Closure of Research Department – Notice to Clients

In connection with Salman Partners Inc.’s intention to voluntarily resign from its membership with Investment Industry Regulatory Organization of Canada, our Research Department will be closed effective December 15, 2015.

Salman Partners Inc. continues to execute strategic plan - new appointment Cary Pinkowski

Vancouver, January 22^nd, 2015

Salman Partners Inc. (“Salman) is pleased to announce the appointment of Mr. Cary Pinkowski as Vice President of Sales (retail division).

Rahim Rajwani, Managing Director at Salman stated, “Cary’s extensive market experience will be an asset to the firm and is complemented by his international network.”

Mr. Pinkowski previously served as a senior investment advisor for Canaccord Capital Corporation where he was employed for fourteen years. With his extensive experience in the funding and development of companies he has established strong relationships within the financial community, both in Canada and internationally. He has over 25 years of knowledge in dealing with North American and European capital markets.  In addition to dealing with high net worth clients, Pinkowski will also deal with strategic institutional partners.

“I’m very excited to join Salman Partners,” says Pinkowski. “Salman is a full service investment dealer specializing in resources, technology and special situations. The firm intends to create a platform for sophisticated investors which includes portfolio and asset management capabilities.”

In addition, Mr.Pinkowski will focus on U.S. equities and the design of structured investment products.

About Salman Partners Inc.

Salman Partners was established in 1994 and has a strong reputation as an independent, corporate finance, investment banking and institutional trading firm. Salman Partners has offices in Vancouver, and Toronto and is an IIROC Dealer Member, a member of the Canadian Investor Protection Fund (CIPF), and a participating organization of the Toronto Stock Exchange, TSX-Venture exchange, and the Canadian Securities Exchange. Salman recently acquired Woodstone Capital Inc. to add a high net worth retail division to better serve its growing client base.

Salman Partners Names Rahim Rajwani Vice President of Corporate Development and Managing Partner

Salman Partners Inc. (“Salman Partners”), an established Canadian investment dealer, has named Rahim Rajwani as its Vice President of Corporate Development and Managing Director, effective October 27, 2014 subject to regulatory approval.

Mr. Rajwani is very pleased to be working with Terry Salman and Salman Partners once again.

Salman Partners’ recent acquisition of Woodstone Capital Inc. is an important step to it becoming a full service independent investment dealer. Mr. Rajwani will join the firm to lead this business development initiative and the risk mitigation for the new retail sales division. Mr. Rajwani will also work closely with the established institutional team to further bolster the firm’s investment banking division. “With his unique background in recruiting, corporate finance and compliance, Rahim is a strong addition to Salman Partners,” said Terry Salman, CEO. “This is a very positive development in our strategic growth initiative.”

Marketwired - October 23, 2014

Salman Completes Its Acquisition of Woodstone Capital

Salman Partners acquires Woodstone Capital

Salman Partners Inc. (“Salman”) and Woodstone Capital Inc. (“Woodstone Capital”) are pleased to announce that they have reached an agreement to amalgamate in order to create a diversified, independent Canadian Investment Dealer.

The business combination will join the forces of two veteran IIROC Dealer Members to expand the range of investment services they provide to their growing, sophisticated client bases.

“We are delighted to add Woodstone Capital’s retail and wealth management strength to our integrated investment platform,” said Terry Salman, CEO, “This is an important step in our continued strategic response to the changing structure of our industry; we believe there’s an opportunity for an independent full service dealer to offer alternatives to the larger dealers.”

Woodstone’s President, Mahmood Ahamed, added, “Our advisors have always been able to compete at a very high level, providing excellent advice and service. We believe the combined firm will expand our retail investment dealer business by offering a wider breadth of service and by attracting new advisors to the firm.”

Completion of the transaction is anticipated in the Fall of 2014, subject to regulatory approvals and standard closing conditions.

Marketwired - July 29, 2014

Raymond Goldie regularly introduces and chairs the NYSSA’s twice-annual Metals and Mining Conference in New York City. The NYSSA is New York’s CFA Society.

Ainsworth Lumber Deal worth $1 billion falls apart amid anti-trust scrutiny

“To me, predicting these commodity prices is a challenge in itself. OSB was up last summer at $430 US per thousand square feet. Today it is $230. To say one company would have the power to really set prices for such a fluid commodity seems really odd to me.”

May 20, 2014 - Business in Vancouver

Gordon Currie, Research Investment Analyst, quoted in “ARC Resources Says Stadnyk to Succeed Dielwart as CEO”, Businessweek.com.

“Myron may want to put his own stamp on the company but I wouldn’t expect any radical change of direction.”

