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.

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.

Peter Grosskopf, CFA
President
Managing Director, Investment Banking

Education: B.A. (Honors), University of Western Ontario, 1987; MBA, University of Western Ontario, 1990; Chartered Financial Analyst, Association for Investment Management and Research, 1992.

Experience: In the investment business since 1987; with Sprott Securities since 2004. Mr. Grosskopf was one of the founding shareholders and the original investment banking director of Newcrest Capital, an investment dealer which was acquired by TD Securities in 2000. Previously, he held positions with Nesbitt Thomson Inc., RBC Dominion Securities and Sprott Securities.

John P A Budreski, MBA
Managing Director, Investment Banking

Education: Bachelor of Engineering,Technical University of Nova Scotia, 1981; MBA, University of Calgary, 1986.

Experience: In the investment business since 1987; joined Cormark in 2009. Previously Mr. Budreski was the President and CEO of Orion Securities. Prior to that he held positions with RBC Dominion Securities and Scotia Capital in Investment Banking, Equity Capital Markets and managing Sales, Trading and Research teams.

Jeff Kennedy, CA
Chief Financial Officer
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 Sprott Securities since 1998. Previously with Loewen Ondaatje McCutcheon (Chief Financial Officer). Chairman, Capital Formula Subcommittee, Investment Dealers Association of Canada since 1999.

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.

Scott Connolly, CA
Managing Director, Institutional Equity Trading

Education: B.A., University of Toronto, 1988; Chartered Accountant, 1991.

Experience: Previously with Gordon Capital/HSBC Securities as Vice President of Institutional Sales and Trading, and LOM as Institutional Salesman/Trader. Prior to entering the securities industry spent 5 years with Ernst & Young/Clarkson Gordon as a Chartered Accountant in the Financial Services Group.

Ryan Shay, CA, CFA
Managing Director, Investment Banking

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.

Susan Streeter, CFA
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

Peter Andersen, Ph.D.
Economist

Education: Ph.D., Harvard.

Experience: Bank of Canada: Assistant Chief of Research; Woods Gordon (now Ernst & Young): Partner; Burns Fry (now Nesbitt Burns): Chief Economist; University of Texas at Austin: Professor in Money & Banking and Economic Conditions.

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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Andrea Cheung, MBA
Analyst, Institutional Equity Research
Mining

Education: B.Sc. Engineering (Geological) Queen's University, 1998; Master of Business Administration, Richard Ivey School of Business, 2004.

Experience: In the investment business since 2004; joined Cormark Securities in August 2008. Previously with BMO Capital Markets (Vice President and Analyst, Precious Metals and Minerals) and Golder Associates (Geological Engineer).

David Dean
Analyst, Institutional Equity Research
Health Sciences

Education: M.Sc (Physiology) University of Ottawa, 1995; MBA (Finance) Queens University, 2000.

Experience: In the investment business since 2000; with Sprott Securities since 2002. Previously with Yorkton Securities, Desjardins Securities, the Ottawa Heart Institute and the National Research Council.

Mark Deriet, CFA, CMT, MA Economics
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.

Vigen Ghazarian, CFA
Analyst, Institutional Equity Research
Income Trusts

Education: B.S. Applied Mathematics, Armenia, 1992; M.S. Industrial Engineering, American University of Armenia, 1995; M.S. Economics; University of Kentucky, 1997; Chartered Financial Analyst, AIMR, 2001.

Experience: In the investment business since 1998; with Sprott Securities since 2000. Previously with Arthur Andersen LLP New York and a Toronto-based investment firm.

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.

Aleem Israel, CFA
Director, Institutional Equity Research
Income Trusts & Industrials

Education: B.Comm., Specialist in Management & Economics, University of Toronto, 2001. Chartered Financial Analyst, CFA Institute, 2006.

Experience: In the investment business since 2000; with Sprott Securities since 2001. Previously with CMHC, CIBC World Markets and the Toronto Stock Exchange.

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.

David Kwan, CFA
Analyst, Institutional Equity Research
Technology

Education: B.Comm. (Honours/Finance), Sauder School of Business, University of British Columbia, 2000; Chartered Financial Analyst, Association for Investment Management and Research, 2004.

Experience: In the investment business since 2000. Joined Sprott in 2006. Previously with Raymond James Ltd. (Equity Research - Technology) and BMO Nesbitt Burns (Investment Banking).

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.

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.

Derek Russell, CFA
Analyst, Institutional Equity Research
Alternative Energy & Agriculture

Education: B.Comm., Queen's University, 2002; Chartered Financial Analyst, Association for Investment Management and Research, 2005.

Experience: Joined Sprott in 2006. Previously with RBC Asset Management Inc. and RBC Global Private Banking.

David Stein, M.Sc., CFA
Analyst, Institutional Equity Research
Mining

Education: B.Sc. Engineering with First Class Honours, Queen's University, 1998; M.Sc., Economic Geology, Queen's University, 2001, Chartered Financial Analyst, CFA Institute, 2004

Experience: With Sprott Securities since 2001. Previously with Barrick Gold Corp.

