Independent Review Committee

Members of the Faircourt IRC

Stephen A. Stacey – Chair of the IRC

Stephen has been involved with the Canadian investment industry for the last 40 years. Mr. Stacey began his investment career at Pitfield Mackay Ross (now RBC Dominion Securities), where he built a successful investment clientele and was a member of the President’s Club. In 1972 he left Pitfield to join Walwyn Stodgell and Co. and for the next 18 years he was given various senior sales and marketing roles, eventually becoming Senior V.P. and Director. Upon the merger of Walwyn with Midland in 1990, he took the opportunity to take a short sabbatical.

He returned to the investment industry in 1992 with Nesbitt Thompson to head their Managed Products Group. With the merger of Nesbitt Thompson and Burns Fry in 1994, he assumed the responsibility for sales and marketing as well as for research of mutual funds for the combined firm. Shortly thereafter, he was named Director and V.P. of the Managed Assets Group where he was responsible for the firm’s fee-based discretionary and non-discretionary services through the Nesbitt Burns Freedom, Blueprint and Advance programs. He was also very involved in the development and launch of the Nesbitt Burns Group of Funds and continued as the President and CEO of the Fund family. In 1997 he was named Director and V.P of the Mutual Fund Marketing and Research Group and was also responsible for the Financial and Retirement Planning Group. In 1999 he became Senior Vice-President and Managing Director, Investor Products and Services where he had overall responsibility for the products and services that are delivered to the clients of BMO Nesbitt Burns, Private Client Division. Mr. Stacey retired from BMO Nesbitt Burns in 2003.

In 2006 he accepted the role of Chairman of the Board of Trustees of Blumont Strategic Partners Hedge Fund and a member of the Board of Trustees for Blumont- Man Alternative Yield Fund. Mr. Stacey received his degree in Economics from the University of Western Ontario in 1967.

Robert P. Kanee

Robert has been a director of a number of private companies involved in property management, real estate development, investment holding, manufacturing and distribution. He is currently a director of Northstar Healthcare Inc. and chair of the Compensation, Nominating and Corporate Governance Committee. From 1994 to 2000, Mr. Kanee was a director of Perkins Paper Limited, a TSX listed company controlled by Cascades Inc. In 2000, he chaired the independent committee that oversaw the privatization of the company. From 1989 to 1999, Mr. Kanee was a director of Women’s College Hospital in Toronto, Ontario and he chaired the Finance and Investment Committee and was Vice Chair in 1998-1999. From 1991 to 1998, Mr. Kanee was Vice President, Mergers and Acquisitions, of Abitibi-Consolidated Inc. (formerly Abitibi-Price Inc.).

Mr. Kanee received his Masters in Business Administration from the University of Western Ontario in 1971 and obtained his Chartered Accountant designation in Ontario with Peat Marwick Mitchell in 1973. Mr. Kanee obtained his Institute of Corporate Directors designation in 2004.

Barry A. Tissenbaum

Barry is currently a director of Northstar Healthcare Inc., a board member and Audit Committee Chairman of Universal Energy Group and an Advisory Board member of numerous private companies. From 1991 to 2005, Mr. Tissenbaum was a partner at Ernst & Young LLP, where he served as the Director of Retail and Consumer Products from 1996 to 2000 and the Managing Partner of the Toronto Midtown Office from 1991 to 1996. Mr. Tissenbaum obtained his Chartered Accountant designation in Quebec in 1968 and in Ontario in 1974.

He is a member of the Canadian Institute of Chartered Accountants and the Institute of Chartered Accountants of Ontario.