Sprucegrove Investment Management, Ltd.

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Formerly Confederation Life Investment Counseling, Sprucegrove Investment Management Limited was founded in 1993 by Messrs. Watson, Clark, and Fyfe.

A privately held, Toronto-based company (Ontario, Canada), Sprucegrove Investment Management Limited is owned by its employees. They manage in excess of $20 billion, including $10 billion for American clients.

Sprucegrove is one of a few international equity managers located in Toronto. Some of the others are believed to include Burgundy, Ontario Teachers' Pension Plan, Sky, TD, Gryphon International, Templeton (which may have relocated its investment team) and Trimark.

Sprucegrove uses a value philosophy not completely dissimilar from an investor like Warren Buffett. It aims to identify high quality companies in hope of making purchases at reasonable to attractive valuations.