Beyond the Credit Boom . . . . . . A Multi-Decade Turning Point: • A credit boom is a period characterised by the widespread availability of easy borrowing. • Normally credit booms don’t last long as the extra inflationary pressures they create force up interest rates preventing over extended leverage. But this credit boom is different. It has been global in scale and has persisted for over 25 years. • Credit booms distort markets. During credit booms asset prices tend to rise fast so they favour the speculative over the prudent. • The present credit boom has been with us for so long that many investors have come to treat it as normal. However, as we move beyond the credit boom, investment trends are changing. We have reached a turning point. • We believe there are advantages to being positioned for the new market trends beyond the credit boom. There is more detail on the Miton Groupwebsite - www.mitongroup.com

Non-Executive Board Member @ The Investment Association represents UK investment managers. It has over 200 members who manage more than £5 trillion for clients around the world, helping them to achieve their financial goals. Their aim is to make investment better for clients, companies and the economy so that everyone prospers. From October 2014 to Present (1 year 3 months) London, United KingdomManaging Director | Investment Management | Asset Management | Investment Manager @ As market trends change beyond the credit boom, our aim is to set up funds with investment strategies that harness the forthcoming investment trends. Since 2011 we have established 4 new funds that I manage along with Martin Turner. These funds have genuinely active investment strategies. The new funds are: • the Diverse Income Trust Investment Trust plc • the CF Miton UK Multicap Income OEIC • the CF Miton UK Smaller Companies OEIC • The Investment Company plc In April 2015 a new Investment Trust, our newest fund was launched, the Miton UK Microcap Trust plc. This Trust principally invests in UK listed stocks below £150m market capitalisation. From March 2011 to Present (4 years 10 months) London, United KingdomInvestment Management Board Member @ The Quoted Companies Alliance is an independent membership organisation that champions the interests of small to mid-size quoted companies listed in the UK. These stocks represent around 85% of all London listed companies by number. They employ approximately 4.6 million people, representing nearly 17% of all private sector employment in the UK. From March 2011 to Present (4 years 10 months) London, United KingdomFund Manager | Investment Management | Asset Management @ Extensive experience of investing in quoted stocks in the UK and Ireland - with a particular interest in companies with smaller market capitalisations. Headed up the UK Small Cap Desk for many years running portfolios such as UK & Irish Smaller Companies, Gartmore Growth plc, Gartmore Irish Growth Trust plc and Gartmore Fledgling Trust plc. During this period the team collected many investment awards. From March 1993 to September 2010 (17 years 7 months) London, United KingdomInvestment Manager in UK & Irish Small Cap Stocks @ Worked with Peter Webb, managing the Thornton UK Smaller Companies Unit Trust. From July 1990 to March 1993 (2 years 9 months)

BSc, 2.i @ University of Liverpool From 1977 to 1980 Bryanston Gervais Williams is skilled in: SmallCap, Investment Presentations, Investments, Portfolio Management, Trading, Income, Investment Strategies, Asset Managment, Equities, Investment Management, Fund Management, Compounding income, Asset Allocation, Funding, Asset Management