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2012 GUEST SPEAKERS

Jeffrey D. Stacey, Partner, Stacey Muirhead Capital Management, Waterloo, Ontario (July 20, 2012)

Mr. Stacey is the Founding Partner of Stacey Muirhead Capital Management. In addition to sharing responsibility for the overall direction of the firm, Jeff has acted as Portfolio Manager for the Stacey Muirhead Limited Partnership and the Stacey Muirhead RSP Fund since their inception. He is also responsible for client service efforts at the firm. Jeff has over 25 years of investment industry experience. Prior to starting Stacey Muirhead Capital Management, he was employed with a boutique Toronto investment firm where he was also a shareholder. Jeff has an Honours Bachelor of Business Administration degree from Wilfrid Laurier University and is a Chartered Financial Analyst. He is a member of the Finance and Investment Committee at the University of Waterloo and is a member of the Dean’s Advisory Council at the Wilfrid Laurier University School of Business and Economics. Additionally, Jeff currently serves on the Board of Trustees at Parkminster United Church. He is a former director of Rainmaker Entertainment Inc. and previously served on the Board of Trustees and Investment Management Committee at the University of Guelph.

For more on Stacey Muirhead Capital Management, see www.staceymuirhead.com

Fairfax annual meeting of shareholders, Fairfax Financial Holdings Ltd. (April 26, 2012 - Roy Thomson Hall, 60 Simcoe Street, Toronto)

Mr. Prem Watsa, Chairman and CEO, Fairfax Financial Holdings Ltd. has invited Dr. Athanassakos and a group of his Value Investing MBA and HBA students to attend the Fairfax annual meeting of shareholders on Thursday, April 26, 2012 at 9:30 a.m. at Roy Thomson Hall in Toronto, Ontario, Canada. After the annual meeting, students will have an opportunity to meet Mr. Watsa and his team.

Mr. Watsa is the Chairman and Chief Executive Officer of Fairfax Financial Holdings Ltd., a financial services holding company, which he took over in 1985. The company, through its subsidiaries, is engaged in property and casualty insurance and reinsurance, as well as investment management. Mr. Watsa is a Chartered Financial Analyst, a graduate of the prestigious Indian Institute of Technology with a degree in Chemical Engineering and a holder of an MBA from the Ivey Business School at Western University. He is a member of the Board of Trustees of the Hospital for Sick Children, a member of the Advisory Board for the Ivey Business School and a member of the Board of Directors of the Royal Ontario Museum Foundation, as well as Chairman of the Investment Committee of St. Paul’s Anglican Church.

Fairfax has been one of the few companies to escape the ravages of the great recession of 2008 as Mr. Watsa and his team had anticipated the credit crisis and had taken the necessary steps to protect Fairfax. Mr. Watsa, also known as the Buffett of the North, had discussed his fears about the markets in a key note speech he gave to The Ben Graham Center of Value Investing First Annual Symposium on Value Investing on May 25, 2007. His key note speech can be viewed here.

For more on Fairfax Financial Holdings Ltd., see www.fairfax.ca

Warren Buffett, Berkshire Hathaway, Omaha, Nebraska (March 30, 2012) – Headquarter Visit

Mr. Buffett, the world's best known investor and one of the world's richest persons, has invited Dr. George Athanassakos, and a group of his HBA and MBA Value Investing students to visit with him at the company's headquarters in Omaha, Nebraska on March 30, 2012. The itinerary involves: Q&A/tour at Nebraska Furniture Mart (A Berkshire Hathaway subsidiary), 700 South 72 Street. Q&A with Mr. Buffett in the Cloud Room on the 14th floor of the Berkshire building (The Kiewit Building) at 3555 Farnam Street. Lunch with Mr. Buffett at Piccolo Pete’s restaurant - 2202 S 20th St. The visit will give Ivey students a once in a life time opportunity to meet with one of the best value investors in the world, also known as the Oracle of Omaha.

Mr. Buffett is chairman and CEO of Berkshire Hathaway. Mr. Buffett was a student of Benjamin Graham at Columbia University and under Mr. Graham's guidance he learned his Value Investing skills. The Ivey Business School is one of only two Universities in the world to offer a formal program in Value Investing and Dr. Athanassakos' chair is named after Mr. Buffett's mentor Mr. Graham. Berkshire Hathaway's core business is insurance, including property and casualty insurance, reinsurance and specialty nonstandard insurance. In addition, Berkshire owns a diverse range of businesses including candy production, retail, home furnishings, encyclopedias, vacuum cleaners, jewellery sales, newspaper publishing, manufacturing and distribution of uniforms and manufacturing, importing and distribution of footwear. Under Mr. Buffett, the Company has averaged a 25%+ annual return to its shareholders for the last 30 years while employing large amounts of capital and minimal debt.

