Biographies

Executives

J.S.A. MacDonald, MBA
Chairman (Non-Executive)

Education: Ivey School of Business and has an M.B.A. from Northwestern University.

Experience: Mr. MacDonald is Chairman and Managing Partner of Enterprise Capital Management Inc. which is an investment manager. He is also a director of MDS Inc., MTS Inc. and the Superior Plus Inc. Prior to founding Enterprise Mr. MacDonald was Deputy Chairman of a major Canadian investment dealer and head of their M&A advisory services. Prior thereto he had 27 years of experience in investment research and investment banking. He is a graduate of the Ivey School of Business and has an M.B.A. from Northwestern University.

Jim Kofman
Vice Chairman

Education: B.Comm Queen's University, 1978; L.L.B. Queen's 1982, qualified solicitor in Ontario and in England & Wales.

Experience: Previously Vice Chairman and Managing Director of UBS Securities Canada and prior to that a partner at Osler, Hoskin & Harcourt in Toronto and in London, England. A leading advisor on mergers & acquisitions and complex financings in Canada.

Scott Lamacraft, CFA
Chief Executive Officer

Education: B.A., Economics, Queen's University, 1993; Chartered Financial Analyst, Association for Investment Management and Research, 1999.

Experience: In the investment business since 1993; Mr. Lamacraft began at Sprott as a Research Associate, became a Research Analyst in 1994 and Director of Research in 1996. He was appointed as President of Sprott Securities in May 2000 and CEO in September of 2001.

Jeff Kennedy, CA
Chief Financial Officer
Managing Director, Equity Capital Markets

Education: B. Comm., McMaster University, 1981; Chartered Accountant, Institute of Chartered Accountants of Ontario, 1983.

Experience: In the investment business since 1987; with Cormark/Sprott Securities since 1998. Previously with Loewen Ondaatje McCutcheon (Chief Financial Officer). Past Chairman, Capital Formula Subcommittee, Investment Industry Regulatory Organization of Canada (IIROC), member since 1999. Past Chairman, Financial Administrators Section of IIROC. Member Investment Banking Committee, Investment Industry Association of Canada.

Ryan Shay, CA, CFA
Co-Head of Investment Banking,
Managing Director

Education: B. Comm. with Great Distinction, University of Saskatchewan, 1993; Chartered Accountant, Institute of Chartered Accountants of Alberta, 1996; Chartered Financial Analyst, Association for Investment Management and Research, 1999.

Experience: In the investment business since 1996; with Sprott Securities since 1999. Previously with Peters & Company Limited and Deloitte & Touche, Chartered Accountants.

Marc Murnaghan, CFA
Co-Head of Investment Banking,
Managing Director

Education: Honors in Business Administration (HBA), University of Western Ontario, 1994; Chartered Financial Analyst, Association for Investment Management and Research, 1997.

Experience: Marc has over 20 years of experience in the investment banking business and has been Co-Head of the Investment Banking group at Cormark since 2010.

Prior to his role as Co-Head of Investment Banking Marc ran the Power and Alternative Energy group where he helped raise over $1 billion of equity capital for companies in the sector in areas such as solar, wind, hydro, geothermal, biomass, power electronics, battery technologies and fuel cells. In addition, during that time Cormark acted as strategic advisor on over $1 billion of M&A transactions, including corporate sales, asset sales and strategic investments.

Marc is also Chair of Autism Speaks Canada, the leading charity for autism in Canada.

Peter Charton
Managing Director, Institutional Equity Sales

Education: B.A., University of Western Ontario, 1986; MBA, University of Western Ontario 1993.

Experience: In the investment business since 1989; with Sprott Securities since 1997. Previously with CIBC Wood Gundy, Midland Walwyn and Deutsche Morgan Grenfell.

Tim Foote
Managing Director, Institutional Equity Trading

Education: B.A Psychology, McGill University, 1991.

