Independent Review Committee

Cameron Goodnough.  Mr. Goodnough has 20 years of experience in capital markets and has been involved in tens of billions of dollars of financings and M&A transactions, particularly in the area of asset management.  He joined Timbercreek Asset Management in November 2016 as Managing Director, Corporate Development.  Mr. Goodnough is also Chief Executive Officer of Timbercreek Financial.  In his role as Managing Director, Corporate Development, Mr. Goodnough is a senior memeber of the team responsible for evaluating and executing on strategies to build and grow Timbercreek.  Mr. Goodnough is also responsible for the review and structuring of capital and acquisition mandates that align with Timbercreek's overall business goals.  Prior to Timbercreek, he was Managing Director with the Financial Institutions Group at TD Securities, and CEO & President of TD Sponsored Companies Inc.  Before that, he worked within the investment banking groups at RBC Capital Markets, Merrill Lynch Canada and CIBC Wood Gundy.  Cam is involved with a number of community organizations, most notably St. John Council of Ontario and the 48th Highlanders.  He holds two undergraduate degrees (Commerce and International Relations) from the University of Windsor and a combined Masters of Business (Schulich School of Business) and Bachelor of Laws (Osgoode Hall).

Lea M. Hill. Mr. Hill was a leader in capital markets in Canada with more than 35 years of experience. He started his career in the capital markets at Wood Gundy Limited in 1973, when he joined the Fixed Income Credit Analysis Department. In 1986, Mr. Hill moved from the Fixed Income Department to the Marketing Department, initially as a U.S. Equities Specialist, but subsequently specializing in Canadian equities. In 1993, the function of equity marketing to the Canadian retail sales force was spun out of the Marketing Department into a new department, the Equity Advisory Group. He ran the Equity Advisory Group until it was merged with Private Client Investing at the time of the acquisition of the retail sales force of Merrill Lynch Canada in November, 2001. From 2001 to 2011 Mr. Hill was CIBC Wood Gundy's Specialist for Closed-End Funds and Split Share Corporations. In this position he analyzed both structure and governance of these investment vehicles and was the only full time closed-end fund specialist in Canada. He retired from CIBC Wood Gundy in June 2011. Mr. Hill holds his Bachelor of Business Management from Ryerson University.

Anthony P. L. Lloyd (Chair).   Mr. Lloyd has over 40 years of experience in coporate finance and private equity financing.  He is a graduate of The Royal School of Mines with a Bachelors of Science (Honors) degree in mining engineering and has a Masters of Business Administration degree from Columbia University.  He holds the ICD.D designation from the Institute of Corporate Directors.  Mr. Lloyd has served as an executive with Slater, Walker of Canada Ltd., Harlequin Enterprises, and Cavendish Investing, and from 1985 to 2000 was a senior partner of Capital Canada Limited.  Mr. Lloyd's previous positions and directorships include Chair and Acting Chief Executive Officer of Mawson West Ltd., an African copper producer, Chariman of PC Gold Inc., and a director of Halterm Ltd., a TSX-listed unit trust that operated a container termainal and cargo handling facility in the Port of Halifax.  He is currently an Independent member of the Board of Trustees of the Noranda Income Fund.