KPMG LLP, a Canadian limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International, a Swiss cooperative. All rights reserved. KPMG and the KPMG logo are registered trademarks of KPMG International, a Swiss cooperative. Agenda Issues faced by Public Sector Challenges Facing Finance Functions Transition to a Strategic Finance Function Framework for Strategic Finance Functions Roles of a Strategic Finance Function Conclusion Questions

Issues Faced by the Public Sector

3 Presented on February 25, 2009 to Financial Management Institute of Canada, Ontario Chapter – Controllership Professional Development Day © 2008 KPMG LLP, a Canadian limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International, a Swiss cooperative. All rights reserved. KPMG and the KPMG logo are registered trademarks of KPMG International, a Swiss cooperative. Performance Agenda: An International Government Survey Recent international survey conducted by Economist Intelligence Unit for KPMG:  254 public sector executives from five countries interviewed: Australia, Canada, Germany, the United Kingdom and the United States  37% were heads of departments, financial chiefs, directors or deputy directors  1/3 of respondents have departmental budgets greater than $1 billion, another half have budgets of up to $500 million

4 Presented on February 25, 2009 to Financial Management Institute of Canada, Ontario Chapter – Controllership Professional Development Day © 2008 KPMG LLP, a Canadian limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International, a Swiss cooperative. All rights reserved. KPMG and the KPMG logo are registered trademarks of KPMG International, a Swiss cooperative. Performance Agenda: An International Government Survey Survey identified key issues encountered by Canadian public sector executives and their international counterparts:  Governments are under pressure to focus on performance to maximize value  Global skills shortage negatively impacts the creation of value through efficiency  Forecasting costs/benefits of new projects/programs is a major challenge to preserving value

5 Presented on February 25, 2009 to Financial Management Institute of Canada, Ontario Chapter – Controllership Professional Development Day © 2008 KPMG LLP, a Canadian limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International, a Swiss cooperative. All rights reserved. KPMG and the KPMG logo are registered trademarks of KPMG International, a Swiss cooperative. How are the challenges impacting Public Sector Finance Function Public sector finance function challenges can be classified into three main categories:  Governance: Preserving Value  Performance: Maximizing Value  Efficiency: Creating Value

6 Presented on February 25, 2009 to Financial Management Institute of Canada, Ontario Chapter – Controllership Professional Development Day © 2008 KPMG LLP, a Canadian limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International, a Swiss cooperative. All rights reserved. KPMG and the KPMG logo are registered trademarks of KPMG International, a Swiss cooperative. Challenges 1. Governance:  Managing the regulatory environment  Optimizing organization risk  Best Practice Governance

7 Presented on February 25, 2009 to Financial Management Institute of Canada, Ontario Chapter – Controllership Professional Development Day © 2008 KPMG LLP, a Canadian limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International, a Swiss cooperative. All rights reserved. KPMG and the KPMG logo are registered trademarks of KPMG International, a Swiss cooperative. Performance Agenda Governance:  Disparity between efficiency measures undertaken and benefits gained  Over 76% of executives indicated improved financial accountability was the most important operational issue to address  Importance of balance between central agency agendas and entities responsible for implementing/operating

8 Presented on February 25, 2009 to Financial Management Institute of Canada, Ontario Chapter – Controllership Professional Development Day © 2008 KPMG LLP, a Canadian limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International, a Swiss cooperative. All rights reserved. KPMG and the KPMG logo are registered trademarks of KPMG International, a Swiss cooperative. Challenges 2. Performance:  Efficiency and cost optimization  Measuring operational performance  Addressing under- performance

9 Presented on February 25, 2009 to Financial Management Institute of Canada, Ontario Chapter – Controllership Professional Development Day © 2008 KPMG LLP, a Canadian limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International, a Swiss cooperative. All rights reserved. KPMG and the KPMG logo are registered trademarks of KPMG International, a Swiss cooperative. Performance Agenda Performance:  Need to measure and analyze performance with financial and operational data  Obtaining appropriate balance between accountability and performance  Canadian respondents placed almost equal value between improved quality of service and greater transparency