Experience: In the investment business since 1993. Previously spent 4 years on the buy side at FGP and Trimark Investments. Spent the last 9 years a a sell side trader at Merrill Lynch and most recently as a Managing Director at CIBC World Markets.

Susan Streeter, CFA
Managing Director, Institutional Equity Research

Education: B.A., Dalhousie University, 1990; Graduate Business Studies Diploma, London School of Economics and Political Science, 1991; Chartered Financial Analyst, Association for Investment Management and Research, 1997.

Experience: In the investment business since 1991; with Sprott Securities since 1999. Previously with TD Securities and Chemical Bank in London.

Research

David Beddis, CFA
Analyst, Institutional Equity Research
Oil & Gas

Education: BSc (Mathematics and Economics) University of Victoria, 2002; Chartered Financial Analyst, Association for Investment Management and Research, 2007.

Experience: In the investment business since 2002; Mr. Beddis joined Cormark Securities in July 2008. He previously was a Vice President and Analyst with GMP Securities L.P. following international oil and gas producers and royalty trusts.

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Mark Deriet, CFA, CMT, MA Economics
Analyst, Institutional Equity Research
Quantitative and Technical Analysis

Education: B.Comm, University of Toronto, 1993; M.A. Economics, University of Ottawa, 1995; Chartered Financial Analyst, Association for Investment Management and Research, 1998; Chartered Market Technician, CMT, 2004.

Experience: In the investment business since 1996; with Sprott Securities since 2006. Previously with Scotia Cassels Investment Counsel since 1999.

Jeff Fenwick, M.Phil, MBA
Analyst, Institutional Equity Research
Financial Services

Education: Hons. BA, University of Guelph, 1996; M.Phil., University of Cambridge (U.K.), 1997; MBA, Richard Ivey School of Business, 2004.

Experience: Joined Sprott in 2006. Previously with CIBC World Markets (Commercial Banking) and Purolator Courier (Strategy & Corporate Development).

Jonathan Fleming
Analyst, Institutional Equity Research
Oil & Gas

Education: B.Comm., Royal Roads University, 1999; MBA Dalhousie University, 2000

Experience: In the investment business since 2003; joined Sprott Securities in 2005, previously with Raymond James Ltd., and Talisman Energy Inc.

Richard Gray, CFA
Analyst, Institutional Equity Research
Mining

Education: B.A.Sc. (Geological Engineering) University of Toronto, 1997; CFA Charter in 2004.

Experience: In the investment business since 1997; joined Cormark Securities in January 2010. Previously with Scotia Capital, Westwind Partners and Blackmont Capital covering the gold sector.

Cliff Hale-Sanders, CFA
Analyst, Institutional Equity Research
Mining

Education: B.Sc. (Geology and Chemistry) University of Toronto, 1990; Master of Business Administration, 1996. CFA Charter in 2001.

Experience: In the investment business since 1996; joined Cormark Securities in June 2009. Previously experience with RBC Capital Markets, TD Securities and CIBC World Markets covering the Base Metal Sector.

Sarah Hughes, CFA
Analyst, Institutional Equity Research
Industrial Products

Education: B. Comm., Wilfrid Laurier University, 1997; Chartered Financial Analyst, Association for Investment Management and Research, 2000.

Experience: With Sprott Securities since 1997.

Maggie Johnson
Analyst, Institutional Equity Research
Special Situations

Education: Bachelor of Business Administration, St. Francis Xavier University, 2004.

Experience: Joined Cormark in 2009 as a Special Situations Research Associate. Previously with Goodman & Company Investment Council as an Analyst.

Todd Kepler, CFA
Director, Institutional Equity Research
Oil & Gas

Education: MBA University of Saskatchewan, 1994; Chartered Financial Analyst, Association for Investment Management and Research, 2000.

Experience: In the investment business since 1994; Mr. Kepler joined Cormark Securities in 2007. He previously was a director and analyst with GMP Securities L.P. following domestic and international oil and gas producers and oilfield services; prior thereto at BMO Capital Markets following domestic junior producers and oilfield services; and prior to that at Peters and Co. Ltd. as a principal and oil and gas research associate.

