Research Team

| Name | Matthew Jordan |
|---|---|
| Title | Head of Research |
| matthew.jordan@ matrixgroup.co.uk | |
| Phone | 020 3206 7188 |
Matthew joined Matrix in July 2009 from Dresdner Kleinwort where he was Deputy Head of Global Equity Research from 2007-2009. From 2004-2007 he headed the Beverages equity research team at Dresdner Kleinwort which was top-3 rated by Extel for 4 years culminating in the no.1 rank in 2007. From 1997 to 2004 he worked at ABN AMRO as a Beverage analyst, heading the Beverages research team from 2000 onwards and achieving a top-5 rating from 2001 onwards. Matthew began his career at S.G.Warburg, and holds a Masters degree in Philosophy, Politics & Economics from Oxford University.

| Name | Steven Fawkes |
|---|---|
| Title | Head of New Energy and Power Research |
| steven.fawkes@ matrixgroup.co.uk | |
| Phone | 020 3206 7185 |
Steven Fawkes joined Matrix in March 2007. A Chartered Engineer and PhD with over 20 years experience in energy management and renewable energy Steven has developed energy management programmes for blue chip organisations and advised the UK and Romanian governments on energy efficiency policy. He also co-founded two energy services companies, one of which is now part of the RWE npower group and has published extensively on energy matters.

| Name | Adam Forsyth |
|---|---|
| Title | New Energy and Power Analyst |
| adam.forsyth@ matrixgroup.co.uk | |
| Phone | 020 3206 7354 |
A civil engineering graduate, Adam initially worked for an environmental charity before completing an MBA in 1990. He began his investment career as an electricity sector analyst with stock broking firms in Edinburgh and London. After building a pan-European utilities research team for Robert Fleming he became joint head of pan-European utilities research at JPMorgan Chase. In 2002, Adam left to join an activist fund and related fund management company which he co-managed until 2008. Adam joined Matrix in December 2008 and focuses on renewable and conventional power generation companies, and carbon developers, building on more than ten years experience covering electricity generators, both renewable and traditional.

| Name | Charlie Sharp |
|---|---|
| Title | Head of Oil & Gas Research |
| charlie.sharp@ matrixgroup.co.uk | |
| Phone | 020 3206 7180 |
Charlie joined Matrix in August 2008. He has a technical background and spent 10 years working as a geophysicist in industry, firstly at Britoil and then at Texas Eastern. During that time he worked on a wide range of exploration, development and production projects primarily in the UK North Sea. Subsequently, he has spent 10 years working as an oil & gas analyst at Canaccord Adams and more recently at Jefferies International, where he instituted oil and gas sector coverage in the UK.

| Name | Vugar Aliyev |
|---|---|
| Title | Oil and Gas Analyst |
| vugar.aliyev@ matrixgroup.co.uk | |
| Phone | 020 3206 7186 |
Vugar joined Matrix in April 2008. An economist by background, he has spent the last 8 years working for BP Exploration in various commercial and financial roles based in Baku, Azerbaijan and Aberdeen, UK. Vugar was closely involved in sanctioning major oil and gas projects in both Baku and Aberdeen.

| Name | Navid Malik |
|---|---|
| Title | Pharmaceuticals and Biotech Analyst |
| navid.malik@ matrixgroup.co.uk | |
| Phone | 020 3206 7355 |
Navid graduated with a doctorate from the London School of Pharmacy, focussing on drug delivery systems and cancer research. Later, he also completed an Executive MBA at Cass Business School in London. He started his career in the City in 2001 at Williams de Broë (now part of Evolution Securities) where he covered the Large Cap Pharmaceutical, Chemical and Healthcare sectors for four years. In 2005 he moved to Collins Stewart Plc. Over a subsequent four year period whilst at Collins Stewart, Navid was the lead analyst, responsible for seven IPOs and over 20 secondary placings.

| Name | Simon Brown |
|---|---|
| Title | Head of Building and Construction Research |
| simon.brown@ matrixgroup.co.uk | |
| Phone | 020 3206 7353 |
Simon joined Matrix in November 2008. He has over 25 years investment research experience in the Building related sectors including ten years at Williams de Broë, the last four as joint head of research, four years at UBS and three years at Prudential Securities in the UK and US. Following a period of establishing the UK and European building sector and housing market research credentials for a number of broking operations, Simon’s recent corporate involvement has including IPO work, corporate client support and M & A analysis.

| Name | Tom Gadsby |
|---|---|
| Title | Head of Retail Research |
| tom.gadsby@ matrixgroup.co.uk | |
| Phone | 020 3206 7286 |
Tom joined Matrix in July 2010 from Societe Generale where he was Head of Global Food Retail Research from 2005-2010, with the team achieving a top seven Extel ranking in 2008 and 2009. Previously he worked at Williams de Broe as UK Retail Analyst from 2000-2004. He began his City career at Buchanan Communications where he had a particular focus on small and mid-cap retail and media companies and also undertook extensive IPO work. Tom was educated at Durham University and the Royal Military Academy Sandhurst and spent six years as an army officer in the Royal Gurkha Rifles.

| Name | Brad George |
|---|---|
| Title | Resource Analyst |
| brad.george@ matrixgroup.co.uk | |
| Phone | 020 3206 7184 |
Brad joined Matrix in February 2007. A geoscientist by training, Brad spent 20 years working in the mining, resources and associated service industries in a range of exploration, development, production, marketing and financial roles, including long periods with major mining houses MIM and WMC. A native of Perth, Brad brings direct operational experience on five continents, most recently in China and central Asia where he focussed most of his time for the last 5 years.

