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Contango MicroCap Board of Directors

David Stevens B Ec

Managing Director

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Glenn Fowles B Bus (Acc & Finance)

Director / Chief Financial Officer

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Ian Ferres (appointed 7 December 2009)

Independent Director

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Mark Kerr (appointed 7 December 2009)

Independent Director

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Contango MicroCap Board Member David Stevens

David Stevens B Ec

Managing Director

David is Chairman of Contango MicroCap Limited and a Director of Contango Capital Partners Limited. He has worked in the investment industry for over 25 years. His roles have included Investment Analyst, Portfolio Manager, Senior Portfolio Manager, Investment Director, Chief Investment Officer, Chief Executive Officer and Managing Director.

He has been licensed as an Investment Manager in Australia, the United Kingdom and the United States. Prior to launching Contango with Stephen Babidge, David was Chief Investment Officer from 1990 and Chief Executive Officer from 1992 of HSBC Asset Management. Previously, David had also worked with Australian Eagle Insurance Co, Wardley Marine International Investment and Hudson Conway Limited.

Contango MicroCap Board Member Glenn Fowles

Glenn Fowles B Bus (Acc & Finance)

Director / Chief Financial Officer

Glenn is a Director of Contango MicroCap Limited and Contango Capital Partners Limited. He has worked in the financial services industry for over 20 years. His roles at fund management organisations have included that of Company Accountant, Operations Manager, Financial Controller, Finance Director, Chief Operating Officer and Chief Executive Officer.

Glenn has extensive experience in all aspects of investment administration, including investment accounting, custody, information systems, compliance and taxation.

Contango MicroCap Board Member Ian Ferres

Ian Ferres (appointed 7 December 2009)

Independent Director

Ian has had a distinguished career in the funds management industry. His executive roles included Executive Director, National Mutual with responsibility for all worldwide equity, property and fixed interest investments from 1975 to 1988: Managing Director of Meridian Funds Management 1988 to 1990; and Group Managing Director of Australian Unity from 2002 to 2004.

Ian currently holds a number of non-executive board positions including: Chairman, Australian Healthcare Investment Company Limited since October 2009; Director, Australian Unity Limited since 1999; Director, CEDA since 2008; Member, Australia Day Committee (Victoria) since 2003.

Contango MicroCap Board Member Mark Kerr

Mark Kerr (appointed 7 December 2009)

Independent Director

Mark has specialist expertise in the areas of finance, marketing, property and issues management. Mark holds a LL.B. degree from the University of Melbourne, completed articles and practised as a solicitor. In 1982 he founded Product Management, a sister company of International Public Relations. In 1989 he was appointed Finance Director of Weber Shandwick Worldwide Australia (WSW), in 1994 joint Managing Director, then in 1998, Chief Executive Officer.

Mark has served on a number of public company boards. He is currently Chairman of Hawthorn Resources Limited and a Director of Process Wastewater Technologies Limited. In the late 1990’s he co-founded Vital Capital, a venture capital company that specialised in longer-term patient investment in small-to-medium enterprises. He is currently a Director of Berkeley Consultants, a public relations and reputation management consultancy.