Capital International

Capital International, Inc. ("Capital International") "is part of the Capital Group Companies ("Capital organization"), an organisation whose affiliates' focus has been global investment management for over 70 years. Capital International, along with its institutional affiliates manages more than A$374 billion worldwide for corporations, foundations and endowments as at 31 December 2003." [1]

• Nancy Englander - Vice President
• John Emerson - Vice chair

Key Investment Personnel

• David I. Fisher

• Richard N. Havas is a Senior Vice President and a portfolio manager for Capital Guardian Trust Company, Capital International, Inc. and Capital International Limited. He is also a Senior Vice President and Director of Capital Guardian (Canada), Inc. and Capital International Research, Inc. Mr. Havas joined our organisation in 1986 as a financial analyst specialising in Canadian non-resource companies, as well as Australian banks and industrial companies. Before joining our organisation, he was a lending officer for the Bank of Nova Scotia for four years. He received a BA from the University of Toronto and an MBA (with distinction) from INSEAD in Fontainebleau, France. He is based in our Montreal office.

• Terry Berkemeier is a Vice President of Capital Guardian Trust Company with U.S. equity portfolio management responsibilities, a Vice President of Capital International Research, Inc. with equity analyst responsibilities following the metals and mining industries, and also a Vice President of Capital International Inc. with portfolio management responsibilities for the U.S. equity portion of Australian global accounts. Prior to joining our organisation in 1992, he was a Vice President/Research in the New York office of Merrill Lynch Capital Markets. Before that, he was an analyst and Manager, Corporate Finance and Equity Research of Bankers Trust Company in Sydney, Australia, where he concentrated on mining stocks. Mr. Berkemeier earned a BSc and a BE (with honors) in geology and mining engineering from the University of Sydney, and he worked at the Libanon Mine in South Africa as an underground miner and analyst following his graduation. He is based in our San Francisco office.

• Philip Winston is a Senior Vice President and portfolio manager for Capital International Limited with responsibilities for U.K. and European equity portfolios and is an analyst covering European Marketing Services and property companies. Prior to joining our organisation in 1997, he spent eight years as a Director and UK Equity Fund Manager at BZW Investment Management in London. He was also formerly with Orion Royal Bank in London and New York. Before that, he was a lecturer at Durham University. Mr. Winston holds a BA and a Ph.D. in history from Cambridge University. He is based in our London office.

• Thomas Wolf is a Senior Vice President and portfolio manager for Capital International, Inc., Capital International Limited and Capital International S.A. with responsibilities for Asian and Pacific Basin markets. Prior to joining our organisation in 1993, he served as a Vice President and portfolio manager for Pictet International Ltd. in London. Before that, he was with Morgan Grenfell International in Tokyo and Morgan Grenfell Investments in London. Mr. Wolf received a BA in economics from Columbia University and a master's degree in public and private management from Yale University. He is based in our Singapore office.

• Lionel M. Sauvage is a Senior Vice President and a Director of Capital Guardian Trust Company (CGTC) as well as a Senior Vice President of Capital International, Inc. (CII), with portfolio management responsibilities for both CGTC and CII. He joined our organisation in 1987 as an investment analyst and has covered European food, beverage and airline industries, as well as U.S. aerospace companies. Mr. Sauvage earned his MBA from INSEAD in Fontainebleau, France and his electronic engineering degree from ENSEM in Nancy, France. Prior to attending business school, he was a project manager at Sogelerg Engineering in France for five years. He is based in our West Los Angeles office.

• Gerald Du Manoir is a Senior Vice President of Capital International Research, Inc. and Capital Guardian Trust Company's Personal Investment Management (PIM) division. He is also a Vice President of Capital Guardian Trust Company and a Director of Capital Guardian (Canada), Inc. He has research responsibilities for the consumer goods industries in Europe and the United States, as well as European cosmetics, luxury products, and beverages. Mr. Du Manoir also serves as a Non-U.S. Equity Research Portfolio Coordinator. Prior to joining our organisation in 1990 as a participant in "The Associates Program," he spent six months with Donaldson, Lufkin and Jenrette/Autranet in New York City. Mr. Du Manoir is an honors graduate of the Institut Supérieur de Gestion in Paris, where he earned a degree in international finance. He is based in West Los Angeles.

• Andrew F. Barth is President of Capital International Research, Inc. and Capital Guardian Trust Company. He is also a Director and Global Research Director for Capital International Research, Inc. with research responsibilities for U.S. financial services, specifically thrifts, mortgage lenders, and government-sponsored enterprises. He also serves as a Director for Capital Guardian Trust Company, and is a member of the CGTC Executive Committee, the Capital Group International, Inc. Management Committee, the Global Institutional Group North American Management Committee, and the Capital Research and Management Company Management Committee. He joined our organization in 1985 after completing his MBA at Columbia University Graduate School of Business. Mr. Barth graduated summa cum laude from Columbia University (Phi Beta Kappa). He is based in our Los Angeles office. Other civic duties include serving on the school board of the San Marino Unified School District, the board of trustees for the American Ballet Theater, the Center for the Study of the Presidency, the California Science Center Foundation, the Kappa Delta Rho Foundation, and the Overseers of the Huntington Museum, Library, and Gardens." [2]