The North West Co., Inc.

CIGI generally seeks to invest in companies that are building economic value. Such companies generally have healthy cash flows, strong balance sheet, leading industry or niche position, proven management, and good future growth prospects. Their bottom-up approach involves intensive fundamental analysis of each portfolio holding, using a variety of techniques that examine the value and growth characteristics of a company. CIGI typically looks for attractive investment opportunities in all segments of the market. Portfolios are constructed using a combination of quantitative and qualitative analysis, including an analysis of a company’s earnings, management, growth rate, and valuation relative to historical norms and competitors. This process is designed to identify attractive companies offering growth at a potential discount.

National Bank Trust, Inc. (NBT) is an investment adviser headquartered in Montréal, Quebec and was founded in 1927. The firm is a subsidiary of National Bank of Canada (TSX: NA). NBT provides investment advice services to their retail and business-banking clients.

Lincluden Investment Management (LIM) employs traditional, value-based investment principles across a range of equity, fixed-income and balanced portfolios. The firm offers a clearly defined investment philosophy and approach to portfolio construction in the following areas: equities, fixed-income, balanced and value.For their equity investments, LIM screens a broad universe of Canadian, US and international stocks in the search for undervalued securities. Investment decisions are based on a thorough financial assessment of corporations and their management teams to identify securities that are trading at a substantial discount to LIM's appraisal of their fair value. Their focus on cash flow in determining a company's valuation is based on the belief that free cash flow is the best currency to enable a company to grow.LIM's fixed-income portfolios are structured to achieve the most efficient combination of duration, credit, yield curve and foreign exposure from a long-term, risk-reward perspective. The firm's investment process begins with an economic overview, which allows them to develop a view on inflation. Based on their view of value and risk, they then determine the appropriate portfolio duration which reflects their long-term view of inflationary trends relative to the current level of interest rates and shape of the yield curve. LIM believes that real interest rates should be calculated using long-term inflationary expectations instead of the current rate of inflation. In searching for the best value opportunities in fixed-income markets, the firm considers both domestic and foreign securities. When they find better value opportunities in foreign markets, their preference is to eliminate foreign exchange risk through the use of hedging.The firm's balanced approach seeks to create long-term wealth with a value-based, risk-managed approach that is based on disciplined asset allocation and security selection. LIM's valuation and portfolio structuring process incorporates a 'top-down' approach to determine asset mix, and a 'bottom-up' process to individual security selection.