November 7, 2012 — Bloomberg

Raymond Goldie, Vice President, Commodity Economics, quoted in “Potash group surviving demise of Russian rival: Corporate Canada”, Bloomberg.

“The interior of North America is protected against the incursion of Russian and Belarusian potash by transportation costs which, for potash, are high relative to the value of the product.”

Gordon Currie, Research Investment Analyst, quoted in “Oil producer profits to jump on lower discounts”, Calgary Herald.

“We had the dreadful differentials in January and they got steadily better in the second quarter so results should be much better than first-quarter results, particularly for heavy oil producers.”

“The outlook for the third quarter is even better.”

David West, Mining Analyst, quoted in “Agnico Weighs Deals as Gold Miners Sell Assets”, Bloomberg.com

“It’s not extremely high capex to develop the project and it’s also got some exploration upside,”

“There’s not a lot of risk when you buy something like that and a company like Agnico can actually add value down the road through the drill bit.”

June 19, 2013 — Bloomberg

Andrea Rubakovic, Agriculture and Fertilizer Analyst, interviewed in The Energy Report, Streetwise Reports

Read Andrea’s interview on long and short-term hurdles and profits in the potash industry, in “Andrea Rubakovic: Will Development Pitfalls Create a Global Potash Shortage?”

April 23, 2013 — The Energy Report, Streetwise Reports.

David West, Mining Analyst, quoted in “Barrick Drops After Chile Court Halts Pascua-Lama: Toronto Mover”, Bloomberg.com.

“There’s a lot of ambiguity here, it’s important but nobody knows just how important this is and what kind of delay it might mean.”

“At this point for the type of reward that you are going to get out of Barrick I think investors that are leaving the shares today are just saying it’s not worth the risk.”

Naser Iqbal, Technology Research Analyst, quoted in “MDA offering raises $287 million to pay down debt, use for possible acquisition”, Vancouver Sun

“Logic would suggest that as the Europe situation remains depressed, this would  be the best time to take up a European acquisition, before things improve and  prices go up. Could something happen sometime this year? Possibly.”

“With the equity raised (in the share offering) they have the capability,  depending on what they’re requiring, to do something north of $500 million.”

March 27, 2013 — Vancouver Sun

Gordon Currie, Research Investment Analyst, quoted in “CNOOC and Petronas takeovers approved, but future deals face new restrictions”, iPolitics.ca.

“To close down this acquisition would be to close the door.”

“The government is going to want to send a signal that Canada is open to business… but under certain conditions.”

December 10, 2012 — iPolitics.com

Raymond Goldie, Senior Mining Analyst, quoted in “Agrium Investors Gain From Agrium Spinoff Push”, Businessweek.com.

“The key to the company’s success in marketing are the people on the ground — the management.

The job of the board of directors isn’t necessarily to have expertise in the industry, but to make sure that the company follows correct and appropriate procedures.

Jana thinks that if you spin out the company into two, they’re going to be worth two-and-a-half.”

November 29, 2012 — Bloomberg BusinessWeek

Raymond Goldie, Senior Mining Analyst, quoted in “Vale will stay: Analyst”, Sudbury Star.

“They would be more likely to sell their interest in Goro or Indonesia because they are mostly nickel and cobalt operations.  They don’t have the flexibility of you folks in Sudbury.”

October 26, 2012 — The Sudbury Star

Gordon Currie, Research Investment Analyst, quoted in “B.C. energy minister mystified after Ottawa nixes key takeover for province’s natural gas strategy”, Vancouver Sun.

“It’s going to require a ton of capital to develop our resources here, both shale gas and oilsands, and if we are signalling that participation by various other countries is not welcome, that shuts off avenues; it shuts off access to certain capital.”

“I think you should be concerned on the West Coast about this.”

October 22, 2012 - Vancouver Sun

Gordon Currie, Research Investment Analyst, quoted in “Crescent Point Purchases to Extend to U.S.”, Businessweek.com.

“Going to Texas and the offshore Gulf of Mexico, that would be a stretch.”

“They’re simultaneously the most acquisition-oriented company in their peer group but also pretty liberal with equity.”

“The market’s pretty happy with what they’re doing.”

October 21, 2012 — Bloomberg

Gordon Currie, Research Investment Analyst, quoted in “Canada Rejects Petronas’s Bid for Progress Energy”, Bloomberg.com.

“I don’t yet know what the government’s reasoning is, but this has implications for the Nexen and Celtic deals, and may cause a ‘chill’ on future transactions with foreign investors.”

October 20, 2012 — Bloomberg