January 24, 2017

Special Situations

Lumenpulse Inc. LMP-TSX: $18.43

Buy
Top Pick for 2017 Exceptional Growth & Operating Leverage
to Transition LMP into a High-ROIC Operator $22.00 Target

We are pleased to introduce Lumenpulse Inc. (Lumenpulse, LMP or the Company) as one Projected Total Return: 19.4%
of Echelon Wealth Partners top picks for 2017. The Companys recent blockbuster FQ217 Valuation: DCF (13.0% discount,
quarter is the beginning of what we foresee to be a stellar year of execution. With recent 3.5% GRIP)
acquisitions digested and one-time costs tapering off, management is focused on capitalizing Market Data
on cross-selling opportunities and cost synergies. Namely, managements commentary during Market Capitalization 477.1
Net Cash 11.9
the FQ217 conference call suggests a clear line of sight to achieving the Companys ambitious Enterprise Value 465.3
F2017 guidance. We present below our investment thesis, catalysts, and valuation. Basic Shares S/O 25.9
Fully Diluted Shares S/O 25.9
Investment Thesis: Incorporated in 2006, Lumenpulse is a pure-play specification-grade Avg. Daily Volume (K) 25.6
52 Week Range $13.86 - $19.14
lighting solutions company, providing clients with innovative technologies and strong Dividend Yield 0.0%
industrial designs. The Companys product portfolio includes over 400 products and with five
acquisitions now completed, LMP has positioned itself as an enviable player within the Revisions Current Old
2017E Revenue 224.9 NC
industry (Exhibits 1 and 2). Lumenpulse exposes investors to exceptional secular growth 2017E Adj. EBITDA 27.1 NC
trends. We believe the current valuation does not properly reflect the Companys best-in- 2017E Adj. EPS $0.77 NC

class earnings growth profile. Admittedly, in F2015 and F2016 management was focused on Financial Metrics
bolstering its product offering by executing and digesting acquisitions. F2017 is pegged as a FYE April 30 2016A 2017E 2018E
year of execution where we foresee the Company focusing its efforts on integration, Revenue 145.1 224.9 281.2
Adj. EBITDA 11.1 27.1 41.6
transitioning LMP into a double-digit EBITDA margin operator. While we recognize some of Adj. EPS FD $0.30 $0.77 $1.08
the lumpiness in quarterly performance and acquisition related one-timers, we expect these
Valuation Data
to taper off as early as the current fiscal year, significantly improving sales visibility and FYE April 30 2016A 2017E 2018E
earnings quality. Namely, we expect the top line to grow 30.6% from F2016 to F2020. We EV/Sales 3.2x 2.1x 1.7x
forecast Adj. EBITDA margins to reach 20.8% by F2020, up from 7.6% in F2016, driving a EV/EBITDA 42.0x 17.2x 11.2x
P/E 61.5x 24.0x 17.0x
67.7% Adj. EBITDA CAGR over the same period (Exhibit 3). ROIC moves from negative
territory to 7% during the current fiscal year. Longer term, at higher utilization levels, we Quarterly Data
Q1 Q2 Q3 Q4
anticipate LMP to be a high-20% ROIC operator. Jul-31 Oct-31 Jan-31 Apr-30
Rev. '16 31.9 37.4 35.5 40.3
Catalysts and Drivers: Our top line forecast implies a 55.0% growth rate for F2017. Our Rev. '17 45.3 56.3 57.5 65.8
Adj. EBITDA '16 2.0 4.2 3.6 1.3
forecasts are driven by the Companys latest and upcoming business initiatives, namely: (1) Adj. EBITDA '17 4.1 6.7 7.3 8.9
doubling Fluxwerxs product offering with the launch of three families of products last March, Adj. FD EPS '16 0.10 0.12 0.16 -0.09
setting the firm on track to achieve the high end of its sales earnout target by fiscal year end Adj. FD EPS '17 0.11 0.17 0.22 0.26

(~$55M in top line); (2) Lumenalpha 2.0, a series of 30+ new products, was globally launched in Company Description
FQ217. Marketed heavily by sales agents and VARs, we anticipate a step-up in sales to occur in Lumenpulse is a downstream LED supplier of
sustainable specification-grade lighting products. The
FQ317 and FQ417; (3) The UK salesforce has been realigned and strengthened, and is now firm sources LED modules and components, designs
double in size, the sales efforts of which are expected to act as a substantial driver for organic lighting fixates and assembles products in its facilities
located in Montreal, Quebec.
revenue growth in F2018; and (4) Lastly, 17 new products are scheduled to be launched prior to
$20.00 0.30
the end of F2017, illustrative of the Companys focus, momentum, and innovation. $19.00
Volume Price