10 Presented on February 25, 2009 to Financial Management Institute of Canada, Ontario Chapter – Controllership Professional Development Day © 2008 KPMG LLP, a Canadian limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International, a Swiss cooperative. All rights reserved. KPMG and the KPMG logo are registered trademarks of KPMG International, a Swiss cooperative. Performance Agenda Performance (cont’d):  Two main barriers:  Compensation  Skills shortages  Most serious labour shortages are in professions of information technology and financial services  Canadian respondents indicated demographic changes play largest role in straining resources

11 Presented on February 25, 2009 to Financial Management Institute of Canada, Ontario Chapter – Controllership Professional Development Day © 2008 KPMG LLP, a Canadian limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International, a Swiss cooperative. All rights reserved. KPMG and the KPMG logo are registered trademarks of KPMG International, a Swiss cooperative. Challenges 3. Efficiency:  Revenue growth through alternate sources  Meet increasing demand for services  Flexible internal structure for expansion

12 Presented on February 25, 2009 to Financial Management Institute of Canada, Ontario Chapter – Controllership Professional Development Day © 2008 KPMG LLP, a Canadian limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International, a Swiss cooperative. All rights reserved. KPMG and the KPMG logo are registered trademarks of KPMG International, a Swiss cooperative. Performance Agenda Efficiency:  Keeping pace with workloads while improving operational efficiencies  Difficulty in measuring and assessing costs and benefits of programs and projects  Impedes efficient allocation of limited resources

13 Presented on February 25, 2009 to Financial Management Institute of Canada, Ontario Chapter – Controllership Professional Development Day © 2008 KPMG LLP, a Canadian limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International, a Swiss cooperative. All rights reserved. KPMG and the KPMG logo are registered trademarks of KPMG International, a Swiss cooperative. Performance Agenda Efficiency (cont’d):  Limited appetite for tax increases requires innovative funding initiatives  Increasing pressure to deliver modern and effective services  Non tax revenue instruments preferred nearly 3 to 1 over tax revenues  Public-Private partnerships and initiatives are seen as best approach

Challenges Facing Finance Functions

15 Presented on February 25, 2009 to Financial Management Institute of Canada, Ontario Chapter – Controllership Professional Development Day © 2008 KPMG LLP, a Canadian limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International, a Swiss cooperative. All rights reserved. KPMG and the KPMG logo are registered trademarks of KPMG International, a Swiss cooperative. Challenges faced by All Finance Functions TRAINING AND DEVELOPMENT LEADERSHIP AND VISION CULTURE MEASURES Shared Services ORGANZATIONAL STRUCTURE REPORTINGFINANCING TECHNOLOGY PEOPLE & CULTURE PERFORMANCE MEASURES Shared Services FINANCE FUNCTION PERFORMANCE MEASURES  Multiple Finance agendas – not aligned  No single version of the truth  Too much time gathering/reconciling data  Inadequate management information (KPIs) to support decision making  Communication to stakeholders of performance is constrained ORGANIZATIONAL STRUCTURE  Local autonomous functions not aligned  Confused roles / responsibilities / accountabilities and duplication of effort  Lack of objectivity and / or transparency  Shadow Finance functions  Limited mobility of Finance leaders  No formal Finance governance structures PEOPLE & CULTURE  Individuals not a Finance team  Lack of skills (beyond technical)  Ineffective communication / business contact  Low morale and motivation  Poor talent management  Inadequate succession plans REPORTING  Inconsistent policies/ procedures/ controls  Significant reconciliation issues/errors  Too many late adjustments / JNLs  Close process is long / highly manual  Budgeting, planning and forecasting / capital management processes are ineffective and / or inefficient TECHNOLOGY  Multiple consolidation layers/COAs & GLs  Inconsistent data models / reference data  Multiple systems / varying maturity with too many manual interfaces  Multiple sources for technology including maintenance and development  Limited / no scale or flexibility and reliance on end user computing is high FINANCING/REVENUES  Poor integration between point of sale systems and reporting/GL systems  New product initiatives difficult to measure due to quality of information  No alignment of various revenue recognition systems used in subsidiaries  Lack of centralized strategy for revenue generation Sound familiar…?

