Investec Ltd.

Andrew joined Investec in 1998 after completing his studies at Cambridge University. He has experience of working with both private and public companies on a wide range of transactions, including pre-IPOs, IPOs, fundraisings, demergers, acquisitions and takeovers.

Chris joined Investec in 1998 to cover the telecoms sector after a ten year career as a financial journalist. As business correspondent of the Independent Newspaper, Chris was responsible for coverage of the telecoms industry and utility sector. Previously, Chris spent seven years with the BBC as a TV and radio reporter in the Economics and Business Unit. Chris joined the Corporate Finance department in April 2003.

Having qualified as a barrister, Clifford worked for three years as a corporate financier at Flemings before spending three years as Business Development Manager at food, drink and retail group Grand Metropolitan plc. He then worked for Hambros Bank for eleven years, latterly as Head of Consumer Products Corporate Finance, before running his own M&A practice focused on the food and beverages sector. Clifford joined Investec in early 2005.

Dominic recently joined Investec after 6 years with private equity house, ISIS Equity Partners, where he was the Investment Director responsible for Media investment. He has investment and Board level experience in a range of private equity investments. Prior to ISIS he spent 4 years with Credit Agricole Indosuez.

Gary qualified as a solicitor in South Africa in 1997 and shortly thereafter moved to the UK where he worked for the DTI. Gary joined Investec in 1999 after obtaining his MBA and has worked on a number of public transactions, including IPOs, takeovers, public to privates and acquisitions. Gary has also worked with a number of clients on strategic consultancy projects.

James followed the Leisure sector as an analyst for ten years (including five years as the No.1 rated Leisure sector analyst) until mid-2005 when he moved into Investec's corporate finance department. James started work at Greig Middleton as an analyst in 1995 after gaining a degree in Psychology and an MBA. He joined Investec in 2001 after five years at Panmure Gordon.

Michael joined Investec in 1996 having previously worked for a venture capital firm in Moscow, Russia. He has worked on a variety of transactions including IPOs, other equity fundraisings, public takeovers and private acquisitions. Recent transactions have been in the energy, alternative energy and defence sectors.

Michael joined Investec in October 2005 after 18 years with UBS Investment Bank. At UBS, Michael spent ten years in international M&A and became head of the UK mid-market team from 1999 to 2005. As such, he had responsibility for coverage of UK listed companies with a market cap up to 1billion across all sectors. His role at Investec is to help drive Investec's strategy to expand market share in the UK mid-cap sector.

Nick joined Investec after 6 years with KPMG's Debt Advisory team where he advised a wide range of public companies and private equity houses in transactions covering the full spectrum of the debt markets. Prior to KPMG he spent 8 years in corporate and leveraged lending at NatWest and Scotiabank.

Rupert joined Investec in January 2002 having spent over seven years with WestLB Panmure working on a variety of transactions including takeovers, IPOs and secondary issues. Rupert specialises in media, leisure and support services.

Anthony completed his articles at KPMG before joining Investec Securities in 1999. He has analysed consumer and industrial stocks for four years and was rated in the FM survey (Beverages category) in 2000, 2001, 2003/4.

After leaving the LME in 1985, Bob worked at Kleinwort Benson for 11 years as a market maker, and then as a sales trader for 3 years at Sutherlands. Bob joined Investec as a sales trader in 1999 and later helped establish the firm's market-making function. He is currently involved in the development of client facilitation services in the large cap stocks.

After leaving Bath University, Chris joined Investec in June 2004. Chris is now part of the Growth Industrials team covering a range of Engineering & Machinery, Electrical and Electronics and Aerospace & Defence stocks.

Craig started his career as a civil engineer, consulting and contracting on large engineering projects in Southern Africa and the UK. Following completion of his MBA in the UK, he consulted within the telecommunications industry on major strategy and re-engineering projects. Craig entered the financial services industry in 1997 with ING Barings, achieving No.1 Financial Mail research rankings in both IT and Telecommunications. Craig joined Investec Securities (SA) in 2000 where he headed up Research and Sales. He moved to London in January 2005 to take up the position of Head of Securities and Sales.

After completing a degree in Economics, Daniel joined Carr Sheppards in August 1997. In August 1998, he joined the research department, where he was responsible for analysing the Technology, Telecoms and Support Services sectors. In September 2001, Daniel joined Investec Securities as a Business Analyst, principally responsible for the evolution of Investec's research product and process.

David, a qualified engineer, joined Investec in 1993. His expertise lies in private equity transactions, flotations, and mergers and acquisitions in both public and private companies.

After completing his Masters in Economics at Warwick University, David joined the Government Economic Service in 1996, first working for the Office of Electricity Regulation, before moving to the Debt Management Office, an Executive Agency of HM Treasury, in 1998. David joined Investec in May 2000, working in the Treasury and Specialised Finance area, supporting interest rate trading activities. In April 2003, David joined Investec Securities and currently provides macroeconomic advice for the group.

