MANAGEMENT

President & CEO

James T. Kiernan

Mr. Kiernan has over 32 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.

Prior to forming Cornerstone, Mr Kiernan was President of Goldman Sachs Canada Inc (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 GSCIs 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. Mr Kiernan 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.

Before GSCI, Mr Kiernan served as Vice President, International Fixed Income Sales in London (1977-1983) for Goldman, Sachs & Co., 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).

Mr Kiernan completed his Bachelor of Arts (BA) in 1974 at Brown University, and completed his Master of Business Administration (MBA) at Harvard University in 1977. He is a past member of the Board of Directors of The Montreal Exchange, The American Friends of Canada, and The Canada-U.S. Fulbright Program. He is a past member of the Executive Committee of the Investment Dealers Association of Canada (1990-1992), as well as Chairman of its Capital Markets Committee. Mr Kiernan has completed the regulatory examinations and qualifications for Canadian Partners, Directors and Senior Officer’s (PDO) Qualifying Examination, U.S. Series 7 and 8 Examinations

Economist and Financial Strategist

David L. Horner

David provides Cornerstone, its employees, and clients, with analyses on North American, European and Japanese economies and on interest rate and currency developments. His weekly publications may be viewed here.

Mr. Horner has 30 years capital markets experience. Prior to forming his own consultancy at his New York office, David was Vice President and Chief Economist at Merrill Lynch; advising the firm’s trading desk and institutional clients on probable economic developments, interpreting key economic data, and related economic factors to potential interest rate and spread moves. He is a past guest on CNBC, CNN, CBC, CTV, Bloomberg, TV Tokyo and other business programs. Prior to joining Merrill Lynch David worked as director of research: Economics; for the Commodity Futures Trading Commission (CFTC,) and has been an assistant professor of Economics at Wayne State University. David holds a Ph.D. in Economics from the University of Wisconsin with concentrations in market theory and econometrics, and a B.A. in Mathematics from the University of Akron.