The Directors have appointed Taliesin Management Limited (TML) to provide the Company with investment advisory services. Pursuant to the Investment Adviser Agreement, TML is responsible for managing the Portfolio through the investments made in underlying entities and assets, in accordance with the investment objectives and strategy determined by the Directors. The following are considered to be the key personnel of TML:

Mark Smith – Chief Executive Officer of TML
Details of Mark Smith are set out in The Directors section.

Paul Luke – Chairman of TML
Paul Luke is co-founder and former chairman of Convivo Capital Management Ltd., a UK fund management company. He has worked in the City of London since 1977. Between 1977 and 1986 he worked at the Bank of England and the Cabinet Office. Thereafter, he held various senior investment banking positions within the West-Deutsche Landesbank and Deutsche Bank Groups, and was a director of Deutsche Morgan Grenfell. He has been investing in the German property market since 1993. Mr. Luke graduated with first class honours (BSc Econ) from the University of Wales in 1974 and has published widely on markets, receiving several awards for his research.

Michael Milbourn – Director of TML
Michael Milbourn has been involved in the London financial community since 1970 and for ten years ran a successful Emerging Markets trading and financing business. In 1995 he made the transition to Chief Operating Officer at West Merchant Bank during a major transformation of the business, in which role he assumed responsibility for all operational, administrative and support activities as well as being chairman of the operations committee, counterparty risk committee and promotional activities committee. He holds a Bachelors degree in Industrial Economics and recently obtained a Master’s degree in Law with a commendation for his dissertation on corporate governance. Prior to joining TML he acted as an entrepreneur and adviser engaged in a variety of business and charitable activities.