Bermudian board

Jeffrey Conyers

Chairman, Independent Director

Bermuda-based — director since establishment on 16 December 2009

Jeffrey is a director of numerous companies in Bermuda and acts as a consultant to (and is the former Chief Executive Officer of) First Bermuda Securities Limited. First Bermuda Securities provides an advisory and execution service on worldwide offshore mutual funds to individuals and local companies based in Bermuda. 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. He is a founding executive council member and deputy chairman of the Bermuda Stock Exchange. During the last three years Jeffrey has served on the boards of MAp Airports International Limited and Intoll International Limited, parts of the previously Macquarie-managed and ASX-listed vehicles MAp Group and Intoll Group respectively.

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 that 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 businesswoman 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 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 is also the Chairman of the Audit and Risk, Nominations and Remuneration Committees of MARIL, is a Scottish Chartered Accountant with 26 years’ experience. He is a former partner and industry group leader with Ernst & Young in Financial Services. Derek 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 now serves as an independent director on the board of several public and private investment funds, insurance companies and family offices. He currently serves as an independent director for Lancashire Insurance Company Limited (Bermuda), a wholly owned subsidiary of Lancashire Holdings Limited which is listed on the London Stock Exchange.

James Keyes

Independent Director

Bermuda-based — director from 21 February 2013

James Keyes is a Bermudan solicitor and barrister with 24 years’ experience. He is currently on the board of a number of private and listed companies. He began his career with Freshfields in London and New York then moved to the Funds and Investment Services team at Appleby, one of the largest offshore law firms in Bermuda. James retired as a partner from Appleby in 2008, and held a part-time position as Managing Director of Renaissance Capital and
related entities until December 2012. James was a director of the Bermudan entity within the Transurban Group for six years, from which he gained experience in the toll road sector.

David Walsh

Independent Director

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

David Walsh 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, and the senior partner from 1991. He established the firm’s Hong Kong office and was resident in Hong Kong from 1988 to 1991. David had a wide-ranging corporate and commercial practice which included mergers and acquisitions, cross-border investment and international trade, anti-trust law, industrial property, insurance, telecommunications, civil engineering and construction, and commercial litigation. From 2005-2011 he was a senior legal consultant to Telstra. David has also served as chairman of Templeton Global Growth Fund Limited and as a director of Intoll Management Limited (formerly Macquarie Infrastructure Investment Management Limited), Malcolm Moore Industries Limited, Asia Pacific Specialty Chemicals Limited, PaperlinX Limited and Dyno Nobel Limited.