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.

Institutional Sales

Michael Berry
Director, Institutional Equity Sales

Education: BA Economics, University of Western Ontario, Year 1990.

Experience: Retail broker, Burns Fry, Nesbitt Burns, Scotia McLeod, 1992-1999; Institutional Sales, Yorkton 1999-2003.

Brady Griffin, CFA
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.

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.

Simon Marcotte, CFA
Institutional Equity Sales

Education: B.A.A., Sherbrooke University, 1998; Chartered Financial Analyst, Association for Investment Management and Research, 2001.

Experience: In the investment business since 1998; with Sprott Securities since 2006. Previously with CIBC World Markets.

Brian J. McLaughlin
Director, Institutional Equity Sales

Education: B.Comm, McGill University, 1985.

Experience: In the investment business since 1987. Previously a Managing Director with Gordon Capital/HSBC Securities and Raymond James Ltd. Joined Sprott Securities in January, 2004.

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, Principal Investments

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).

Mark Souvenir, MBA
Institutional Equity Sales

Education: B. Arts (Honours) in Sociology, University of Western Ontario, 1996; Masters of Business Administration, University of Western Ontario, 2004.

Experience: Previously with Wellington West (Equity Sales) and Scotia Capital (Mergers & Acquisitions).

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.

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.

John Brikis
Institutional Equity Trading

Education: B.A. Economics, Concordia University, 1986.

Experience: In the investment business since 1988; with Sprott Securities since 1999. Previously with First Marathon Securities.

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
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.

Andrew Gordon, FCSI
Director, Institutional Equity Trading

Education: BA., Queens University 1984, Minor in Economics.

Experience: In the investment business since 1986, with Sprott Securities since 2003. Previously with RBC DS, Ondaatje McCutcheon (Institutional Equity Sales/Trader) and Yorkton Securities.

Ben Gunn
Institutional Equity Trading

Education: B. Comm (Honours), Queen’s University, 2003.

Experience: Joined Cormark in 2008. Previously with Blackmont Capital.

Gary Knight, MBA, CFA
Institutional Equity Trading
Portfolio & Algorithmic

Education: MBA, York University, 1990; Chartered Financial Analyst, Association for Investment Management and Research, 1994.

Experience: Previously with OMERS from 1994 to 2006 as Senior Portfolio Manager, Quantitative Investments, which involved managing and trading portfolios using electronic trading tools. Crown Life Insurance from 1990 to 1994 as fixed income analyst. Prior to entering the securities industry, spent several years in corporate accounting.

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.

Investment Banking

Chris Burchell
Vice President, 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.

Gregg Delcourt
Vice President, Investment Banking

Education: Bachelor of Science, University of British Columbia, 1993; Master of Science, University of British Columbia, 1995; Chartered Financial Analyst, Association for Investment Management and Research, 1999.

Experience: Joined Cormark Securities in January 2007. Previously Vice President, Investment Banking at Raymond James Ltd. in Calgary (2004-2006) and Vice President, Mergers and Acquisitions at Ernst & Young Corporate Finance Inc. in Vancouver (1998-2004).

Jeff Fallows, CFA
Vice President, 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.

Mike Harrison
Vice President, Investment Banking

Education: M.B.A., Richard Ivey School of Business - University of Western Ontario, 2004; B. Eng. (Geophysics), Queen's University, 1994.

Experience: Joined Sprott in 2006. Previously spent two years with National Bank Financial (Investment Banking - Mining Group) and eight years with BHPBilliton (Mining Exploration Division).

Ron MacMicken, MBA
Director, Investment Banking

Education: Bachelor of Arts (Honors), University of Western Ontario, 1993; Master of Business Administration, University of Western Ontario, 1999.

Experience: Joined Sprott Securities in September 2006 after spending 5 years at National Bank Financial in Toronto and Calgary. Previously held investment banking positions at Credit Suisse First Boston in London, England and BMO Nesbitt Burns in Toronto.

Michael McCloskey
Director, Investment Banking

Education: Joint LL.B./M.B.A., Schulich School of Business (Honours) and Osgoode Hall Law School, 1995; B.Sc. (Mathematics) University of Western Ontario (Honours), 1991.

Experience: Joined Sprott Securities in 2002. Previously practised law in the areas of Corporate Finance and Mergers & Acquisitions as a partner at a major Toronto law firm.

Marc Murnaghan, CFA
Director, Investment Banking

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

Experience: In the investment business since 1994; with Sprott Securities since 2005. Mr. Murnaghan started in the investment banking business at HSBC Securities in 1994. In 1996 he joined First Marathon Securities which was subsequently acquired by National Bank to form National Bank Financial where he was a member of the technology group until 2005.

Boris Novansky
Director, Mergers & Acquisitions

Education: B. Comm., University of Calgary, 1987; MBA, University of Western Ontario, 1992.

