Board of Directors

Grant J. Kook^2,4is President, Chief Executive Officer and a director of the Manager. Mr. Kook is also President and Chief Executive Officer of Cheung On, an international investor syndicated fund. Cheung On was co-founded in 1989 by Mr. Kook, and was rated as one of the top 100 companies in Saskatchewan (as reported in the 1996 and 1997 September/October issues of Saskatchewan Business Magazine). Mr. Kook has been the President and Chief Executive Officer of the Ramada Hotels since 1992. Mr. Kook was appointed the Chairman of the Board of Directors for SaskTel in February 2008. Mr. Kook also sits or has sat on the boards of a number of private and publicly traded companies, the Hong Kong Canada Business Association, Agwest Biotech, and was nominated in 1999 and 2003 for Ernst & Young's Entrepreneur of the Year Award. Mr. Kook is a Vice President of the Canadian Venture Capital and Private Equity Association (CVCA) and the Chairman of the Board of the Children's Hospital Foundation of Saskatchewan. Mr Kook was the Vice President of the 2004 Nokia Brier Organization, Sponsorship Chair for the 2006 Vanier Cup, and the Vice President of Sponsorship for the 2010 World Junior Hockey Championships as well as a member of the Minister's Advisory Council on Information Technology.

Douglas W. Banzet¹is the Chief Operating Officer and a director of the Manager. Mr. Banzet has been Director of Finance of Cheung On since 1995. From March 1993 to June 1995, Mr. Banzet was an independent management consultant to a variety of small and medium-sized Saskatchewan businesses. Prior to March 1993, Mr. Banzet held various senior management positions with a number of large Canadian trust companies. Mr. Banzet has over thirty-five years experience in the financial service and asset management fields. His experience includes investment valuations of both private and public businesses, feasibility analysis, risk assessment, commercial loan financing, administration, budgeting, planning and management of large commercial loan portfolios. Mr. Banzet also serves as a director of a number of private Canadian companies involved in life sciences, oil and gas exploration, biotech, value added processing, health care, manufacturing and agriculture.

Since 2007, the Honourable William (Bill) McKnight P.C.^2,4 has served as the Treaty Commissioner for the Province of Saskatchewan, appointed and mandated by Canada and the Federation of Saskatchewan Indian Nations to assist with Treaty implementation. Since 1993, Mr. McKnight has been Chairman of McKnight and Associates, a Canadian firm of consultants that specializes in domestic and international strategic planning and promotion. The Honourable Bill McKnight resigned as a Member of Parliament in July of 1993 after serving Canada in that capacity since 1979. Nine of his fifteen years as a Member of Parliament were as a Senior Cabinet Minister holding the following positions: Minister of Energy, Mines and Resources, Minister of Agriculture, Minister of National Defense, Minister of Western Economic Diversification, Minister of Indian Affairs and Northern Development and Minister of Labour and Housing. The Honourable Bill McKnight is a director of a number of private and publicly traded companies involved in the investment, development, manufacturing and trade areas, and Honourary Chief of the Muskeg Cree Nation.

Brian L. Barber^1,3 has been involved in the construction industry for over twenty six years, and is currently the Senior Vice President for Ledcor Construction Limited, Saskatchewan. Prior to joining Ledcor, he spent the last 25 years with Stuart Olson Dominion Construction Ltd. (formerly Dominion Construction). Mr. Barber holds the Gold Seal Certification in Project Management-General Contracting and has been involved in numerous organizations including the General Contractors Association of Saskatchewan and the Saskatchewan Construction Association. Mr. Barber has developed a unique perspective in planning, building design and construction in a variety of commercial, community and institutional projects throughout Saskatchewan. Mr. Barber is active in many civic interests including the Regina Beach Yacht Club, Saskatchewan Roughriders Football Club, the Juvenile Diabetes Research Foundation and the Canadian Breast Cancer Foundation. As well, he is a board member of the Regina Qu'Appelle Health District and the Regina Exhibition Association and a trustee for both the Labourer's Health and Welfare Training Fund and the Carpenter's Training Fund.

Lorraine Sali⁴ is the Business Manager for the Sponsor, which position she has held since 2001. Ms. Sali joined the Construction and General Workers' Union, Local 180 in 1987. She is chairperson for the Saskatchewan Training Trust Fund, co-chair for the Labourers Health and Welfare, a trustee on the Labourers Pension Trust Fund and sat on the Workers Compensation Board Committee of Review 2006, representing organized labour. As well, she serves on the Board of Directors for Funds Administrative Service Inc. and FAS Benefit Administrators Ltd. Ms. Sali is an active Trade Board Member for the Construction Craft Labourer Trade.

