Eric Watson: Founder and Executive Chairman

Eric Watson is the founder and executive chairman of international private investment company Cullen Investments. A successful, entrepreneurial investor, resident in the UK, Mr Watson has a strong track record in identifying market opportunities and adding significant value to businesses.

Cullen Investments has its origins in a start-up founded by Mr Watson in 1988, through which he has actively invested his own capital in a range of mergers and acquisitions.

Cullen Investments 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, infrastructure maintenance, and sports and entertainment.

Cullen interests include ownership of international lingerie company Bendon, whose prestige brands include the licensed Elle Macpherson Intimates and Stella McCartney labels, and 50% of Hanover Group, New Zealand's largest privately owned financial services business with operations in Australasia and the United States. Interests associated with Cullen have a stake in two Amex-listed special purpose acquisition companies (SPACs), of which Mr Watson is chairman and treasurer: Victory Acquisition Corp which raised US$330 million through an initial public offering in May 2007; and Triplecrown Acquisition Corp which raised US$552 million through an initial public offering in October 2007. They also hold an interest in American Apparel, a business acquired by Endeavor Acquisition Corp, a SPAC which raised US$129.3 million in December 2005, of which Mr Watson was chairman and treasurer.

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

Prior to forming Cullen Investments, Mr Watson was the founding chairman and largest shareholder of Blue Star Group, a retail and distribution business he established in January 1992. Mr Watson guided the successful growth of Blue Star Group through the acquisition and consolidation of numerous Australasian companies in this sector, including U-Bix office equipment, Wang New Zealand IT services, Whitcoulls book retailer, PC Direct, and Link Printing.

In 1996, Blue Star Group was sold to Nasdaq-listed US Office Products, a diversified supplier of a broad range of office products and business services to corporate customers. Prior to establishing Blue Star Group and subsequently serving with US Office Products, Mr Watson held several positions with office products company Xerox Corporation, including president of operations for Australasia.

Mark Flay: Chief Financial Officer

Mark Flay is the chief financial officer of Cullen Investments. Mr Flay has been with Cullen Investments for more than five years. Mr Flay sits on the Cullen board and the boards of a number of its investments, including Excell and the Warriors.

Prior to joining Cullen Investments, Mr Flay spent five years with KPMG in the assurance division. He has a BMS (hons) from the University of Waikato, New Zealand, and is a qualified Chartered Accountant.

Les Archer: Investments Director

Les Archer is the investments director overseeing Cullen Investments' portfolio and its M&A strategy. He has been with Cullen Investments for more than 7 years. His career has spanned commercial, professional services, corporate finance, investment and venture capital roles, including managerial and directorship roles with Cullen Investments since 2000. Mr Archer sits on the boards of a number of Cullen's investments, including Excell, Bendon, Westbury Stud and Soul Bar.

Prior to joining Cullen Investments, Mr Archer worked for Ernst & Young's Taxation Services Division in Wellington before working for SBC Warburg and Merrill Lynch in London. Immediately prior to joining Cullen, he was a senior manager with Ernst & Young's Entrepreneurial Services Division in Auckland. He has a BCom and an LLB from Otago University, and is a qualified Chartered Accountant.

Andrea Scown: Commercial Manager

Andrea Scown Andrea is Cullen Investments' Commercial Manager and is responsible for a number of Group projects. Andrea has worked within the Cullen Group for some time, having spent over seven years as the GM of Finance and Operations at Westbury Stud which was part of the Cullen portfolio. Andrea has a Bachelor of Business in Accounting and Information Systems and Technology.

Don Stanway: General Counsel

Don Stanway is Cullen Investments' General Counsel and is responsible for managing the Group's legal affairs. Prior to joining Cullen Investments, Don worked for a leading accounting firm and practised in commercial law at major law firms in both New Zealand and London. He has also held positions as legal counsel in the corporate arena. Don's career includes significant experience in professional services, funds management, financial services, and corporate and commercial law. Don has a BCom and LLB from Otago University and has been admitted as a Solicitor in New Zealand and England and Wales.

William Gibson: Special Projects Manager

William Gibson is a senior finance executive of Cullen Investments, and manages Cullen's special projects. He is primarily responsible for Cullen's UK and European interests. Mr Gibson is a qualified Chartered Accountant, with more than six years experience in chartered accountancy firms. He has been with Cullen Investments since 1997, after working with Eric Watson since 1993 during the creation and on-sale of Blue Star Group.

Mr Gibson has an extensive background in property development, and manages numerous projects and company start ups in his role. He is currently based in London.