Ha Long Bay (Vietnam)

The Investment Manager

Terra Partners Asset Management Limited ("TPAM") a company incorporated and regulated in Malta have been appointed as the Company’s external Investment Manager. TPAM is also a manager of Worldwide Opportunity Fund (Cayman) Ltd. (an investment fund investing in frontier markets with approximately US$50 million in assets). TPAM’s team has extensive experience in investment management in general and in particular in investing in emerging and frontier markets. The three principals of TPAM have, on average, 16 years of frontier markets experience each and TPAM’s’ five analysts’ have, on average seven years of frontier markets experience.

The founders of the Investment Manager who together will manage the Company's portfolio of investments following the Restructuring are:

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Howard I. Golden

Howard Golden is a U.S. Citizen and founded the predecessor of the Investment Manager in New York in 1989. He is a founding member of the IM and has been investing in stock markets since 1977 and has specialized in global investing since 1991. Mr. Golden has a B.A. in Economics, an M.B.A. in International Marketing and a Juris Doctorate, all from the University of Wisconsin, Madison. Mr. Golden began practicing law in 1972, and has been actively investing in stock markets since 1977. He ended his law practice in late 1998 to concentrate on investing.

Mr. Golden has lectured on closed-ended funds in London and Prague and at various business schools, including Harvard and University of Chicago. He has been quoted as an expert in Transition Capital Markets and corporate governance in The Economist, The Financial Times, The New York Times, The International Herald Tribune, Newsweek, Prague Business Journal and Business Central Europe, among other publications.

In addition to his responsibilities in regard to the Fund’s Investment Manager, Mr. Golden currently serves as the non-executive chairman of the board of directors of Reconstruction Capital II, an AIM quoted Investment Company focused on investing in Romania and Bulgaria and The Romanian Investment Fund which delisted from AIM as part of its realization process. He also serves on the boards of Vietnam Equity Holding and Vietnam Property Holding, two closed-ended funds trading on the Frankfurt Stock Exchange. He was previously chairman of the board of The Kazakhstan Investment Fund, and the Romanian Growth Fund, both Cayman Islands domiciled investment funds listed on the Dublin Stock Exchange and AGNI Systems Ltd., a Bangladesh internet service provider listed on the Dhaka Stock Exchange. He previously served on the board of directors of Framlington Bulgarian Fund until the fund's voluntary dissolution. He further served as chairman of the supervisory board of the largest Slovak closed-ended fund, the Slovak Restitution Investment Fund, and was on the supervisory board of the Czech Restitution Investment Fund, the largest closed-ended fund in Central Europe in the 1990’s. His tenure on these boards was as a result of Terra’s activist investment policy, which involves close and direct supervision of large investments. Mr. Golden is a native English speaker, is fluent in Hebrew and knowledgeable in Czech.

Filip Montfort

Filip Montfort is a Czech citizen and a Director and a founding member of the IM. He has been involved in business and investing since 1998 and prior to joining Terra Partners Group in 2003 he was the chief legal and economic advisor of the Euro-Czech Forum, a joint institution of the Chambers of Commerce of Britain, France, Germany, Netherlands and Sweden. From 1999 to 2001, he served as the legal and political advisor to the Delegation of the European Commission to the Czech Republic. Montfort has lectured for visiting MBA programs and international business and presented at various conferences on the Czech Republic and Central Eastern Europe in connection with their EU accession.

Mr. Montfort previously served as a director of Beta Vietnam Fund, Kazakhstan Investment Fund, AGNI Systems Ltd., the largest Bangladesh internet service provider listed on the Dhaka Stock Exchange, Beograd Electro, the largest Serbian electricity trading company listed on Beograd stock exchange, as an alternate director of Rainbow Tourism Group, the largest hotel group in Zimbabwe listed on Zimbabwe stock exchange and as a director of AICO Africa Limited, cotton trading company listed on Zimbabwean stock exchange. In addition he was a director of Victoria Falls Investment Fund, a dedicated Zimbabwe country investment fund managed by the predecessor of the IM, Terra Partners Group, and of Worldwide Opportunity Fund, a fund currently managed by the IM.

Mr. Montfort has a Master in Business Administration, with distinction from DePaul University in Chicago, a Master's degree in Law from Charles University in Prague and a Bachelor of Arts from the Faculty of International Relations of the University of Economics, Prague. Mr. Montfort is a native Czech speaker and is fluent in English, proficient in Italian and has a working knowledge of other Slavic languages.

Yarden Mariuma

Yarden Mariuma is a US citizen, a founding member of the Investment Manager (the “IM”) and a Director of Worldwide Opportunity Fund (Cayman) Ltd. another investment fund managed by the IM. He is a CFA registered charter-holder, has a degree in Literature from Yeshiva University.

He has been working in the investment world since 1995, first as a stockbroker and compliance officer at Kern Suslow, a small New York brokerage firm, and then as an independent analyst and investor in Romania at the time the Romanian capital markets began to open up to foreign investment. He became one of the two managers of the Quadrant Asset Management group's Romanian office, which made significant investments in Romania throughout the late 90’s. He was directly involved in two factory turnarounds in Romania where he acted as Chairman of the Board and implemented the turnaround policy and was crucial in the development of a major Romanian business newspaper, Bursa, for which he has also written a series of articles about the Romanian economy.

Mr. Mariuma joined Terra Partners in 2003 and as part of his duties he served as a board member of Rainbow Tourism Group, the largest Zimbabwean hotel manager/owner, AGNI Systems, the largest Bangladeshi ISP and Beograd Electro, a Serbian distributor of electrical equipment and he was a director of Victoria Falls Investment Fund, a dedicated Zimbabwe country investment fund managed by the Company’s predecessor, Terra Partners Group. He is fluent in Romanian, English and Hebrew, and is able to communicate in Serbo-Croat, German, French, and basic conversational Arabic and Chinese.


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