MSIAM Board of Directors

Chul Hum Paik - Representative Director

Qualifications: BEc (Economics)

Experience: Mr Paik was appointed as Representative Director of MSIAM in December 2006. Before his appointment as Representative Director of MSIAM, Mr Paik headed the Macquarie Capital Structured Finance dvision of Shinhan Macquarie Financial Advisory since 2001. From 1993 to 2001, he spent eight years at Shinhan Bank, in various roles mainly in the International Banking division and Investment Banking division. Mr Paik specialised in project financing advisory assignments, asset based financing transaction and cross border leasing transactions.

Mr Paik has an Economics degree from London School of Economics.

Nick van Gelder - Director

Qualifications: MBA, MA (Finance), BEc

Experience: Mr van Gelder joined the Macquarie Group in 1997. His responsibilities have been in infrastructure and real estate project finance roles across Asia, with a specific focus on the Korean market. In December 2002, he founded MKIF and he has acted as a lead negotiator in relation to all investments that have been made by MKIF. In December 2006, he was appointed as the head of Macquarie's infrastructure funds business in Asia and stood down as MSIAM's Representative Director. Mr van Gelder remains a Director of MSIAM.

Prior to joining the Macquarie Group, Mr van Gelder spent over ten years mostly in the United Kingdom working in construction management, project finance and investment management for a private development and investment company.

Mr van Gelder has a Bachelor of Economics degree from Sydney University (Australia), a Master of Arts degree from City University (United Kingdom) and Master in Business Administration degree from University of Reading (United Kingdom). He is also a member of the Royal Institution of Chartered Surveyors.

Jason Pak - Director

Qualifications: MBA, BEc (Economics)

Experience: Mr Pak joined MSIAM as the Chief Operating Officer in October 2007 with a primary responsibility of heading the strategic planning and investor relations. Prior to joining MSIAM, he spent four years on the equity capital markets and M&A advisory side with Macquarie Securities. Before joining Macquarie, Mr. Pak worked in the Corporate Finance division of KPMG, in both Seoul and in London, on the M&A advisory side for five years.

Mr Pak graduated in Business Economics from University of California, Santa Barbara, and has MBA from Drucker School of Management, Claremont Colleges (USA).

Chang Soo Oh - Director

Qualifications: MA (Economics), BA

Experience: Mr Oh joined Shinhan Bank in 1989. From 2003, he joined as Vice President at Shanghai Branch and participated in various transactions as a financial arrangement & advisory. He became a team leader of Investment Banking Group in January 2005 and he is currently managing project financing team dealing with domestic and international investment as a head of Project Financing Team in Investment Banking Group from January 2007.

Mr Oh has a BA in Chinese Language and Literature from Seoul National University and an MA in Economics from Yeonsei University in Korea.

Young Sup Hwang - Director

Qualifications: BEc (Economics)

Experience: Mr Hwang joined Shinhan Capital in 1991 and worked in the investment management area for more than 18 years. In January 2006, he became the Head of Investment Banking Division at Shinhan Capital and led a number of investment projects. Since December 2007, Mr Hwang has been working as a Vice President of Shinhan Capital.

Mr Hwang has a BE in Economics from Sogang University in Korea.