Mike Kozak
Analyst, Institutional Equity Research
Mining

Education: B.A.Sc., Mining Engineering, University of British Columbia, 2006.

Experience: Joined Sprott Securities in 2007. Previously with Teck-Cominco Ltd. and Barrick Gold Corp.

Kevin MacInnes, P.Eng.
Vice President Engineering
Oil & Gas

Education: B.Sc., Chemical and Petroleum Engineering, University of Calgary, 1991.

Experience: Mr. MacInnes joined Cormark Securities in 2012. Most recently was Vice President Engineering and Corporate Development with Redcliffe Exploration. Previously as Manager Business Development with Harvest Energy and Manager Engineering and Operations with Relentless Energy Corp. and increasing responsibility as a Sr. Exploitation and Production Engineer with Penn West Petroleum. Mr. MacInnes began his career with Summit Resources Ltd.

David McFadgen, CFA
Director, Institutional Equity Research
Communications & Media

Education: HBA, University of Western Ontario, 1988 CFA, 1994

Experience: In the investment business since 1994; joined Sprott Securities in January 2003. Previously with National Bank Financial, HSBC Securities (Canada), Griffiths McBurney & Partners and Marleau Lemire.

Darko Mihelic, CFA
Analyst, Institutional Equity Research
Financial Services

Education: Hons. Finance, Brock University, 1995; MBA, SDA Bocconi (Italy), 1998.

Experience: Joined Cormark in 2010. Previously researched financial services institutions with CIBC World Markets, Blackmont Capital, Research Capital, RBC Dominion Securities.

Jeffrey D. Mochoruk , CFA
Analyst, Institutional Equity Research
Energy Services

Education: B.Comm., University of Saskatchewan, 1997.

Experience: In the investment business since 2000; joined Sprott Securities in 2007, previously with TD Securities and FirstEnergy Capital.

James A. Morrison, MBA, CFA
Analyst, Institutional Equity Research
Alternative Energy

Education: B.B.A., David Williams School of Business - Bishops University 2004. M.B.A., Kenneth Rowe School of Business. Dalhousie University, 2005.

Experience: Joined Sprott in 2005.

David F. Newman, CMA, CFA
Analyst, Institutional Equity Research
Transportation & Industrial Products

Education: B. Comm. University of Toronto, 1984; CMA, Society of Management Accountants, 1989; CFA, CFA Institute, 1998.

Experience: Joined Cormark Securities in 2010. Previously with National Bank Financial (2002-2010) and Merrill Lynch (1991-2001). Has achieved Brendan Wood Analyst All-Star rankings six times in three categories: Small Cap/Special Sits, Consumer Products and Transportation.

Edward Otto
Analyst, Institutional Equity Research
Mining

Education: Education: B.Sc., Mining Engineering, University of Alberta, 2007.

Experience: Joined Cormark in 2008. Previously worked at Norwest Corporation, in Calgary. Work experience has included mine planning and costing for a variety of oil sands mega-projects including Imperial Oil, Shell, and Syncrude Canada.

Marc Robinson, MBA
Director, Institutional Equity Research
Agriculture & Special Situations

Education: Bachelor of Arts (Statistics), 1998; Honours in Business Administration, Richard Ivey School of Business, 2000; Master of Business Administration, Richard Ivey School of Business, 2004.

Experience: In the investment business since 2000; joined Cormark Securities in July 2009. Previously with Lawrence Asset Management (Portfolio Manager and Partner), CIBC World Markets (Mezzanine Finance), Merrill Lynch & Company (Analyst, Investment Banking).

Susan Streeter, CFA
Managing Director, Institutional Equity Research

Education: B.A., Dalhousie University, 1990; Graduate Business Studies Diploma, London School of Economics and Political Science, 1991; Chartered Financial Analyst, Association for Investment Management and Research, 1997.

