AVERELL H. MORTIMER
Averell H. Mortimer is the Founder, President and Chief Executive Officer of Arden. Mr. Mortimer is the Chairman of Arden's Investment Committee, and works closely with the other members of the Investment Committee, as well as Arden's team of research professionals, to develop and implement the Firm's investment policies. Mr. Mortimer is actively involved in portfolio construction and management for each of Arden's funds. With 28 years experience on Wall Street, Mr. Mortimer has worked in a variety of investment fields, including investment banking, venture capital and investment management. Mr. Mortimer received a B.A. from the University of Colorado in 1980 and an M.B.A. from Columbia University's School of Business in 1984.

HENRY P. DAVIS
Mr. Davis is a Managing Director at Arden and is a member of Arden's Investment Committee. Mr. Davis is responsible for managing the firm's research activities, including supervising ongoing manager monitoring. Mr. Davis is also actively involved in manager selection and portfolio construction for each of the Arden funds. Prior to joining Arden, Mr. Davis was an investment advisor to several high net worth families with responsibility for manager selection, oversight and asset allocation decisions. Previously, Mr. Davis was an attorney with Davis Polk & Wardwell, specializing in corporate and asset management work for hedge funds and other investment vehicles. Mr. Davis is a graduate of Yale Law School and Cornell University, where he graduated summa cum laude and was elected to Phi Beta Kappa in 1988.

IAN MCDONALD
Mr. McDonald is a Managing Director at Arden and is a member of Arden's Investment Committee. Mr. McDonald is responsible for European & Asian manager research. Mr. McDonald works out of, and is responsible for managing, Arden's London office. Prior to joining Arden, Mr. McDonald worked at Morgan Stanley in the International Prime Brokerage Group's European Capital Introduction division. In this role, he was responsible for introducing hedge funds to a variety of prospective investors, including fund of funds, private banks, pension funds, endowments and foundations. Before joining Morgan Stanley, Mr. McDonald was an investment consultant in the London office of Cambridge Associates and was responsible for monitoring European hedge fund managers. Prior to that, he was based in Cambridge's Boston office where he focused on manager selection and due diligence of U.S. hedge funds. Mr. McDonald graduated with an M.A. (Honors) degree in Economic and Social History from the University of St. Andrews in Scotland.

MATTHEW BIANCO, CFA, FRM
Mr. Bianco is a Managing Director at Arden and is a member of Arden's Investment Committee. Mr. Bianco is head of Risk Management and oversees the firm's quantitative analysis and portfolio construction functions. Mr. Bianco is also actively involved in strategy selection and other general investment research activities of the firm. Prior to joining Arden, Mr. Bianco was the head of Market Risk Management for WestLB in New York. He was responsible for the analysis and optimization of risk for all activities in North America, with a focus on structured finance, asset securitization and structured credit products. Mr. Bianco earned a Bachelor of Engineering degree in Electrical Engineering from Cooper Union, as well as an MS in Computer Engineering from Rutgers University. Mr. Bianco also received an M.B.A. in banking and financial markets from the NYU Stern School of Business. He holds the Financial Risk Manager certification from the Global Association of Risk Professionals, and the Chartered Financial Analyst designation from the CFA Institute.

SHAKIL RIAZ
Mr. Riaz joined Arden as a Managing Director and Investment Committee member on July 1, 2009. He is responsible for leading investments in the Arden PropPartners Diversified, Global Macro and Equity Long/Short strategies. Overall, Mr. Riaz has 34 years of financial services experience including 18 years of hedge fund investment experience. Prior to joining Arden, Mr. Riaz was the Chief Investment Officer of J.P. Morgan PropPartners Management Corp ("JPM PP"). Prior to JPM PP, he was Chief Investment Officer for the Capital Markets Investment Program ("CMIP") since 1994, and prior to joining the JPM Investment Bank in New York, Mr. Riaz was General Manager of the predecessor Chemical Bank's offices in Cairo, Bahrain and Singapore from 1983-1991. He joined Chemical Bank in 1976 in the International Operations Group, transferring to the Middle East territory of the International Division in 1980. Mr. Riaz is a magna cum-laude graduate of Princeton University with a B.S. degree in Aerospace and Mechanical Engineering; he also received a graduate diploma from the University of Stockholm as a Rotary International Foundation Fellow as well as an M.B.A. from the Fuqua School of Business at Duke University where he was the recipient of a Graduate Fellowship.