16 Presented on February 25, 2009 to Financial Management Institute of Canada, Ontario Chapter – Controllership Professional Development Day © 2008 KPMG LLP, a Canadian limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International, a Swiss cooperative. All rights reserved. KPMG and the KPMG logo are registered trademarks of KPMG International, a Swiss cooperative. Applicability to Public Sector Finance Functions PERFORMANCE MEASURES Primary focus is quality of services and improved productivity rather than profitability TRAINING AND DEVELOPMENT LEADERSHIP AND VISION CULTURE PERFORMANCE MEASURES ORGANIZATIONAL STRUCTURE PEOPLE AND CULTURE Human capital management: attracting and retaining experienced and trained professionals TECHNOLOGY Difficulties in determining costs and benefits associated with IT initiatives, and lack of choice in available technologies Increasing demand and cost of service delivery will require innovative financing options. Public expectations for accountability and transparency are higher relative to the private sector Shared Services ORGANZATIONAL STRUCTURE REPORTINGFINANCING TECHNOLOGY PEOPLE & CULTURE PERFORMANCE MEASURES Distribution of Finance Function among departments, ministries, agencies, boards and crown corporations. FINANCING REPORTING Shared Services FINANCE FUNCTION

Transition to a Strategic Finance Function

18 Presented on February 25, 2009 to Financial Management Institute of Canada, Ontario Chapter – Controllership Professional Development Day © 2008 KPMG LLP, a Canadian limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International, a Swiss cooperative. All rights reserved. KPMG and the KPMG logo are registered trademarks of KPMG International, a Swiss cooperative. GUIDANCE DIRECTION EXPERTISE ACCOUNTABILITY AUTHORITY CONTROL EFFICIENCY Transitioning the Role to Strategic STRATEGICNON–STRATEGICVALUE ADD COMMUNICATION Collecting budgeting and forecasting information Prepare/provide financial information and financial statements as requested Design financial controls and meet audit requirements Prepare an process journal entries Provide instructions and analysis of budgets and forecasts Prepare and analyze financial and operational performance Provide leadership and direction in transparency and accountability Support accurate and complete journal entry processing Scorekeeper Strategic Partner

Framework for Strategic Finance Functions

20 Presented on February 25, 2009 to Financial Management Institute of Canada, Ontario Chapter – Controllership Professional Development Day © 2008 KPMG LLP, a Canadian limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International, a Swiss cooperative. All rights reserved. KPMG and the KPMG logo are registered trademarks of KPMG International, a Swiss cooperative. Key to Effective Strategic Finance Function Internal: Relevant, reliable & timely information Integration of financial and non financial data Forward looking (planning & forecasting) Focus on KPIs and value for money External: Transparent Efficient production of Public Accounts Appropriate Authority Financial Management culture Strong planning & monitoring functions Effective Policy Framework Effective management of Assets, Liabilities, Revenues, and Expenses Well defined Roles & Responsibilities Clear lines of accountability Capacity & competence (technical finance skills) Documented goals and objectives Strong team and change management skills Leading practices in transaction processing (efficient and effective) Accurate, timely and relevant data Standardized and simplified processes Proper authorization One Integrated System One Version of the Truth Limited Use of Spreadsheets/ Offline Tools Efficient data capture at source Information integrity Valued Partner within Organization Organization Decision Support People Transactions Technology Enterprise Risk ManagementInternal Control Framework Strong Stewardship role Regular Monitoring for effectiveness and efficiencies Delegation Limits Documented processes and controls Clear documented oversight Governance & Risk Management

