The Directors are responsible for the determination of the Company’s investment policy and have overall responsibility for the Company’s activities, including the review of investment activity and performance and the control and supervision of the Company’s service providers.

All of the Directors are nonexecutive whilst the majority are independent of Tilstone Partners Limited.

The Board seeks to follow best practice in corporate governance to the extent appropriate to the Company’s size, nature and stage of development and in accordance with the regulatory framework that applies to AIM companies. The Board intends to review and apply the principles and provisions of the QCA corporate governance code for small and mid-sized companies and the AIC Code where it is appropriate to do so to support the governance framework

Neil Kirton - Non-Executive Chairman

Neil has over 25 years of experience working in the securities and investment banking industries in the City of London and is presently a Managing Director at Kroll Associates UK in their Investigations and Disputes Practice and Head of the London office.

He is a Non-Executive director at Ingenta plc. Neil was formerly Global Head of Equity Distribution at ABN AMRO Bank NV and a member of ABN AMRO’s Global Equity Directorate. He was Head of UK Equity Sales and Deputy Chief Executive at Hoare Govett. He was Head of Equities at Bridgewell Securities, Head of Corporate Finance and CEO at Arbuthnot Securities and sat as an Executive director on the board of Arbuthnot Banking Group plc.

Stephen Barrow - Non-Executive Director (non-independent)

Stephen is an experienced Global Equity investor. Formerly Chief Investment Officer at IronBridge International and Head of Global Equities at Deutsche Asset Management, Stephen managed over £5 billion of assets for a wide variety of clients including many large global institutions.

Stephen is presently a non-employee Partner of Absolute Return Partners in Richmond and manages his own portfolio.

Simon Hope – Non-Executive Director (non-independent)

Simon Hope leads the Real Estate investment teams at Savills. He was on the Plc board from 1999 – 2010, and has sat on the Group Executive Board since 2008. Customers have included Lloyds Bank plc, London Metric Property plc, EPF, Barlow’s, State of Michigan Pension Fund and Hansteen Holdings plc. He helped establish the Charities Fund Property Board in 2001 which has a current fund value of approximately £1.16 billion and is the first Common Investment Fund available to all charities in England and Wales that directly invests in UK commercial property.

As part of Savills Investment Management, Simon was chair of Savills UK Limited’s proprietary trading arm, Grosvenor Hill Ventures Limited, during a five-year period up to 2006 when this fund delivered an IRR in excess of 35 per cent. Simon is the non-executive chairman of Tilstone Partners Limited and represents Tilstone Partners Limited on the Board.

Martin Meech - Non-Executive Director

Martin is the Group Property Director of Travis Perkins Plc and Chief Executive Officer at Travis Perkins (Properties) Ltd, the largest supplier of building materials in the UK. In this role, Martin oversees the Group freehold portfolio with a market value in excess of £500 million and is also responsible for Group Environment.

Previously, Martin has been a Non-Executive Director of Quintain Plc. Martin also has operational experience at Dixons Retail and Halfords Group Plc. Martin was formerly Chairman of the BRC Property Advisory Group and a member of the Bank of England Property Forum. Martin is also a Chartered Surveyor and a Fellow of the Royal Institution of Chartered Surveyors.

Aimee Pitman - Non-Executive Director

Aimee runs her own Strategy Consulting business, Pitman & Co. Consulting. As an independent consultant she works alongside the partners of Eden McCallam LLP, a London based consultancy firm, as a Client Director where she co-leads their Travel & Leisure and Property practices. Aimee has over 25 years’ experience in strategy development across sectors, most notably real estate, travel and leisure and financial services.

Formerly a Vice President within MAC Group/Gemini Consulting’s strategy practice, Aimee went on to work over a number of years with European travel group, TUI, supporting them on strategy, distribution, and operational excellence. She currently serves as a non-Executive adviser of McArthur Glen and as an adviser to Go Native Serviced Apartments.