Pursuant to the bid, Belzberg proposes to purchase through the facilities of the TSX, from time to time over the next 12 months, if considered advisable, up to an aggregate of 739,379, being approximately 5% of its issued and outstanding common shares, as of today's date. Except as permitted under the TSX Rules, Belzberg will not purchase on any given day under the bid, more than the greater of 1,000 shares and 25% of the average daily trading volume of its common shares for the six months prior to the date of this notice. The average daily trading volume of the common shares for such period was 15,640 and in accordance with the requirements, a maximum daily repurchase of 3,910 shares may be made. Purchases may commence through the TSX on November 30, 2007 and will conclude on the earlier of the date on which purchases under the bid have been completed and November 29, 2008.

The Board of Directors of Belzberg believes that the proposed purchases are in the best interests of Belzberg and are a desirable use of corporate funds. All common shares purchased by Belzberg will be cancelled.

On April 1, 2006, Belzberg commenced a normal course issuer bid to purchase up to 701,000 common shares through the facilities of the TSX. Belzberg did not purchase any shares under that bid, which expired on March 31, 2007. As of today's date, Belzberg has 14,787,599 issued and outstanding common shares.