The Kensington Advisory Board

The purpose of the Advisory Board is to advise on conflicts of interest and provide guidance to the Kensington Group of companies’ management in the interests of Kensington’s limited partners.

The Kensington Advisory Board was established to provide general advice and oversight on behalf of the investors in the Kensington funds. The Advisory Board meets quarterly and reviews all reports, investment strategies and opportunities, and has the specific mandate to advise Kensington on any conflicts of interest that may arise in the course of its business. Kensington believes that the experience of this group of individuals, and their collective contacts throughout the business community, are invaluable in the process of identifying and assessing investment opportunities.

In addition to Thomas Kennedy (Chair) the Kensington Advisory Board consists of the following members:

Stephan Breban: Mr. Breban is the founder and Managing Director of City Capital Partners (London, U.K.), a specialist private equity consultancy established to provide comprehensive, independent advice to investors in the asset class. Prior to establishing City Capital Partners, he spent 10 years at Watson Wyatt as a pension fund consultant and advisor, and pioneered the firm’s research into private equity. Mr. Breban is a graduate of City University (London) with an Honours Degree in Actuarial Science.

Rubin Osten: Mr. Osten co founded PC DOCS Group International Inc., a TSX and NASDAQ-listed company, and served as its President and Chief Executive Officer until the company’s sale in 1999. PC DOCS was a global software company and provider of document management and practice management software. Mr. Osten was the Chairman and Chief Executive Officer of Cowboy Corp., a provider of customer relationship management software for the automotive industry from January 2000 until the company’s sale in February 2003. Mr. Osten was also a director of Spectra Securities Software Inc., a provider of software to the financial services industry focused on wealth management from January 2000 until the Company’s sale in July 2002. Currently, Mr. Osten is President and Chief Executive Officer of Raspberry Investments Corp., an investment and consulting firm. Mr. Osten is also currently a director of MediSolution Ltd., a provider of information technology to the healthcare industry, Dexit, Inc., a provider of cashless payment services, Park Avenue Investment Corporation, a capital pool company, and the Movie Distribution Income Fund, an income trust. He is also a director and advisor to a number of private companies as well as a member of the Board of Governors of Mount Sinai Hospital in Toronto. Mr. Osten is a Chartered Accountant and a member of the Institute of Chartered Accountants of Ontario.

David Patchell-Evans: Mr. Patchell-Evans is the Owner, President and Chief Executive Officer of First Canadian Cardio-Fitness Clinics Ltd., known as GoodLife Fitness Clubs. Mr. Patchell-Evans is an author and international speaker having lectured extensively in North America as well as Germany, England and Australia. Mr. Patchell-Evans holds an Honours Degree in Physical Education with a business minor from the University of Western Ontario where he has been awarded with a second appointment as Adjunct Assistant Professor to the School of Kinesiology, Faculty of Health Sciences. He was also a five-time Canadian rowing champion. Mr. Patchell-Evans founded the Canadian Association of Fitness Professionals.

John Puddington: Mr. Puddington was President of Trilwood Investments, a privately owned equity investment company, from 1989 to late 2003 where he was responsible for the performance of a portfolio of investments in private companies, Canadian junior public companies and U.S. buyout funds. Concurrently, he was Chairman and CEO of an affiliated oil and gas company in which he was responsible for the start up and strategic direction over a fourteen year time period. Previously, he had private equity and leveraged buyout experience with Citibank Canada and Roymark Financial Services and before that, private company term lending experience with RoyNat Inc. He has participated on the Board of Directors of numerous private and public companies. During his tenure at Trilwood, he served as President of the Canadian Venture Capital Association (C.V.C.A.). Mr. Puddington has an affiliation with NorthRock Capital Partners, a private equity investor, and is on the Advisory Board of Kern Energy Partners, a private equity fund. He has a B.A. in economics from Concordia University and an MBA from McMaster University.

