Capital Markets Specialist structuring and advisory business Scope of activities The growth and development of the business over the last few years has caused us to reflect on the appropriateness of the name Treasury and Specialised Finance. The name is not reflective of our core activities and has caused some confusion in the market, as a result from now on we will rebrand ourselves Investec Capital Markets. This does not mean a change of direction of the business. The Capital Markets division provides a wide range of specialist products, services and solutions to select corporate clients, public sector bodies and institutions. The division undertakes the bulk of Investec's wholesale debt, structuring, proprietary trading, capital markets and derivatives business. Strategic focus Our objectives include: • Continuing to remain a focused and specialised business, targeting markets and products where we can be distinctive and competitive. • Seeking through strong discipline, that is centred on clients and delivery of structured products: -   Asset creation opportunities. -   Product structuring and distribution opportunities. -   Trading, hedging and proprietary market opportunities. -   Advisory mandates. • Creating platforms for the origination and securitisation of internal and third party originated banking assets on a sustainab le basis. • Developing our market leading position, focusing on growth initiatives and growing a portfolio of quality term assets. • Continuing to concentrate on systems, processes and automation, to ensure maximum competitive advantage and long-term cost savings. • Taking advantage of opportunities to use our specialist skills to launch specialist funds. • Investing in the future and targeting growth. Management structure Global Head of Capital Markets David van der Walt UK and Europe Regional Head David van der Walt Balance Sheet and Interest Rates John Barbour Commodities and Resource Finance           George Rogers Corporate Forex (UK) James Arnold Equity Derivatives Mark Roessgen Fixed Income Options David Kantor Foreign Exchange Phillip Wells Principal Finance (UK and Europe) Andy Clapham Principal Finance (US) Ruth Leas Michael Schewitz Project Finance (UK and International) Maurice Hochschild Structured and Asset Finance Alistair Crowther Operations (UK and International) Kevin McKenna Regional Head: Ireland Michael Cullen Corporate Treasury: Ireland Aisling Dodgson Equity Finance: Ireland Loman Gallagher Operations: Ireland Alan Byrne Southern Africa Regional Head Richard Wainwright Commodities and Resource Finance          Dharmesh Kaylan Corporate Treasury Gary Gorman Equity Derivatives (South Africa and International) Milton Samios Financial Products Mark Currie Foreign Exchange Grant Barrow Interest Rates Brett Hopkins Project Finance Michael Meeser Structured and Asset Finance David Kuming Anton Millar Balance Sheet Management Clive Sindelman Regional Head: Mauritius Craig McKenzie Operations Stuart Spencer Australia Regional Head José de Nobrega Commodities and Resource Finance (Australia) Anthony Hawke Commodities and Resource Finance (International) José de Nobrega Principal Finance Darren Klein Project and Infrastructure Finance Cosmas Kapsanis Mark Schneider Structured Finance David Phillips Balance Sheet Management Jeff Duncan-Nagy