Board of Directors

Ms Nancy Fox
Independent Director
BA, JD (Law), FAICD
Ms Nancy Fox is the Managing Director of Ambac Assurance Corporation with responsibility for the Asia Pacific Region. Prior to joining Ambac, Ms Fox was an investment banker for over 15 years and has held a number of senior positions as head of securitisation and structured finance at ABN AMRO, AIDC and Citibank. Before moving to investment banking, she was an attorney in New York. Ms Fox was a National Committee member of the Australian Securitisation Forum for 9 years and received the Australian Securitisation Forum's inaugural Distinguished Service Award in 2005. Ms Fox has also served as a board member of the Australian Youth Orchestra since 2001.

Mr Stephen Treanor
Independent Director
BA (Econ), MBA (Fin)
Mr Stephen Treanor is a financial consultant. Over the past 17 years, he has advised a wide range of companies on credit risk assessment, debt structuring, and the securitisation of financial assets. Previously, he was a commercial banker and credit analyst in the United States and served as managing director of the Australasian operations for Moody's Investors Service. Mr Treanor is also a professional director of securitisation related companies. Current directorships include Longreach CP Limited, Nexus Bonds Limited, Select Access Investments Limited, Bridging Capital Pty Limited and Structured Risk Alternatives Pty Limited.

Mr Bruce Speirs
Executive Director
B.Com M Fin CA MBA
Bruce Speirs joined Adelaide Bank in 2004 initially responsible for the Management of both residential and asset backed securitisation programs. Bruce was appointed Chief Executive Officer of Adelaide Managed Funds in January 2007. Prior to joining Adelaide Bank, he spent nine years working with Ernst & Young in the Audit and Corporate Finance teams in the Adelaide, London and Palo Alto offices. He holds a Bachelor of Commerce from Flinders University, a Masters of Finance from Macquarie Graduate School and is a member of the Institute of Chartered Accountants.