The directors of the Fund, all of whom are non-executive, are as follows:

• John Chapman (chairman)
• Andrew Wignall
• Irena Komitova
• Bogdan Stanchev
• Antony Gardner-Hillman
• Angelo Moskov
   

John Chapman

John Chapman, 51, is a lawyer and Chartered Financial Analyst. He is currently a Director of Central Asia Regional Growth Fund plc, an investment fund based in Ireland. He specialises in working with investment funds and, in the last twelve years, he has worked in much of emerging Europe and central Asia. Mr Chapman is a consultant to QVT Financial LP.
 

Andrew Wignall

Mr Wignall, 44, a chartered accountant, is currently an independent Director of a number of private equity and other alternative fund structures. Until 2007 he was a director of Moore Management Limited, the Jersey based fund management and fund administration company. Earlier he worked as an auditor for Ernst & Young in Jersey, where he resides.
 

Irena Komitova

Ms Komitova has an extensive background in the Bulgarian business community. Since 2005 she has been the managing partner of Creative Solutions Ltd, a management and financial consultancy company based in Sofia. She has also acted as a consultant in staging the Economist Conferences, designed for the international business community interested in investing in Bulgaria. In addition to these roles, Ms Komitova has worked for various organisations in Bulgaria, including Allianz Bulgaria Holdings, the American University in Bulgaria and as general manager of Kamor Auto Ltd, the official representative for BMW in Bulgaria. She has won a number of awards, including recognition as a Global Leader for Tomorrow in 2000 by the World Economic Forum.
 

Bogdan Stanchev

Mr Stanchev has wide experience in the management and administration of businesses in Bulgaria. Since early 2005 he has been the Chief Executive Officer of the Varna Business Park. The Business Park is currently in construction and the first building was recently completed and is already 80% let. The organisation currently has a market capitalisation of around ?25 million and the planned investment is ?50 million. Prior to this role he was the commercial director of a manufacturing company, where he was responsible for the financial management, administration and operations of an 800 person business.
 

Antony Gardner-Hillman

“Mr Gardner-Hillman, 52, is a solicitor of the Supreme Court of England and Wales. He was a founding shareholder of the Jersey Trust Company group in 1987. He resigned as non-executive group chairman of Jersey Trust Company and disposed of his remaining shareholding in the group holding company in February 2008. He was a partner of Crills, a Jersey law firm, from January 1987 until May 2002. “

Angelo Moskov

Angelo Moskov, 41, is a partner with QVT Financial LP, an investment fund with offices in London and New York. He is a portfolio manager specialising in emerging Europe and holds an MBA from the University of Chicago. He is a native Bulgarian and fluent English speaker.
 

The Board is responsible for supervising the Manager and for the overall investment activities of the Fund.
 

The Board has established an audit committee, which is chaired by Andrew Wignall.
 

The Audit Committee determines the terms of engagement of the company’s auditors and determines, in consultation with the auditors, the scope of the audit.