21 Presented on February 25, 2009 to Financial Management Institute of Canada, Ontario Chapter – Controllership Professional Development Day © 2008 KPMG LLP, a Canadian limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International, a Swiss cooperative. All rights reserved. KPMG and the KPMG logo are registered trademarks of KPMG International, a Swiss cooperative. Effective Strategic Finance Functions TECHNOLOGY:  Appropriate processes and systems to produce and deliver accurate and timely financial data  Integrity of information through controls and policy compliance  Automation and integration promotes efficiency One Integrated System One version of the “Truth” Limited Use of Spreadsheets/ Offline Tools Efficient data capture at source Information integrity Technology

22 Presented on February 25, 2009 to Financial Management Institute of Canada, Ontario Chapter – Controllership Professional Development Day © 2008 KPMG LLP, a Canadian limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International, a Swiss cooperative. All rights reserved. KPMG and the KPMG logo are registered trademarks of KPMG International, a Swiss cooperative. Effective Strategic Finance Functions ORGANIZATION:  Organizationally independent from ministry program delivery  Oversight role and responsibility over ministerial or governmental activity  Requires constant relationship management with valued partners Organization Appropriate Authority Financial Management culture Strong planning & monitoring functions Effective Policy Framework Effective management of assets, liabilities, revenues & expenses

23 Presented on February 25, 2009 to Financial Management Institute of Canada, Ontario Chapter – Controllership Professional Development Day © 2008 KPMG LLP, a Canadian limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International, a Swiss cooperative. All rights reserved. KPMG and the KPMG logo are registered trademarks of KPMG International, a Swiss cooperative. Effective Strategic Finance Functions DECISION SUPPORT:  Key strategic support to departmental or program decision maker  Enhance financial and operational data into “intelligent information”  Prioritize initiatives for reliable forecasting and focus on value for money Internal: Relevant, reliable & timely information Integration of financial and non financial data Forward looking (planning & forecasting) Focus on KPIs and value for money External: Transparent Efficient production of Public Accounts Decision Support

24 Presented on February 25, 2009 to Financial Management Institute of Canada, Ontario Chapter – Controllership Professional Development Day © 2008 KPMG LLP, a Canadian limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International, a Swiss cooperative. All rights reserved. KPMG and the KPMG logo are registered trademarks of KPMG International, a Swiss cooperative. Effective Strategic Finance Functions PEOPLE:  Accredited financial and accounting professionals with experience  Clearly defined roles and responsibilities with appropriate authority  Culture of development and opportunity that rewards initiative and innovation Well defined Roles & Responsibilities Clear lines of accountability Capacity & competence (technical finance skills) Documented goals and objectives Strong team and change management skills People

25 Presented on February 25, 2009 to Financial Management Institute of Canada, Ontario Chapter – Controllership Professional Development Day © 2008 KPMG LLP, a Canadian limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International, a Swiss cooperative. All rights reserved. KPMG and the KPMG logo are registered trademarks of KPMG International, a Swiss cooperative. Effective Strategic Finance Functions TRANSACTIONS:  Accountable for enterprise financial system architecture  Consistency and standardization of accounting policies and procedures for transaction processing  Formalize and manage the centralized service delivery model Leading practices in transaction processing (efficient and effective) Accurate, timely and relevant data Standardized and simplified processes Proper authorization Transactions

