Investee Portfolio

SECTOR INVESTMENT DESCRIPTION Anglo-Rouyn Tailings Materials $700,000 Anglo Rouyn focuses on gold, silver and copper reclamation from spent tailings sites utilizing modern reprocessing techniques. The current project involves reprocessing several hundred thousand tonnes of tailings north of La Ronge. Industrials $400,000 Serving blue-chip industrial and commercial customers such as Chandros Construction, James Richardson & Sons, and Viterra, Community Electric is a leading Saskatchewan electrical contractor. Oil & Gas Production $1,551,000 With successful drilling sites in Saskatchewan and Alberta, Churchill Energy is experiencing growth in production and proven reserves. SaskWorks led a syndicated investment to fund additional development activity. Oil & Gas Production $42,000 Cipher Energy Inc. is a natural gas producer located in West Central Saskatchewan. Industrials $733,000 With sales in Canada, the United States and Asia, Comco is Western Canada's leading supplier of control systems for industrial applications and liquid nutrient applicator units to the world feed mill industry. SaskWorks' investment will assist with the development of several exciting new products. Oil & Gas Production $80,000 Crescent Point Energy Trust is a conventional oil and gas income trust with assets strategically focused in core properties consisting of high quality, long life, light oil and natural gas reserves and production in Western Canada. SaskWorks received equity units in Crescent Point as a result of the company's acquisition of Mission Oil and Gas, a former SaskWorks investee. Industrials $2,231,000 Based in Saskatoon, Crestline is Canada's leading manufacturer of ambulance chassis and specialty transit vehicles. SaskWorks Venture Fund led a multi-million dollar management buy-out that features the Canada Pension Plan, Canada's largest pension fund, as co-investor. Oil & Gas Services $965,000 Crusader Drilling Corp. is a new privately held Saskatchewan-based drilling company planning to service the oil and gas market in southeast Saskatchewan. The Company's core customer target group includes oil and gas companies drilling in the Bakken formation of Saskatchewan. Oil & Gas Services $1,559,372 EMR Drilling Inc. ('EMR'), a new privately held company, focuses its oil and gas drilling services operation upon the Bakken formation in the Western Canadian Sedimentary Basin. Led by the founder of Western Lakota Energy Services, Mr. Elson McDougald, EMR intends to deploy a similar model of partnerships with First Nations communities for employment. Consumer Discretionary $172,000 Factory Optical is a retail optical dispensary chain with locations in both Saskatchewan and Alberta. Its lens surfacing laboratories and wholesale discounts enable it to dispense 2 designer products for the price of one. Industrials $1,145,000 Hesterman Technical Services Inc. is distributor of polyurethane foams, industrial coatings and application equipment, providing services to the growing residential, commercial and industrial construction markets. Oil & Gas Production $443,000 Keystone Royalty Corp. (originally Keystone Petroleums Ltd.) was formed upon the sale of Keystone Energy Inc. to Starpoint Energy Ltd. Keystone owns one of the most significant fee title acreage holdings in the province. Industrials $775,000 Englefeld based Koenders continues to generate strong earnings as it pushes into U.S. markets. Koenders has established wholesaling locations in both Regina and the United States. Industrials $1,684,000 Lazar is an agricultural, yard maintenance and light construction equipment dealership located in Meadow Lake. Founded in 1955, the company has grown from a General Motors Dealership to Western Canada's largest New Holland single-store hay equipment dealer. Financials $1,718,000 Lewvan Village is an apartment complex located in the southwest area of Regina that consists of 6 apartment buildings (with a total of 126 units). Rock Bridge Custom Homes and Developments a property development company in Regina has purchased Lewvan Village and is proposing to convert the apartment units into condominiums for resale. Industrials $200,000 Mainstream Water Solutions is an integrated water testing and treatment company. Mainstream represents the merger of three companies which provided these high growth potential products and services: Chemical-free water treatment; Independent water analysis laboratory services; Ozone water treatment systems. Oil & Gas Production $1,426,800 SaskWorks acquired shares in NAL Oil and Gas Trust as a result of the sale of Spear Exploration. This publically traded trust focuses primarily on the SE region of Saskatchewan and central Alberta. Oil & Gas Production $762,000 Pearl Exploration and Production Ltd. is a publicly held Canadian oil and gas company listed on the TSX Venture Exchange under the symbol "PXX". The Company's focus is North American oil and gas interests, in particular, Alberta, Saskatchewan, Texas and California. Pearl shares were acquired through the sale of Cipher Exploration Inc. Consumer Staples $1,743,000 Prairie Hog Production, L.P. backed Big Sky