$18.00 0.24
Beyond F2017, we believe LMP will continue to bulk its network of relationships with design $17.00
$16.00 0.18
specifiers, and as such fortify its reputation as a best-in-class, go-to lighting operator. We $15.00

anticipate that the Company will enhance its product offering through the application of cross- $14.00
$13.00
0.12

product designs and technologies (Lumentalk, Lumendrive, Anidolic Optics, etc.), providing $12.00 0.06
$11.00
design specifiers with a more comprehensive range of product configurations and solutions. The $10.00 0.00
Companys announced growth initiatives to date include: A North American launch for Exenia Jan-16 Mar-16 May -16 Jul-16 Sep-16 Nov-16

(FQ118); a European launch for Fluxwerx products (FQ218); and the launch of a new family of
architectural lighting products (FQ318).

Amr Ezzat | 514.396.3614 | Amr.Ezzat@echelonpartners.com Page 1 of 7

 Lumenpulse Inc. (LMP-TSX) | January 24, 2017

Valuation: We derive our $22.00/shr target price using a DCF analysis with a 13.0% discount rate and a 3.5%
perpetual growth rate (implied terminal exit EBITDA multiple of 6.5x; a discount to current NTM EBITDA multiple of
12.0x). Our $22.00 target price implies a 13.2x F2018 EBITDA multiple. Our valuation is further corroborated by
comparable multiples and historical multiple analyses. LMP trades at an ~18% premium to peers on an NTM
EBITDA basis. We believe the current premium to peers is extremely narrow given LMPs best-in-class growth profile.
Namely, the Street expects LMP to grow Sales/EPS at 41.4%/86.0% over the next two years versus the comps median
of 4.5%/11.0%. A much wider premium to peers is warranted in our opinion. Looking further out, Lumenpulse
currently trades at a significant discount to peers on a C2018 EBITDA basis (7.8x vs. 9.0x). On a historical basis, LMP
currently trades close to an all-time low EV/NTM EBITDA multiple.

Exhibit 1 Overview of Past Acquisitions

Implied LTM (as at acquisition date) EV (pre-earnout) /
Closed Date Target Rebranded Platform LED Subsegment Targeted Headquarters EV Revenues EBITDA Margin Revenues EBITDA
Indoor Lighting
Mar-2016 No rebranding Commerical and Institutional Surrey, BC $60M $28M $5M 19% 2.2x 11.1x
(Office, Education, Healthcare, etc.)

Indoor Lighting
Dec-2015 No rebranding Full Range Florence, Italy $15M $13M $2M 15% 1.2x 7.8x
(Retail, Hospitality, Museum, etc.)

Outdoor Lighting
Mar-2015 Aera, Street, Pedestrian, Quebec City, QC $3M $3M $0M 14% 1.2x 8.8x
and Professional Lighting

Feb-2015 N/A Lighting Controls Technology Quebec City, QC $1M N/A N/A N/A N/A N/A

Indoor Lighting
Jul-2014 Commercial, Retail, Institutional, Manchester, UK $30M $21M $4M 21% 1.5x 7.2x
and Hospitality

Source: Lumenpulse, Echelon Wealth Partners Inc.

Exhibit 2 LMPs Product Positioning Relative to Industry Verticals

Source: Lumenpulse, McKinsey & Company Research, Echelon Wealth Partners Inc.

