Because most administrative tasks have been outsourced to renowned partners, the EValuation Capital fund managers can primarily focus on company research, analysis work and portfolio management. EValuation Capital is:

	Charles Estourgie Partner ce@evaluationcapital.com T: +31 20 8804 194 View bio
	In 1994 Charles gained his doctorate in Economics at the Erasmus University Rotterdam. He graduated as a quantitative economist and started work at Kempen & Co as an equity analyst. In 1997 he moved to Merrill Lynch in London and in 2000 he became head of research for the Benelux countries at ABN AMRO in Amsterdam. He returned to Kempen & Co in 2002, where he headed the dealing room. He founded EValuation Capital in 2006. He is a Registered Investment Analyst (RBA) and in the years 2001-2004 was a member of the board of the Association of Investment Analysts. Furthermore, he was a member of the Board of Trustees of the Postgraduate Investment Management program at the VU University Amsterdam. Since 2012, he is a member of the Supervisory Board of Dutch health insurer CZ Group.
	Willem de Vlugt Partner wdv@evaluationcapital.com T: +31 20 8804 193 View bio
	In 1998 Willem gained his Law degree at the Erasmus University of Rotterdam. He graduated in commercial law. In 1998 he started work at Kempen & Co in the Equity Sales department, where he provided advice on Dutch small and mid caps to Spanish and Anglo-Saxon institutional investors. At the end of 2003, he moved over to Equity Research at Kempen & Co to become a small & mid cap analyst, where he monitored a wide number of sectors such as distribution, office furniture, car leasing, the dredging industry and the cable industry. Willem is a Chartered Financial Analyst (CFA).
	Patrick de Pont pdp@evaluationcapital.com T: +31 20 8813 035 View bio
	In 2005 Patrick graduated from TiasNimbas Business School with a master’s title in International Business and Marketing Management. In 2006 he started working as an equity analyst at Kempen & Co, where he was amongst others responsible for coverage of the IT service & software sector.

Advisory Board
The fund manager is supported by an Advisory Board. The Advisory Board advises the fund manager on (internal) organisation matters and matters relating to general business conduct. The Advisory Board consists of:

drs Ad N.A.M. Smits

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Mr. Smits was born in 1943 and has the Dutch nationality. Mr. Smits has been a director and supervisory director of various companies. He was a member of the Supervisory Board and the Board of Directors of Macintosh Retail Group N.V. and member of the Board of Directors of Wilma International N.V. He is currently a member of the Supervisory Board of Vebego Holding B.V., Maas International B.V. and Sofinim N.V. and he is Chairman of the Supervisory Board at Ballast Nedam N.V.,the CZ Group and the Faber Halbertsma Group.

Luc J.F. Luyten MBA

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Mr. Luyten was born in 1953 and has the Belgian nationality. He is a director and senior partner at Bain & Company and head of Bain’s European industry practice. After working for McKinsey & Company he went to Bain & Company in 1986 and became a partner in 1988. Mr. Luyten has wide experience – with an emphasis on strategic and organizational issues – in various sectors of industry, including energy, telecoms, retail, chemicals, distribution and consumer goods. He graduated magna cum laude in Civil Engineering at the State University of Ghent (Belgium), and in Business Studies at the Catholic University of Louvain. He also gained an MBA (with honors) at the University of Chicago. Mr. Luyten is currently a member of the Advisory Board of CVC Capital Partners and Chairman of Levante Invest.

drs Wilco ten Berg

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Mr. Ten Berg was born in 1942 and has the Dutch nationality. He has held various managerial positions at ABN AMRO, most recently as Senior Executive Vice President Planning and Control. Before joining ABN AMRO in 1981, he was Director Financial Planning and Control at Rank Xerox International Headquarters. Mr. Ten Berg was a member of the Supervisory Board of La Salle National Bank and Board of Trustees of the Postgraduate Controller’s program at the VU University Amsterdam.

Partners

Legal Custodian:	Stichting Bewaarder EV Smaller Companies Fund
Administrator:	CACEIS Netherlands N.V.
Custodian:	KAS Bank N.V.
Accountant:	Deloitte Accountants B.V.
Fiscal Advisor:	Clifford Chance LLP