Experience: In the investment business since 1991; with Sprott Securities since 1999. Previously with TD Securities and Chemical Bank in London.

Richard Tse, CA, CFA
Analyst, Institutional Equity Research
Technology

Education: B.Comm, University of Toronto, 1991; Chartered Accountant, Canadian Institute of Chartered Accountants, 1996; Chartered Financial Analyst, Association for Investment Management and Research, 2000.

Experience: In investment business since 1998. Formerly with National Bank Financial and prior to that with Merrill Lynch's Global Technology Team. Prior to that, operations and corporate experience with Nortel Networks. Awards: Top Ranked analyst (since 2005) in numerous broker surveys from Brendan Wood International; Starmine; and Greenwich.

Brent Watson
Analyst, Institutional Equity Research
Oil & Gas

Education: B.A., University of Calgary, 1998.

Experience: In the investment business since 1998; with Sprott Securities since 2001. Previously with Peters & Company Limited and Nexen Inc.

MacMurray Whale, Ph.D., P.Eng.
Analyst, Institutional Equity Research
Alternative Energy & Industrial Products

Education: B.A.Sc. University of Toronto, 1990; S.M. Mechanical Engineering, MIT, Cambridge, MA 1992; Ph.D. Mechanical Engineering, MIT, Cambridge, MA, 1997; Diplôme en Gestion (MBA), Collège des Ingénieurs, Paris, France; P.Eng., APEGBC, 2001.

Experience: In the investment business since 2001; joined Sprott Securities in February 2004, previously with National Bank Financial; Assistant Professor of Mechanical Engineering, University of Victoria, 1998-2001.

Garett Ursu, CFA
Analyst, Institutional Equity Research

Education: B. Comm., University of Calgary, 1997; Chartered Financial Analyst, AIMR, 2001.

Experience: Joined Cormark in 2008. In the investment business since 1997; previously with Origin Capital Management Ltd., Raymond James Ltd. and FirstEnergy Capital Corp.

Institutional Sales

Brady Griffin, CFA
Director, Institutional Equity Sales

Education: B.A. (Honours) University of Western Ontario, 1992.

Experience: Started with CT Securities in 1996 and worked with Octagon Capital, before joining Sprott Securities in 2003.

Mark Hoogeveen
Director, Institutional Equity Sales

Education: HBA, University of Western Ontario, 1989; MBA, University of Western Ontario, 1996.

Experience: In the investment business since 1993: Previously with Scotia Capital and RBC Capital Markets.

Michael Horowitz, MBA
Institutional Equity Sales

Education: BA York University/McGill University 1992; Boston University MBA 1995.

Experience: In the institutional investment industry since 1996. Previous firms include BMO, CIBC and Raymond James.

Eric Lazer
Institutional Equity Sales

Education: B.A.(Honours), Richard Ivey School of Business, University of Western Ontario, 2003.

Experience: Joined Sprott in 2005. Previously with National Bank Financial, Westwind Partners, and TD Securities.

Roger Poirier, CFA
Director, Institutional Equity Sales

Education: B.A., University of Manitoba, 1992; Chartered Financial Analyst, Association for Investment Management and Research, 1999.

Experience: Started with Scotia McLeod in 1992 and worked with Nesbitt Burns, before joining Sprott Securities in 1998.

Chris Roy, CFA
Director, Institutional Equity Sales

Education: BBA with Distinction, Bishop's University, 1995; Chartered Financial Analyst, Association for Investment Management and Research, 2000.

Experience: In the investment business since 1995; with Sprott Securities since 2000. Previously with Thornmark Asset Management and BPI Mutual Funds.

Jennifer Samarzija, MBA
Institutional Equity Sales

Education: B. Arts (Honours) in Business Administration, University of Western Ontario, 1996; Masters of Business Administration, University of Western Ontario, 2000.

