A credible and independent Board of Directors is essential in ensuring proper corporate governance and arms-length review of the administration and management of the Citadel Group of Funds. Each member of the Citadel Group of Funds' Boards of Directors is well known for their independence and respected for their business acumen.

Citadel's directors also have extensive experience in the analysis and understanding of the risks associated with many of the businesses in which the Citadel Group of Funds invests.

Citadel's Board of Directors consists of:

Douglas D. Baldwin
Calgary, Alberta
Independent Director

Mr. Baldwin is a Director of Talisman Energy Inc., UTS Energy Corporation, and a Director of all Funds within the Citadel Group of Funds family. Earlier in his career, Mr. Baldwin was Chief Executive Officer of TransCanada Pipelines Limited and Senior Vice-President, Resources Division, Imperial Oil Limited.

James T. Bruvall
Calgary, Alberta
Director and
Chief Executive Officer
Citadel Group of Funds

Mr. Bruvall is a founder of the Citadel Group of Funds and serves as Chief Executive Officer and a Director of all Funds within the Citadel Group of Funds family. He is also a Partner of Stikeman Elliott LLP, Barristers & Soliciters. Mr. Bruvall has been an officer, director and advisor to numerous public companies in his career. Mr. Bruvall has a Bachelor of Science (Physics) degree in addition to his Law degree from the University of Alberta.

Kent J. MacIntyre
Calgary, Alberta
Director

Mr. MacIntyre is President, Canadian Income Fund Group Inc., a financial services company. He is also a Director of PrimeWest Energy Inc., and all funds within the Citadel Group of Funds family. With more than 25 years of oil and gas experience, Mr. MacIntyre has acted as a principal to the formation and start-up of a number of companies, including PrimeWest Energy Trust (having held the office of Vice-Chair of the Board and Chief Executive Officer from inception in 1996 until his retirement in 2003), Triad Energy Inc. and Olympia Energy Ventures Ltd. Mr MacIntyre has a Bachelor of Science (Engineering) degree and an MBA.

Harold P. Milavsky
Calgary, Alberta
Independent Director and Chairman

Mr. Milavsky is Chairman, Quantico Capital Corp., a privately held company engaged in merchant banking, principal investments and acquisitions. He is also a Director of the Saskatchewan Wheat Pool, as well as Director and Chairman of all Funds within the Citadel Group of Funds family as well as PrimeWest Energy Inc. and Consolidated Properties Ltd. Mr Milavsky is a Fellow of the Institute of Chartered Accountants of Alberta and, in 2002, he received the Institutes's Lifetime Achievement Award. Mr. Milavsky is also a member of the Institute of Corporate Directors and received that Institute's Fellowship Award in 2005. Mr. Milavsky has been a senior officer and director of, and advisor to, many public companies in his career.