Glynn Williams: Mr. Williams is the President and owner of Reliance Aerotech Canada Inc. Prior to founding Reliance, he was a Vice President and Director at Newcrest Capital Inc. from 1995 to 2000, where he was a top-ranked industrials analyst. Mr. Williams has also worked as an analyst at Gordon Capital and Wood Gundy Inc. Mr. Williams is an engineer and is now acquiring and building private companies in the aerospace industry for his own account. His experience and knowledge base in the automotive, manufacturing, and service sectors adds value to the assessment of funds and their investments. Mr. Williams has an M.Sc. in Engineering and an MBA from University of Toronto.

Thomas Tutsch: Mr. Tutsch has 28 years of experience in the Canadian public and private financial markets. Mr. Tutsch retired from BMO Nesbitt Burns in 2001. While at BMO Nesbitt Burns, Mr. Tutsch served as Deputy Chairman of BMO Nesbitt Burns and President and CEO of BMO Nesbitt Burns Equity Partners Inc. Mr. Tutsch also spent 18 months as the Interim Vice President, Private Markets for the Canada Pension Plan Investment Board, managing a group which supervised private equity, real estate and infrastructure investments. Mr. Tutsch joined Burns Fry in 1980, having spent the previous seven years working in corporate finance at Dominion Securities. While at Burns Fry, Mr. Tutsch served as Executive Vice President and was head of investment banking and a member of the executive management group. Mr. Tutsch currently provides strategic consulting services and serves as a director or advisory board member on private and public company boards and not-for-profit boards. He holds a B.Sc. (Physics) from Loyola College and an M.B.A. (Finance) from York University.

Gregory Cochrane: Mr. Cochrane, is a general partner with Graoch Associates Limited Partnership, a real estate syndication firm with operations in the United States. Prior to his work at Graoch, Mr. Cochrane built and managed one of the largest event and conference companies in Canada, Mariposa Communications and Promotions, until April 1997 when he and his partner sold the business. Mr. Cochranes earlier experience included marketing and product management roles with General Electric in Toronto and SC Johnson in Brantford, Ontario. As well as serving on boards for publicly and privately-traded companies, Mr. Cochrane is very active in the community, having served on boards for groups and associations such as Junior Achievement, The Down Syndrome Association of Toronto, The Canadian Business Hall of Fame, St. Josephs Health Centre and several others. In 1992, Mr. Cochrane received Canadas 125th Commemorative Anniversary medal for volunteerism in the community. Mr. Cochrane holds a Degree in Business from Bishops University in Lennoxville, Quebec and an M.B.A. from Queens University, Kingston, Ontario.

John Varghese: As CEO and one of the co-owners of the VentureLink Group of Funds, Mr. Varghese is responsible for the management and investment activities of the fund as well as actively leading the marketing initiatives of the funds. Currently Mr. Varghese is an observer or board member on numerous investee companies. He is past Chairman of Ventus Energy Inc, Orion Securities Inc. and MCCI Communications Inc. Mr. Varghese is a member of the University of Toronto’s Business Board of Directors as well as the board and investment committee of the University of Toronto Asset Management Corp and is a member of the Board of Directors of the Canadian Venture Capital Association. Mr. Varghese is a founding Board member of Bay Street Fore a Cau$e Inc. a not-for-profit corporation that supports numerous charities across the GTA. Prior to joining VL and its predecessor companies, Mr. Varghese was CEO at JV Venture Partners Ltd., a firm that invested in high growth companies and specialized in advisory, strategy and corporate restructuring. As CEO, Mr. Varghese was responsible for all day-to-day activities of the firm. Mr. Varghese’s professional experience ranges from venture capital and investment banking to senior management and board of director roles in various industries. He has held COO and CFO positions at start-up organizations, as well as senior management roles within multi-national corporations including Royal Bank Capital Corporation, Midland Walwyn Capital Inc. (Merrill Lynch Canada), Dell Computer Corporation and Jim Pattison Industries Ltd.

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