Cullen Investments Limited is an international private investment company founded by executive chairman Eric Watson in 1995. It is actively focused on international growth and has a substantial portfolio comprising interests in the United States, United Kingdom, Australia and New Zealand. Market sectors cover fashion retail, financial services, real estate, and sports and entertainment. Cullen Investments group companies have offices world-wide, including offices in London, New York, Los Angeles, Sydney, Auckland and Melbourne.

Cullen Investments has its origins in a start-up founded by Mr Watson in 1988. Cullen interests include:

• 100% of international lingerie company Bendon, whose prestige brands include the licensed Elle Macpherson Intimates and Stella McCartney labels.

• 50% of Hanover Group, New Zealand's largest privately owned financial services business with operations in Australasia and the United States.

• An interest in Amex-listed American Apparel, a vertically integrated manufacturer, distributor and retailer of branded fashion basics based in Los Angeles, which has a market capitalisation of approximately US$800 million, and was acquired by Endeavor Acquisition Corp (of which Mr Watson was chairman and treasurer) in December 2007. Endeavor was a special purpose acquisition company which raised US$129.3 million through an initial public offering in December 2005.

• An interest in Amex-listed Victory Acquisition Corp (of which Mr Watson is chairman and treasurer), a special purpose acquisition company which raised US$330m through an initial public offering in May 2007.

• An interest in Amex-listed Triplecrown Acquisition Corp (of which Mr Watson is chairman and treasurer), a special purpose acquisition company which raised US$552m through an initial public offering in October 2007.

Cullen has a substantial international property portfolio, as well as a number of private investment trading portfolios in Foreign Exchange, Equities and Commodities.

Cullen Investments is an active and strategic investor, balancing solid business disciplines with entrepreneurial expertise across its diverse portfolio. It holds substantial positions in core companies in which it is a longterm investor, as well as strategic minority positions in new ventures and mature businesses.

Cullen businesses are, or have the potential to be, leaders in their respective industries and make use of Cullen's expertise in governance, finance structuring, strategy and leadership to aggressively grow sustainable enterprise values.

Cullen utilizes a wide network of international contacts to maximize access to deal flow and to facilitate growth opportunities for each group company. The international management structure of Cullen Investments allows it to capitalize on opportunities across markets, and to effectively evaluate new global investment opportunities.