Investment Manager

Connor, Clark & Lunn Capital Markets Inc. (the "Manager") is the manager of the Trust and will be responsible for providing or arranging for the provision of administrative services required by the Trust. The Manager has in assets under management and is part of the Connor, Clark & Lunn Financial Group, a group of affiliated companies with aggregate assets under management of . Connor, Clark & Lunn Investment Management Ltd. (the "Investment Manager") was established in 1982 and has offices in Vancouver and Toronto. It is owned fully by its investment professionals and is one of Canada's largest independent money management firms. It serves a number of institutional investors including major public and private pension plans, endowments and mutual fund companies.

The portfolio management team members are:

• Warren Stoddart: BA; University of Toronto. Mr. Stoddart is a director of the Investment Manager, Managing Partner of the Connor, Clark & Lunn Financial Group and a partner of Connor, Clark & Lunn Investment Management Partnership. Mr. Stoddart is co-head of the fixed income team responsible for fixed income management strategy and research and also a member of the risk management team. Mr. Stoddart has 16 years' experience covering three separate recessionary periods. In addition to his portfolio management experience, he has participated in the fixed income market as an employee of an issuer of debt, a principal lender to investment and sub-investment grade credits and in debt restructuring and workouts.

• Brian Eby: CFA; MBA McMaster University. Mr. Eby is a director of the Investment Adviser, a Partner of Connor, Clark & Lunn Investment Management Partnership, and co-head of the fixed income team responsible for fixed income management strategy and research. Mr. Eby has 16 years' experience covering three separate recessionary periods. His experience in portfolio management includes advising in the structuring/restructuring of public debt programs and underwriting of corporate bonds.

• Jay Menning: CFA; BComm, University of British Columbia. Mr. Menning is a Partner of Connor, Clark & Lunn Investment Management Partnership. Mr. Menning is a Corporate Bond Specialist at the Investment Manager and is responsible for credit analysis, research and corporate security selection. Mr. Menning has extensive experience in mutual fund research, credit analysis and high-yield bond portfolio management.

• S. Jane Justice: BMgm, Capilano College. Ms. Justice is a Partner of Connor, Clark & Lunn Investment Management Partnership and a member of the fixed income team responsible for bond trading and risk management.

• Chris Kalbfleisch: CFA; MSc, Statistics, University of Western Ontario. Mr. Kalbfleisch is a Partner of Connor, Clark & Lunn Investment Management Partnership and a member of the fixed income team. Mr. Kalbfleisch is a quantitative financial markets specialist and is responsible for research. In addition to his experience with the Investment Advisor, Mr. Kalbfleisch has extensive financial market experience that includes alternative asset portfolio management, derivatives trading and credit risk management.

• Steve Vertes: CFA; BA, University of Western Ontario. Mr. Vertes is a Partner of Connor, Clark & Lunn Investment Management Partnership. Mr. Vertes is responsible for fundamental analysis, research and security selection of Canadian equities and income trusts. In addition to his experience with the Investment Manager, Mr. Vertes also has extensive experience in the field of investment banking.

In addition to these portfolio managers, a team of analysts assists the management of the investment portfolio.