Amr Ezzat | 514.396.3614 | Amr.Ezzat@echelonpartners.com

Page 2 of 7
 Lumenpulse Inc. (LMP-TSX) | January 24, 2017

Exhibit 3 Forecast Summary

Forecast Summary 12 months 12 months 12 months 12 months 12 months 12 months 12 months
Apr-30-2014 Apr-30-2015 Apr-30-2016 Apr-30-2017 Apr-30-2018 Apr-30-2019 Apr-30-2020
Total Sales 62,214 100,685 145,129 224,938 281,172 351,465 421,758
Y/Y Growth 47% 62% 44% 55% 25% 25% 20%
Adjusted Cost of Goods Sold -36,059 -56,999 -74,774 -113,727 -145,085 -181,356 -210,879
As a % of Sales 58% 57% 52% 51% 52% 52% 50%
Adjusted Gross Profit 26,155 43,686 70,355 111,211 136,087 170,109 210,879
Gross Margin 42% 43% 48% 49% 48% 48% 50%
Adjusted Selling & Marketing -16,405 -24,737 -35,820 -56,761 -65,940 -77,322 -92,787
As a % of Sales 26% 25% 25% 25% 23% 22% 22%
Adjusted General & Administrative -6,510 -10,825 -15,864 -24,955 -27,836 -28,324 -29,772
As a % of Sales 10% 11% 11% 11% 10% 8% 7%
Adjusted Research & Development -2,798 -4,515 -7,587 -11,788 -14,621 -17,925 -21,088
As a % of Sales 4% 4% 5% 5% 5% 5% 5%
Adjusted EBITDA 401 3,653 11,084 27,085 41,552 63,449 87,743
EBITDA Margin 1% 4% 8% 12% 15% 18% 21%
Adjusted Net Income -4,501 2,560 7,499 19,647 27,681 41,898 56,931
Net Income Margin -7% 3% 5% 9% 10% 12% 13%
Adjusted Net Income / Shr -0.38 0.11 0.30 0.77 1.08 1.64 2.23
Y/Y Growth N/A N/A 172% 157% 41% 51% 36%

Source: Echelon Wealth Partners Inc.

Amr Ezzat | 514.396.3614 | Amr.Ezzat@echelonpartners.com

Page 3 of 7
 Lumenpulse Inc. (LMP-TSX) | January 24, 2017

Lumenpulse Group (LMP-T, $18.43) - Data Sheet Buy | PT: $22.00

$20.00 0.30 Company Description Consensus 3 Mths Ago Current Return

Last Sale Price 50-Day MA 200-Day MA
$18.00 Street Rating: Outperform Outperform
$16.00 0.25

Volume (M Shares)
Street Target: $20.06 $21.50 17%
Stock Price ($)

$14.00
0.20 Street Median: $19.50 $22.00 19%
$12.00 Lumenpulse is a downstream LED supplier of sustainable
$10.00 0.15 Street High: $25.00 $25.00 36%
specification-grade lighting products. The firm sources LED
$8.00 Street Low: $17.00 $18.50 0.4%
0.10 modules and components, designs lighting fixates and
$6.00 Consensus Distribution
assembles products in its facilities located in Montreal,
$4.00
0.05 Sector Outperform/Buy 7
$2.00 Quebec.
Sector Perform/Hold 2
$0.00 0.00
Sector Underperform/Sell 0
Dec-14 Mar-15 Jun-15 Sep-15 Dec-15 Mar-16 Jun-16 Sep-16 Dec-16
# Estimates 9

Historical Valuation

EV / NTM SALES EV / NTM EBITDA

2.0x 18.0x
1.9x
16.0x
1.8x
1.7x 14.0x
1.6x
12.0x
1.5x
1.4x 10.0x

Nov-16

Nov-16

Nov-16

Nov-16

Nov-16
Sep-16

Sep-16

Sep-16

Sep-16

Oct-16

Oct-16
Nov-16
Nov-16
Nov-16
Nov-16
Nov-16

Oct-16

Oct-16
Aug-16

Aug-16
Sep-16

Aug-16

Aug-16

Aug-16
Sep-16
Sep-16
Sep-16
Oct-16
Oct-16
Oct-16
Oct-16
Aug-16
Aug-16
Aug-16
Aug-16
Aug-16

