CFO of the Property Adviser to the Fund

Michael Tannenbaum, a Chartered Accountant, earned a Bachelor of Commerce and a Bachelor of Accountancy at the University of Witwatersrand.  Michael joined the Westcity group in 1999 from Capital & Counties.  He holds numerous directorships including Chief Financial Officer to both Westcity Properties Limited and Westcity Plc and sits on several finance committees. Michael moved to London in 1985 as Group Manager as Touche Ross & Co (formerly Spicer & Pegler) where he was responsible for audit, consultancy and investigatory work. Michael has fostered strong relationships with fund providers and the finance sector.

The Manager combines the experience of Westcity Holdings, Ira Rapp, in addition to the experience provided by The Stonehage Group. It also has management company advisory experience provided by Gerald Leissner, chief executive officer of ApexHi, a South African listed loan stock company and a director of the Manager. The Directors believe that the property related experience of the directors team of the Manager will assist in identifying value opportunities in the targeted sectors.

The Manager is a limited liability company incorporated under the laws of Jersey on 3 July 2005 with registered number 93919. The registered office of the Manager is at Sir Walter Raleigh House, 48-50 Esplanade, St Helier, Jersey, JE1 4HH, Channel Islands. The Manager has an issued and paid up share capital of £25,000. The Manager is a joint venture between the Founders and is responsible for the day-to-day management of the Fund and for the investment policy to be followed by the Fund. The Manager is a holder of a permit under Article 5 of CIF Law issued by the JFSC and is authorised by the JFSC to act as manager to the Fund. The directors of the Manager are as follows: