Ned Goodman

Ned Goodman founded Dundee Bancorp Incorporated (Dundee), an independent asset management firm, in 1991 and began trading on the Toronto Stock Exchange by year end. The asset management services are carried out through Goodman Investment Counsel Incorporated, a wholly owned subsidiary of Dundee. Furthermore, Dundee manages assets and offers capital markets and personal investment advisory services through several wholly owned subsidiaries.

Ned Goodman is the current President & CEO of Dundee and has been since he founded it in 1991.Previously Ned also served as Chair of the board from 1991 to 2001 when he was succeeded by current Chair, Harold (Sonny) Gordon, a non-family member. Goodman’s sons Jonathan and David Goodman have served on the Dundee board from 1996 and 2009, respectively. David was the President & CEO of Dundee Wealth, which was a wholly owned Dundee subsidiary until 2010. Jonathan is the current President & CEO of Dundee Precious Metals, a wholly owned Dundee subsidiary.

As of the latest Dundee Management Information Circular, Ned Goodman owns 99% of the CommonShares and 5% of the Subordinate Voting Shares. The Common Shares are a super voting class that is entitled to 100 votes per share while the Subordinate Voting shares have the right to one vote pers hare. Goodman controls Dundee with 86% of all votes and 10% of the equity owned in the firm.

Share Price Performance History

Dundee’s share price growth has outperformed Non-Family firms over 20 years. The Non- Family firms’ share price CAGR from 1993-2012 was 8% compared to 18% for Dundee (Figure 1). Dundee also outperformed their Financials sector peers. Over that period, Dundee’s share price grew from $1.05cents at the start of 1993 to $30.65 at the end of 2012.

Ned Goodman Contrarian Business Man Dundee Annual Report 2012 by