SCHEDULE OF APPENDICES

Alexander James Stewart

APPENDIX I

1969 - 1972	Oriel College, Oxford Academic: B.A. Hons., Jurisprudence: 8 special subjects Law Moderations: 3 special subjects M.A. 1970: Travel Scholarship (Thesis on St. John the Divine; Patmos & W. coast of Turkey) 1972: Post-Graduate Diploma: place awarded but not taken up (Scottish Education Department restrictions governing funding of further degrees). Other: College Rugby Secretary, The Gridiron Club Committee Member, The Oriel Society
1964 - 1968	Winchester College Academic: ‘A’ Levels: English, German, French, History of Art & Architecture; General Paper, Use of English ‘S’ Level: German ‘O’ Levels Headmaster's Prize for Art Headmaster's Prize for German Speech Other: Prefect Secretary, JCR School Boxing and Gymnastic Teams Theatre Rowing CCF Cross-Country Running Usual range of academic, pastoral, recreational and sporting activities.
1960 - 1963	Abberley Hall

APPENDIX II

1985 -1987

Wood Mackenzie/Hill Samuel European Equities Department Deputy Head of start-up operation. Revenue growth: zero to c.£3.5m over 18 months. Responsibilities in Administration, Research, Sales. Expansion of team to 7 over period; integration with mature UK operations, e.g. Sector Research, Clearance / Settlements and Client Management. Established from standing start UK and Continental European institutional client base. Set up, expanded and serviced wide range of industrial / corporate / intermediary contacts throughout Europe. Close co-operation with European Primary / Origination / Corporate Finance teams in parent group.

APPENDIX III

1987 -1992

Baring Securities European Equities Division Assistant Director, 1989; Director, 1991 (Baring Securities Ltd.), 1992 (Baring Securities (Europe) Ltd.). Joined group of 400 employees - increased to c.1,500 over 6 years. European Equities Division headcount growth from c.10 to c.85 over same period. Divisional revenues expanded from c. £500,000 to c. £10m p.a. over period. Department operated across 5 centres: London, Paris, Frankfurt, Tokyo and New York - joint co-ordination responsibility across network. Principal day-to-day responsibilities: Sales and Trading, all continental European markets, with special interest in and responsibility for Emerging Markets. Involved in setting up Paris office and re-structuring Frankfurt office (European sections). Involved in management and expansion of Equity Research Department - geographical and sector coverage (12 markets). Closely involved in structure, launch and trading of 2 dedicated Equity Country Funds:The Capital Portugal Fund The Greek Progress Fund (‘Proodos’) (Continuing responsibilities included research back-up, local Fund Manager advisory and liaison, and related services.) Involved in formation, integration and expansion of European Equity Derivatives team (sales, research and market-making/trading) and of Futures and Options (index and stock) trading. Involved in integration of secondary trading activities with European primary/origination teams and European M & A and Corporate Finance/Advisory Services in parent company (Baring Brothers). Department Compliance Officer.

APPENDIX IV

1992 - 1995

Inverlat International Set up company on green-field basis for Grupo Financiero Inverlat, Mexico, with 2 former Barings colleagues. Built up company headcount to target complement of 20. Compliance Officer, 1992-3 Company Secretary Responsible for recruitment, research, and legal / administrative / remuneration structures. Pan-Latin American Sales covering London, Scottish and continental European Institutions. Co-ordination and book-running of numerous Placings and New Issues, including first-ever dedicated Peruvian equity country fund. Generated solo c.US$2m secondary agency equity commissions (exit FY). Also involved in primary, country fund and equity warrants research and distribution, and in selective origination work (in conjunction with Casa de Bolsa Inverlat, Mexico City). 1994 commission target achieved (team): US$10m.

APPENDIX V

1995 - 1996

Deutsche Morgan Grenfell Emerging Markets Division Director, Morgan Grenfell International Ltd; thereafter Director, DMG Emerging Markets, following group integration with Deutsche Bank. Responsible for Eastern & Central European, Russian, Latin American (principal involvement) and other (Pakistani, Zimbabwean, Turkish, Israeli) Equity and country funds sales. Set up secondary Emerging Markets (principally Latin American - local markets and ADRs) Equities sales activities with respective Research and Trading support. Responsible for liaison with E.M. Debt Trading operation; Equities Trading / Market-making / Research / Strategy and Economics; Origination and Primary teams; Country Funds trading activities. Supervision of E.M. Equities sales presence at DMG offices in New York, Hong Kong/Singapore and Moscow; also of Latam Equity Research (temporary responsibility). Involved in issues and placings, including: IRSA Convertible Bond Templeton Russian & Eastern European Debt Fund Ceska Sporitelna Siderar AIG Latin American Infrastructure Fund Casa Autrey HF Egypt Equity Fund Trans-Zambezi Industries

