Ajay Widge is a managing director at Sunray Advisors Inc. with over 15 years of experience in project management and business analysis roles in capital markets. He has led projects for Royal Bank of Canada, Scotia Capital, and CIBC World Markets involving implementations of accounting systems, operations integrations, and vendor evaluations. Widge holds professional qualifications in project management, derivatives, financial analysis, and accounting.

1. Project advisory profile Sunray Advisors Inc. Ajay Widge, Managing Director

2. Highlights Experienced project manager and senior business analyst Seasoned Capital Markets professional Strong educational background International work experience (Canada, Middle East and India) Excellent communication skills Well versed with standard project management tools like Visio, MS Project, PowerPoint and Excel. Sunray Advisors Inc.

3. Professional experience – Project Management Sunray Advisors Inc. Client Project (s) Period Role Comments Royal Bank of Canada - Capital Markets - Finance Client valuations Independent Price Verification (IPV) Market Data Repository Valuation documentation Aug ’10 to date Project Manager This is a part of the “Controls an Governance” program underway in the group; I am leading four projects within this program. My responsibilities include planning, scheduling, scope definition, requirements gathering, mapping existing processes, coordinating user reviews of requirements documents, planning and participating in testing and user training, among others. Scotia Capital – Exchange Traded Products Operations Identification of system solution to bring in-house core operational activities that were outsourced Jan ’10 to Aug ‘10 Lead Business Analyst I worked with the project lead to identify and recommend a solution to address the business needs. This involved co-ordinating vendor demos, designing evaluation templates and recommending a vendor to senior management and drafting the business case. Scotia Capital – Energy Trading Operations Implementation of GL system (SmartStream) Co-ordinating integration of new business line into Futures Operations unit Jan ’09 to Dec ’09 Project Manager This was a project to integrate a new business line into Scotia Capital operations. I was responsible for implementing the SmartStream GL module for this business and create additional functionality required. I was also required to oversee the integration of this new business into the existing Futures Operations group.

4. Professional experience – Project Management – ctd . Sunray Advisors Inc. Client Project (s) Period Role Comments Scotia Capital – Structured Products Operations Identification of a system for the operations group Jan ’08 to Jan ’09 Project Manager I was required to identify and recommend a solution for the Structured Products group. This involved organizing vendor demos, issuing and analyzing an RFP, preparing detailed user requirements and submitting a business case for management consideration. The business case was put on hold in light of the market conditions then prevailing. Scotia Capital – Group Treasury Operations Implementing accounting changes mandated by CICA 3855 and 3865 for hedge accounting and AFS securities Apr ’06 to Dec ‘07 Project Manager I was responsible for gathering and documenting user requirements, designing spreadsheets for accounting for cash flow hedges (for eventual transition to a system), planning testing strategy, preparing test cases, participating in UAT, process documentation, user training and overseeing accounting results till transitioned to user groups. Scotia Capital – Derivatives Operations Various projects Jan ’05 to Apr ’06 Senior Business analyst I worked on a number of initiatives with the derivatives operations group, where I was involved with requirements gathering and UAT.

5. Professional experience – Capital markets Sunray Advisors Inc. Employer Title Period Responsibility CIBC World Markets (Canada) Senior Analyst Apr ‘04 – Dec ‘04 Middle office: Daily P&L, Hedge effectiveness documentation and effectiveness testing AEGON Canada Inc (Canada) Derivatives Accountant June ‘02 – Apr ‘04 Calculation of daily margins, NAV calculation for funds, corporate action research, EOD pricing Middle East Investment LLC (Oman) Investment manager Oct ‘95 – Dec ’00 Private wealth management, trading global equity markets, new business implementation, mergers and acquisitions. Som Datt Finance Ltd. (India) Vice President June ‘94 – Oct ‘95 Business development, launching business lines, Investment banking (equity IPOs lead management and underwriting) ITC Classic Finance Ltd. (India) Senior Manager Apr’92 – June ’94 Investment banking (equity IPO lead management and underwriting) Bharat Bhushan Capital Markets (India) Executive Sep ‘91 – Apr ‘92 Investment banking (equity IPO lead management, underwriting, money broking)

6. Professional qualifications Project Management Professional (PMP) – 2009 Derivative Markets Specialist (DMS) – 2004 Chartered Financial Analyst (CFA) – 2000 Chartered Accountant, (India) (CA) – 1985 B. Com (Hons.) - 1979 Sunray Advisors Inc.

7. Contact details Office: 1761 Silverthorn Square Pickering, ON L1V 5C3 Canada Phone: Office: (905)420-4402 Cell: (416)738-0433 Email: [email_address] Sunray Advisors Inc.