| Guardian Capital LP ("GCLP) is
wholly owned by Guardian Capital Group Limited. GCLP was established in 1962
and currently manages approximately $17.4 billion in client assets. GCLP
provides a comprehensive range of domestic and global investment management
services to institutional investment managers spanning equity, fixed income and
balanced investment mandates. In addition, GCLP has significant experience in
the income trust sector. |
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| Middlefield Capital Corporation
("MCC") is a specialty investment manager with over $4.0 billion in assets
under management. Middlefield has developed particular expertise in small
capitalization, oil and gas and mining and the real estate sectors. Its
investment style is value-oriented with a bias toward capital preservation. In
addition, Middlefield provides strong administrative and marketing support for
numerous public and private investment vehicles. |
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| THE
MIDDLEFIELD/GUARDIAN PORTFOLIO MANAGEMENT TEAM |
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| Left To Right |
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| Kevin R. Hall is a Portfolio
Manager with GCLP. He is also a member of GCLP's Strategic Investment Committee
and has been with Guardian Group of Companies since 1994. Mr. Hall holds the
Chartered Financial Analyst designation. |
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| Richard L. Faiella is Managing
Director, Corporate Development of Middlefield Capital Corporation. He joined
Middlefield in 1998 and spent two years as an oil and gas analyst in
Middlefield's resource group. He has held his current title since February
2004. Mr. Faiella holds the Chartered Financial Analyst
designation. |
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| W. Garth Jestley is President and
Chief Executive Officer of Middlefield Capital Corporation. Prior to joining
Middlefield in 1985, he was a Vice-President of Bank of Montreal and head of an
international project finance unit responsible for non-recourse lending
primarily in the natural resource sector and, prior to that, was a
Vice-President in the Corporate Banking division of Citibank N.A. Mr. Jestley
holds the Chartered Financial Analyst designation. |
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| John G. Priestman is a Managing
Director, Canadian Equities with GCLP and is a member of its Strategic
Investment Committee. He is responsible for managing a monthly high income fund
which is a leading investor in the real estate investment trust, oil and gas
royalty trust and income fund market sectors. He joined GCLP in 1985 and, prior
to that, was a Portfolio Manager, Canadian Equities with Hospitals of Ontario
Pension Plan. |
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| Dean C. Orrico is Managing
Director and Chief Investment Officer of Middlefield Capital Corporation and a
senior member of Middlefield's fund management and merchant banking divisions.
Mr. Orrico is a member of Middlefield's investment committee and is involved in
the creation and ongoing management of all of Middlefield's funds focused on
the income trust sector. Mr. Orrico joined Middlefield in 1996 and prior to
that was a commercial account manager with Toronto Dominion Bank. Mr. Orrico is
an MBA graduate of the Schulich School of Business. |
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| Robert F. Lauzon is Managing
Director, Trading of Middlefield Capital Corporation. Prior to joining
Middlefield in 2002, he worked as an Investment Executive with ScotiaMcLeod. He
is an MBA graduate of the Rotman School of Management at the University of
Toronto. Mr. Lauzon also holds the Chartered Financial Analyst
designation. |
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| Michele Robitaille is a Portfolio
Manager, Canadian Equities with GCLP and is a member of its Strategic
Investment Committee. Prior to joining GCLP in 2003, Ms. Robitaille has, since
1997, held Equity Analyst positions at various Canadian investment dealers
including National Bank Financial and Scotia Capital Inc. Ms. Robitaille holds
the Chartered Financial Analyst designation. In addition, she is a Chartered
Accountant and holds the Chartered Business Valuators designation. |
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| Special Advisor |
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Groppe, Long
& Littell a Houston, Texas based oil and gas consulting firm, is one of
the world’s leading forecasters of oil and natural gas prices. The firm
provides consulting services to government, corporate and private clients
involved in the oil, natural gas, refining and petroleum industries.
Groppe, Long
& Littell acts as a consultant to Middlefield with respect to the strategic
outlook for the energy sector. The firm provides Middlefield with analysis of
the global economic and political forces impacting the prices of oil and
natural gas. Henry Groppe, the Company’s founder, is the individual
primarily involved in providing services on behalf of his firm to Middlefield.
He has over 50 years of management, economic and technical experience in the
energy field. Mr. Groppe was employed with Dow Chemical Co., Monsanto Co.,
Texaco Inc., and Arabian American Oil Company in Saudi Arabia before
establishing Groppe, Long & Littell in 1955. Since 2003, he has also served
as an energy advisor to the Alberta Department of Energy. |
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