Bethunes Investments Limited ("BIL") was formerly named Mowbray Collectables Group and had been listed on the NZX/NZAX since 2001. The company failed to deliver on expectations over a long period of time, and I was appointed to restructure the company. Post a number of divestments, the company remained listed on the NZX and shifted its "modus operandi" to that of an investment company. Opportunistically, in 2017, BIL monetised its parent company listing on the NZX by completing on 6 December 2017 the largest reverse-listing in the NZX's history with the acquisition (for approx. NZ$200m) of Transport Logistics Group (TLL). At the same time, BIL "spun off" its residual assets to shareholders into a subsidiary company on a pro-rata basis, and BIL became an unlisted company. In August 2018, BIL completed a capital raising to undertake an investment in SwimTastic Limited and build a new state-of-the-art swimming facility in St Johns, Auckland, focused on the learn-to-swim market. BIL divested SwimTastic in March 2024 to close out a very successful investment and is now in the process of returning capital and winding up as the settlement of the SwimTastic investment is completed. For further information and historical documents, visit: www.bethunesinvestments.com

I was one of four members with expertise and experience in financial markets, whom assist NZX Regulation to review key listing documents for companies / entities seeking a path to market. This is, irrespective of, whether the companies / entities / structures / vehicles are seeking to raise capital immediately or in the future. This encompasses fixed interest / debt / synthetic and equity instruments.

I was appointed to the board of Allied Farmers in December 2020 after the successful IPO of New Zealand Rural Land Company (the largest IPO in the NZX's history for a company with no assets) which saw Allied Farmers become a 50% shareholder in the Manager - New Zealand Rural Land Management (NZRLM). I was instrumental in bringing the NZRLM transaction to Allied Farmers in July 2020 and as a result, became the largest shareholder in Allied Farmers as settlement for the initial NZRLM transaction. Subsequent to becoming a Director of Allied Farmers I spent considerable time on its cost control efforts (including reducing the size of its Board), debt reduction in its subsidiary NZ Farmers Livestock, improved reporting/communications with shareholders, as well as securing a private ruling from Inland Revenue which significantly increased the tax losses available to the Allied Farmers Group. In March / April 2023 I divested my stake in Allied Farmers to Richard Milsom and stepped down from the Allied Farmers Board. I continue as a director of New Zealand Rural Land Company (NZL.NZX).

The NZ Markets Disciplinary Tribunal is an independent regulatory body established under the NZ Markets Disciplinary Tribunal Rules. The Tribunal's principal role is to determine whether an issuer or market participant has breached NZX's market rules in any matter referred to it by NZX Regulation. If the Tribunal determines that a breach has occurred, it must then assess the appropriate penalty. The range of penalties the Tribunal may impose is set out in the Tribunal Rules. The Tribunal currently has ~21 members who are appointed by NZX and approved by the Financial Markets Authority. Members include lawyers, market participants, directors of issuers and members of the public with particular expertise in financial markets. For further information on the Tribunal and its Decisions, visit: www.nzx.com/regulation/nzmd-tribunal-regulation

Elevation Capital (on behalf of our investors) was a substantial investor shareholder (~7% of issued capital) in NZAX listed, Satara, then the third largest packhouse operator within the kiwifruit sector in New Zealand that also held a portfolio of leased orchards. Satara had rejected a number of approaches and attempts at industry consolidation despite the clear merits and their own declining performance, which saw them remove the capital charge they had committed to pay the investor shareholders. Elevation Capital had tackled Satara on a number of these governance and performance issues from an investor-shareholder perspective - but the clear challenge was the company structure as a hybrid co-operative where the Growers held 60% of all votes and the Investors 40%. An outbreak of the disease PSA (Pseudomonas Syringae Actinidiae) hit the kiwifruit industry in November 2010. The poor capital allocation decisions from prior years, which contributed to an increased debt load to build new facilities (despite our warnings as to the poor returns being delivered on existing capital equipment), came home to roost during this challenging period as industry volumes declined. I was finally elected to the Board on 24 June 2011 as a Commercial Director and subsequently appointed a member of the Audit & Conflict Committee. After navigating the challenges of operating in an industry which had widespread over-capacity, common sense finally prevailed. On 20 March 2013, Satara completed an amalgamation with Eastpack and was delisted from the NZAX. This brought to an end Elevation Capital's investment in Satara, my Commercial Directorship and a most frustrating investment, which was a lesson in how poor capital allocation and governance structures can destroy significant value even before an exogenous shock like PSA arrives.

While still managing and growing Elevation Capital, I formed part of a small group (including ex-colleague Michael Jeffs - former Goldman Sachs JBWere Partner) that acquired this financial advisory business from the Business Bakery LP in October 2010. We immediately set about extensively restructuring the business and ensuring compliance with the new regulatory regime applying to financial advisors in New Zealand. Another major change I was responsible for was shifting the investment process to a pure manager selection model as well as re-creating all marketing/brand collateral around this. As Chairman of the Investment Committee I also oversaw asset allocation, portfolio construction, fund manager research/selection, as well as the creation of the three portfolios (at the time): Foundry Value Cautious, Foundry Value Blend and Foundry Value Growth. A cornerstone of this strategy (at the time) saw Foundry as a key investor in the Elevation Capital Global Value Fund of Funds, which Elevation Capital launched in April 2011. This Fund invested into three value managers based in New York (two of which were closed to new investors at the time) - International Value Advisers - IVA Global SICAV 1, Ruanne, Cunniff & Goldfarb's - Sequoia Fund and Third Avenue Management's - International Value Fund. Foundry was a cornerstone investor until the Fund was merged with the Elevation Capital Value Fund on 25 March 2014 - net returns from this Fund were as follows: +15.25% - 2 years annualised, +12.44% - 3 years annualised and +8.7% - annualised since inception (3.9 year period).

I was a Full Member of the New Zealand Stock Exchange (NZSE) from 20 June 2000 until demutualisation. On 4 June 2003, my status changed to that of a Foundation Broker of the NZ Exchange (NZX) as the exchange corporatised and listed. I maintained this status until I established Elevation Capital Management Limited.

I was made a Partner of Goldman Sachs JBWere Pty Limited (Australia & New Zealand) on 19 September 2003 - Age 30. I was subsequently appointed Co-Head of Institutional Equities. During my time working in the institutional equities division, I serviced our US customer base and key New Zealand institutions. I also covered several major Australian institutional investors. My role also encompassed buy-backs, equity capital market ("ECM") transactions and managing the firm's proprietary capital and dedicated customer facilitation capital. Most importantly, during this time period the firm was consistently ranked #1 or #2 based on NZX marketshare data.