Michael Walter Freund

Connor, Clark & Lunn Investment Management Ltd. (CC&L) is an investment advisory firm headquartered in Vancouver, British Columbia with an additional office in Toronto. The firm was founded in 1982 and is a subsidiary of Connor, Clark & Lunn Investment Management Partnership, itself a subsidiary of Connor, Clark & Lunn Financial Group Ltd. CC&L provides investment management services to individuals, pension and profit-sharing plans, trusts, estates, charitable organizations, businesses and private investment funds.

The Group's principal activity is to invest primarily in a diversified portfolio of the equity securities of companies selected from the S&P 500 Index. To generate additional returns above the dividend income earned on the portfolio, the Group writes covered calls on a portion of the securities held in the portfolio.

Connor Clark & Lunn Global Financials Fund II is a closed-end Investment Fund/Investment Trust. The fund invests in securities consisting of global financial services businesses. The company was founded on February 27, 2007 and is headquartered in Toronto, Canada.

Connor, Clark & Lunn Financial Group Ltd. is a multi-boutique asset management firm that offers a wide range of investment management products and services to institutional investors, high net worth individuals, and advisors. The private company centralizes all operational and distribution functions to allow investment managers to focus on their core competencies. With offices across Canada and subsidiaries in the United Kingdom, Cayman Islands, United States, Ireland, and Canada, CC&L Financial Group manages over CAD $100 billion in assets.

Connor Clark & Lunn Conservative Income Fund is a closed-end Investment Fund/Investment Trust. The fund invests in securities including Canadian business income trusts, real estate investment trusts, utility income trusts, corporate bonds and convertible bonds. The company was founded on November 29, 2004 and is headquartered in Toronto, Canada.

Connor Clark & Lunn Real Return Income Fund is a closed-end investment fund/investment trust. The fund is invested in a portfolio of real return bonds issued by governments, primarily United States Treasury Inflation Protection Securities. Its investment objective is to provide it unit holders with tax efficient monthly distributions of cash that will be linked to the rate of inflation; and to preserve and enhance the net asset value of the Fund. Connor Clark & Lunn Real Return Income Fund was founded on June 29, 2005 and is headquartered in Toronto, Canada.

ROC Pref III Corp. is a closed-end Investment fund/Investment trust. The fund is headquartered in Vancouver, Canada.

Build America Investment Grade Bond Fund operates as an investment fund which provides investors with exposure to a portfolio comprised primarily of Investment Grade Build America Bonds actively managed by Nuveen Asset Management, as sub-advisor. The fund's investment objectives are to provide unit holders with monthly tax-advantaged cash distributions, and maximize total return for unit holders. Its portfolio includes a minimum of 80% Build America Bonds, with the remainder of the portfolio, if any, to be comprised of other permissible securities. Build America Investment Grade Bond Fund was founded on January 28, 2010 and is headquartered in Toronto, Canada.

Redwood Global Financials Income Fund operates as a closed-end investment fund. Its investment objectives are to provide unit holders with attractive tax-advantaged quarterly cash distributions; and return to unit holders the original issue price of the units upon termination of the fund. The company was founded on September 28, 2009 and is headquartered in Toronto, Canada.