Philip Rees

Mr Philip Rees is Chief Investment Officer of the Manager and is responsible for the operation and development of the Manager’s business.
Mr Rees has worked in a range of roles focussed on Australian investment markets for the last 19 years. He was the Director of Investments with the Government Employees Superannuation Board in Western Australia for a 6 year period to September 2000. During this period, he oversaw a major restructuring of that entity’s investment portfolio and directly managed funds in Australian equity and fixed interest markets.

Prior to this period, Mr Rees was involved in the management of an Australian equity portfolio with Suncorp and in the analysis of equities for a stockbroker focussed on servicing the Australian institutional market.

Mr Rees has recently been involved as Chief Investment Offi cer of a listed pooled development fund and has managed a number of successful venture capital investments.

Mr Rees has a Bachelor of Commerce Degree and is a Chartered Financial Analyst. He is also a Fellow of the Securities Institute of Australia, a Certifi ed Practicing Accountant and an Associate of the Chartered Institute of Secretaries.

Mr Rees will act as an Executive Director and Company Secretary of the Company and also be a member of the Manager’s Investment Committee. He will be available on a full time basis to manage the affairs of the Company and the Manager in managing the Portfolio.

Philip Rees

Mr Philip Rees is Chief Investment Officer of the Manager and is responsible for the operation and development of the Manager’s business.
Mr Rees has worked in a range of roles focussed on Australian investment markets for the last 19 years. He was the Director of Investments with the Government Employees Superannuation Board in Western Australia for a 6 year period to September 2000. During this period, he oversaw a major restructuring of that entity’s investment portfolio and directly managed funds in Australian equity and fixed interest markets.

Prior to this period, Mr Rees was involved in the management of an Australian equity portfolio with Suncorp and in the analysis of equities for a stockbroker focussed on servicing the Australian institutional market.

Mr Rees has recently been involved as Chief Investment Offi cer of a listed pooled development fund and has managed a number of successful venture capital investments.

Mr Rees has a Bachelor of Commerce Degree and is a Chartered Financial Analyst. He is also a Fellow of the Securities Institute of Australia, a Certifi ed Practicing Accountant and an Associate of the Chartered Institute of Secretaries.

Mr Rees will act as an Executive Director and Company Secretary of the Company and also be a member of the Manager’s Investment Committee. He will be available on a full time basis to manage the affairs of the Company and the Manager in managing the Portfolio.

Jay Hughes

Between 1986 and 2000, Mr Jay Hughes was employed by a Perth stockbroker that was part of a national and international group at the time. From 1994 he acted in the capacity of an Executive Director and before this as an Associate Director. Mr Hughes began work as a trading clerk on the trading floor of the ASX and progressed to be the head operator. He then proceeded to the sales desk and became involved in many facets of the management of the business as an Executive Director.
Mr Hughes has developed extensive offshore contacts and spent time in offices throughout Asia, Europe and United States. He has also visited resource projects on numerous occasions in Russia, North America, Africa and South East Asia.

From 2000 until the present date, Mr Hughes has worked for Euroz Securities and Euroz Limited and also acts in the capacity of Executive Director and Responsible Officer of both companies. During this time, Mr Hughes has been involved in the institutional sales department of the stockbroking business dealing predominantly with offshore funds. He is also heavily involved in many facets of the management and supervision of both companies.

Mr Hughes holds a Graduate Diploma in Applied Finance and Investment from the Securities Institute of Australia. He was recognised as an affi liate of ASX in December 2000 and was admitted in May 2004 as a Practitioner Member (Master Stockbroking) of the Securities and Derivatives Industry Association.

Mr Hughes will act as a Non-Executive Director of the Company and will also be a member of the Manager’s Investment Committee. His involvement with the Company will involve attending meetings of the Investment Committee and the Board and providing strategic advice and assistance to the Board from time to time.

It is anticipated that the average time to be made available by Mr Hughes to the affairs of the Company will be approximately 5 hours per week.

Jay Hughes

Between 1986 and 2000, Mr Jay Hughes was employed by a Perth stockbroker that was part of a national and international group at the time. From 1994 he acted in the capacity of an Executive Director and before this as an Associate Director. Mr Hughes began work as a trading clerk on the trading floor of the ASX and progressed to be the head operator. He then proceeded to the sales desk and became involved in many facets of the management of the business as an Executive Director.
Mr Hughes has developed extensive offshore contacts and spent time in offices throughout Asia, Europe and United States. He has also visited resource projects on numerous occasions in Russia, North America, Africa and South East Asia.

From 2000 until the present date, Mr Hughes has worked for Euroz Securities and Euroz Limited and also acts in the capacity of Executive Director and Responsible Officer of both companies. During this time, Mr Hughes has been involved in the institutional sales department of the stockbroking business dealing predominantly with offshore funds. He is also heavily involved in many facets of the management and supervision of both companies.

Mr Hughes holds a Graduate Diploma in Applied Finance and Investment from the Securities Institute of Australia. He was recognised as an affi liate of ASX in December 2000 and was admitted in May 2004 as a Practitioner Member (Master Stockbroking) of the Securities and Derivatives Industry Association.

Mr Hughes will act as a Non-Executive Director of the Company and will also be a member of the Manager’s Investment Committee. His involvement with the Company will involve attending meetings of the Investment Committee and the Board and providing strategic advice and assistance to the Board from time to time.

It is anticipated that the average time to be made available by Mr Hughes to the affairs of the Company will be approximately 5 hours per week.

Terry Budge

Mr Budge has had over 30 years experience in the Australian banking industry. Most recently he was Managing Director of BankWest from December 1997 to May 2004, during which time he guided the Bank through a period of significant growth culminating in the sale of the minority shareholdings to parent company HBOS plc in September 2003. He previously worked at National Australia Bank for 25 years in a number of senior executive roles, including State Manager, Queensland; State Manager, NSW & ACT; General Manager, Group Strategic Development; and Chief Economist.

Mr Budge is the Chairman of Leadership WA (appointed 4 August 2004), Chancellor of Murdoch University (appointed to Senate 1 June 2004) and a Director of Aspen Group Limited (appointed 6 May 2005) and Days of Change and a member of the Board of Advice for AON Risk Management Services Australia.

Mr Budge will act as a Non-Executive Director of the Company. His involvement with the Company will involve attending meetings of the Board and providing strategic advice and assistance to the Board from time to time. It is anticipated that the average time to be made available by Mr Budge to the affairs of the Company will be approximately 5 hours per week.

Terry Budge

Mr Budge has had over 30 years experience in the Australian banking industry. Most recently he was Managing Director of BankWest from December 1997 to May 2004, during which time he guided the Bank through a period of significant growth culminating in the sale of the minority shareholdings to parent company HBOS plc in September 2003. He previously worked at National Australia Bank for 25 years in a number of senior executive roles, including State Manager, Queensland; State Manager, NSW & ACT; General Manager, Group Strategic Development; and Chief Economist.

Mr Budge is the Chairman of Leadership WA (appointed 4 August 2004), Chancellor of Murdoch University (appointed to Senate 1 June 2004) and a Director of Aspen Group Limited (appointed 6 May 2005) and Days of Change and a member of the Board of Advice for AON Risk Management Services Australia.

Mr Budge will act as a Non-Executive Director of the Company. His involvement with the Company will involve attending meetings of the Board and providing strategic advice and assistance to the Board from time to time. It is anticipated that the average time to be made available by Mr Budge to the affairs of the Company will be approximately 5 hours per week.