CITATION : In the matter of the Proposal of Innovative Coating Systems Inc., 2017 ONSC 3237 COURT FILE NO.: 35/2185695 DATE: 20170525 ONTARIO SUPERIOR COURT OF JUSTICE IN BANKRUPTCY and INSOLVENCY In the matter of the Proposal of Innovative Coating Systems Inc., a company duly incorporated under the laws of the Province of Ontario, having its head office in the town of Tecumseh, County of Essex and Province of Ontario, (Bankrupt/Moving Party) ) ) ))) )) ))))) ) ) ) Benjamin Blay, for Innovative Coating Systems Inc.

Thomas Robson, for Business Development Bank Sean Zeitz, for Eli Mogil, lawyer for Uni- Select Eastern Inc. John Leslie, for Proposal Trustee, S. Funtig & Associates Inc. Timothy Hogan, for Royal Bank of Canada Garson J. ) HEARD: May 12, 2017 CORRIGENDUM Introduction [ 1 ] Paragraph 43 is amended as follows: [43] For the above reasons the proposal shall not be approved. In light of the provisions of s. 61(2)(

a) of the BIA and with the consent of the parties, leave is granted to the debtor to file an amended proposal if it so chooses with the deemed release removed therefrom. In accordance with the requirements of the BIA, the amended proposal shall be filed within ten days. [ 2 ] Paragraph 45 is amended to add the following sentence: [46] The trustee seeks costs of $14,044.77 on a partial indemnity scale, inclusive of HST and disbursements. “ Justice M. A. Garson ” Justice M. A. Garson Released: May 25, 2017 CITATION : In the matter of the Proposal of Innovative Coating Systems Inc., 2017 ONSC 3237 COURT FILE NO.: 35/2185695 DATE: 20170525

ONTARIO SUPERIOR COURT OF JUSTICE IN BANKRUPTCY and INSOLVENCY BETWEEN: In the matter of the Proposal of Innovative Coating Systems Inc., A company duly incorporated under the laws of the Province of Ontario, having its head office in the town of Tecumseh, County of Essex and Province of Ontario, (Bankrupt/Moving Party) Reasons for judgment Justice M. A. Garson Released: May 25, 2017