Board of Trustees

GEORGE ARMOYAN - Chairman *

Mr. Armoyan is the Executive Chairman of Clarke Inc. and is an entrepreneur with a proven track record in mergers, acquisitions and capitalizing on turn-around opportunities. He is widely recognized for the effectiveness of his prudently aggressive approach and has led a number of companies to solid business results over the last 20 years. A major investor in Clarke through Geosam Investments Limited, a private investment company of which he is President, Mr. Armoyan joined Clarke as a member of its Board of Directors in 2001, and served as its Chairman from November 2002 to April 2003, when he assumed the role of the company’s President and CEO. During his tenure as President and CEO of Clarke between April 2003 and December 2008, Mr. Armoyan led the company with a view to delivering sustainable, profitable growth and shareholder value. Under Mr. Armoyan’s leadership, Clarke was transformed from a transportation company into the activist catalyst investment company it is today. Mr. Armoyan also serves on the Boards of General Donlee Income Fund , TerraVest Income Fund and Cinram International Income Fund. Mr. Armoyan holds a B.Eng. (Civil) from Dalhousie University. He has made an active contribution to the Halifax community, and has lent his volunteer efforts to the United Way, the Metropolitan Chamber of Commerce, and the Nova Scotia Hospital Foundation. In 2008, Mr. Armoyan was named Atlantic Canada’s Entrepreneur Of The Year® by Ernst & Young.

MELINDA M. LEE, C.A. *

Melinda Lee is the Vice President Investments for Clarke Inc.; in this role, she is responsible for identifying and evaluating potential opportunities for Clarke’s strategic and opportunistic investment strategy, as well as directing the investment process and monitoring performance. She also participates actively at the Board and Trustee levels of certain of the companies in which Clarke invests, in order to maximize their performance and return to Clarke’s shareholders. Prior to joining Clarke in May 2006, Ms. Lee was the Vice President of Geosam Investments Limited for 3 years, where she performed investment analysis and management. Before joining Geosam Investments Limited, Ms. Lee gained seven years of public accounting experience at Chartered Accountancy firms in Ottawa and Halifax. Ms. Lee holds a Bachelor of Business Administration from St. Francis Xavier University in Antigonish, Nova Scotia, and obtained her Chartered Accountant designation in 1999. In conjunction with her role as Vice President Investments for Clarke Inc., Ms. Lee also serves on the Board of Supremex Income Fund.

ALVIN G. POETTCKER *

Al Poettcker is Chief Executive Officer, UBC Properties Trust. He is widely experienced in both hotel ownership and hotel lending. Between 1984 and 1996, he was President at Redekop Properties Inc., Bentall Development Inc., one of Western Canada's largest property and development companies, and Barbican Properties Inc., which specializes in residential development and workouts of distressed income properties.

HUGH SMITH, Q.C. *

Hugh Smith is Vice President of The Municipal Group of Companies which operates quarries and asphalt plants and is active in all major aspects of heavy construction in Atlantic Canada. Mr. Smith earned the Commission of Sub Lieutenant in the Royal Canadian Naval Reserve, serving three years during university and obtained his Bachelor of Law and Bachelor of Commerce from Dalhousie University. He also serves as Chairman of Mirror Nova Scotia Limited and Clarke Inc. and is President of Tusket Mining Inc. and the Halifax Youth Foundation. Mr. Smith is Counsel to Stewart McKelvey Stirling Scales, an Atlantic Canada law firm.