BNN: Canada at Major Infrastructure Inflection Point

April 5, 2017

Gregory Smith, president and CEO of InstarAGF Asset Management, joins BNN’s Catherine Murray from the Globe Capital Conference taking place in downtown Toronto for a look at why infrastructure investors might have to sit tight for opportunities and why he believes Canada’s infrastructure plans are at a major inflection point.

Disclaimer

This video was recorded in Toronto, Canada on April 5, 2017.  All comments and views presented are those of Gregory J. Smith, who is President and Chief Executive Officer of InstarAGF Asset Management Inc. (“InstarAGF”)  This video may contain “forward-looking information” within the meaning of Canadian provincial securities laws and “forward-looking statements” within the meaning of the United States’ federal securities laws. Forward-looking statements include statements that are predictive in nature, depend upon or refer to future events or conditions, include statements regarding the operations, business, financial condition, expected financial results, performance, prospects, opportunities, priorities, targets, goals, ongoing objectives, and includes words such as “believes”, “seeks”, or negative versions thereof and other similar expressions, or future conditional verbs, such as “may”, “will”, “should”,  “would” and “could.”

This video contains statements with respect to the nature, type and quality of the investments of the InstarAGF Essential Infrastructure Fund (the “Fund”). Although InstarAGF believes that future anticipated results, performance or achievements expressed or implied by the forward-looking statements and information are based upon reasonable assumptions, the viewer should not place undue reliance on forward-looking statements or information as statements or information involve known and unknown risks, uncertainties and other factors  which may cause the actual results, performance or achievements to differ materially from anticipated future results, performance or achievements express or implied by such forward-looking statements and information.

Factors that could cause actual results to differ materially from those contemplated or implied by forward-looking statements include: economic and financial conditions; the behavior of financial markets (including fluctuations in exchange and interest rates); availability of equity and debt financing; strategic actions including dispositions; the ability to complete and effectively integrate acquisitions and the ability to obtain expected benefits; regulatory and political factors; acts of God; and the possible impact of international conflicts, including terrorism, and other risks and factors detailed from time to time in the Fund’s Offering Memorandum.

This video is for informational purposes only and does not constitute a general solicitation, offer or invitation in any InstarAGF funds in the United States or in any other jurisdiction and has not been prepared in connection with any such offer.  The views expressed herein do not constitute investment or any other advice and are subject to change. The following list of investment considerations does not purport to be a complete enumeration or explanation of the risks involved in an investment in the Fund. The Fund and its business is subject to a number of risk factors, summarized below and including but not limited to:

Risks related to the Fund’s investment objectives and investment policy, including: no assurance of investment return; no prior operating history; prior investment performance not indicative of future results; limited number of investments; limited market for acquisition opportunities; unspecified use of proceeds; dependence on key personnel; foreign investment risk; hedging; and the effect of change in the credit markets.

Risks related to the terms of the Fund, including: nature of investments; carried interest; need for follow-on investments; dilution; management by general partner and Manager; reliance on management of portfolio investments; investments in public companies; minority investments; toehold investments; bridge financing; risks upon disposition of investments; difficulty in valuing investment portfolio; distributions in kind; recourse to the Fund’s assets; indemnification; risk arising from provision of managerial assistance; restrictions on transfer and withdrawal and lack of liquidity; failure to make capital contributions; consequences of failure to pay contributions in full; loss of limited liability; liability for return of distributions; public disclosure conditions; general economic conditions; conflicting investor interests; effect of expenses on returns; fees for services; conflicts of interest; and potential conflicts of interest in the Manager’s relationships with AGF.

Risks related to investing in infrastructure assets, including use of leverage; dependence on commodities; infrastructure assets subject to government policy and legislation; natural disasters, weather events, uninsurable losses and force majeure events; infrastructure operations may require substantial capital expenditures in the future; labour disruptions and collective bargaining agreements; occupational health and safety and accident risks; economic regulation; environmental damage; environmental legislation; adverse claims or governmental or First Nations rights; competition risk; construction and expansion-phase projects; joint ventures, partnerships and consortium arrangements; and nationalization and taxes.

Legal, regulatory and tax risks, including: disputes and litigation; ERISA liabilities; effects of bankruptcy; other regulatory concerns; general tax considerations; possible legislative or other actions affecting tax aspects; U.S. withholding tax; U.S. tax-exempt investors; non-Canadian resident investors; non-U.S. investors; changes in applicable law; compliance with anti-money laundering requirements; and no independent counsel.

The name InstarAGF refers to the InstarAGF Asset Management Inc. and affiliates. The name Instar refers to the Instar Group Inc. and its subsidiary Instar Infrastructure. The name AGF refers to AGF Management Limited and its subsidiaries and affiliates.

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