APPENDIX VI

1996 - 1998

Banco do Brasil Securities Head of Division (Equities) (Directorships restricted to employees of parent Banco do Brasil S.A.). Responsibility for all Equities functions (Sales, Trading / Dealing, Research), integration with Capital Markets Division and counterpart operations (including Origination, Advisory and Underwriting) in Rio de Janeiro. Set up Division on green field basis, building team of 7 (London and San Paulo) servicing institutions in UK and Continental Europe; blueprinted and coordinated legal, administrative, compliance / regulatory and operational frameworks and functions; acting Head of Research and Head of Sales. Involvement in range of Brazilian and other primary and privatisation issues (also primary placing of GFM Cossack C. I. S. Bond Fund).

APPENDIX VII

1998 - 1999

Raiffeisen Zentralbank (‘RZB Austria - London Branch’) Deputy Head of Capital Markets; de facto Head of Equities. Responsible for all Equities functions (Sales, Trading / Dealing; integration with expanding Research operations); special responsibility for restructuring of settlements and back office activities, and for transfer of clearing operations to Vienna hub. Deputising for Head of Capital Markets during absence, assuming charge of Debt activities and Management Committee responsibilities. Liaison with Vienna Head Office for primary and secondary markets purposes. Expansion of and liaison with group Investment Banking units, notably incorporation of New York operation, for Equities purposes. Selective responsibilities for depositary and corporate banking clients. Origination and co-ordination of primary and secondary placements and new business, including: Antenna Hungaria Prosper SA Bass UK (Bid for minorities in Prazske Pivovary.) GFM Cossack CIS Bond Fund OEP Czech and Slovak funds

APPENDIX VIII

1999 - Present

Instinet (Europe) Ltd. World’s largest agency-based global equities trading house – ECN model. Listed on NASDAQ, May, 2001. London hub governed EMEA region (Dublin - Dubai). Identification, formalisation, management and development operations. Co-ordination of Research activities with other global regions. Distribution of Research and integration with Sales, Trading and related products. Development of divisional policy & strategy and integration with global regions. Departmental responsibility for Compliance, Legal, Financial, Risk and associated functions. Senior management etc. committees membership. Departmental personnel/resources deployment. Centralised Institutional client Account Management for U.K. and Middle East (formerly also most continental European countries) for Research distribution, funding and integration. Specialist Research sales (principally pan-European industry sector-based) to European Portfolio Managers, U.K., Europe, Middle East. Regular financial markets commentator for financial programmes on CNBC, CNN and BBC.

APPENDIX IX

2002 - Present

Eden Financial Ltd., London Independent and strategically, neutrally positioned financial services group, focused on Institutional European equities trading, HNW discretionary and advisory portfolio management services and other investment interests. Appointed to set up new business stream providing integrated Independent Research intermediation, coordination and consultancy services for institutions: senior management position initially as Head of Institutional Marketing and Research, then as Director, Independent Research. Responsible for creating new institutional client-base focused on integrated asset-management groups and hedge funds to complement underlying IDB and nascent Institutional trading business, thereby building pan-European equities execution operations. Green-field circumstances involved creation of infrastructure, operating team/personnel and integration with existing support services (compliance, settlement/clearing, trading, finance etc.). Simultaneous mandate to raise and project business profile and penetration overall through work with PR consultants, focusing on media commentary, publication of sector-specific articles in specialist press and active involvement in regulatory and industry entities. Commissioned to write analytic articles on CP176 (Transparency, Soft Commissions and Unbundling); CP205 (Conflicts of Interest), Credit and Risk issues, smaller companies, the Parmalat failure etc. etc.. Functional roles developed in CP176 and CP205 processes – close involvement with regulators, press and industry bodies, with participation in discussion groups, seminars and policy-related forums. Consultancy attachment to FSA to work on Conflicts of Interest in Investment Research (market research and evaluation project). Founder member of AIRP (Association of Independent research Providers); Main Board attendee as Chairman of MAC (Markets Advisory Committee).

Updated to 23rd March, 2009