1. INSOLVENCY & RESTRUCTURING FORUM CAIRP Update Annual Forums 2016 David Wood, Chair Mark Yakabuski, President and Chief Operating Officer

2. INSOLVENCY & RESTRUCTURING FORUM New Designation – Licensed Insolvency Trustee CAIRP worked closely with the OSB for many months. Working with the OSB to change the trustee designation identified as a key goal in the 2012 Strategic Plan. Extensive member consultation via an initial survey, followed by an unprecedented vote to confirm support for the name change proposed to the OSB by CAIRP. December 2, 2015: Licensed Insolvency Trustee (LIT) unveiled by the OSB, which was well-received and appreciated by CAIRP members; effective as of April 1, 2016. CAIRP appreciates the OSB’s efforts in revising the directive and bringing forward the new designation.

3. INSOLVENCY & RESTRUCTURING FORUM Communications Program CAIRP has introduced a new communication program to promote the work of CAIRP and our members to the public and other key stakeholders. Follow us on: facebook.com/CAIRP twitter.com/CAIRP_ACPIR Canadian Association of Insolvency and Restructuring Professionals Interested in contributing to the CAIRP blog? Contact us at info@cairp.ca.

4. INSOLVENCY & RESTRUCTURING FORUM Members in the Media David Wood – live interview on 680 News, Canada’s largest news radio station. Chantal Gingras – interview for an article in La Presse, the largest French- language newspaper in North America. Chantal Gingras – interview for Rogers-owned blog Conseiller.ca. Nathalie Brault – appearance on the TVA News program Dans Vos Poches. Pattie Lovett-Reid, Chief Financial Commentator for CTV News – blogged and talked on-air about CAIRP, the name change and LITs. Mark Yakabuski – article in Journal de Québec.

5. INSOLVENCY & RESTRUCTURING FORUM Committees Over the past year, all committees have undertaken a review of their terms of reference. Ensures transparency with regards to the structure and function of committees. Improves clarity with regards to the mandate of each committee. To volunteer for one of CAIRP’s committees, contact us at info@cairp.ca.

6. INSOLVENCY & RESTRUCTURING FORUM Intervention Committee We have been very active in key legal cases in pursuing the interests of CAIRP members and in seeking to clarify important points of law. 407 ETR (ON) and Moloney (AB) cases Motor vehicle licensing debt surviving bankruptcy. CRA set-off rights cases (ON) CRA proposal clauses seeking to set off post-proposal rights against pre-proposal debts. Redwater Energy case (AB) Regulator seeking to compel the receiver to comply with remediation requirements of old wells as part of Redwater’s assets. Kitco (CRA set-off rights QC) CCAA case concerning the set-off rights of CRA.

7. INSOLVENCY & RESTRUCTURING FORUM Standards of Professional Practice The Standards are a foundational document that are the basis of every year’s declaration by members. The Standards; however, had not been updated in over 20 years. CAIRP undertook a rigorous review to both modernize and streamline the Standards. The Standards have been revised particularly to take into account changes in the BIA itself, the Rules and Superintendent’s directives. The updated Standards provide practitioners with effective guidance in the whole gamut of corporate and consumer activities.

8. INSOLVENCY & RESTRUCTURING FORUM Honours and Awards Many people have given their time, commitment and energy to make CAIRP as effective as it is. The following awards are presented each year to recognize those members who have contributed to CAIRP’s success: Fellowship Award – Nomination deadline April 30. Keith G. Collins Award – Nomination deadline April 30. New Members Award of Merit – Nomination deadline April 30. Outstanding Volunteer Award – Nominations can be presented at any time. We encourage you to nominate your fellow members each year. For more information, visit: www.cairp.ca/insolvency-professionals/joining-cairp/honours-and-awards/

9. INSOLVENCY & RESTRUCTURING FORUM Tariff Review Study In conjunction with the OSB, CAIRP is undertaking a thorough study of the tariff in summary administration (“SA”) bankruptcies. As we promised to our members, we have: Worked with the OSB to structure a review process to be conducted by an independent statistician that will preserve the privacy of data collected and maintained by the OSB; Engaged one of the best statisticians in the country to conduct a comprehensive fact-based study; Surveyed every one of our members to collect key data; and, The OSB provided CAIRP with massive data abstracts on SA files from 2000 onwards in a manner that allowed the statistician to analyze the underlying data in a confidential manner. This analysis is presently underway.

10. INSOLVENCY & RESTRUCTURING FORUM CQP Review Task Force CAIRP has acted quickly in setting up this Task Force following the results of the CNIE. The Task force has been given a dual mandate: Short-term recommendations to ensure the validity and fairness of the 2016 CNIE. Medium to long-term recommendations to provide effective support to candidates and ensure the continued integrity of the CQP. As part of this process, there will be an opportunity for members and articling associates to provide input.

11. INSOLVENCY & RESTRUCTURING FORUM Fee Increase CAIRP’s expenses for FY 2017 are lower than they were in FY 2012. Revenues are down by almost 1 million dollars. The number of new articling associates entering the CQP has fallen by 70% over the last four years. CAIRP has reduced fees for the CQP Tutorial by 25% in order to increase access for candidates. We have kept registration fees for CAIRP events stable. In the case of new members we have reduced event fees by 50%.

12. INSOLVENCY & RESTRUCTURING FORUM Strategic Plan Committee The current strategic plan expires in 2017. Given the number of important issues CAIRP is facing, we have been proactive in striking the Strategic Plan Committee well in advance. The Committee is already well at work. This will ensure we have a new plan fully in place sooner and make us more ready to face key challenges.

13. INSOLVENCY & RESTRUCTURING FORUM Thank You! Thanks to the support of our members, CAIRP has made significant achievements in recent years. We are counting on your continued support to build on this success for the benefit of our members in the years to come.