Douglas Banzet

is a retired businessman and an independent contractor of the Manager. Prior to his retirement, Mr. Banzet was the Chief Financial Officer of the Fund and Chief Operating Officer 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. Mr. Banzet has over fifty 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.