Roles of the Strategic Finance Function

27 Presented on February 25, 2009 to Financial Management Institute of Canada, Ontario Chapter – Controllership Professional Development Day © 2008 KPMG LLP, a Canadian limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International, a Swiss cooperative. All rights reserved. KPMG and the KPMG logo are registered trademarks of KPMG International, a Swiss cooperative. Defining the Role of the Finance Function Direct (lead / own / accountable) Influence and guidance Decision support for value creation Financial control to protect value Transactional processing FOCUS ON PERFORMANCE SERVICE PROVIDER Risk management Governance / stewardship Stakeholder relationships Capital Asset Management (Infrastructure) Strategic planning Value for money based management Public Reporting GL / COA Maintenance Budgeting and forecasting Information Technology Human Resources Treasury / ALM Accounting policy & procedures Control optimisation Transactional Processing Cost optimization Sourcing Variances analysis Management reporting Public service users Basic financial information Service Delivery FOCUS ON GOVERNANCE FOCUS ON CONTROL FOCUS ON EFFICIENCY Quality and level of service Information Technology Internal Control and Design Operational Statistics Audit Initiatives and agenda PERFORMANCE & EFFICIENCY SENIOR MANAGEMENT REGULATION & CONTROL

28 Presented on February 25, 2009 to Financial Management Institute of Canada, Ontario Chapter – Controllership Professional Development Day © 2008 KPMG LLP, a Canadian limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International, a Swiss cooperative. All rights reserved. KPMG and the KPMG logo are registered trademarks of KPMG International, a Swiss cooperative. Defining the Role of the Finance Function Focus on Performance:  Assist and support partners to effectively and efficiently manage and complete budgets  Improve ability to determine costs and benefits of programs and projects  Relevant forecasting to prepare for future challenges to public services  Assist in planning for innovative funding initiatives to meet growth in demand for services FOCUS ON PERFORMANCE SERVICE PROVIDER Risk management Governance / stewardship Stakeholder relationships Capital Asset Management (Infrastructure) Strategic planning Value for money based management (EVA) Public Reporting GL / COA Maintenance Budgeting and forecasting Information Technology Human Resources Treasury / ALM Accounting policy & procedures Control optimisation Transactional Processing Cost optimisation Sourcing Variances analysis Management reporting Public service users Basic financial information Service Delivery FOCUS ON GOVERNANCE FOCUS ON CONTROL FOCUS ON EFFICIENCY Quality and level of service Information Technology Internal Control and Design Operational Statistics Audit Initiatives and agenda PERFORMANCE & EFFICIENCY SENIOR MANAGEMENT REGULATION & CONTROL

29 Presented on February 25, 2009 to Financial Management Institute of Canada, Ontario Chapter – Controllership Professional Development Day © 2008 KPMG LLP, a Canadian limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International, a Swiss cooperative. All rights reserved. KPMG and the KPMG logo are registered trademarks of KPMG International, a Swiss cooperative. Defining the Role of the Finance Function Focus on Governance:  Manage and control formal relationships between partners  Lead and direct internal initiatives and agenda related to financial information  Ensure appropriate service level agreements are issued to formalize relationships  Development of standardised control and accounting policies  Improve consistency of reported information FOCUS ON PERFORMANCE SERVICE PROVIDER Risk management Governance / stewardship Stakeholder relationships Capital Asset Management (Infrastructure) Strategic planning Value for money based management (EVA) Public Reporting GL / COA Maintenance Budgeting and forecasting Information Technology Human Resources Treasury / ALM Accounting policy & procedures Control optimisation Transactional Processing Cost optimisation Sourcing Variances analysis Management reporting Public service users Basic financial information Service Delivery FOCUS ON GOVERNANCE FOCUS ON CONTROL FOCUS ON EFFICIENCY Quality and level of service Information Technology Internal Control and Design Operational Statistics Audit Initiatives and agenda PERFORMANCE & EFFICIENCY SENIOR MANAGEMENT REGULATION & CONTROL