Dec-16

Dec-16

Dec-16

Dec-16

Jan-17

Jan-17

Jan-17
Dec-16
Dec-16
Dec-16
Dec-16
Jan-17
Jan-17
Jan-17

Key Financial Metrics

Financial Summary 2015A 2016A Q117A Q217A Q317E Q417E 2017E 2018E 2019E Key Statistics Value
Revenue 100.7 145.1 45.3 56.3 57.5 65.8 224.9 281.2 351.5 52-Week High $19.14 4%
Growth y/y 61.8% 44.1% 42.2% 50.6% 61.7% 63.3% 55.0% 25.0% 25.0% 52-Week Low $13.86 (25%)
Cons. 99.5 147.3 50.0 53.4 56.6 71.0 228.4 290.0 352.3 Avg Vol (3-Mo) 26.3k
Cons. 3 Mts. Ago 99.5 147.3 50.0 53.2 60.6 67.5 224.6 286.4 348.9 Shares Outstanding (FD) 25.89
Market Cap $477.15
Adj. Gross Profit 43.7 70.4 22.2 27.9 28.5 32.6 111.2 136.1 170.1 Net Debt (Net Cash) -11.9
Margin 43.4% 48.5% 49.1% 49.5% 49.5% 49.5% 49.4% 48.4% 48.4% Enterprise Value $465.3
Cons. 43.2 72.2 24.1 26.0 27.7 34.8 111.6 141.6 173.3 Div Yield 0.0%
Cons. 3 Mts. Ago 43.2 72.2 24.1 25.9 29.6 33.2 109.4 140.3 174.5 FYE Apr 30
Employees ~605
Adj. EBITDA 3.7 11.1 4.1 6.7 7.3 8.9 27.1 41.6 63.4
Margin 3.6% 7.6% 9.0% 12.0% 12.8% 13.6% 12.0% 14.8% 18.1%
Cons. 4.3 14.1 3.8 6.0 6.6 10.4 27.9 42.8 64.0 Top 10 Holders M Shares 6 Months % Held
Cons. 3 Mts. Ago 4.3 14.1 3.8 6.0 7.9 9.8 27.3 41.1 64.0 Souvay, Franois-Xavier 4.18 0.00 16.1%
Blanger, Nicolas 3.42 0.00 13.2%
Diluted Adj. EPS 0.11 0.30 0.11 0.17 0.22 0.26 0.77 1.08 1.64 FMR LLC 2.48 -0.07 9.6%
Growth y/y NM 172.4% 4.13% 40.3% 35.8% NM 156.8% 40.9% 51.4% 1832 Asset Management L.P. 0.76 0.00 2.9%
Cons. 0.11 0.51 0.09 0.14 0.16 0.26 0.70 1.04 1.64 CDPQ 0.72 -0.01 2.8%
Cons. 3 Mts. Ago 0.11 0.51 0.09 0.14 0.18 0.24 0.63 1.03 1.62 Industrial Alliance 0.65 0.00 2.5%
Berman, Timothy Edward 0.55 0.00 2.1%
Cash 43.5 21.1 14.1 16.9 15.2 17.0 17.0 11.1 45.3 Pembroke Management Ltd. 0.52 0.00 2.0%
Fiera Capital Corporation 0.45 -0.02 1.7%
Net Debt -43.2 -7.8 -9.0 -11.9 -10.2 -12.0 -12.0 -6.1 -40.3 Howitt, Lance 0.41 0.00 1.6%

(1)
FCF -45.6 -23.4 0.6 3.9 -1.7 1.8 4.7 -5.9 34.1
FCF (excl. acquisitions) -11.4 7.4 1.2 3.9 -1.7 1.8 5.3 19.1 34.1
(1) F2018 FCF includes a $25M earnout payment related to the Fluxwerx acquisition

Comparables
Comparables
and Peer Analysis Return EV / Sales EV / EBITDA P/E NTM EBITDA Rev. Growth Dividend LTM
1 Week 1 Month 3 Month YTD 1 Year LTM NTM LTM NTM LTM NTM Margin 2-Year Est. Yield ROE
Acuity Brands, Inc. (4.2%) (16.1%) (15.2%) (10.7%) (0.2%) 2.6x 2.4x 15.4x 12.8x 29.8x 22.5x 18.9% 10.9% 0.3% 19.2%
Hubbell Inc. (0.5%) 1.0% 13.4% 1.1% 33.2% 2.1x 2.0x 12.0x 12.3x 22.9x 21.4x 16.3% 2.9% 2.4% 16.4%
OSRAM Licht AG (0.4%) 5.8% (4.3%) 3.8% 33.2% 1.2x 0.9x 5.1x 7.2x 10.1x 19.1x 12.8% -6.0% 1.9% 21.4%
Cree, Inc. 0.3% 0.4% 23.1% 4.6% 13.6% 1.5x 1.7x 17.5x 12.0x N/A N/A 14.6% -5.5% 0.0% 0.1%
AB Fagerhult 5.0% 8.7% 4.6% 7.1% 66.9% 2.5x 2.3x 17.0x 15.8x 24.7x 22.5x 14.8% 10.2% 1.4% 26.2%
Zumtobel Group AG 0.1% (11.5%) (4.3%) (7.4%) (19.9%) 0.6x 0.6x 7.6x 5.9x N/A 15.1 10.3% -0.3% 1.3% 3.5%
Everlight Electronics 0.8% 4.2% 0.4% 5.2% (8.0%) 0.7x 0.6x 4.5x 4.1x 13.9x 10.3 15.7% 3.6% 6.2% 10.9%
Dialight plc 1.9% 0.8% 12.7% 1.9% 93.5% 1.6x 1.4x 20.5x 11.9x N/A 27.3 11.5% 9.6% 0.0% -9.7%
LSI Industries Inc. (8.8%) (17.0%) (21.7%) (13.9%) (19.9%) 0.6x 0.6x 10.7x 10.2x 35.2x 28.3 5.5% 8.6% 2.3% 4.3%
Revolution Lighting (0.4%) 7.1% (10.0%) 12.9% (11.3%) 1.0x 0.9x 15.0x 8.8x N/A 12.1x 9.8% 25.6% 0.0% -0.6%
Lumens Co., Ltd. (2.7%) (2.1%) (13.3%) (1.0%) (24.1%) 0.3x 0.3x 6.8x 4.2x N/A 13.9x 8.1% 4.5% 0.0% -3.9%
Median (0.4%) 0.8% (4.3%) 1.9% (0.2%) 1.2x 0.9x 12.0x 10.2x 23.8x 20.3x 12.8% 4.5% 1.3% 4.3%

