James G. Gardiner

The Group's principal activity is that of an open-ended Investment trust. It operates through its wholly-owned subsidiary, Fording Inc, through which it holds 60% interest in the Elk Valley Coal Corporation. It alsoinvests in metallurgical coal and industrial minerals mining and processing operations. The Metallurgical coal provides mining and processing activities, primarily metallurgical coal, from three mines, Fording River, Greenhills and Coal Mountain. The Industrial Minerals Operations provides mining and processing of wollastonite and other industrial minerals from two operations in the United States and one operation in Mexico. The Group operates in Canada, the United States and Mexico and sells it products to customers around the world. During the year the Group sold NYCO.

Westshore Terminals Income Fund is an open-ended trust. The Fund owns all of the limited partnership units of Westshore Terminals Limited Partnership. The Fund derives its cash inflows from its investment in Westshore by way of distributions on Westshore's limited partnership units. Westshore operates coal storage and loading terminal at Roberts Bank, British Columbia, which is the largest coal loading facility on the west coast of the Americas. The company was founded on December2, 1996 and is headquartered in Vancouver, BC.

Uravan Minerals, Inc. engages in the acquisition and exploration of mineral properties. Its projects include Athabasca, Outer Ring, Halliday Lake and Stewardson Lake. The company was founded by Larry Lahusen on December 1, 1997 and is headquartered in Calgary, Canada.

Athabasca Potash, Inc. is engaged in the exploration and development of potash projects in Saskatchewan, Canada. It holds 100% interest in its principal mineral property, the Burr Project, and 16 other mineral properties. The company was founded in 2006 and is headquartered in Saskatoon, Canada.

Fording, Inc. produces metallurgical and thermal coal. The company offers wollastonite, tripoli, and other industrial minerals. The company is located in Alberta, Canada.

Part of Teck Resources Limited, Elk Valley Coal Corp. is a Canadian company that provides bituminous coal and lignite surface mining services. The company is based in Calgary, Canada.

Part of Westshore Terminals Investment Corp., Westshore Terminals Ltd. operates a coal export terminal. The company is based in Delta, Canada.