30 Presented on February 25, 2009 to Financial Management Institute of Canada, Ontario Chapter – Controllership Professional Development Day © 2008 KPMG LLP, a Canadian limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International, a Swiss cooperative. All rights reserved. KPMG and the KPMG logo are registered trademarks of KPMG International, a Swiss cooperative. Defining the Role of the Finance Function Focus on Control:  Provide leadership and guidance on continuous risk management process  Central agency with actual and/or perceived authority to maintain sound financial and operational information  Support partners with accurate and timely reporting of financial and performance information  Elevate government transparency in reported information FOCUS ON PERFORMANCE SERVICE PROVIDER Risk management Governance / stewardship Stakeholder relationships Capital Asset Management (Infrastructure) Strategic planning Value for money based management (EVA) Public Reporting GL / COA Maintenance Budgeting and forecasting Information Technology Human Resources Treasury / ALM Accounting policy & procedures Control optimisation Transactional Processing Cost optimisation Sourcing Variances analysis Management reporting Public service users Basic financial information Service Delivery FOCUS ON GOVERNANCE FOCUS ON CONTROL FOCUS ON EFFICIENCY Quality and level of service Information Technology Internal Control and Design Operational Statistics Audit Initiatives and agenda PERFORMANCE & EFFICIENCY SENIOR MANAGEMENT REGULATION & CONTROL

31 Presented on February 25, 2009 to Financial Management Institute of Canada, Ontario Chapter – Controllership Professional Development Day © 2008 KPMG LLP, a Canadian limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International, a Swiss cooperative. All rights reserved. KPMG and the KPMG logo are registered trademarks of KPMG International, a Swiss cooperative. Defining the Role of the Finance Function Focus on Efficiency:  Integration of financial and operational performance data  Assist in properly assessing the effectiveness and efficiency of public service delivery  Improve ability to manage assets and liabilities  Increase the access to and sharing of information between partners  Promote gains through economies of scale and leveraging through procurement and sourcing FOCUS ON PERFORMANCE SERVICE PROVIDER Risk management Governance / stewardship Stakeholder relationships Capital Asset Management (Infrastructure) Strategic planning Value for money based management (EVA) Public Reporting GL / COA Maintenance Budgeting and forecasting Information Technology Human Resources Treasury / ALM Accounting policy & procedures Control optimisation Transactional Processing Cost optimisation Sourcing Variances analysis Management reporting Public service users Basic financial information Service Delivery FOCUS ON GOVERNANCE FOCUS ON CONTROL FOCUS ON EFFICIENCY Quality and level of service Information Technology Internal Control and Design Operational Statistics Audit Initiatives and agenda PERFORMANCE & EFFICIENCY SENIOR MANAGEMENT REGULATION & CONTROL

Conclusion

33 Presented on February 25, 2009 to Financial Management Institute of Canada, Ontario Chapter – Controllership Professional Development Day © 2008 KPMG LLP, a Canadian limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International, a Swiss cooperative. All rights reserved. KPMG and the KPMG logo are registered trademarks of KPMG International, a Swiss cooperative. Conclusion Challenges:  Public sector organizations under pressure to operate more efficiently  Requirement to focus on performance and improve quality of service Opportunities:  Finance Function strongly influence and control government agendas, departments and agencies

34 Presented on February 25, 2009 to Financial Management Institute of Canada, Ontario Chapter – Controllership Professional Development Day © 2008 KPMG LLP, a Canadian limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International, a Swiss cooperative. All rights reserved. KPMG and the KPMG logo are registered trademarks of KPMG International, a Swiss cooperative. Conclusion Keys:  Effective management of financial resources critical to meeting expectations of service users and future challenges Results:  Provide stakeholders with tools to effectively and efficiently perform in accordance with public expectations

35 Presented on February 25, 2009 to Financial Management Institute of Canada, Ontario Chapter – Controllership Professional Development Day © 2008 KPMG LLP, a Canadian limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International, a Swiss cooperative. All rights reserved. KPMG and the KPMG logo are registered trademarks of KPMG International, a Swiss cooperative. QUESTIONS?

Presenter’s contact details Daniel Zbacnik, CPA (Illinois), MBA, FCMA KPMG Canada Canadian Lead Partner, Financial Management Advisory KPMG LLPTel:(416) Yonge Corporate CentreFax:(416) Yonge Street Suite 200 Toronto, Ontario M2P 2H3