Saxon Financial Inc. the investment management firm that operates Saxon Mutual Funds, today announced today the appointment of John “Mel” Gabel as the company’s chief financial officer.

Gabel has more than 25 years of experience in financial management, including positions
as CFO of TD Capital, TD Investment Management and Spectrum Investment Management. Gabel, a chartered accountant, will assume the role of CFO on September 29, 2006.

“Saxon is pleased to welcome Mel as our new CFO,” said Allan Smith,
president and CEO of Saxon Financial. “Mel’s multifaceted experience in finance, risk management and related areas will be valuable in helping Saxon
execute our growth strategy through expanded distribution and product development.”

As CFO at TD Capital, Gabel was responsible for restructuring the finance function, supporting the launch of new private equity funds, and ensuring compliance with financial disclosure requirements under arbanes-Oxley. Gabel has extensive mutual fund experience, having served as CFO for both the manager of the TD mutual fund family and Spectrum Investment Management.

“Saxon offers the best of both worlds — untapped growth potential as a newly public company and a 20 year track record as a preeminent value investment firm,” said Gabel. “In joining Saxon, I look forward to working with a management and investment team focused on delivering value to clients and shareholders.”