Carmanah Technologies Corporation is currently followed by the research analysts
listed below (sorted by date of most recent coverage). Unless otherwise stated,
you may only obtain a research report from the analyst if you are a client of
their respective firm.

Any statements, estimates and/or forecasts made by these analysts about Carmanah
may not necessarily represent the opinions of the Company or its management.
Mike Plaster, CFA Research Analyst Salman Partners

Rupert M. Merer, P.Eng, CFA Research Analyst National Bank Financial

Carolina Vargas Research Analyst Clarus Securities Inc.

Ralph Garcea, P.Eng., MBA Research Analyst Haywood Securities Inc.

| Direct: |  | 416.507.2609 | | General: |  | 416.507.2300 | | Fax: |  | 416.507.2399 | | E-mail: |  | rgarcea@haywood.com | | Web Site: |  | www.haywood.com | | Location: |  | 181 Bay Street, Suite 2910
Bay Wellington Tower,
Broofield Place
Toronto, ON M5J 2T3 |
Adam Krop Research Analyst Ardour Capital Investments, LLC

Sara Elford, CFA Research Analyst, Diversified Industries Canaccord Adams

Marko Pencak Managing Director, Research Special Situations Analyst GMP Securities

Robert Duncan, CFA Research Analyst, Special Situations McFarlane Gordon Inc.

MacMurray D. Whale, Ph.D., P.Eng. Research Analyst Cormark Securities Inc.

| Direct: |  | 416.943.6708 | | General: |  | 416.362.7485 | | Toll-free(Canada): |  | 800.461.2275 | | Fax: |  | 416.943.6708 | | E-mail: |  | mwhale@cormark.com | | Web Site: |  | www.cormark.com | | Location: |  | Royal Bank Plaza South Tower
Suite 2750
Toronto, Ontario, Canada
M5J 2J2
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