Farms' expansion. With over 40,000 sows, Big Sky is Saskatchewan's largest and most efficient hog producer. Prairie Hog's operations are now located at Ogema and Rama. Industrials $1,833,000 Regina based, ProMetal Industries has two primary divisions. ProMetal's custom capabilities division focuses on commercial products such as reception kiosks, workstations, restaurants and also the oil and gas, potash and steel manufacturing industries. The newest division, Excelguard, manufactures bumper guards for light trucks focusing primarily on the oil field services and truck fleet sales market in Canada. Consumer Staples $1,534,000 R. Young Seeds operates a successful high throughput pulse/grain processing and color sorting operation near Mortlach, Saskatchewan. SaskWorks Venture Fund led a syndicated transaction to triple the processing operation's capacity. Regina Asset Management LP Financials $1,500,000 Regina Asset Management is a locally owned and operated real estate holding and development company focusing on commercial property in Regina. Its current focus is a redevelopment of the Sherwood Village Mall. Financials $500,000 The Saskatchewan Entrepreneurial Fund is a source of investment capital for promising small businesses requiring $1 million or less in capital. Consumer Discretionary $2,291,000 Regina based StorageVault Canada Inc. is a self- storage Company providing secure storage space in its facilities for residential and commercial customers. StorageVault plans to continue to grow its business through the acquisition of self-storage properties in Canada and organically as master franchisee through the development of portable storage facilities in conjunction with the acquisitions. The common shares of StorageVault are listed on the TSX Venture under the symbol SVI. Alternative Energy $4,500,000 SaskWorks co-led a syndicate of subordinated debt providers which has committed $40 million as part of the $130 million/150 million litre Terra Grain Fuels ethanol project. Located at Belle Plaine, Terra Grain is capitalizing on the fast-growing bio-fuels market and will be the largest wheat based ethanol plant in Canada, consuming over 15 million bushels of Saskatchewan feed wheat each year. Consumer Discretionary $1,000,000 Temple REIT is an income generating real estate investment trust. The company was formed to acquire Temple Gardens Mineral Spa, Saskatchewan's premier spa facility and resort hotel located in Moose Jaw Saskatchewan. The property boasts a 4½ star rating complete with a full service spa treatment centre and geo-thermal mineral water pool. Temple REIT acquired 6 additional properties in the last year. Oil & Gas Production $1,798,680 TriStar engages in the exploration, acquisition, development and production of oil and natural gas reserves, in the provinces of Alberta, Saskatchewan and Manitoba. The Fund acquired the shares as a result of exiting two private oil and gas investments. TriStar is listed for trading on the TSX Exchange under the symbol TOG. Retail Energy $966,000 The Fund acquired shares of Universal Energy Group as a result of that company's acquisition of the shares of Terra Grain Fuels Inc, another SaskWorks investee. Traded on the TSX under the symbol, UEG, the company has two primary divisions; ethanol production and the sale of natural gas and electricity to the Ontario and Michigan region. Oil & Gas Production $2,196,785 VillaNova Energy Corp was created from the sale of Keystone Energy Corp. SaskWorks' involvement in Keystone was exceptionally successful, with an exit in 2007 that generated a 90% Internal Rate of Return for the Fund. This will be the fourth time SaskWorks has teamed up with this management team to repeat predecessor company successes. Consumer Discretionary $879,000 Visima Holdings Inc., part of the Factory Optical Group of companies, focuses on acquisitions, franchising and new store development, through a vertically integrated business model. Based out of Saskatchewan, the Company's operations extend through Western Canada with the United States representing a further growth destination. Industrials Gifted Equity Wascana is involved in the collection, sorting and resale of recyclable materials across Saskatchewan. SaskWorks provided working capital to finance significant growth in the business. Wascana has repaid the initial investment, but SaskWorks retains gifted equity in the company. The company has recently renamed itself Go-Green Recycling. Industrials $1,300,000 SaskWorks Venture Fund led a syndicated multi-million dollar transaction to complete the repurchase of a successful rental equipment company by the management team that originally built the business. Locations include Regina, Saskatoon, Winnipeg and Brandon. Oil & Gas Production $2,455,000 WestFire is a privately held oil and gas exploration and development company, formed in 2007 to acquire below-market oil and gas entities, enhance the value of them and generate opportunities funded by internal operations. The company is planning to do the majority of its drilling in Saskatchewan, however, its current production is split almost evenly between Saskatchewan and Alberta.