Opinion In our opinion, the financial statements present fa irly, in all material respects, the financial position of Northern College of Applied Arts and Technology as at March 31, 2013, March 31, 2012 and April 1, 2011, its results of operations and changes in net assets (deficit) and its cash flows for the y ears ended March 31, 2013 and March 31, 2012 and the remeasurement gains and losses for the y ear then ended March 31, 2013, in accordance with Canadian public sector accounting standards. Chartered Accountants, Li censed Public Accountants June 11, 2013 Sudbury, Canada