Lumenpulse (Street) (2.4%) (1.4%) 10.9% (0.4%) 9.8% 2.6x 1.7x 36.4x 12.0x N/A 20.4x 14.1% 41.4% 0.0% 0.6%

*All financials in CAD unless otherwise noted

Source: Echelon Wealth Partners, Company Reports and Filings, Capital IQ

Amr Ezzat | 514.396.3614 | Amr.Ezzat@echelonpartners.com

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 Lumenpulse Inc. (LMP-TSX) | January 24, 2017

Important Information and Legal Disclaimers

Echelon Wealth Partners Inc. is a member of IIROC and CIPF. The documents on this website have been prepared for the viewer only as an example of strategy
consistent with our recommendations; it is not an offer to buy or sell or a solicitation of an offer to buy or sell any security or instrument or to participate in any
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Partners Inc. cannot accept any trading instructions via e-mail as the timely receipt of e-mail messages, or their integrity over the Internet, cannot be guaranteed.
Dividend yields change as stock prices change, and companies may change or cancel dividend payments in the future. All securities involve varying amounts of risk, and
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securities discussed herein.

U.S. Disclosures: This research report was prepared by Echelon Wealth Partners Inc., a member of the Investment Industry Regulatory Organization of Canada and the
Canadian Investor Protection Fund. This report does not constitute an offer to sell or the solicitation of an offer to buy any of the securities discussed herein. Echelon
Wealth Partners Inc. is not registered as a broker-dealer in the United States. The firm that prepared this report may not be subject to U.S. rules regarding the
preparation of research reports and the independence of research analysts.

ANALYST CERTIFICATION
Company: Lumenpulse Inc. | LMP:TSX
I, Amr Ezzat, hereby certify that the views expressed in this report accurately reflect my personal views about the subject securities or issuers. I also certify that I have not, am not,
and will not receive, directly or indirectly, compensation in exchange for expressing the specific recommendations or views in this report.
IMPORTANT DISCLOSURES

Is this an issuer related or industry related publication? Issuer

Does the Analyst or any member of the Analysts household have a financial interest in the securities of the subject issuer?
No
If Yes: 1) Is it a long or short position? Yes; and, 2) What type of security is it? Common shares

Does the Analyst or household member serve as a Director or Officer or Advisory Board Member of the issuer? No

Does Echelon Wealth Partners Inc. or the Analyst have any actual material conflicts of interest with the issuer? No

Does Echelon Wealth Partners Inc. and/or one or more entities affiliated with Echelon Wealth Partners Inc. beneficially own common shares (or any other class of
No
common equity securities) of this issuer which constitutes more than 1% of the presently issued and outstanding shares of the issuer?

During the last 12 months, has Echelon Wealth Partners Inc. provided financial advice to and/or, either on its own or as a syndicate member, participated in a public
No
offering, or private placement of securities of this issuer?