Donald R. Ching³ currently a retired businessman, however, he continues to sit as a corporate board member for various organizations and act as a consultant on various projects. Mr. Ching, from January 2005 to December 2007, acted as the President and Chief Executive Officer of AREVA Resources Canada Inc. From 1996 to 2004, Mr. Ching was the President and Chief Executive Officer of SaskTel. Prior to this he was the President of Crown Investment Corporation, managing partner in the law firm of Mitchell Taylor Romanow Ching (now Woloshyn & Company) and Executive Vice President of the Potash Corporation of Saskatchewan. Mr. Ching was previously a member of the Saskatchewan Bar Association and is on the Board of Directors of several private businesses involved in forestry and manufacturing.

Bob Ellard² has been the Vice President, Capital Planning and Development at the University of Calgary since July 2008. Mr. Ellard was the Vice President of Stantec Consulting Ltd. responsible for Architecture, Facilities Planning and Interior Design throughout North America from 2006 to June 2008. Prior to this, Bob was Vice President of Stantec Consulting Ltd. in Saskatchewan and Manitoba. From 1994 to 2001, Mr. Ellard was a Senior Partner with the Ellard Croft Design Group. Mr. Ellard has over thirty five years of experience in the architecture industry. He is a member of the Saskatchewan and Alberta Associations of Architects and a Fellow of the Royal Architectural Institute of Canada. Mr. Ellard has an extensive background in community leadership. He has served and continues to serve on a number of sport associations and committees, including being President and Chairman of the Board for the 2005 Canada Summer Games, President of the 1995 Grey Cup, Chairman of the 2003 Grey Cup and a Past President of the Saskatchewan Roughriders. In November 2008 Mr. Ellard received the Saskatchewan Order of Merit, the province's highest honour, recognizing his significant contributions to the well-being of the province and its residents.

Ron S. Waldman is the Chairman of the Board of Directors of Great Western Brewing Company Limited. From May, 1994 to December, 2010 Mr. Waldman held the position of Chief Executive Officer of Great Western Brewing Company Limited. The Great Western Brewing Company was chosen as one of "Canada's 50 Best Managed Companies" from 2004 through 2009, and was chosen as a Platinum Club Member in 2010. Prior to his involvement with the Great Western Brewing Company Limited, Mr. Waldman practiced corporate finance at KPMG Saskatoon, and held several positions with the Saskatchewan based Coca-Cola/Canada Dry franchise family owned bottling business, Beverage Central Inc., including President and Chief Executive Officer from 1987 until 1992. Mr. Waldman serves as a board member and/or executive member for several corporations, foundations, and associations, including Vice Chair of the Saskatoon Airport Authority, and he is a member of the World President's Organization.

Thomas A Shepherd^1,3 is currently a retired businessman, leaving his position in January 2008 as the Senior Vice President of Dundee Realty Corporation responsible for the Land and Housing Operations of Dundee Developments and Homes by Dundee in Regina, Saskatchewan. After graduation from the University of Saskatchewan with a Bachelor of Commerce in 1966 to 1972 Tom was employed with Clarkson, Gordon & Co. where he obtained his Chartered Accountant (C.A.) designation and became Audit Manager. From 1972 to July 2008, Tom was continuously employed as a senior officer with Dundee Realty Corporation and its predecessor companies Cairns Homes Limited, Carma Developers Ltd. and Preston Developers Inc. Mr. Shepherd has an extensive background in community leadership. He has served and continues to serve on a number of sport associations and committees, including being the founder and President of Friends of the Riders Inc., the fundraising arm for the Saskatchewan Roughrider Football Club from 1986 to present. He was President (1987 - 1989), Member of the Management Committee, Director and Treasurer of the Saskatchewan Roughrider Football Club for twenty-two years, Past Treasurer and Director of the Regina Rams Football Club for six years and Treasurer and Director of the Gordon Currie Youth Development Fund for twenty-five years. Mr. Shepherd was also a Director for both Grey Cup 1995 Inc. and Grey Cup 2003 Inc. In 2005, the Province of Saskatchewan awarded Mr. Shepherd both the Saskatchewan Volunteer Medal and the Saskatchewan Centennial Medal. In 2006, Mr. Shepherd was inducted into the Regina Sports Hall of Fame. In 2008, Mr. Shepherd was inducted into the Canadian Football Hall of Fame, and in 2009 inducted into the Saskatchewan Sports Hall of Fame. In 2010, Tom was conferred with an Honorary Doctor of Law Degree from the University of Regina.

¹Member of Audit Committee

²Member of Valuation Committee

³Member of Investment Committee

⁴Member of Governance and Nomination Committee