Board of Directors

The following is a list of the members of the Prodesse Board of Directors:

All the directors other than Mr. Kazel are independent of the investment manager.

John Edward Hallam (Chairman)

Mr. Hallam is a Fellow of the Institute of Chartered Accountants in England and Wales and qualified as an accountant in 1971. He is a former partner of PricewaterhouseCoopers having retired in 1999 after 27 years with the firm both in Guernsey and in other countries. He is currently Chairman of EFG Private Bank (Channel Islands) Ltd and M&G Recovery Investment Co Ltd as well as being a director of a number of other financial services companies, some of which are listed on the London Stock Exchange. He will serve as Chairman of the Nomination Committee.

Christopher Norman Fish

Mr. Fish retired as the Managing Director of Close International Private Banking in Guernsey in July 2004 but remains Non-Executive Chairman of Close International Asset Management Holdings Limited and Close International Bank Holdings Limited. He has spent the past 30 years involved in all facets of offshore private banking including offshore fund administration and investment management. During these years, he held positions as a director of Royal Bank of Canada (Channel Islands) Limited and as the Americas Offshore Head of Coutts where he was responsible for the Bahamas, Bermuda, Cayman and Uruguay offices. In 1997 he was appointed to senior client partner for Coutts Offshore before taking up his last position in 1998. Mr. Fish serves as Chairman of the Audit Committee.

Talmai Phillip Morgan (Senior Independent Director)

Mr. Morgan qualified as a Barrister in 1976. He moved to Guernsey in 1988 where he worked for Barings and then for the Bank of Bermuda as Managing Director of Bermuda Trust (Guernsey) Limited. From January 1999 to June 2004, he was Director of Fiduciary Services and Enforcement at the Guernsey Financial Services Commission (Guernsey’s financial regulatory agency) where he was responsible for the design and subsequent implementation of Guernsey’s law relating to the regulation of fiduciaries, administration businesses and company directors. He was also particularly involved in Working Groups of the Financial Action Task Force and the Offshore Group of Banking Supervisors. From July 2004 to May 2005, he was Chief Executive of Guernsey Finance which is the official body for the promotion of the Guernsey finance industry.

Christopher Wade Sherwell

Mr. Sherwell is a non-executive director of a number of companies and investment funds. He moved to Guernsey in 1993 to become Investment Director at Schroders (CI) Limited and became Managing Director from April 2000 until January 2004. At Schroders (CI) Limited, where he is now a non-executive director, he was routinely involved in the oversight of fixed income and equity portfolios managed for institutional and private clients. Prior to 1993 he worked as Far East regional strategist with Smith New Court Securities in London and then Hong Kong. He was previously a journalist, working for the Financial Times. He serves as Chairman of the Management Engagement Committee.

Ronald Daniel Kazel

Mr. Kazel is Managing Director for Annaly Capital Management, Inc. and FIDAC. Mr. Kazel joined the companies in December 2001. Prior to joining the companies, Mr. Kazel was a Senior Vice President in Friedman Billings Ramsey’s financial services investment banking group. During his tenure there, he was responsible for structuring both the private and public equity offerings for Annaly in 1997. From 1991 to 1996, Mr. Kazel served as a Vice President at Sandler O’Neill & Partners where he was involved in asset/liability management and fixed-income analysis and sales. Mr. Kazel has a Bachelor of Science in Finance and Management from New York University. All the directors other than Mr. Kazel are independent of the investment manager.