William Gallagher is a director of the Investment Advisor to the Fund. He was appointed Managing Director of Credit Suisse First Boston (Tokyo) in January 2004. From March 2000 to January 2004 he was director of equity research and a senior analyst at Credit Suisse First Boston (Tokyo). From January 2004 to October 2004 he continued to work for CSFB as a Senior equity analyst. Prior to this, from April 1996 to March 2000, he was head of research and senior analyst of Schroder Securities, Tokyo and from August 1995 to December 1995, he was senior analyst at Merrill Lynch, Tokyo. From January 1988 to August 1995, he was deputy head of research and senior analyst at Smith New Court, Tokyo. Prior to that he worked at Okasan Securities.

William Gallagher
PBG Capital Japan Limited

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