The Board

1. The Board

Collectively the Board has extensive, complementary and diverse experience built up over many years across the financial services sector:

Arnold Hoevenaars, Non-Executive Chairman

Among other positions, Arnold is Chairman of the Internal Supervisory Committee for Pensioenfonds Zorg & Welzijn (PFZW), which had over €143bn of assets as at the end of Q1 2014. Arnold is also a member of the Supervisory Board of the Unilever Pension Fund.

Arnold has previously had the following positions: from 2003 to 2004 Chief Financial Officer of Royal Boskalis Westminster; from 2002 to 2003 Chief Executive Officer and Chairman of Eureko B.V.; from 1992 to 2000 various roles to become Executive Chairman of Achmea.

Edmund Truell, Group Chief Executive Officer, Tungsten Corporation and Non-Executive Chairman, Tungsten Bank

Edmund has over 30 years of financial services experience including leadership positions in banking, private equity, pensions, insurance and debt investment. He trained at Bankers Trust Co in New York, following which he was appointed a Director of Hambros Bank in 1991; Chief Executive of Hambro European Ventures in 1994; led the 1998 buyout and formation of Duke Street Capital (DSC); and was responsible in 2000 for creating and building DSC Debt Management, which was sold to Babson Capital in 2004.

He was Chairman of the British Venture Capital Association from 2001 to 2002. After selling out of DSC in March 2007, he co-founded a regulated insurance company, Pension Insurance Corporation, which now has over £16bn in assets under management and has insured over 100,000 pension fund members. In January 2013, he was appointed as Chairman of the London Pension Fund Authority, which has grown to £4.8 billion of assets. He is qualified as a Chartered Financial Analyst and is a Trustee of The Truell Charitable Foundation.

Peter Kiernan, Non-Executive Director

Peter has over 30 years’ experience in professional services including 28 years in investment banking. He is currently Chairman of European Investment Banking at Canaccord Genuity and a member of the Advisory Board of Bell Pottinger. Previously, Peter was a Managing Director at both Lazard (where he was Head of UK Investment Banking between 2004 and 2006) and Goldman Sachs.

He started his investment banking career at SG Warburg & Co Ltd. where he was a Director and he became a Managing Director of UBS Warburg. Peter qualified as a Chartered Accountant (FCA) with Peat, Marwick, Mitchell & Co. and read Natural Sciences (Chemistry) at Downing College, Cambridge. Danny

Danny Truell, Non-Executive Director

Danny Truell serves in a diverse range of roles in the investment and charitable community. He is the Chief Investment Officer and a member of the Board of the Wellcome Trust, a leading medical research charitable foundation based in London. He and his team are responsible for assets exceeding $30bn, which are invested in a broad range of investments.

Danny is also a co-founder of Pension Insurance Corporation, an insurer with assets exceeding $16bn, where he chairs the Asset/ Liability Committee.

Danny is the Chair of the World Economic Forum’s Long-Term Investment Council and a co-Chair of the G20/B20 Investment Group. He is a Trustee of The Truell Charitable Foundation and Chair of the charity Debate Mate. He is a member of the Investment Committees of the Wellington College Endowment and is a graduate of Balliol College, Oxford University.

Michael Spencer, Non-Executive Director

Michael has been Group Chief Executive Officer of ICAP since 1998 following the Exco/Intercapital merger. Over this period Michael took ICAP from start-up to FTSE 100 as the world leading inter-dealer broker.

Michael was Non-Executive Chairman of Numis Securities from April 2003 to May 2009 and Treasurer of the Conservative Party from 2006 until October 2010. He was named Entrepreneur of the Year at the European Business Leader Awards and Ernst & Young World Entrepreneur of the year in 2010. He read Physics at Oxford.

Philip Ashdown, Executive Director, Chief Executive Officer, Tungsten Network Finance

Philip has over 30 years’ diverse experience gained within commercial banking and leverage finance, M&A advisory, restructuring and hedge fund management businesses. Highly skilled in project and risk management with substantial presentation, negotiation and transaction closing experience across diverse transactions and sectors, globally. He trained as a corporate banker at Midland Bank.

He has been a Director at Hill Samuel Bank, Managing Director and Head of Leverage Finance and Sponsor Coverage at ING Barings and Fund Manager at Altima Partners LLP. Philip is an Honorary Professor at Warwick University Business School and Founding Partner of Silvermine Partners LLP. He became an Associate of Chartered Institute of Bankers (ACIB) in 1987. He has an MBA with distinction.

Jeffrey Belkin, Group Chief Financial Officer

Jeffrey has over 30 years’ experience in the financial services industry and was Group Finance Partner at Duke Street Capital, the private equity manager, from 2001 to 2009, where he was responsible for reporting to investors and stakeholders. Jeffrey previously had responsibility for group reporting in various roles at HSBC and then at Schroders, where he was head of management reporting for the Investment Banking Group and for the consolidated Schroders plc group.

Since 2009 Jeffrey has worked for Edmund Truell and Disruptive Capital LLP on all aspects of family and professional asset management. Jeffrey qualified as a Chartered Accountant with Peat, Marwick, Mitchell & Co. in 1986. Jeffrey studied Economics and History at Cambridge.

Lincoln Jopp, Group Chief Operating Officer

A former career soldier, Lincoln has a wealth of experience in running international operations across the globe and led the 1st Battalion Scots Guards in Afghanistan. After command he became Assistant Head of the UK Ministry of Defence’s Strategy Unit.

Lincoln joins Tungsten from Truell International Permit Systems Ltd where he was CEO. In June 2014, he stood down from his role as Non-Executive Director of AIM-listed Impellam to concentrate on his main board responsibilities at Tungsten.