Michael A. Smedley

MICHAEL A. SMEDLEY, Executive Vice President and CEO of Toronto-based
MMA Investment Managers Limited since 1987, is President of Canadian
General Investments, Limited, Third Canadian General Investment Trust
Limited and Canadian World Fund Limited, three closed-end funds with
total portfolio assets equivalent to US $500 million. Canadian General
Investments, Limited is wholly invested in Canadian equities, is listed
in London, England and Toronto, and is the flagship of the group, which
started in 1928. His investment career started in 1969 in Canada and he
has worked with Canadian and US investment firms in Canada, Hong Kong
and London, UK. He also worked for 18 years in journalism and public
relations in the United Kingdom, South Africa, Zambia, Kenya, Tanzania,
Canada, Malaysia and Singapore. He is the Chief Investment Officer of a
three-person investment team and is results-oriented as a bottom-up
opportunist in all markets. The team also manages the Capstone mutual
funds and is extremely active in private wealth management. Mr. Smedley
is also Vice President of the Kansas City-based Closed-end Funds
Association (CEFA), the North American trade association representing
the closed-end fund industry in Canada and the United States.