Fisgard Capital Offering Memorandum

Fisgard Capital began business in May 1994. Since that time Fisgard has qualified as a MIC under the Tax Act and has been raising capital for investment in mortgages secured by real estate property in Canada, primarily in British Columbia and Alberta. From January, 2005 through March, 2010 Fisgard raised $194,491,705 in equity capital, bringing its total capital to $230,870,08 as of March 31, 2010 (Fisgard's capital as of September 9, 2010 was $232,252,239). Fisgard has distributed a dividend every quarter since 1994. Its average net return per year over this period on its five (5) year term Shares has been 8.853% based on cash dividends. Its average net return per year on one (1) year term Shares has been 6.853% based on cash dividends. It's average net cash dividend since inception in 1994 on 5-year Shares has been 10.974%. Average net growth over the same period has been 11.434% on 5-year Shares. It's average net cash dividend since inception in 1994 on 1-year Shares has been 8.974%. Average net growth over the same period has been 9.280% on 1-year Shares.