| Name | John Beaumont |
|---|---|
| Title | Leisure Analyst |
| john.beaumont@ matrixgroup.co.uk | |
| Phone | 020 3206 7349 |
John joined Matrix in September 2009 to cover both UK and European leisure stocks. John has over 20 years research experience and has worked in bulge bracket firms such as Goldman Sachs and Merrill Lynch as well as smaller brokers such as Cheuvreux and Singer Capital Markets. Whilst at Merrill Lynch, he was part of the highly rated pan-Euro beverages team before he moved to Cheuvreux to head up its UK research department. John is a qualified accountant having started his career with Ernst & Whinney (now Ernst & Young).

| Name | Matthew Earl |
|---|---|
| Title | Business services analyst |
| matthew.earl@ matrixgroup.co.uk | |
| Phone | 020 3206 7103 |
Matthew joined Matrix in June 2010 to cover the Business Services sector. Prior to this, Matthew has worked as a Business Services analyst at Investec and Charles Stanley Securities covering small to mid-cap companies. He started his career as an economist at RBS Global Banking and Markets providing economic analysis for the sovereign debt and FX markets. Matthew has a Masters in Mathematics from St Andrews University and a degree in Economics from Birkbeck.

| Name | Andrew Lim |
|---|---|
| Title | Financials Analyst |
| andrew.lim@ matrixgroup.co.uk | |
| Phone | 020 3206 7347 |
Andrew joined Matrix in November 2009 to cover both UK and European financial companies. He has 10 years experience covering the industry, of which the past 5 years have been as an analyst and portfolio manager at buy-side firms including Meditor Capital Management and Mondrian Investment Partners. Andrew started his career as an insurance analyst at the specialist financials research firm Fox-Pitt, Kelton, having obtained a degree in Business Mathematics & Statistics from the LSE.

| Name | Kerry Billman |
|---|---|
| Title | Analyst |
| kerry.billman@ matrixgroup.co.uk | |
| Phone | 020 3206 7183 |
Kerry joined Matrix in February 2010. Previously she was an analyst with Merrill Lynch; commencing in Sydney, and later transferring to Mumbai. In Sydney she was part of the top-3 rated Healthcare team, before moving to Mumbai to cover the Indian Mid-cap sector. She has also worked for ABN Amro and Macquarie Bank. Kerry holds Bachelor degrees in both Commerce and Economics from the University of Queensland, with studies also at Nanyang Technological University, Singapore and Komazawa University, Tokyo.

| Name | Charles Murphy |
|---|---|
| Title | Head of Investment Funds Research |
| charles.murphy@ matrixgroup.co.uk | |
| Phone | 020 3206 7350 |
Charles joined Matrix Corporate Capital in November 2008 from Landsbanki Securities. He joined Teather & Greenwood as part of the seven-strong Bear Stearns Country Funds team in May 2001, after six years at Bear Stearns. As a Country Funds analyst at Bear Stearns he was responsible for a wide range of research-related activities, including analysis of the impact of tax and regulation on closed end fund investment. At Teather & Greenwood Charles was responsible for the investment funds research product, publishing pioneering research pieces on a number of investment trusts and evolving the T&G FundGrades system. In addition he has become increasingly involved in corporate advisory work. Prior to joining Bear Stearns, Charles was an investment trust analyst at Olliff & Partners PLC. Charles has a degree in Economics.

| Name | Samir Shah |
|---|---|
| Title | Analyst, Investment Funds |
| samir.shah@ matrixgroup.co.uk | |
| Phone | 020 3206 7352 |
Samir joined Matrix Corporate Capital in November 2008 from Landsbanki Securities. He began his analytical career with Credit Suisse covering the Financials sector before moving to Teather & Greenwood where he switched focus to cover Investment Funds. Samir is an Extel and Institutional Investor ranked analyst. He is also a qualified Chartered Accountant and CFA charterholder which were gained whilst working in the Financial Audit division of KPMG.

| Name | Joe Maidman |
|---|---|
| Title | Assistant Analyst, Investment Funds |
| joe.maidman@ matrixgroup.co.uk | |
| Phone | 020 3206 7351 |
Joe joined Matrix Corporate Capital in November 2008 from Landsbanki Securities. He joined Teather & Greenwood in September 2006 as part of the graduate recruitment scheme, working in various departments throughout the bank, including Investment Funds. He subsequently joined the team on a permanent basis as an Assistant Analyst in September 2007. Joe has a degree in Economics from the University of Reading.

| Name | David Salako |
|---|---|
| Title | Developer |
| david.salako@ matrixgroup.co.uk | |
| Phone | 020 3206 7342 |
David joined Matrix in December 2008 as part of the Investment Funds team from Landsbanki. He is responsible for I.T. projects; developing, maintaining and supporting the Investment Funds database. He joined the Landsbanki Investment Funds Team in 2001 from Bear Stearns. He has also worked with fund teams at HSBC Asset Management and Santander. David's qualifications include - MCAD (Microsoft Certified Application Developer) and a BSc (Hons) in Computing Science.

| Name | Hannah Dumbleton |
|---|---|
| Title | Research Production Manager |
| hannah.dumbleton@ matrixgroup.co.uk | |
| Phone | 020 3206 7356 |
Hannah joined Matrix in April 2009 from Teathers (formerly Landsbanki Securities) where she had worked as a Research Manager since 2005. Prior to that, she spent 5 years at Dresdner Kleinwort, working in their Research Production department.

| Name | Krissy Moise |
|---|---|
| Title | PA / Marketing Assistant |
| krissy.moise@ matrixgroup.co.uk | |
| Phone | 020 3206 7196 |
Krissy joined Matrix Corporate Capital in March 2010. Prior to joining Matrix she was a Personal Assistant at Aberdeen Asset Managers Private Equity.
