Canadian City Skyline

Senior Executives

Ian Griffin

Ian Griffin, B.A.

Honorary Chairman

Phone: 403.750.1289

Email: ian.griffin@researchcapital.com

Ian Griffin joined Research Capital in 1986 as Chairman, and has played a major role in developing the company's growth strategy. Ian has over 38 years of investment industry experience and has worked with such prestigious firms as S. G. Warburg in London, Wood Gundy in Tokyo, Toronto and Vancouver, and F.H. Deacon Hodgson in Calgary. He is also past chairman and trustee of the Nature Conservancy of Canada (Alberta Region), Trustee of the Delta Waterfowl Foundation, Trustee of the Banff Centre Foundation, Trustee of the American Friends of Canada, and a former member of the Alberta District Council of the Investment Dealers Association. Ian earned a B.A. degree from Bishops University.

Patrick Walsh

Patrick Walsh, MBA, Ph.D.

Chairman, Chief Executive Officer

Phone: 416.860.7638

Email: patrick.walsh@researchcapital.com

Pat Walsh is a co-founder of Research Capital. The company was formed in 1990 after the acquisition of three other investment dealers over the course of the late 1980s. In total, Pat has over a quarter century's worth of investment experience. Pat began his career at Dominion Securities in the 1970s. He was named Chief Executive Officer of Research Capital in 2004. Pat is the person who decided that targeting mid-market corporations should be the backbone of Research Capital's institutional and investment banking strategy. "We're trying to find early-stage opportunities for our venture investment clients," he says, "and also help provide public source capital for small companies." Pat attended the University of Toronto, the London School of Economics, and the Wharton School of Finance where he obtained an MBA and Ph.D.

Geoffrey Whitlam

Geoffrey Whitlam, B.Comm., CA

President

Phone: 416.860.7641

Email: geoff.whitlam@researchcapital.com

Geoff Whitlam joined Research Capital as President in February 2004. Geoff started his professional career as a Chartered Accountant with KPMG in 1977, where he became a partner in 1985. While at KPMG, Geoff specialized in auditing and consulting to securities dealers, and in 1988 was appointed National Director of KPMG's Securities Industry practice. In 1996, Geoff joined Yorkton Securities, Inc. as Chief Operating Officer. During his career, Geoff has been involved in a wide variety of activities in the securities industry, including financial and general management, mergers and acquisitions, product engineering, compliance, and training. He holds a B.Comm. degree from University of Toronto and is a Chartered Accountant.

Andrew Selbie

Andrew Selbie, CGA

Executive Vice President, Administration; Corporate Secretary; Chief Operating Officer; Chief Financial Officer

Phone: 416.860.7615

Email: andrew.selbie@researchcapital.com

Andrew Selbie joined Research Capital in 1985 after working at a number of large integrated investment dealers, including McLeod Young Weir and Pitfield MacKay Ross. In all, Andrew has over 35 years of investment industry experience. At Research Capital, he has been responsible for executing the growth strategy and managing financial operations. As Executive Vice President, Administration, Andrew is responsible for providing Research Capital with state-of-the-art operational functionality. In February 2004, Andrew was also named Chief Operating Officer. Andrew holds a CGA designation.

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