Experience: Previously with CIBC World Markets (Equity Sales); CIBC (Investment Banking; Corporate Strategy; Investor Relations) and A.T. Kearney Ltd. (Management Consulting).

Jeff Shanta
Institutional Equity Sales

Education: Education HBSc, University of Toronto, 1997; MBA, Rotman School of Management, University of Toronto 2007.

Experience: Capital markets experience in structured finance and project finance since 1997; Previously with Northern Securities and NCP Northland Capital Partners.

Kevin Williams, MBA
Director, Institutional Equity Sales

Education: B. Arts (Honours) in Business Administration, University of Western Ontario, 1996; Masters of Business Administration, University of Western Ontario, 2001.

Experience: In the investment business since 1996; with Sprott Securities since 2001. Previously with J.P. Morgan and First Marathon Securities.

Natalie Wright
Institutional Equity Sales

Education: HBA, University of Toronto, 2006.

Experience: Joined Cormark in 2011. Previously with Canaccord Genuity, Assante Capital Management and Assante Wealth Management.

Institutional Trading

Jay Bakker
Institutional Equity Trading

Education Diploma in Business Administration, Sheridan College, 1996.

Experience: In the investment business since 1996, with Sprott Securities since 2001. Previously with Great West Life Investment Management.

Mathieu Capozzo
Institutional Equity Trader

Education: Diploma in Social Science, Centennial College, 2003.

Experience: In the investment business since 2004, with Cormark Securities Inc since 2010. Previously with Mackie Research Capital and Canaccord Adams.

James Connor
Director, Institutional Equity Trading

Education: M.B.A., Dalhousie University, 1995.

Experience: In the investment business since 1995; with Sprott Securities since 2005. Previously with CIBC Wood Gundy, CSFB, and Merrill Lynch.

Tim Foote
Managing Director, Institutional Equity Trading

Education: B.A Psychology, McGill University, 1991.

Experience: In the investment business since 1993. Previously spent 4 years on the buy side at FGP and Trimark Investments. Spent the last 9 years a a sell side trader at Merrill Lynch and most recently as a Managing Director at CIBC World Markets.

John Lambert
Institutional Equity Trading

Education: B.A. Economics, Bishop's University, 1995.

Experience: In the investment business since 1996. Previously with CIBC World Markets and TD Securities.

Dean Lazer
Institutional Equity Trading

Education: B.A.(Honours), Richard Ivey School of Business, University of Western Ontario, 2005.

Experience: Joined Cormark in 2008. Previously with BMO Capital Markets.

Ryan Lloyd
Institutional Equity Trading

Education: B.A., McMaster University, 1997; Minor-International Business, Queens University, 1996.

Experience: In the investment business since 1996; with Sprott Securities since 2000. Previously with CIBC World Markets (Global Trading and Sales).

Sean McCowan, CFA
Director, Institutional Equity Trading

Education: B.A Economics/Philosophy, University of Western Ontario, 1992; Chartered Financial Analyst, Association for Investment Management and Research, 2001.

Experience: In the investment business since 1994, previously with J. Zechner Associates before joining Newcrest Capital (an investment dealer acquired by TD Securities in 2000) for 5 years as an institutional equity trader. Spent 2000-2007 at TD Securities, most recently as Managing Director, Institutional Equities.

Ryan O’Flanagan
Institutional Equity Trading

Education: B.A Biology, Colby College, 2006, Minor in Administrative Science. Completed level 3 of CFA.

Experience: Joined Cormark in 2009. Previously with State Street Global Markets Canada.

Brian O'Hea
Director, Institutional Equity Trading

Education: BSc Biology, Dalhousie University, 1996.

Experience: Pervious 7 years RBC Capital Markets as a Managing Director and prior 4 years at Merrill Lynch.

Chris Petrow
Institutional Equity Trading

Education: HBA, Richard Ivey School of Business, University of Western Ontario, 2009.

Experience: Previously with Merrill Lynch and Jennings Capital.

