Mr. Marshall A. Auerback Director-Funds Manager

Education:

1978- 1981

B.A. (English Literature/Philosophy), Queen’s University, Kingston, Ontario, Canada Graduated magna cum laude in May 1981

1981-1983

B.A. (Jurisprudence), Corpus Christi College, University of Oxford Graduated with upper second in June 1983

 

Career Highlights

1983- 1987

worked as a fund manager for GT Management (Asia) Limited, based in Hong Kong, the details of which follow:

1983 – 1985

worked as a trainee fund manager/analyst, taking an interpretation of accounts course, and researching the stockmarkets of Hong Kong, Singapore, Malaysia, Thailand, Indonesia, the Philippines, Australia and New Zealand

1985 - 1987

managed the GT Hong Kong Fund (size of US$60million), GT ASEAN Fund (size of $200 million), performance figures included in annex. I co-managed an Australian pension fund, during which I was responsible for the mining/natural resources end of the market; my colleague worked on the industrials side. By mid-1987 a decision was taken to transfer me to the Tokyo office imminently and I therefore passed management of these funds onto my successor at the end of the 3rd quarter 1987. I was also made a director of GT Management (Asia) during this period.

1987 to 1991

worked as a fund manager for GT Management (Japan), based in Tokyo, the details of which follow:

1987 to 1988

After moving to Tokyo, I spent 50 per cent of my time over this 6 month period visiting Japanese companies, so as to familiarise myself with the market, and the other 50 per cent of the time in intensive Japanese language school lessons.

1988 to 1991

Ran the GT Far East & General Fund, a UK-authorised unit trust with investments in Japan, Australia, and Southeast Asia. The fund was 4th quartile in the Micropal tables when I assumed management, and 1st quartile by the end of 1991.

1989 -1991

Ran a portion of the Quasar Fund for George Soros (whilst remaining at GT), as an Asia/Pacific/Australian hedge fund (performance numbers included in annex. I also ran a portion of the GAM Multi-Manager fund, as an Asia/Pacific/Australia hedge fund.

Jan 1991

made a director of GT Management (Japan) Limited

Apr 1991

Made Chief Investment Officer of GT Management (Japan), and a member of GT Management PLC’s International Investment Committee, with particular responsibility for the entire Asia/Pacific.

1992 1995

Joined the Tiedemann Investment Group in New York, where I managed an Asia/Pacific hedge fund. During that period I also oversaw the Group’s investments in the CIS (Russia, and the former Republics of the Soviet Union), and Africa.

1996 1999

A partner in Veneroso Associates, a global strategic consultancy and fund management firm, where we worked on providing macroeconomic research and developing alternative asset products in a joint venture with DresdnerRCM, a major fund management firm out of San Francisco.

1999 2003

Global portfolio strategist/strategist for David W. Tice Associates, a money management firm based out of Dallas, Texas. Mr. Tice has approximately $1 billion in assets and runs the SEC-registered Prudent Bear and Prudent Global Fixed Income mutual funds. I also wrote a weekly strategy piece, International Perspective on the Prudent Bear web site for 5 years, (www.prudentbear.com ). Additionally, I engage in fund management consultancy for the Boston Life & Annuity company, a director’s reference is provided below.

2003-present

Consultant for RAB Capital, plc a £4 billion hedge fund group based in London; 2006-present – Economic/political consultancy to PIMCO, the world’s largest bond fund manager, based in Newport Beach, California.

2007

Director of the Transocean Group, a boutique Australian investment bank.

References:

Mr. Thomas C. Barry, President & CEO, Zephyr Management L.P., 320 Park Avenue, New York, NY 10022, Telephone: (212)-508-9410 (formerly CEO for the Rockefeller Investment group)

Mr Henry Groppe, Groppe, Long & Littell, 1111 Bagby St., Suite 2330, Houston, Texas 77002 USA, Phone 1-713-658-1193

Mr Andrew Smithers, c/o Smithers & Co., 20 St Dunstan's Hill, London, EC3R 8HL, Phone: 020 7283 3344

Mr Peter Hambro, c/o Peter Hambro Mining PLC, 11 Grosvenor Place, London SW1X 7HH - 020 7201-8900

Mr Chris Sanders, c/o Sanders Research Associates, PO Box 221, Hemel Hempstead, Herts HP1 3TJ, Phone: (01442)-842401 or 07796 177733