Bermudian board

Jeffrey Conyers

Chairman, Independent Director

Bermuda-based — director since establishment on 16 December 2009

Jeffrey began his professional career as a stockbroker in Toronto and returned to Bermuda in 1985 to join the Bank of Bermuda where his focus was investments and trusts. A founding executive council member and deputy chairman of the Bermuda Stock Exchange, Jeffrey is also a director of numerous other companies in Bermuda and acts as a consultant to (and is the former chief executive officer of) First Bermuda Group Limited. The First Bermuda Group provides an advisory and execution service on worldwide offshore mutual funds to individuals and local companies based in Bermuda.

Jeffrey also serves on the Board of a previously Macquarie managed vehicle, MAp Airports International Limited which is part of MAp Group listed on the Australian Stock Exchange. Macquarie ceased to manage MAp in October 2009 but Macquarie remains a substantial security holder in the vehicle. Jeffrey is also a former director of Intoll International Limited.

Jeffrey Conyers is married to Edith Conyers, who is Executive Director, Chief Executive Officer and a shareholder in ISIS Fund Services Limited, a Bermuda based firm which provides company secretarial and funds administration services to clients including other Macquarie managed vehicles. Jeffrey Conyers has no involvement with the operations of ISIS Fund Services Limited but is a beneficiary of his wife’s investment in the business. Edith Conyers is an independent business woman of 30 years standing as a fund administrator in Bermuda. She is not involved with the day to day provision of services to MQA. Jeffrey Conyers’ initial appointment to the MIG board, and subsequently the MQA Boards, was made in view of his expertise. The MQA Boards have assessed Jeffrey Conyers’ independence and confirmed his independent status.

Derek Stapley

Independent Director

Bermuda-based — director from 1 June 2010

Derek Stapley, who has also been appointed as the Chairman of the Audit and Risk Committee of MARIL, is a Scottish Chartered Accountant with 23 years’ experience and is a former partner and industry group leader with Ernst & Young in Financial Services. He was the chair of Ernst & Young’s Global Hedge Fund Steering Committee which was responsible for providing strategic direction to Ernst & Young’s global hedge fund practice. He is currently an independent director on the boards of several investment funds and management companies.

Peter Dyer

Non-Executive Director

United Kingdom-based — director since establishment on 16 December 2009

Dr Peter Dyer was previously executive director of Kværner Corporate Development Limited (now Macquarie Infrastructure (UK) Limited). Peter gained extensive experience in the development of Kværner’s UK-based PFI projects, including the Birmingham Northern Relief Road (now M6 Toll) and the A1-M1 Road in Yorkshire. Peter was employed by the Kværner Group from 1981 and became a director of Macquarie European Infrastructure plc (which was replaced by Intoll International Limited), following the acquisition of Kværner Corporate Development Limited.

David Walsh

Independent Director

Australia-based — director since restructure implementation on 2 February 2010

David is an experienced corporate and commercial lawyer and company director. He was a partner of the law firm Mallesons Stephen Jaques from 1962 to 2004. Currently, he is the chairman of Templeton Global Growth Fund Limited. During the last three years he has also served as a director of Intoll Management Limited, PaperlinX Limited (2000–2007) and Dyno Nobel Limited (2006–2008).