The Art & Science of Valuation at the Different Stages of Company Development
Tuesday February 19, 2008

This session explored the principles, concepts and issues related to the valuation of companies from time of initial investment (at various stages) through to time of exit. Within this discussion were anecdotal accounts and examples of the various valuation methods employed by angel, venture capital, private equity and strategic investors/acquirers. The impact of the current economy and capital markets on the valuations of private companies were also presented.

INTRODUCTION
Sunil Selby, Chair, CVCA PD Committee and Managing Partner, Trellis Capital 1:30 – 1:35 pm

Session 1: The Big Picture - Current Economic Factors Impacting Valuations
Gemma Postlewaite, Vice President, Investment Banking and Private Equity, Thomson Financial

Session 2: Views on Valuation 
Moderator: Keith Mosley, Managing Director, PricewaterhouseCoopers Corporate Finance 
Panelists:
Chris Wormald, VP Strategic Alliances, Research in Motion
Tim Lee, Senior Vice President, GrowthWorks Capital
Sandra Bosela, Partner, EdgeStone Capital Partners
Andrew Wilkes, Chairman, National Angel Organization

Session 3: It’s All About the Exit – Maximizing Investment Returns
Moderator: Bryan Kerdman, Partner, EdgeStone Capital Partners
Panelists:
Sanjay Nakra, Managing Director, TD Securities
Beth Shiferaw, Vice President, ONCAP