| 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 approximately $3 billion in
assets under management. Middlefield has developed particular expertise in
equity income, 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, Internetional 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 Deputy
Chairman of Middlefield Capital Corporation and Middlefield International
Limited. 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 President and
Chief Investment Officer of Middlefield Capital Corporation. Mr. Orrico is
responsible for overseeing the creation and ongoing management of all of
Middlefield's investment funds including flow-through funds, TSX listed
closed-end funds and mutual funds. Mr. Orrico joined Middlefield in 1996 and
prior to that worked in commercial banking at the Toronto Dominion Bank. Mr.
Orrico received his B. Comm degree from the University of Toronto and is an MBA
graduate of the Schulich School of Business (York University). |
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| Robert F. Lauzon is Managing
Director, Western Canada of Middlefield Group and is based in Middlefield's
Calgary office. Mr. Lauzon has been employed by Middlefield Capital Corporation
since 2002. Mr. Lauzon is the lead portfolio manager on a number of investment
funds focused on the energy, mining and equity income sectors and is
responsible for overseeing Middlefield's trading operation. Mr. Lauzon is an
MBA graduate of the Rotman School of Management (University of Toronto) and
holds the Chartered Financial Analyst designation. Prior to joining Middlefield
in 2002, he worked as an Investment Executive with ScotiaMcLeod. |
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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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