Investment

Andrew Dalton Investment Experience: 36 years Dalton Strategic Partnership: 6 years (Managing Partner) Focus: Top Down Andrew was previously employed with S G Warburg & Co Ltd, Mercury Asset Management Group Plc and Merrill Lynch Investment Managers for 30 years.  Latterly he headed that firm’s Total Return Team.  He was an executive director of Mercury Asset Management Group plc from its establishment in 1987 until its sale in 1997 and Vice Chairman of its principal operating subsidiary, Mercury Asset Management plc.  He was Chairman of Mercury Selected Trust and of Mercury Offshore Sterling Trust, its two flagship offshore fund groupings.   He was also the first President and subsequently Chairman of Mercury Asset Management Japan Ltd.    In addition, he was Chairman of Mercury/Merrill Lynch’s other Far Eastern subsidiaries in Hong Kong and Singapore and a Director of the Mercury KAG.  He was responsible for Mercury’s international business in the 1990s and at various times has been a North American specialist fund manager and Head of the Far Eastern Investment team.  For most of the last 20 years, he has been a member of the Mercury/Merrill Lynch Investment Managers Central Investment Strategy Group.  He has a degree in Modern History from Magdalen College, Oxford.

U.R. Bhat Investment Experience: 17 years Dalton Strategic Partnership: 3 years (Partner)  Focus: India Stock Selection UR is the founding member of Dalton Capital Advisors (India). He was a former Director and Chief Investment Officer of Jardine Fleming India Asset Management and its successor JF Asset Management (India). Prior to this he was Executive Vice-President of Indian Bank Mutual Fund,  a pioneer company in India’s mutual fund business.  U.R. has over 15 years experience and holds an M.Sc. from the Indian Institute of Technology and is a Fellow of the Chartered Institute of Bankers, London.

Leonard Charlton Investment Experience: 10 years Dalton Strategic Partnership: 2 years (Partner) Focus: European Stock Selection Leonard was previously employed by GLG Partners where he was co-manager of the GLG European Opportunity Fund. Prior to this he was an equity trader for Goldman Sachs International between 1998 and 2003. Leonard holds an MSc in Management Science from the University of Manchester Institute of Science and Technology.

Peter Kaye Investment Experience: 12 years Dalton Strategic Partnership: 4 years (Partner) Focus: North America Stock Selection Peter was previously employed by Henderson Global Investors as Head of their North American Equity Team.  Prior to this, Peter was the Manager of the Mercury Selected Trust North America fund, which was AAA rated by S&P.  Peter was educated at Cambridge University, where he obtained an MA and a PhD.  He is also a CFA Charterholder.

Henrietta Luk  Investment Experience: 21 years Dalton Strategic Partnership: 3 years (Partner) Focus: Asia Stock Selection As Managing Director of Dalton Capital (Hong Kong) Ltd, Henrietta has more than 20 years experience as an investment professional, having been a securities analyst for two and a half years and a fund manager for the last 18 years. She spent five years at Hambro Pacific Fund Management, where she was the director heading the investment team. She won the Micropal Award for the UK Investment Trusts Far East ex Japan Sector in 1996 and in 1997, she was named Fund Manager of the Year by Investment Week. She was one of the co-founders of Eva Asset Management and was the manager of Eva Shareholders' Value Fund.

Karen Dai Investment Experience: 2 years Dalton Strategic Partnership:  1 year Focus: Asia Stock Selection Karen has joined the Asian team as an analyst to assist Henrietta Luk.  Originally from Shanghai, China, she moved to Hong Kong in 2003 after winning a scholarship to study at the University of Hong Kong.  Prior to joining Dalton, Karen was employed for a year at Qi Yuan Asset Management (Hong Kong) Limited.

Ken Nishizawa Investment Experience: 34 years FuNNeX: 8 years (President and CIO) DSP: 4 years Focus: Japan Stock Selection Ken is the President and CIO of FuNNeX Asset Management which was established in January 2000. He started his career as a research analyst and, later, strategist at Nikko Securities, before joining Warburg Investment Management (later Mercury Asset Management and Merrill Lynch Investment Management) in Tokyo in 1986 as a fund manager, subsequently becoming the Managing Director in charge of the Japanese equity fund management team. During his career at Mercury Asset Management, Ken managed the Mercury Selected Trust (MST) Japan Opportunities Fund from inception in 1986 to December 1999 when he left the firm. During this period, the MST Japan Opportunities Fund received ‘Best Performer’ awards for 1 year in 1996; 3 years in 1997 and 3 and 5 years in 1998 from S&P; and for 5 and 10 years in 1998 from Lipper. The fund was rated AAA by S&P Fund Research and awarded **** by Global Fund Analysis. Ken also advises on the Melchior Japan Fund, a long-short equity hedge fund.

Glen Pratt Investment Experience: 14 years Dalton Strategic Partnership: 2 years (Partner) Focus: UK Stock Selection Glen joined from Newton Investment Management, where he was lead manager on £1.7 billion of UK equities, including the Newton Growth Fund (A rated by S&P) and the Newton Income Fund (A rated by S&P and AA rated by OBSR - Forsyth). He joined Newton in January 2003 from Fidelity where he managed the Fidelity UK Aggressive Fund. Under his management this fund achieved top quartile performance over four years and was rated 5 star by Morningstar.

Kim Ward Investment Experience: 19 years Interward Asset Management: 19 years (President) Dalton Strategic Partnership: 2 years Focus: Canada Stock Selection Kim launched Interward Asset Management as an investment vehicle for family assets subsequent to the sale of Wardair Canada Limited in 1989.  Kim began at Wardair in 1975 as a pilot and held a progression of positions including director or Vice President level positions in Duty Free Sales, Information Systems, Cabin Services and Passenger Services.  In 1989, Kim was Vice President of Sales and Marketing and a Board member.  He oversaw strategy in transitioning the airline from charter to scheduled services.  Wardair was the third largest airline in Canada at time of sale.  Kim has been on various corporate boards through the years.  At present it is our policy to avoid outside directorships in order to minimize conflicts of interest and to focus on investment management.  Kim has a Bachelor of Commerce Degree from the University of Alberta.

Andrew Best Investment Experience: 23 years Interward Asset Management: 18 years (Managing Director) Dalton Strategic Partnership: 2 years Focus: Canada Stock Selection Andrew joined Interward in 1990, at its inception, as the Director of Financial Analysis in 1990.  Previously Andrew worked at Varity Corporation, a $3billion industrial equipment manufacturer as a senior business analyst.  Andrew has a Bachelor of Law from Queens University, and a Masters in Business Administration from the Australian Graduate School of Management, University of New South Wales, Sydney.

Jenifer Rush Investment Experience: 15 years Interward Asset Management: 3 years Dalton Strategic Partnership: 2 years Focus: Canada Stock Selection Jenifer was previously a principal with Laketon Investment Management (purchased by Great West Life Insurance in 2004) for six years where she was one of three portfolio managers responsible for management of Cdn$3.5 billion invested in Canadian equities.  Prior to that, Jenifer worked with the team that managed Cdn$2.0 billion at both Canagex and Manulife Financial.  She has a degree in Economics and is a Chartered Financial Analyst.