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      <image:title>Company - Exemplary experience</image:title>
      <image:caption>Mr. Madsen has nearly 20 years of work experience, and has provided advice and expert testimony on a variety of matters including but not limited to depreciation, net salvage analysis, income taxes, business valuation, generic cost of capital, rate design, treasury, prudency assessments, and the reasonableness of rates and forecast costs under both cost-of-service and incentive-based forms of regulation. Mr. Madsen’s experience includes nearly 10 years as a consultant and expert witness for various parties including customer groups, regulators, small and large regulated and unregulated utility companies and other interveners. Mr. Madsen was a manager and consultant at two large electric transmission and distribution companies in Alberta and was a senior auditor with Deloitte. In addition to being a Certified Depreciation Professional, Mr. Madsen is also a Canadian and U.S. CPA, and is a legacy Canadian Chartered Accountant. Mr. Madsen completed his Bachelor of Commerce Degree with a Major in Accounting at the University of Saskatchewan and was awarded his degree with Great Distinction. Mr. Madsen maintains a passion for continuous improvement and learning, which includes a passion for teaching. Mr. Madsen’s extensive experience includes significant teaching experience as an experienced facilitator for the Chartered Accountant School of Business and as a facilitator of IFRS courses for regulated electric utilities, among other teaching and training engagements.</image:caption>
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