Independent Review Committee

The Manager has established an independent review committee (“IRC”), in accordance with National Instrument 81-107 Independent Review Committee for Investment Funds (“NI 81-107”) to which the Manager will refer certain conflict of interest matters for review or approval. The Manager has established written policies and procedures for dealing with conflict of interest matters, maintains records in respect of such matters and provides assistance to the IRC in carrying out its obligations. The IRC is comprised of three members, who are independent as defined in NI 81-107, and are required to conduct regular assessments and provide reports to the security holders at least annually.

IRC Report to the Manager for the IRC Year End of November 30, 2009

IRC Report to Shareholders for the 2008 Fiscal Year End

IRC Report to the Manager for the IRC Year End of November 30, 2008

IRC Report to Shareholders for Fiscal Year Ends March 31 and June 30

IRC Report to Shareholders for the 2007 Fiscal Year End

The IRC is comprised of the following individuals:

John Crow. Mr. Crow is the former Governor of the Bank of Canada and noted economist. He is a director or advisor to a number of companies, and is also a Senior Fellow of the C.D. Howe Institute. In 1999, he chaired a committee of international experts that was commissioned by the Executive Board of the International Monetary Fund to evaluate IMF bilateral, regional, and multilateral surveillance activities, and in 2002, he took part in a high level international mission to advise on monetary problems in Argentina. In 2003, he chaired an international task force commissioned by the International Federation of Accountants to examine the loss of credibility in financial reporting and how to restore it. Mr. Crow is the author (2002) of Making Money: An Insider's Perspective on Finance, Politics, and Canada's Central Bank.

Amar Bhalla. Mr. Bhalla is the President of Capit Investment Corp., an investment management firm focused on private equity and venture capital. He is also a partner at HB Investments Ltd., a firm focused on developing structured products for the retail marketplace. He formerly served as Chief Executive Officer of Crescent Logic Inc., a Toronto-based software firm. Prior to joining Crescent Logic, Mr. Bhalla allocated capital in both public and private ventures on behalf of Toronto-based investment groups. Mr. Bhalla received his C.F.A. designation in September 2004 and received his B.A. degree from McGill University in June 1999.

Carrie Freeborough Ms. Freeborough has over 15 years of experience in equity sales and trading. Most recently, Ms. Freeborough was the Head of Canadian Sales/Trading at Citigroup Global Markets Canada for their newly opened equity trading desk in Toronto. She was responsible for starting, building and running the Institutional Equity desk which will trade global securities for Canadian Institutional clients. Previous to her role at Citi, Ms. Freeborough had been at UBS Securities for 8 years where she was an executive director. Ms. Freeborough had a number of roles over her time at UBS including starting and running their program trading desk. She has an undergrad in Fine Arts from Western and an MBA from The Richard Ivey School of Business.