My Diary 699 --- JAMIES T. KIERNAN

Mr. Kiernan has over 27 years of investment banking and international capital markets experience. The majority of his career has been devoted to developing new markets, clients, products and services throughout Canada while President of Goldman Sachs Canada Inc. As a founding partner of Cornerstone, Mr. Kiernan continues his commitment to creating value for institutional investors and financial intermediaries in North America and around the world.

Current Professional Focus

Cornerstone Capital Partners
Chairman, responsible for client development and investor relations.

Professional Experience

Goldman Sachs Canada Inc. (GSCI)
President of GSCI and Managing Director of Goldman, Sachs & Co., responsible for building and managing a comprehensive fixed income trading and sales business serving Canadian institutional investors (1987-2001). Mr. Kiernan also served as GSCI's Director of Compliance (1995-2001), and Ultimate Designated Person (UDP) as required by the Investment Dealers Association of Canada. During his 15-year tenure at Goldman Sachs in Canada, Mr. Kiernan:

• Was responsible for GSCI's fixed income portfolio, which grew to over $4 billion at its peak. Established operations and employed a professional staff of 125 in four offices across Canada.
• Served as the senior relationship manager with the Federal and Provincial Governments, the leading banks and financial institutions in Canada, and prominent institutional investors/family offices.
• Directed the development of innovative products and transactions, including the first Canadian commercial mortgage-backed securitization (CMBS), "Global Econs" (CMO structure), and the purchase of distressed assets of the Canadian Trust Industry.

Goldman Sachs & Co.
Vice President, International Fixed Income Sales in London (1977-1983), where his account coverage responsibilities included the development of significant institutional relationships with Lloyd's of London, Crown Agents, Morgan Grenfell, NM Rothschilds, Klienwort Benson, and Greek shipping interests. Mr. Kiernan also served as International Fixed Income Product Manager in New York (1984-1987).

• Directed the development of innovative products and transactions, including the first Canadian commercial mortgage-backed securitization (CMBS), "Global Econs" (CMO structure), and the purchase of distressed assets of the Canadian Trust Industry.

Board Positions, Professional Affiliations and Qualifications

• Member of the Board of Directors of The Montreal Exchange, The American Friends of Canada, and The Canada-U.S. Fulbright Program
• Member of the Executive Committee of the Investment Dealers Association of Canada (1990-1992), as well as Chairman of its Capital Markets Committee
• Regulatory examinations and qualifications: Canadian Partners, Directors and Senior Officers' (PDO) Qualifying Examination, U.S. Series 7 and 8 Examinations

Education

• Harvard University, Master of Business Administration (MBA) 1977
• Brown University, Bachelor of Arts (BA) 1974