Management

Mr. McGovern founded Arrow Capital Management Inc. in 1999 after working for over thirteen years at BPI Financial Corporation (Canada) ("BPI"), the company of which he co-founded, and where he ultimately held the positions of President and Chief Executive Officer. BPI, a publicly traded company, managed or administered over $6 billion dollars on behalf of Canadian and U.S. investors. Mr. McGovern was the founding Chairman (currently, Past Chairman) of the Canada National Group of the Alternative Investment Management Association ("AIMA Canada"). He is actively involved in the international hedge fund community and has spoken at conferences in Canada and globally.

Mr. McGovern graduated from the University of Toronto with a Bachelor of Commerce and Finance degree in 1985. He is active in charitable organizations, including Hedge Funds Care Canada and University Health Network. He also serves on the Board of Trustees of the Fraser Institute, an independent Canadian economic and social research and educational organization.

Mr. Purdy serves as Chair of the Investment Committee at Arrow Capital Management Inc. and has over 10 years experience in the investment industry.

Mr. Purdy shares responsibility for the hedge fund manager selection and asset allocation process and has served on the Investment Committee at Arrow Capital Management since inception. Mr. Purdy held senior roles at BPI Financial Corporation and IBM Canada Ltd.

Mr. Purdy graduated from the University of Toronto with a Bachelor of Commerce and Economics degree. He holds the CFA designation. Mr. Purdy is also actively involved in the Varsity Blues alumni fundraising projects at the University of Toronto and is on the Board of the Ireland Park Foundation.

Mr. Maxwell is Managing Director and Chief Financial Officer and is the Head of the Risk Management Committee. Mr. Maxwell oversees all financial accounting and administrative functions with respect to all Arrow Capital offerings. Prior to joining Arrow Capital Management Inc. in early 2000, Mr. Maxwell held financial management roles at BPI Financial Corporation, rising to become Corporate Controller in 1999.

Mr. Maxwell graduated from Queens University with a Bachelor of Commerce degree in 1993. Mr. Maxwell completed his MBA from the University of Toronto in 2000 and is also a Certified Management Accountant.

Mr. Parsons is Managing Director and Chief Operating Officer for Arrow Capital Management . Mr. Parsons has been with the company since 2002 and his responsibilities include the oversight of the firm's sales, compliance, technology, and operations. In 1993, Mr. Parsons began as an Investment Advisor at RBC Dominion and shortly afterwards became a Vice President and Branch Manager. During his tenure, Mr. Parsons managed several different branch offices in Toronto and Vancouver, and spent two years running the sales training program for RBC's Investment Advisors. Mr. Parsons graduated with a BA from the University of Western Ontario and has an MBA from Dalhousie University.

Mr. Dalley is Managing Director, Portfolio Management at Arrow Capital Management . In this role, he is actively involved in the asset allocation process, and has served on the Investment Committee since inception. Previously, Mr. Dalley was Executive Vice-President, Portfolio Management at BPI Financial Corporation (Canada). There, Mr. Dalley led a team of eight investment professionals who directly managed over $3.5 billion dollars on behalf of Canadian investors.

Mr. Dalley began his investment career at Walwyn Stodgell Cochrane & Murray after graduating from the University of Western Ontario with a Bachelor's Degree in Economics. From there, Mr. Dalley worked at Burns Fry for five years before joining BPI as a Director in 1988. Altogether, Mr. Dalley brings over twenty years of investment experience to the Arrow Capital team. Mr. Dalley is also involved with several charities and sits on the governing council of Sunnybrook Women's Hospital.