Paul Reynolds
President and CEO of Canaccord Capital Inc.
Global Head of Canaccord Adams

Paul Reynolds was named as President and CEO of Canaccord Capital Inc. on August 3, 2006. Mr. Reynolds is also Global Head of Canaccord Adams. He leads this team from Canaccord Adams' London, UK office, and is very active in Canaccord Adams' European investment banking operations.

Mr. Reynolds has over 20 years of experience in the securities industry beginning as a trader on the floor of the Vancouver Stock Exchange. He joined Canaccord Capital in 1985. He worked as an Investment Advisor with Canaccord in Vancouver and specialized in financing emerging and developing companies in the resource, technology and biotechnology sectors and largely focused on institutional clients principally in Europe.

In 1999, he moved to London, England to become the President of Canaccord Capital's European operations. Mr. Reynolds has been integral to the development of business in Europe and a primary contributor to the successful positioning of Canaccord as an active participant in the European equity markets, specializing in small to medium-sized emerging companies.

Mark Maybank, CA, CBV
Chief Operating Officer of Canaccord Capital Inc.
Deputy Head of Canaccord Adams
Global Head of Research
President and COO, Canaccord Capital Corporation (Canadian Operating Subsidiary)

Mark Maybank was named as Chief Operating Officer of Canaccord Capital Inc. on August 3, 2006. Mr. Maybank is also the Deputy Head of Canaccord Adams, Global Head of Research, and President & Chief Operating Officer of Canaccord Capital Corporation. Based in Toronto, he is responsible for a group of over 90 research and operations professionals, covering over 550 companies across seven sectors, delivering quality client services and actionable global research.

Prior to joining Canaccord, he was a technology analyst with a Canadian securities dealer. Mr. Maybank has also worked as COO of a technology services and software development firm, CFO of a US-based cellular services company and in various roles with Deloitte that included involvement with oil and gas, real estate and technology firms.

Kevin Dunn, AB, MBA
Vice Chairman, US Operations
Canaccord Adams Inc. (US)

Kevin Dunn serves as Vice Chairman of the US operations of Canaccord Adams Inc. Prior, he served as President and CEO and Head of Investment Banking at Adams Harkness, where he oversaw more than 26 banking colleagues, and led strategy and development for the firm's emerging growth investment banking clients.

Mr. Dunn joined Adams Harkness in 2002 from SunTrust Robinson Humphrey, where he headed the firm's Boston office and was the co-head of the firm's mergers and acquisitions practice group. Prior to his time at Robinson Humphrey, Mr. Dunn spent 15 years at Tucker Anthony, where he was a senior managing director for the investment banking group and headed equity capital markets.

Mr. Dunn holds an AB from Harvard College, and an MBA from the University of Chicago's Graduate School of Business.

Timothy Hoare
Chairman and CEO
Canaccord Adams Limited (UK)

Timothy Hoare is the Chairman and Chief Executive Officer of the UK operations of Canaccord Adams Limited.

Mr. Hoare began his career in the securities industry when he joined Laing & Cruikshank, a London-based investment dealer, in 1975 as a mining analyst. He became a partner of that firm in 1979. In 1988 the firm was acquired by Credit Lyonnais and Mr. Hoare became a director of Credit Lyonnais Laing International in 1990. In 1993, Mr. Hoare established T. Hoare & Co. Limited, an investment dealer based in London, England which focused on research and institutional accounts and specialized in financing companies in the international resource sector. Canaccord acquired a minority interest in T. Hoare & Co. Limited in 1993 and through a series of corporate reorganizations it became a wholly-owned subsidiary of Canaccord Capital Inc. in 1999 and now operates as Canaccord Adams Limited.

Throughout his career, Mr. Hoare has been an active participant in the mining finance sector. He has arranged financings for resource companies around the world including intermediate producers and companies with properties at the exploration and development stage as well as international oil and gas companies.

John Adams, AB, MBA
Chairman
Canaccord Adams Inc. (US)

John Adams is the Chairman of the US operations of Canaccord Adams Inc. Mr. Adams joined his father's firm, Weston W. Adams & Company, in 1966 when it was a brokerage firm with six employees. The following year, John was responsible for launching an equities research product, a fledgling industry at that time. In 1969, the company merged with local municipal bond house Harkness & Hill to form Adams, Harkness & Hill, which later became known as simply Adams Harkness. In January 2006, Adams Harkness joined forces with Canaccord Capital's Global Capital Markets operations to become Canaccord Adams.

Mr. Adams' passion for research was evident in his 14-year career as Director of Research. During his tenure, the focus of the firm's research product evolved from special situations (1967) to New England regional research (1970) to emerging growth stocks (1978). In 1981, Mr. Adams' expanded his responsibilities by assuming the roles of President and Chief Executive Officer of Adams Harkness. Currently, he is an active Chairman for the US operations of Canaccord Adams Inc., focusing on the firm's strategic growth and development.

Mr. Adams began in research at Kuhn, Loeb & Co., the investment bank known for building American steel mills and railroads. After two years on Wall Street, he worked for Corning Glass Works, first as an assistant treasurer in charge of acquisitions and then in operations and plant management. Renowned as one of the premier scholars of numismatics, Mr. Adams has written several books and articles on the subject.

Mr. Adams' earned an AB from Princeton University, and an MBA from Harvard Business School.

James M. Brown, CBV
President, Canaccord Adams Inc.
Head of Investment Banking (US)

Mr. Brown has served as a member of Canaccord Adams' investment banking team since 1997. He has extensive experience in equity financing and fiscal advisory for emerging growth companies in the sectors of junior industrial, mining development and technology. During this time, Mr. Brown managed the diversified investment banking activity in Western Canada and in the process has led a number of Initial Public Offerings, Private Placements and Merger and Acquisitions.

In June of 2006, he assumed the role as Head of Investment Banking in the United States overseeing investment banking operations in Boston, San Francisco and Houston. He is based in Boston and sits as President of Canaccord Adams Inc.

Mr. Brown has a background in project finance, is a graduate with distinction of McGill University (B.A.), is a Chartered Business Valuator (a member of The Canadian Institute of Chartered Business Valuators), and serves on the National Advisory Committee for the TSX Group Venture Exchange (Toronto Stock Exchange Group).