Phillip Green Executive Chairman and Investment Committee Member

Phillip Green joined B&B in 1984 and was appointed Managing Director in 2004. Prior to joining B&B, Phillip worked as a Senior Manager with Arthur Anderson where he specialised in taxation. Phillip is a Director of a number of companies including Chairman of Environmental Investments Limited and of the trustee of the MTM Entertainment Trust and a Director of Babcock & Brown Capital Limited, Everest Babcock & Brown Alternative Investments, Babcock & Brown Infrastructure Limited, Abacus Property Group, Thakral Holdings Limited and of the trustee of Babcock & Brown Japan Property Trust. Phillip was a director of Primelife Corporation Limited for the period February 2004 to April 2005.

Phillip holds Bachelor of Commerce and Bachelor of Law degrees from the University of New South Wales. He qualified as a Chartered Accountant in 1981 and was admitted as a solicitor in NSW in 1978. He is based in B&B's Sydney office.

Trevor Loewensohn Non Executive Director

Trevor Loewensohn joined B&B’s Corporate Principal Investment Group to support B&B’s equity raising and advisory capability. Trevor, in his previous roles at JP Morgan and UBS, led the teams that advised on both the Prime Infrastructure (now BBI) and Babcock & Brown IPO’s. Prior to joining B&B, Trevor spent two years at UBS having transferred across from JP Morgan where he was Head of Investment Banking and Joint CEO. Trevor has almost 20 years of experience in corporate finance and advisory in Australia and has advised many of Australia’s top 100 companies on corporate and financial strategy.

Trevor is a member of the Securities Institute Policy and Markets Committee and a director of the Australian Business in the Community Network.

Robert Topfer Non Executive Director

Rob was previously a founding partner of Atanaskovic Hartnell and prior to that a partner of Allen Allen & Hemsley. He brings 16 years of specialist structured and corporate finance experience across many industry sectors.

Holds a Bachelor of Law and Arts from the Australian National University.

Lynn Ralph Independent Non Executive Director and External Compliance Committee Member

Lynn has spent over 15 years in funds management in the US, specialising in the investment of corporate superannuation funds and retail unit trusts. She was Deputy Chair of ASIC from 1993 to 1997. From 1998 to 2002 Lynn was inaugural CEO of the Investment and Financial Services Association (IFSA). She is currently MD of Cameron Ralph Pty Limited. This company provides in-depth independent assessments of board performance and effectiveness.

Lynn is Chairman of the AMP Foundation, a director of the Sydney Institute, a Fellow of the Australian Institute of Company Directors, and a fellow of the Financial Services Institute of Australasia.

Lynn holds a BA (Geology) from the University of Rochester and an MBA (Finance) McGill University, Montreal.

Lynn is also a member of DIF's Compliance Committee.

+61 2 9004 7199

Professor Bob Officer Independent Non Executive Director and External Investment Committee Member

Bob is currently Professor Emeritus, University of Melbourne. Since 1971 he has held a variety of academic positions at the University of Melbourne, University of Queensland, and Monash in Australia, as well as Stanford, The Wharton School, and the University of Rochester in the United States.

Bob is:

• Chair, Acorn Limited (microcap funds manager);
• Chair, Pentacle Property Funds Management Limited (fund of funds property group);
• Chair, JF Capital Management;
• Deputy Chair, Tactical Global Management Limited (TAA funds manager);
• Director, OFM Investment Group; and
• Councillor, Securities Institute of Australia National Council.

David Balkin Independent Non Executive Director

David Balkin is a recently retired senior Director of McKinsey & Company, a world-leading management consulting firm.

David worked with McKinsey from 1980 through 2005. His key roles with the firm included time as senior firm leader and Director based in Sydney. David led the firm’s relationships with Australian and New Zealand global leaders in mining, dairy, and pulp and paper to improve their profitability and growth. He was one of the firm’s leading energy and basic materials experts; the builder of the New Zealand practice; and leader of the firm’s people development processes locally and globally. David also developed and oversaw the firm’s global strategy and financial policy implementation in response to the dotcom challenge. David holds a Masters in Business Administration (High Distinction) from the Harvard Business School, and a Bachelor of Science in Civil Engineering (cum laude) from the University of the Witwatersrand.

0413 301 780

Barry Sechos External Compliance Committee Member

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. Barry 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.

Commenced professional career with over seven years as a commercial lawyer at Allen Allen & Hemsley in Sydney, Singapore and London.

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

+61 2 9357 0777

Paul Dortkamp External Compliance Committee Member

Paul is the chief executive 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 registered scheme compliance committees for a wide range of 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.

+61 2 9544 3790

Fergus Neilson Chief Executive Officer and Investment Committee Member

Appointed CEO of DIF in January 2003 after 12 months of leading the business start-up project as a consultant to B&B. Fergus is an alternate director of Direct Investment Fund Limited and a director of DIF III GP Ltd (Cayman Islands).

Managing Director of Chifley Financial Services from September 1996 through July 2001. Previously with Norwich Financial Service Group, Jamison Equity/Lang Corp, and McKinsey & Company.

Holds an MBA from Macquarie University, an MA from the University of British Columbia and an Honours BA from Nottingham University.

+61 2 9229 1521
0418 609 371

Harry Nicholson Chief Investment Officer Private Equity

Harry is a member of the DIF Equity Assets Investment Committee.

Project Director with MLC (Sydney) from 1999 to 2002. Held executive responsibility for various major business integration, systems implementation and business re-engineering projects. Also headed up divestment of the A$175 million unlisted infrastructure portfolio managed by National Australia Bank.

With Lend Lease Capital Services Asia from 1997 to 1999 as Chief Financial Officer of the Lyonnaise Asia Water Fund. This role was based in Singapore with responsibility for due diligence, risk analysis and structuring of prospective investments, operational management of investments made, as well as day to day administration and management of the fund. Also investment management experience with Lend Lease Capital Services and Westpac Banking Corporation.

Holds an MBA from AGSM and a Bachelor of Engineering from the University of Queensland.

+61 2 9229 1531
0408 081 267

Ted Dow Chief Investment Officer Mezzanine Debt

Ted is a member of the DIF Mezzanine Debt Assets Investment Committee.

Ted joined DIF as Chief Investment Officer Mezzanine Debt in mid-July 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 whilst leading a team of ten in leveraged finance, mezzanine debt investment and private equity capital raisings.

Prior to joining Westpac, Ted worked with AMP Henderson as Investment Manager – Private Capital (1997 through 2000), Xstrata (MIM) as Assistant Treasurer (1994 through 1997) and in other corporate treasury roles.

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.

+61 2 9229 1908
0414 682 750

Manuela Miric Operations Manager

BA (Belgrade). CA. ICAA. Currently syudying for Master of Applied Finance. Formerly with Deloittes.

Elliott Wong Investment Analyst

BComm (UNSW). Graduate Diploma (FSIA). Formerly Audit Manager with PWC. Also E&Y and Andersen.

Adrian Kidd Investment Analyst

BSc (University of Queensland). MComm (UNSW). AIAA. Formerly at Tillinghast Towers Perrin.

Adrian Ng Investment Analyst

MComm (University of Technology Sydney). AFin (FINSIA). ASA (CP) Formerly with Citco Financial Services.

Also company secretary, legal counsel, financial controller and compliance manager as well as global reach to assets and opportunity research through B&B's 32 offices worldwide.