ROBERT OWEN
Non-Executive Chairman

Robert has over 32 years' experience in the financial services industry. Since 1992 he has held senior positions in the Asian operations of the Nomura Group, as well as being a director of The International Securities Consultancy Limited, Citibank (Hong Kong) Limited and various other enterprises and investment funds. He is currently a Board Member of the Dubai Financial Services Authority and of Singapore Exchange Limited (SGX). Robert is also Chairman of IB Daiwa Corp.

In 1988, Robert became Adviser on Securities Markets to the Hong Kong Government and led the implementation of extensive reforms to the Hong Kong regulatory system, which included the establishment of the Securities and Futures Commission (SFC). In 1989, he became the first Executive Chairman of the SFC, where he served until 1992. From 1993 -1996, Robert was a Council Member of Lloyds of London.

Prior to 1988, Robert held senior positions in the Lloyds Bank Group and Morgan Grenfeld.

Robert is Chairman of the Audit Committee and a member of the Nomination Committee.

SIMON FRY

Chief Executive Officer

Prior to joining Crosby Asset Management as CEO in 2003, Simon had over 20 years of experience in the investment banking industry, most recently within the Nomura Group where he was a Managing Director and European Board member, as well as a member of Nomura's Risk Committee and Credit Committee. Simon is a Non-Executive Director of Crosby Capital Limited, the majority shareholder of Crosby Asset Management.

Simon joined Nomura in 1994 where he initiated and built Nomura's successful Asset Investment Group (AIG). The focus of AIG was to create specific product and strategy groups to invest in mis-priced and undervalued credit and equity exposures. This was done through a variety of both private and public equity, debt and derivative instruments. During this period, Simon was also Chief Executive Officer of Nomura's highly regarded International Markets Division. This division was responsible for all the capital market activity in equity, fixed income and derivatives, as well as the fixed income primary origination.

From 1980, Simon worked at Credit Suisse First Boston for 14 years trading a variety of securities encompassing both fixed income and equities. Having spent two years within the CSFB Group in New York, at the First Boston Corporation, Simon returned to London and developed CSFB's Asset Trading Group. As a Managing Director he built a team to focus primarily on arbitrage strategies within the public markets and generated significant returns over a number of years for the bank.

Simon is a member of the Remuneration Committee.

Johnny directs the strategic development of Crosby Asset Management's asset management businesses. He is Chairman and CEO of Crosby Asset Management (Hong Kong) Limited and CEO of Crosby Wealth Management (Hong Kong) Limited, both licensed by the SFC in Hong Kong, and is the principal portfolio manager for the Hong Kong SAR Government's Applied Research Fund. Johnny is also a Non-Executive Director of Crosby Capital Limited, the majority shareholder of Crosby Asset Management.

Johnny has over 22 years of corporate finance and investment banking experience in leading global financial institutions. In 1999, he was managing director of Bear Stearns Asia Limited. Prior to that he was an executive director at UBS and a director at Citicorp, where he worked with Ilyas Khan. At UBS and Bear Stearns, Johnny was responsible for a number of innovative capital market and corporate finance transactions, including several landmark deals for Chinese and Asian issuers.

ILYAS KHAN
Non-Executive Director

Ilyas Khan is Chairman and Chief Executive Officer of Hong Kong listed Crosby Capital Limited (formerly Techpacific Capital Limited), which he founded in December 1998 and which is the ultimate holding company of Crosby Asset Management.

Ilyas is Group Managing Director responsible for the merchant banking activities at Crosby Capital Partners Inc. (now known as Crosby Asset Management Inc.). Prior to December 1998, Ilyas was a senior member of the management team of the International Markets Division, and a Managing Director, of Nomura, with specific responsibility for investment banking and fixed income business in non-Japan Asia, where he worked closely with Simon Fry.

Ilyas has worked at other financial institutions such as Citicorp, UBS, Nomura and Schroders. At both Citicorp and UBS, Ilyas initiated, built and then managed regional corporate finance and capital market businesses in Asia and was responsible for a number of landmark transactions and "deals of the year" across Asia.

STUART WESTWATER
Independent Non-Executive Director

Stuart began his career with Citibank in 1973 where he became treasurer for the Netherlands. He was recruited in 1981 by Bank of America as Senior Vice President responsible for its North American foreign exchange and Eurodollar trading operation. Stuart left Bank of America in 1996 and became associated with Gulf International Bank, Lazard Brothers and the United Bank of Kuwait PLC in various capacities, capitalising on his extensive knowledge of the Middle Eastern private and public sectors. At present he is Chairman of the Mauritius Mayur Fund, which manages funds of a Middle East-based government institution for investment in India and Asia.

Stuart is Chairman of the Remuneration Committee and a member of the Audit Committee and the Nominations Committee.

PETER MOSS
Independent Non-Executive Director

Peter has over 27 years of experience in the financial markets, the last 20 of which have been in London. He has held senior positions with firms including Dresdner Kleinwort Wasserstein, Donaldson Lufkin Jenrette and Commerzbank with particular emphasis on product sales to hedge funds involved in risk and capital structure arbitrage. He is currently the Investor Relations Manager for AIM-listed Max Petroleum Plc, an oil and gas exploration company focussed exclusively in Kazakhstan. Additionally, Peter is a Director of Osmium Capital Management, a Bermuda-based hedge fund.

Peter is Chairman of the Nomination Committee and a member of the Audit Committee and the Remuneration Committee.

MARTIN ANGUS
Chief Financial Officer

Martin joined Crosby Asset Management in June 2003 and is based in Hong Kong. He has over 18 years of experience in the investment and financial sector. For nine years Martin was involved in public practice with KPMG, splitting his time between London and Hong Kong, and for five years he worked with a significant private investment group with a substantial and diversified investment portfolio with a focus on alternative asset classes.

Martin is also the CFO of Crosby Capital Limited, the majority shareholder of Crosby Asset Management.

Martin is a member of the Institute of Chartered Accountants of England and Wales and an associate member of the Hong Kong Institute of Certified Public Accountants.

STEVE FLETCHER
Chief Operating Officer

Steve has 20 years of investment banking and management consultancy experience. Most recently, he was Chief Operating Officer of Nomura's International Markets Division where he worked along side both Simon Fry and Ilyas Khan. Prior to joining Nomura in 1996, Steve worked with Simon at Credit Suisse First Boston for seven years. Steve graduated from Manchester Business School with an MBA in 1987.