Imran Siddiqui

Mosaic Capital

Incorporated in 2011, Mosaic Capital Corporation is an investment company that owns a portfolio of established, mid-market Canadian businesses. These are companies that generate strong, sustainable cash flow from their operations in niche markets. Mosaic Capital's portfolio of businesses operate in the infrastructure, distribution, construction, business services, oil and gas services, manufacturing and real estate industries. Mosaic's management team is strongly aligned with shareholders through its ownership of 40% of Mosaic's common shares. Our primary focus is increasing shareholder value by growing free cash flow per share. We do this by acquiring businesses with: • Demonstrated history of free cash flow of between $5 – $15 million per annum • Durable competitive advantages and operating in industries that we believe have strong long-term prospects • Ongoing participation of founders and senior personnel – these teams become our operating partners in the business • The ability to grow the business without requiring significant amounts of new capital • Moderate to low levels of debt At Mosaic, we seek to acquire businesses that have a leadership position in a niche market, strong cash flow generation with solid margins to withstand competitive pricing, and have low sustaining capital expenditure requirements. Our investment philosophy is built on four pillars: • We seek to acquire majority interests in great businesses that fit our long-term view at what we believe are fair prices • We partner with the senior management team and align their interest with Mosaic's for future success • We acquire businesses with the intent to own and manage for the long-term