Dominic joined Investec on 1 April 2004 to help establish Investec's Hedge Fund team. Dominic has approximately 15 years experience in sales and sales trading. Previously, he worked at Commerzbank Securities as a pan-European Hedge Funds sales trader for 3 years and prior to that at Robert Fleming as a salesman and sales trader in New York and London.

Duncan joined Investec in early 2004 as an Analyst within the Corporates team. Since 2007 he has taken on a Portfolio Manager Role for the Gresham Capital CLO platform. Prior to joining Investec Duncan worked for BDO for 7 years, formerly for 5 years in their Johannesburg office where he qualified as a Chartered Accountant and latterly for 2 years in their London office. He holds a Bachelor of Commerce (Honours) degree from the University of South Africa.

Having studied Accountancy at Glasgow College and completing a Masters in Finance at Strathclyde University Business School, Graham joined Stirling Hendry in 1991.In 1992 he became part of the agency broking team where he dealt in small and mid-cap UK stocks before joining Investec in November 2005.

Greg Carstens joined Investec in April 2006 as a loan analyst. He is responsible for the analysis of new investment opportunities in leveraged loans and the on-going monitoring of their performance. Greig concentrates on the Aerospace, Leisure and Retail sectors. Prior to joining Investec Greig worked for Deloitte Corporate Finance in London in their Quoted Lead Advisory practice focusing on Listed Companies. Greig qualified as a Chartered Accountant with KPMG in Johannesburg whom he joined in 2001 specialising in banking and asset management. Greig holds a Bachelor of Commerce (Honours) degree from Rand Afrikaans University.

After qualifying as a medical doctor from Oxford University (as well as gaining an MA in neuropsychology), Ibraheem joined Accenture (then Andersen Consulting) and worked on Corporate Strategy for many major pharmaceutical companies. He subsequently spent a number of years in Nomura's specialist Healthcare corporate finance team where he was involved on a mix of fund raisings, M&A, private placements and general advisory to UK/European healthcare and biotech companies. At Investec, Ibraheem brings his medical, commercial and corporate strategy backgrounds together to his role as a specialist biotech and healthcare research analyst.

Prior to joining Investec, James was an equity salesperson for UBS Warburg for 20 years. Whilst at UBS, James spent 5 years in their New York office selling Pan-European equities. After taking a break from the City, he joined Investec as a general salesperson in October 2004.

James joined Investec in August 2000 after completing his A levels. His first role with Investec was in settlements where he gained 4 years experience of UK and foreign operations. In July 2004, James joined the trading area, initially dealing in UK large cap stocks on SETS before moving to his current role as a member of the market making team.

John joined Investec in February 2003 from WestLB Panmure, where he headed the Pan-European Transport Research Group. He was consistently ranked 1st in the Reuters UK Smaller Company Survey, 3rd in the 2000 Thomson Extel Pan-European Survey and 4th in the 2003 Institutional Investor Survey (UK Small-Midcap). Prior to joining WestLB Panmure, John was at Charterhouse Tilney (now ING Barings) for 17 years as a transport analyst, latterly as team leader. John began his career with Exel in 1972, initially in operations as a navigation/cargo handling officer and latterly in the commercial department (planning and development).

John Warren joined Investec Securities in September 2005 after working at both Williams de Broe and HSBC for 4 years as a specialist smaller company sales person. Prior to this, John worked in the HSBC Growth Companies corporate finance team for 2 years, where he worked on a number of M&A transactions and equity fund raisings. John graduated from Loughborough University with a 1st class degree in Economics and then qualified as a chartered accountant with PwC.

Julian Yates joined Investec at the beginning of 2006. He started his career as an analyst at ABN AMRO in 1999 where he worked as a Software and IT Service analyst. During his time at ABN AMRO, Julian covered both UK mid cap and Pan European large cap companies. The team was ranked number 3 in Institutional Investor and Extel 2003/4. He moved to Deutsche Bank in 2004 where he continued to cover the UK and European IT Software and Service sector, where the team was voted number 1 in Institutional Investor 2005. Julian graduated from Nottingham University in 1999 with a BA in Industrial Economics.

Mark started his career in individual life product development with Sage Life before moving to the UK to perform the same function for the National Provident Institution. He then completed his MBA at the Graduate School of Business in Cape Town before joining BOE Securities as an assistant insurance analyst. Mark then joined the First Rand ecommerce team to develop and start eBucks, a banking portal and customer appreciation program. He subsequently returned to research at HSBC, prior to joining Investec Securities in 2002. Mark was rated in the 2002 and 2003/4 FM Survey in the Life Assurance Sector. He also achieved a number five rating, in the 2003/4 FM Survey in the Short Term Insurance sector.