During the last 12 months, has Echelon Wealth Partners Inc. received compensation for having provided investment banking or related services to this Issuer? No

Has the Analyst had an onsite visit with the Issuer within the last 12 months? Yes

Has the Analyst been compensated for travel expenses incurred as a result of an onsite visit with the Issuer within the last 12 months? No

Has the Analyst received any compensation from the subject company in the past 12 months? No

Is Echelon Wealth Partners Inc. a market maker in the issuers securities at the date of this report? No

Amr Ezzat | 514.396.3614 | Amr.Ezzat@echelonpartners.com

Page 5 of 7
 Lumenpulse Inc. (LMP-TSX) | January 24, 2017

RATING DEFINITIONS

The security represents attractive relative value and is expected to appreciate significantly from the current price over the next 12 month time
Buy
horizon.
Speculative Buy The security is considered a BUY but in the analysts opinion possesses certain operational and/or financial risks that are higher than average.
Hold The security represents fair value and no material appreciation is expected over the next 12-18 month time horizon.
Sell The security represents poor value and is expected to depreciate over the next 12 month time horizon.
While not a rating, this designates the existing rating and/or forecasts are subject to specific review usually due to a material event or share price
Under Review
move.
Echelon Wealth Partners recommends that investors tender to an existing public offer for the securities in the absence of a superior competing
Tender
offer.
Dropped Applies to former coverage names where a current analyst has dropped coverage. Echelon Wealth Partners will provide notice to investors
Coverage whenever coverage of an issuer is dropped.

RATINGS DISTRIBUTION
Recommendation Hierarchy Buy Speculative Buy Hold Sell Under Review Restricted Tender
Number of recommendations 33 23 5 0 2 2 1
% of Total (excluding Restricted) 52% 36% 8% 0% 3%
Number of investment banking relationships 8 5 0 0 0 2 0
% of Total (excluding Restricted) 62% 38% 0% 0% 0%

PRICE CHART, RATING & PRICE TARGET HISTORY

Lumenpulse Group (TSX:LMP)

Date Target (C$) Rating
$24.00
8 Dec 2014 $20.00 Buy
$22.00
19 Jun 2015 $22.00 Buy
$20.00 21 Dec 2015 $22.50 Buy
$18.00 11 Mar 2016 $20.00 Buy

$16.00 2 Sep 2016 UR UR

28 Nov 2016 $22.00 Buy
$14.00

$12.00

$10.00
Apr 14 Aug 14 Dec 14 Apr 15 Aug 15 Dec 15 Apr 16 Aug 16 Dec 16

Price Target (C$)

Coverage Initiated: Dec 8, 2014 Data sourced from: Capital IQ

Coverage resumed: Nov 28, 2016

Amr Ezzat | 514.396.3614 | Amr.Ezzat@echelonpartners.com

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 Lumenpulse Inc. (LMP-TSX) | January 24, 2017

Toronto Wealth Management Toronto Capital Markets Montreal Wealth Management and Capital Markets
1 Adelaide Street East, Suite 2000 130 King Street West, Suite 2500 1000 De La Gauchetire St. W., Suite 1130
Toronto, ON M5C 2V9 Toronto, Ontario M5X 2A2 Montral, QC H3B 4W5
416-572-5523 416-649-4273 514-396-0333

Ottawa Wealth Management Calgary Wealth Management Vancouver Wealth Management and Capital Markets
360 Albert Street, Suite 800 350 - 7th Avenue SW, 19th Floor 1055 Dunsmuir St. Suite 3424; P.O Box 49207
Ottawa, ON K1R 7X7 Calgary, AB T2P 3N9 Vancouver, BC V7X 1K8
1-877-967-5866 403-218-3144 604-647-2888

Victoria Wealth Management Oakville Wealth Management London Wealth Management

730 View Street, Suite 210 1275 North Service Road, Suite 612 495 Richmond St., Suite 830
Victoria, BC V8W 3Y7 Oakville, ON L6M 3G4 London, ON N6A 5A9 V8W 3Y7
1-877-978-9300 289-348-5936 519-858-2112

Saskatoon Wealth Management Tokyo Capital Markets

402-261 First Avenue North Holland Hills Mori Tower; RoP #603
Saskatoon, SK S7K 1X2 5-11-1 Toranomon, Minato-Ku,
306-667-2282 Tokyo, 105-0001, Japan
+81.90.1470.1684

Amr Ezzat | 514.396.3614 | Amr.Ezzat@echelonpartners.com

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