Mr Ted Dow – Managing Director

Ted holds primary responsibility for managing the DIF Mezzanine Debt Trust.

Ted joined DIFCP as Chief Investment Officer in 2005 from Westpac Institutional Bank where he was Managing Director and Co-Head of Financial Sponsors Group. In this role he completed over 45 transactions worth an aggregate enterprise value of over $12 billion whilst leading a team of ten in leveraged finance, mezzanine debt investment and private equity capital raisings. He was responsible for establishing a mezzanine debt capability at Westpac.

Prior to joining Westpac, Ted worked with AMP Henderson as Investment Manager – Private Capital (1997 through 2000). Working in both London and Sydney, he led AMP’s mezzanine and high yield debt operations and also initiated, managed and advised upon equity investments in corporate private equity, power infrastructure and telecommunications assets. He has also been employed at Xstrata (MIM) as Assistant Treasurer (1994 through 1997) and in other corporate treasury roles with Shell Petroleum, Fuji Film and Guinness PLC. He has previously been a panel member or session speaker at the annual Australian Venture Capital Association Conference as well a numerous other Private Equity seminars.

Ted holds an Advanced MBA from the University of Queensland, a Masters in Financial Management from Manchester Business School, a Postgraduate Degree in Japanese Studies from Kansai Gai Dai (Osaka), and a BA Magna Cum Laude in Economics from Boston University.

Contact: +61 (0)2 9375 2476, +61 414 682 750, or ted.dow@dif.com.au

Mr Fergus Neilson – Managing Director

As the founder and Managing Director of DIFCP. Fergus was appointed Chief Executive Officer in January 2003.

Prior to DIFCP, Fergus was the Managing Director of Chifley Financial Services from September 1996 through July 2001. Previously with Norwich Financial Services Group, Jamison Equity/Lang Corp, and McKinsey & Company. Fergus holds an MBA from Macquarie University, an MA from the University of British Columbia and an Honours BA from Nottingham University.

Contact: +61 (0)2 9375 2475, +61 418 609 371, or fergus.neilson@dif.com.au

Mr Elliott Wong – Investment Director

Elliott joined DIFCP in March 2008. Elliott is responsible for the investment and asset management activities of the DIF Mezzanine Debt Trust. He also oversees the fund operations function.

Elliott was previously employed as the Financial & Asset Controller of a managed investment company listed on the Singapore Stock Exchange. In this role, his primary responsibility was to manage and oversee the asset management function. The asset management function involved analysis and reporting on investments performance and providing transaction support. Elliott also oversaw all aspects of financial accounting, reporting and compliance with external regulatory requirements. Prior to this position, Elliott was an Audit Manager in the financial services division of PricewaterhouseCoopers Sydney. In this role he focused on banking and capital markets and provided accounting advice for various structured finance transactions. Elliott has also held senior associate roles with Ernst & Young and Andersen.

Elliott is a member of the Institute of Chartered Accountants of Australia. He holds a Bachelor of Commerce majoring in Accounting and Information Systems from University of New South Wales and has completed Graduate Diploma in Applied Finance and Investment through the Financial Services Institute of Australasia.

Contact: +61 (0)2 9375 2474, +61 413 296 993 or elliott.wong@dif.com.au

Mr Adrian Ng – Investment Manager

Adrian joined DIFCP in March 2008. Adrian is involved in the investment and asset management activities of the DIF Mezzanine Debt Trust and holds primary responsibility for the operations of the fund.

Adrian was previously employed as an Asset Analyst at a managed investment company listed on the Singapore Stock Exchange. In this role, he led the asset management function. This involved analysis and reporting on investment performance and providing transaction support. Prior to this position, Adrian was employed at Citco Fund Services. In this role, he focused on hedge fund services where he was responsible for pricing analysis and NAV calculations.

Adrian Ng is an associate of Financial Services Institute of Australasia (FINSIA) and CPA Australia. He holds a Masters of Commerce majoring in Corporate Finance from University of Technology Sydney and a Bachelor of Commerce majoring in Accounting from Macquarie University.

Contact: +61 (0)2 9375 2477, +61 401 825 425 or adrian.ng@dif.com.au

Mr Ed Hill – Investment Manager

Ed began working with DIFCP in November 2007 as a contractor.

Ed has run Paradox Capital, since December 2007 and holds account management responsibilities for $200 million of loan commitments across three assets. Prior to this role, Ed worked with GMAC Commercial Finance / BNY Financial (Senior Vice President – Team Leader), with Republic Business Credit Corp (Vice President - Account Executive), with BancBoston Financial Company (Vice President - Senior Account Executive), First Union Commercial Corporation and Barclays American Commercial Corporation.

Ed graduated in 1986 from the Babcock School of Management at Wake Forest University (Winston-Salem, N.C.) with a Master of Business Administration. He gained his undergraduate degree from High Point University (High Point, N.C.) in 1975 (BSc in Business Administration and Accounting with Dean's List Honors).

Contact: +1 704 927 3369 or ed.hill@dif.com.au

Mr Paul Dortkamp – Adviser to the Board on compliance matters

Paul is Managing Director of Rivergum Investors, which is an independent consultancy business specialising in the investment process; specifically at board and compliance committee level. Notably, Paul is an external member of compliance committees for a wide range of registered schemes and responsible entities. Through the nineties he was Head of Asset Allocation for First State Fund Managers.

Paul holds formal qualifications from the Australian Financial Markets Association, the Securities Institute of Australia, and the Australian Institute of Company Directors.

Contact: +61 (0)2 9544 3790 or pdortkamp@rivergum.com

Mr Barry Sechos – Independent Non Executive Director

Barry is currently a Director of the Sherman Group and of Ocean Pictures, Company Secretary of Sonic Communications and Pulse International, as well as a member of the Compliance Committee at MTM and of the Audit Committee at Ten Network Holdings.

Previously held various positions with the Aberdeen/EquitiLink Group including Director of Aberdeen Asset Management, General Counsel and Compliance Officer to EquitiLink Group and EquitiLink International Management.

Barry commenced his professional career as a commercial lawyer at Allen Allen & Hemsley in Sydney, Singapore and London.

Barry holds a BComm (accounting Major) and LLB from the University of New South Wales.

Contact: +61 (0)2 9357 0777 or bsechos@shermangroup.com.au