FOUNDING MEMBERS

Michael Litt is a Founding Member and the Chief Investment Officer of Arrowhawk Capital Partners Liquid Markets. Prior to forming Arrowhawk, Mr. Litt was a Partner at FrontPoint Partners, LLC. At FrontPoint, he was the Portfolio Strategist and Co-Manager of the FrontPoint Multi-Strategy Fund until FrontPoint Partners was acquired by Morgan Stanley in December, 2006. Prior to his role at FrontPoint Partners, Mr. Litt served as a Managing Director at Morgan Stanley & Co., where he was employed for 17 years. At Morgan Stanley, Mr. Litt led the Global Pensions Group in New York, the investment bank’s strategic coverage unit for pension plans and insurance companies. His work revolved around asset portfolio restructuring, asset-liability management, separation of alpha and beta within pension & foundation asset portfolios, corporate equity-based compensation scheme funding programs (ESOPs), and synthetic asset volatility management. Prior to heading up that group, Mr. Litt was Co-Head of the Corporate Coverage Group (CCG) in Morgan Stanley’s New York office. CCG was a joint venture between the investment banking division and the equity division at Morgan Stanley working with US corporations on capital structure solutions. Mr. Litt began his career as a member of the 545 Group in Morgan Stanley’s San Francisco office where he was part of a team working closely with Silicon Valley technology firms on cash management, restricted stock sales, and reinvestment into lower volatility balanced portfolios. Mr. Litt graduated from the University of Chicago in 1985 with an MBA in Finance. He received a B.A. in Writing from the University of California, San Diego.

W. Robert Dahl is a Founding Member of Arrowhawk and Chief Operating Officer of Arrowhawk Capital Partners Liquid Markets. Prior to forming Arrowhawk, from April 1999 until June 2006 Mr. Dahl served as the Head of Global Healthcare for The Carlyle Group, a leading private equity firm with over $50 billion of assets under management. There, he was responsible for the firm’s investments in the health care field. During his tenure at Carlyle, Mr. Dahl served on the investment committee of Carlyle’s US buyout funds, including the $7.9 billion Carlyle Partners IV and the $3.9 billion Carlyle Partners III funds. Mr. Dahl also served on the investment committee of the $430 million Carlyle Mezzanine Partners. Prior to Carlyle, Mr. Dahl served as Co-Head of Health Care Investment Banking in North America at Credit Suisse First Boston. Earlier in his career Mr. Dahl was a CPA for Price Waterhouse. Mr. Dahl is a graduate of the Harvard Business School, where he was elected a Baker Scholar and received a Loeb Rhodes fellowship. He received a B.A. from Middlebury College in Vermont.

Roy Lennox is a Founding Member and Strategic Advisor to Arrowhawk Capital Partners. He was a Founder and Senior Managing Director of Caxton Associates, which he joined in 1983 from Commodities Corporation, where he was a Senior Vice President and Trader. Mr. Lennox has a 27 year track record trading global macro markets that include foreign exchange, fixed income, commodities and energy, emerging markets and equity derivatives. While at Caxton, Mr. Lennox also had a number of senior management responsibilities. In addition to guiding and managing Caxton’s currency, fixed income, commodities, trading floor and the emerging markets desk, he identified and mentored a number of Caxton traders, who became successful senior portfolio managers at Caxton and elsewhere. While at Commodities Corporation, from 1980 to 1983, Mr. Lennox built its currency desk and developed the first systematic approach to profiting from “carry” opportunities in foreign exchange portfolios. In 1993 and 1994, Mr. Lennox managed his own hedge fund, Kiloran, where Caxton was the first and largest investor. Mr. Lennox has a B.A. in Political Science and an MA in History from Rutgers University. He received a PhD in History in 1977 and an MBA in 1980, both from Columbia University. For a number of years Mr. Lennox was an Adjunct Associate Professor at Columbia Business School, where he taught courses on futures and other derivative markets. He continues to lecture there on the relationship between behavioral economics and trading and investing.

Olav Refvik is a Founding Member and Strategic Advisor to Arrowhawk Capital Partners. Mr. Refvik retired from Morgan Stanley in the summer of 2008, after having worked 18 years at the firm. He joined Morgan Stanley in 1990, as Vice President, became Executive Director in 1991, and Managing Director in 1996. From 2003, he managed the Global Oil Liquids business. This business included the firm’s derivatives trading and its proprietary physical trading, a business developed by Mr. Refvik. By acquiring physical logistics assets he was able to build this platform into a top-rated banking business and one of the most profitable departments within Morgan Stanley. Prior to joining Morgan Stanley, Mr. Refvik was employed at Statoil for nine years. Mr. Refvik spent his last six years at that company as Head of Oil Products Trading in London and New York. Mr. Refvik chaired the board of Heidmar, a privately held shipping company. He was on the board of Transmontaigne, a Morgan Stanley-owned company, as well as Transmontaigne Partners LP, a publicly traded company. Mr. Refvik graduated from The Norwegian School of Business and Economics in Bergen, Norway in 1981.

Stephen F. Wiggins is a Founding Member and Strategic Advisor to Arrowhawk Capital Partners. Mr. Wiggins is currently a Managing Director of Essex Woodlands Health Ventures and is a founding investor in Arrowhawk. Mr. Wiggins was the founder of Oxford Health Plans and served for 14 years as Chairman of the Board and Chief Executive Officer. After founding Oxford Health Plans, Mr. Wiggins founded HealthMarket, Inc., an insurance company that developed innovative consumer-driven health plans, and he served as that company’s Chairman and Chief Executive Officer until it was sold. In addition, Mr. Wiggins also co-founded Health Partners, Inc. in 1993, a physician practice management company that grew to $140 million of annual revenue before it was sold. He was also a principal co-Founder of Intelliclaim, Inc., a company that provided claim auditing and productivity software and services to over twenty health insurers before it was sold. Over the past 20 years, Mr. Wiggins has been an active private investor with business interests in real estate, health care and money management. Mr. Wiggins received a B.A. from Macalester College where he currently serves as a Trustee, serving on the Investment, Technology and Finance Committees. He received an MBA from the Harvard Business School.