Kingsway Financial Services Inc.

Stephen is the Director of Research of Kingsway Financial Services. He has over 15 years of equity research experience. Prior to joining Kingsway, he has worked at Daiwa Institute of Research, CLSA, KE Absolute, Apex Capital and HSBC covering the telecoms industry for over 10 years as well as other sectors, such as technology, utilities, industrials and infrastructure. Stephen graduated form York University in Toronto, Canada with an honours degree in Economics and Business.

Jonathan Chan is a Research Associate of Kingsway Financial Services. He has over 3 years of working experience. He had worked for KPMG and The University of Hong Kong. Prior to joining Kingsway, he has worked at KPMG as Audit Accountant. Jonathan graduated from the University of Hong Kong with a MPhil in Electrical and Electronic Engineering and a BEng in Computer Engineering.

Paul is a Research Associate of Kingsway Financial Services. He graduated from Simon Fraser University, in Burnaby, Canada with a Bachelor of Arts degree in Economics. Prior to joining Kingsway, he has worked in Bloomberg L.P. (HK).

Eva Chun is an Associate Director of Kingsway Financial Services. She has over 10 years working experience in equity research in HK. Prior to joining Kingsway, she has worked at Shenyin Wanguo Securities, SinoPac Securities (Asia) and Piper Jaffray Asia Securities. Major sectors covered included food and beverage, retail, consumer, industrial, textile, white goods, cement, power, etc. Eva graduated from the University of New South Wales, Austrialia with a Bachelor of Economics, major in Economics and Finance.

Gordon Wong is an Associate Director of Kingsway Financial Services. He has 20 years of working experience in the financial services sector, of which 14 years were specialized in equity and investment research in HK. Prior to joining Kingsway, he was Research Manager at South China Research Ltd. He has also served Dao Heng Securities, TOM.COM and Kim Eng Securities (HK) Ltd. Gordon graduated from University of Stirling, Scotland, UK with an Master of Science in Investment Analysis; CFA Charterholder.

J. Brian Reeve has, since 1989, been a partner at Cassels Brock & Blackwell LLP, a Toronto law firm, where he specializes in the regulation and corporate governance of insurance companies, and is currently the Practice Group leader of the Financial Services Group. He has also been a special advisor to both the Ontario and Federal Ministries of Finance on insurance matters and has served on the boards of several Canadian insurance companies, as well as being chief agent in Canada for a number of foreign insurers.

John F. (Jack) Sullivan earned a Bachelor of Commercial Science from Seattle University and attended the Management Training Course of The University of Western Ontario School of Business in London, Ontario, Canada. During his career, Mr. Sullivan has held various senior positions in the insurance and reinsurance business in the United States, Canada and Europe. He was President of G.J. Sullivan, Co. in Los Angeles from 1985 to 1992 when he moved to the holding company of the Sullivan Companies as Vice Chairman. He retired from day to day service in 1996 but continues to serve as the non-executive Vice Chair of the Sullivan Companies. Mr. Sullivan also serves on the Board of Directors of Farmers New World Life Insurance Company, a subsidiary of the Farmers Insurance Group.

Walter E. Farnam received a B.A. from Brown University. During his career, Mr. Farnam has held various senior positions in the insurance industry and from 1998 until his retirement in June, 2001 served as Chairman of the Board of the CGU Insurance Group in the United States. Prior to June, 1998 Mr. Farnam was Chairman and Chief Executive Officer of General Accident Insurance in Philadelphia. He also held the position of President and Chief Operating Officer of General Accident Insurance in the United States from July, 1985 through August 1991. He is a Fellow of the Casualty Actuarial Society and is Past Chairman of the Council of Insurance Company Executives. Mr. Farnam also served on the Executive Committee and Board of Trustees of the American Institute for Chartered Property Casualty Underwriters/Insurance Institute of America. Mr. Farnam is currently a Chair of the board of directors of Crozer-Keystone Health System, a not for profit organization.