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Message: Julius Baer

Slugbait,

After editting the list and recalculating the percentages based on the new total OS, I have created a simplified list of the shareholdings you identified, and have added a number of other holdings that I am aware of (annonymously shown).

SGR Shareholdings - updated Dec 22-07

Goodman/Cohen Group Shares % O/S
Goodman & Company, 28,741,816 14.34
Dynamic PM Fund 10,300,000 5.14
CanDomRes 2005 LP 830,000 0.41
CanDomRes 2005 II LP 721,155 0.36
CanDomRes 2006 LP 249,478 0.12
CanDomRes 2006 II LP 109,983 0.05
Goodman subtotal 40,952432 20.44
Other Major Shareholders
Wynne (Hugh) 6,586,918 3.29
Julius Baer Gold Fund 5,488,995 2.74
Lombard Odier et al 2,004,591 1.00
Mavrix Fund Mgmt 1,440,000 0.72
Ginn (Dale) 1,421,140 0.71
Hubert (Ben) 1,381,000 0.69
Sprott Asset Mgmt 1,145,700 0.57
Boulay (Richard) 688,263 0.34
UTA Asset Mgmt 640,539 0.32
Shearer (Courtney) 421,086 0.21
Stone Asset Mgmt 400,000 0.20
Pathway InvestCounsl 300,000 0.15
Cdn Small Cap ResFnds 280,000 0.14
Dr. Kohlhase 280,000 0.14
Filmon (David) 42,409 0.02
Total of Slugbait's list 63,473,073 31.68
Other Shareholders Added
Group A, Wpg 1,249,400 0.62
Group K, Van 165,200 0.08
Group J, Wpg 66,000 0.03

New Total 64,887,673 32.38

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