Martin joined Henderson Crosthwaite in 1997 as a junior dealer after graduating from Durham University. Following the acquisition of Henderson Crosthwaite by Investec in 1999, Martin continued to trade UK equities on behalf of Institutional clients. In 2001 Martin joined the UK Sales Trading team where he now services a number of key UK & European Institutions.

After completing his Masters in Mathematics at the University of St Andrews in 2003, Matthew joined RBS Financial Markets as an Economist focusing on the euro area to provide Macroeconomic research and advice for interest rate trading activities. Whilst at RBS, Matthew completed a PgCert in Economics from Birkbeck University. In September 2006, Matthew joined Investec Securities to provide Industry research and analysis within the Support Services Sector.

Matthew joined Investec Securities (UK) telecoms research team in April 2003, assuming responsibility for the coverage of small and mid-cap telecoms as well as the mobile content sector. In the last Small-Mid Cap UK Institutional Investor Survey, Investec was ranked No. 1 for Telecoms. Previously Matthew analysed telecoms hardware and software sectors, based in the United States and Israel. Matthew gained an MA in International Business Economics at Cambridge Business School.

Nick began his career as a mining geologist with BP Minerals and Rustenburg Platinum before entering the City in 1982. Over the past 23 years he has built up widespread experience as a mining analyst, specialist mining salesman and manager of resources teams in London and New York. Nick joined Investec in 2001, has Top 3 ratings from a number of major institutional investors in London, and was ranked #5 in the 2005 Financial Mail Survey in South Africa.

Nick Howard joined Investec as an Analyst in September 2005 from Sumitomo Trust, where he looked after a wide portfolio of UK and European leveraged loans. In his new role, he is responsible for the analysis of UK and European leveraged loans, sourced from both the primary and secondary markets, together with responsibility for on-going monitoring of the performance of loans which he was involved in from the outset. He has a particular focus on the Directories, Distribution and Publishing sectors. He holds a degree in Biomedical Science from the University of Kinston-upon-Thames.

After studying Economics and Accounting at Liverpool University, Nicola joined Charterhouse Securities in 1986, where she helped to establish the Food Manufacturing research team. In the mid 1990's Nicola was also responsible for establishing/heading the Charterhouse specialist small cap research team, whilst continuing to research small/mid cap food stocks. Nicola joined Investec's Food Manufacturing team in 2003. She has been consistently highly ranked in a number of surveys ranging from the Small-Mid Cap UK Institutional Investor Survey through to the 2005 Sunday Times/Starmine survey.

Philip Shaw has been at Investec since July 1997, covering both UK and global economic issues. He has devoted much of his time to working in Investec's Treasury area but has been an integral part of the Securities team for the past two years. Before joining Investec, Philip was Chief Economist at Union Discount where he gained a particular expertise in money markets. Philip has an economics degree from Bath University and a masters degree in econometrics from the University of Manchester.

Richard began his City career over 40 years ago in fund management. He moved into broking in 1971 and became a specialist technology analyst in 1974. In 1989, he and a number of colleagues joined Henderson Crosthwaite to form a Technology team and Richard was largely responsible for building up Investec's list of Technology clients during the 1990's. His role gradually changed to a specialist sales function and he has led many IPO's and other fund raisings, as well as marketing Technology shares to institutional investors in the secondary market.

After leaving Oxford University, Robert entered the City where he initially covered the Diversified Industrials and the Overseas Traders sectors and was top ranked in both sectors. From its inception, Robert then concentrated on the Support Services sector, which largely evolved out of the Diversified Industrials sector, and his team at WestLB Panmure was ranked either no 1 or number 2 in the various research surveys. Robert joined Investec in January 2004. In addition to his analyst responsibilities, Robert heads up the Support Services Research team within Investec.

Stephen has nearly 30 years experience in the City, having occupied trading roles at Tilney & Co, Capel Cure Myers, Charterhouse Tilney, UBS Asset Management, West LB Panmure and Nomura, where he helped establish the UK Sales Trading desk. Stephen joined Investec as a Sales Trader in 2002.

After leaving Nottingham University, Tessa joined Charles Stanley in January 2001, covering the capital goods sector, with a focus on large cap stocks. In September 2003 she joined Seymour Pierce covering the construction and building materials sector. With an initial focus on the house building sub sector, she subsequently added small-mid cap contractors and building material stocks to coverage. At Investec Tessa brings specialist sector knowledge together with an industry background in engineering to her role as a construction and building materials analyst.

Vince started his career in 1972 in the investment department of London and Manchester Assurance Co. He moved to Quilter Goodison in 1980 where he ran the Small Companies team. He then moved to Panmure Gordon where he specialised in Paper and Packaging and then Support Services, where the team were ranked number one in the last Reuters survey and number two in the 2003 Small/Mid Cap Institutional Investor Survey. Vince joined Investec in January 2004.