Experience: Boris has been active in investment banking since 1991; joined Sprott Securities in June 2006. Boris has extensive experience in advising Canadian and international clients across a broad range of M&A and financial advisory mandates. Prior to Sprott, Boris had senior banking roles at TD Securities, Newcrest (acquired by TD in 2000), and BMO Nesbitt Burns, both in Toronto and London (UK).

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.

Kelsen Vallee, CFA
Vice President, Investment Banking

Education: B. Comm., Honours, Finance, University of Ottawa, 1998; Chartered Financial Analyst, Association for Investment Management and Research, 2003.

Experience: Joined Sprott in 2008 after three years as a Director in CIBC World Markets’ investment banking division. Previously, spent five years in investment banking with National Bank Financial and two years in finance at Nortel Networks.

Darren Wallace, CFA
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: In the investment banking business since 1994, previously with Thomson Kernaghan & Co. Limited and C.M. Oliver & Company.

David G. Ward, FCA
Director, Mergers & Acquisitions

Education: B.B.A., University of New Brunswick, 1962; Chartered Accountant, Institute of Chartered Accountants of Quebec, 1965.

Experience: Mr. Ward's career has focused on providing M&A and financial advisory services to public and private corporate clients. During the past twenty years, he has been Director and Vice-Chair of TD Securities / Newcrest and BMO Nesbitt Burns / Burns Fry. Prior to that he spent several years with Pricewaterhouse Coopers.

Associates

Janeen Abougoush
Associate, Investment Banking

Education: B.B.A., Finance and International Business, Bishop's University, 2003.

Experience: Joined Sprott Securities in October 2006. Previously with Canaccord Adams Investment Banking and AltaGas Income Trust Treasury group.

Andrew Birkby, CFA
Associate, Investment Banking

Education: B.Comm. (Finance & Accounting), University of Alberta, 2000; Chartered Financial Analyst, CFA Institute, 2003; Fellow of the Canadian Securities Institute, CSI, 2002.

Experience: Joined Cormark in 2005. Previously with BMO Nesbitt Burns Investment Banking in the Energy Group and the Vancouver office of Deloitte & Touche Corporate Finance. Andrew is a graduate of the U of A PRIME Fund portfolio management practicum.

Chris Buncic, MBA, P.Eng
Associate, Institutional Equity Research

Education: B.A.Sc. (Mechanical Engineering), University of Toronto, 2001; MBA, Schulich School of Business, 2006.

Experience: With Sprott Securities since 2007. Previously with Intier Automotive Inc. and Celestica, Inc.

Rajiv Chail
Associate, Institutional Equity Research
Mining

Education: B.A. (Honours Business Administration), Richard Ivey School of Business, University of Western Ontario, 2007.

Experience: Joined Cormark in 2009. Previously with Research Capital Corporation (Mining Investment Banking).

Jason Chen, MBA
Associate, Institutional Equity Research
Financial Services

Education: M.B.A., Rotman School of Management, University of Toronto, 2009. M.S., Stanford University, 2004. B.S., University of Waterloo, 2003.

Experience: Joined Cormark in 2009. Previously with BMO Capital Markets (Financial Institutions Investment Banking) and TD Securities (Credit Proprietary Trading).

Tim Clark
Associate, Institutional Equity Research
Oil and Gas

Education: B.Comm., Finance, University of Calgary, 2003.

Experience: Joined Cormark in June 2009. Previously with CanaccordAdams (Oil and Gas Research), ConocoPhillips (Investment Appraisal/Corporate Planning).

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.

Robert Fine
Analyst, Investment Banking

Education: I.B.B.A. (with Distinction), Schulich School of Business, York University, 2007.

Experience: Joined Cormark Securities in February 2009. Previously an analyst with Citigroup.

Aravinda Galappatthige, CFA
Associate, Institutional Equity Research
Communications & Media

Education: Graduate of the Chartered Institute of Management Accountants U.K, 2000. Chartered Financial Analyst, Association for Investment Management and Research , 2004.

Experience: Joined Sprott in 2006. Previously with ISS (Institutional Shareholder Services) Canada Corp, Mergers & Acquisitions.

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).

Sarah Helppi, MBA
Associate, Institutional Equity Research
Industrial Products

Education: HBA 2003 and MBA 2008, Richard Ivey School of Business, University of Western Ontario.

Experience: Joined Cormark in 2008. Previously with Hewlett-Packard and Celestica in operations and supply chain management.

Maggie Johnson
Associate, Institutional Equity Research
Income Trusts & Industrials

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

Experience: Joined Cormark in 2009. Previously with Goodman & Company Investment Council as an Analyst.

Andrew Kolupanowicz
Analyst, Investment Banking

Education: B.Comm. (Finance), Desautels Faculty of Management, McGill University, 2008.

Experience: Joined Cormark Securities in March 2009. Previously an analyst with Citigroup.

James A. Morrison, MBA
Associate, 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.

Edward Otto
Analyst, Investment Banking

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.

Matthew Rome
Associate, 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
Associate, 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
Associate, Investment Banking

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

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

Scott Stewart
Analyst, 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.

Garett Ursu, CFA
Associate, 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.