Tim Stewart
Director, Institutional Equity Trading

Education: B.A Geography/Eco, University of Western Ontario, 1995.

Experience: In the investment business since 1995 as a trader, previously with Gordon Capital, Morgan Stanley and most recently 2007-2011 as a Director with Merrill Lynch Canada.

Investment Banking

Dan Barnholden
Director, Investment Banking

Education: Bachelor of Arts, McGill University, 1997; Masters of Business Administration, Richard Ivey School of Business, University of Western Ontario, 2004.

Experience: Financial services industry since 1998, previously with the mining investment banking teams of BMO Nesbitt Burns Inc. and CIBC World Markets Inc.

Chris Burchell
Director, Investment Banking

Education: Bachelor of Commerce, McGill University, 2000.

Experience: Joined Sprott Securities in December 2006 after spending 6 years at Scotia Capital in Calgary.

Torey Celinskis
Vice President, Investment Banking

Education: Bachelor of Commerce, University of Alberta, 2006.

Experience: Joined Cormark Securities in February 2010 after spending 4 years at Scotia Waterous in Calgary.

Tim Cowan, CFA
Vice President, Investment Banking

Education: Bachelor of Arts, Honours Economics and Mathematics, McMaster University, 2001; Master of Arts, Economics, University of Calgary, 2003; Chartered Financial Analyst, CFA Institute, 2006.

Experience: In the investment business since 2004; joined Cormark in 2011. Previously, spent 7 years in the investment banking group at CIBC World Markets, covering primarily energy companies in Calgary and in Houston.

Dion Degrand, CA, CFA
Director, Investment Banking

Education: Bachelor of Commerce, University of Alberta, 1995; Chartered Accountant, Institute of Chartered Accountants of Alberta, 1998; Chartered Financial Analyst, Association for Investment Management and Research, 2002.

Experience: In the investment business since 2000; joined Cormark in 2009. Most recently, Mr. Degrand was Director, Oil and Gas Investment Banking with National Bank Financial Inc. and prior thereto with Bank Austria Creditanstalt, Goldman Sachs and Peters & Co. Ltd.

Jeff Fallows, CFA
Director, Investment Banking

Education: Joint LL.B./M.B.A., Richard Ivey School of Business and University of Western Ontario Law School, 2003; B. COMM. University of British Columbia, 1997; Chartered Financial Analyst, Association for Investment Management and Research, 2006.

Experience: Joined Cormark in 2008 after 3 years with CIBC World Markets in the Diversified Investment Banking group. Previously, spent 2 years in the Mergers and Acquisitions group with National Bank Financial and 3 years as a Management Consultant with IDS Scheer Inc.

Rob Penteliuk, CFA
Director, Investment Banking

Education: Honors in Business Administration, Wilfrid Laurier University, 1991; Chartered Financial Analyst, Association for Investment Management and Research, 1998.

Experience: In investment banking since 1995 when started with CIBC World Markets and continued there until 2005 when he joined Genuity Capital Markets. Mr. Penteliuk joined Cormark Securities in September 2008.

Victor Rodberg, CFA
Director, Investment Banking

Education: Bachelor of Commerce, University of Alberta, 1992; Master of Business Administration, University of Alberta, 1997; Chartered Financial Analyst, Association for Investment Management and Research, 2002.

Experience: In the investment business since 1997; joined Cormark in 2011. Most recently, Mr. Rodberg spent the past seven years in energy research at GMP Securities L.P., Dundee Securities Corporation and Clarus Securities, covering royalty trusts, intermediates and junior producers. Prior to, on the investment banking side with Raymond James.

Matthew Rome
Vice-President, Investment Banking

Education: B.B.A., School of Business & Economics - Wilfrid Laurier University, 2004.

Experience: Joined Sprott in January 2007. Previously an analyst with Alluence Capital Advisors, an M&A advisory firm.