For more on Berkshire Hathaway, see www.berkshirehathaway.com

Tony Arrell, Chairman and Chief Executive Officer, Burgundy Asset Management Ltd., Toronto, Ontario (March 15, 2012)

Mr. Arrell started his career in 1969 as an investment analyst at Pitfield, Mackay, Ross. In 1977 Tony joined Gardiner Watson Limited where he helped to develop the research department’s respected value-oriented research. In 1979 he was appointed President and CEO of Gardiner Watson. Tony subsequently joined Wood Gundy as Director of Research, later becoming Head of Wood Gundy’s equity division. In 1988, following the sale of Wood Gundy to CIBC, he became Chairman and CEO of Walwyn Inc. In late 1992, Tony joined Burgundy Asset Management Ltd. as Chairman and C.E.O. Today, Burgundy manages $9 billion for families, institutions and charitable foundations following a value philosophy and seeking undervalued opportunities in various countries. Tony is a Director of Gardiner Group Capital and Garbell Holdings. He is on the Advisory Board of the Schulich School of Business. He is on the Board of the Canadian Opera Company, and was on the capital campaign executive for the new Four Seasons Centre for the Performing Arts – a $200 million project. He is also a Director on the Board of St. Michael’s Hospital; Chairman of the Board of St. Michael’s Hospital Foundation, and Chairman of the St. Michael’s Hospital Pension Committee. Tony has also been active for many years with the Canadian Cystic Fibrosis Foundation. In 1998, Tony received the York University Award for Outstanding Executive Leadership, and in 2003 he was awarded the Lincoln Alexander Medal of Distinguished Service by The University of Guelph. In 2006, he received the Award of Merit from the St. George’s Society of Toronto for his work in philanthropy and in October 2008 York University granted Tony an Honorary Doctor of Laws degree. Tony has a Bachelor of Science degree from the University of Guelph and an MBA from York University.

For more on Burgundy Asset Management Ltd., see www.burgundyasset.com

Mohnish Pabrai, Managing Partner, Pabrai Investment Funds, Irvine, California (February 15, 2012) - Videoconference

Mr. Pabrai is the Managing Partner of the Pabrai Investment Funds. Since inception in 1999 with $1 Million in assets under management, the Pabrai Funds have grown to $600 Million in assets under management in 2011. The funds invest in public equities utilizing the Munger/Buffett Focused Value investing approach. A $100,000 investment in Pabrai Funds at inception in 1999 would have been worth $809,800 as of March 31, 2011 – an annualized gain of 19.5% (versus 3.3% for the Dow).

Mr.
Pabrai has been profiled by Forbes and Barron’s and appeared frequently on CNN, PBS, CNBC, Bloomberg TV and Bloomberg Radio. He has been quoted by various leading newspapers including USA Today, The Wall Street Journal, The Financial Times, The Economic Times and The Times of India. He is the author of two books on value investing, The Dhandho Investor and Mosaic: Perspectives on Investing. The Dhandho Investor has been translated into German, Chinese, Japanese and Thai. Mohnish was the Founder/CEO of TransTech, Inc. - an IT Consulting and Systems Integration company, which was founded in 1990 and sold in 2000. TransTech was recognized as an Inc. 500 company in 1996. Mohnish is the winner of the 1999 KPMG Illinois High Tech Entrepreneur award given by KPMG, The State of Illinois, and The City of Chicago. He is an active Member of the Young President's Organization (YPO). He is also the Founder and Chairman of the Dakshana Foundation (www.dakshana.org) which has sent over 200 impoverished kids to the IITs in India so far. Mohnish strongly believes in a balanced life between work, family, and personal time.

For more on Pabrai Investment Funds, see www.pabraifunds.com

Thomas A. Russo, Partner, Gardner Russo & Gardner, Lancaster, Pennsylvania (January 26, 2012)

Mr. Russo is a partner at Gardner Russo & Gardner, which he joined in 1989. Eugene Gardner, Thomas Russo and Eugene Gardner, Jr., as partners, each manage individual separate accounts and share investment approaches and strategies. Mr. Russo oversees $4 billion through separately managed accounts and partnerships. Mr. Russo’s investment philosophy emphasizes return on invested capital, principally through equity investments. His approach to stock selection stresses two main points: value and price. He looks for companies with strong cash-flow characteristics, where large amounts of “free” cash flow are generated. Portfolio companies tend to have strong balance sheets and a history of producing high rates of return on their assets. Mr. Russo’s investment approach is focused on a small number of industries in which companies have historically proven to be able to generate sustainable amounts of net free cash flow. (These industries typically have included food, beverage, tobacco, and advertising supported media.) This fairly narrow approach reflects his training and discipline at the Sequoia Fund in New York, where he worked from 1984 to 1988. Mr. Russo tries to limit risk by not paying too large a multiple of a company’s net free cash flow in light of prevailing interest rates. He attempts to broaden this otherwise narrow universe by including companies with smaller market capitalizations and companies in similar industries based abroad. His goal is one of an absolute return rather than a relative return, and he continues his long-term investment objective of compounding assets between 10 and 20 percent per year without great turnover.

Mr. Russo is also General Partner of Semper Vic Partners, L.P., and Semper Vic Partners (Q.P.), L.P., limited partnerships whose combined investments exceed $1 billion, along with overseeing substantially more funds through separate accounts for individuals, trusts, and endowments. He is a graduate of Dartmouth College (B.A., 1977), and Stanford Business and Law Schools (JD/MBA, 1984) and member of the California Bar Association and Board of Visitors for Stanford Law School. Finally, Mr. Russo is a charter member of the Advisory Board for the Heilbrunn Center for Graham & Dodd Investing at Columbia Business School and a member of Dartmouth College’s President’s Leadership Council.