Chris Shaw
Vice-President, Investment Banking

Education: B.Comm., Honours, Queen’s University School of Business, 2005.

Experience: Joined Cormark in 2008. Previously worked at Desjardins Securties Inc. in Toronto (Investment Banking) and Westwind Partners Inc. in Calgary (Energy Investment Banking).

Adam Spencer
Vice-President, Investment Banking

Education: B.Comm., Finance, Dalhousie University, 2005.

Experience: Joined Cormark in 2007. Previously worked at Scotia Capital Inc. in Vancouver (Investment Banking).

Vay Tham
Investment Banking

Education: B. Applied Sc. (Electrical Engineering) University of Waterloo, 1999; National University of Singapore, 1996.

Experience: In the investment business since 1999; joined Cormark Securities in July 2010. Previous financial industry experience with Lawrence & Company, Yorkton Securities, National Bank Financial and Waterfall Investments where Vay was a founding partner. Industry experience with BNR/Nortel and PMC-Sierra.

Darren J. Wallace, CFA
Managing Director, Investment Banking

Education: Honors Business Administration, University Of Western Ontario – Ivey School of Business, 1993; Chartered Financial Analyst, Association for Investment Management and Research, 1998.

Experience: Joined Cormark Securities in 2001. Experience working at other independent investment dealers – started investment banking career in 1994.

Associates

Allan Berg
Associate, Investment Banking

Education: B.Comm (Honours Finance), University of Alberta, 2007.

Experience: Joined Cormark Securities in September 2009. Previously an analyst with Tristone Capital Investment Banking.

Rajiv Chail, CFA
Associate, Investment Banking
Mining

Education: B.A. (Honours Business Administration), Richard Ivey School of Business, University of Western Ontario, 2007; Chartered Financial Analyst, CFA Institute, 2011.

Experience: Joined Cormark in 2009. Previously with Mackie Research Capital Corporation in Investment Banking.

Stefan Coolican, MBA
Associate, Investment Banking

Education: LL.B./MBA (with Distinction), Schulich School of Business and Osgoode Hall Law School, 2007; MSc in Economics and Economic History (Hons.), London School of Economics, 2003; B.A. in Economics (with Distinction), McGill University, 2001.

Experience: Joined Cormark in 2008 after articling at a major Toronto law firm and being called to the Bar of Ontario. Previously with Sprott Securities as a summer associate in 2004 and 2005.

Adam Dorfman
Associate, Institutional Equity Research
Mining

Education: MBA, Rotman School of Management, 2010.

Experience: Cormark in 2012. Previous experience with UBS Securities Canada in the same role.

Rajbir Gill
Associate, Institutional Equity Research
Mining

Education: BASc, Lassonde Mineral Engineering, University of Toronto, 2009.

Experience: Joined Cormark in 2009. Previous experience with Dynatec Mining Services (Engineering).

Konark Gupta, MBA
Associate, Institutional Equity Research
Transportation/Industrials

Education: M.B.A. (Finance), Rotman School of Management, 2008; B.Tech. (Chemical Engineering), Indian Institute of Technology, Mumbai, 2003.

Experience: Joined Cormark in July 2010 after two years at National Bank Financial as an associate.

Matthew Halasz
Analyst, Investment Banking

Education: B.Comm (Finance), University of Calgary, 2009.

Experience: Cormark Securities in July 2010. Previously an analyst with ARC Resources.

Ward Hallett, CA
Associate, Institutional Equity Research
Energy Services

Education: B.Comm, University of Calgary, 2007; Chartered Accountant, Institute of Chartered Accountants of Alberta, 2010.

Experience: Cormark in 2012. Previously with Grant Thornton LLP.

William Hares
Associate, Institutional Equity Research

Education: B. Comm., University of Victoria, 2008, CFA Candidate

Experience: Joined Cormark in 2010. Previously with Dundee Securities Corp., and Nexen Inc.

Graeme Jennings, MBA, CFA
Associate, Institutional Equity Research
Mining

Education: B.A.Sc., Civil Engineering, McGill University, 2000; MBA, Richard Ivey School of Business, 2007; Completed level 3 of CFA, 2009.

Experience: Joined Cormark in 2010. Previously with Blackmont Capital (Mining Research) and Interward Asset Management (Equity Research).

Hubert Mak, CA, CPA, CFA
Associate, Institutional Equity Research
Technology

Education: MAcc, University of Waterloo, 2002; BMath, University of Waterloo, 2002.

Experience: Joined Cormark in July 2010 after four years at National Bank Financial as an associate analyst. Prior to that, spent four years at a major accounting firm.

Reed McDonnell
Associate, Institutional Equity Research

Education: HBA, Richard Ivey School of Business, 2008; CFA Candidate.

Experience: Joined Cormark in 2011. Previously with Wellington West Capital Markets Inc., and Devon Canada Corporation.

Andrew McGee
Associate, Institutional Equity Research

Education: Bachelor of Administrative Studies, Finance (Hons.)., York University, 2010. CFA Candidate.

Experience: Joined Cormark in 2011. Previously a Research Associate with Wealhouse Capital Management and Accountant with Zeifmans LLP.

Kyle McPhee, CFA
Associate, Institutional Equity Research
Mining

Education: BComm. (Honours), Queen's University, 2007; Chartered Financial Analyst, CFA Institute.

Experience: Joined Cormark in 2011. Previously with NCP Northland Capital Partners in Equity Research and Scotia Capital in Investment Banking.

David Medilek
Associate, Investment Banking

Education: BASC Mining Engineering, University of British Columbia, 2007. Has passed all three CFA exams.

Experience: Joined Cormark in September 2011. Previously with Barrick Gold Corporation for approximately 5 years in Australia and Canada.

Paul Nieznalski, MBA
Associate, Investment Banking

Education: M.B.A., Richard Ivey School of Business, 2009; B.Comm, University of Toronto, 2005.

Experience: Joined Cormark Securities in 2009. Previously an Associate with Wellington West Capital Markets Inc. in Toronto(Investment Banking).

Jada Neumann
Analyst, Investment Banking

Education: Education: B.Comm. (Hons.), Queen's University School of Business, 2008.

Experience: Joined Cormark Securities in November 2010. Previously a Portfolio Analyst with Harrow Partners in Winnipeg. Has completed Level 3 of the CFA program.

Joshua D. Perelman, MBA
Associate, Institutional Equity Research
Mining

Education: B.B.A., Acadia University, 2005; MBA, Finance Dalhousie University, 2007.

Experience: Joined Cormark in 2009. Previous experience with Dundee Securities and CIBC.

Eric Pick
Associate, Investment Banking

Education: MFE, University of Toronto, 2007; BA (Honours Economics), University of Western Ontario, 2005.

Experience: Joined Cormark Securities in September 2010. Previously an Associate with Thomas Weisel Partners Investment Banking.

Misha Plotkine
Analyst, Investment Banking

Education: B.Comm. (Hons.), Queen's University School of Business, 2010.

Experience: Joined Cormark Securities in April 2011. Previously an Investment Banking Analyst at Desjardins Securities.

Brendon Sattich
Associate, Institutional Equity Research
Financial Services

Education: BComm, Finance, Dalhousie University, 2009.

Experience: Joined Cormark in 2012. Previously worked in the institutional equity research department at CIBC World Markets.

Scott Stewart
Associate, Investment Banking

Education: B.B.A., School of Business & Economics, Wilfrid Laurier University, 2007.

Experience: Joined Cormark Securities in March 2008. Previously an analyst with Bank of America.

Kevin Tychon, CFA
Associate, Investment Banking

Education: Bachelor of Commerce, University of Alberta, 2007; Chartered Financial Analyst, CFA Institute, 2011.

Experience: Joined Cormark Securities in January 2011 after spending 4 years at Scotia Waterous in Calgary.