Defining the Indefinable

The evolution and responsibilities of the Group Control Officer

Tonight’s dinner is in aid of Armstrong Wolfe’s charity

Gorazde Children’s Foundation Bosnia

www.gcfbosnia.com

Contents

About Armstrong Wolfe 1

Our Charitable Cause 2

About DAC Financial Markets 3

About the RAC 4

Debate: Evolving and Common Practice within Control

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Article: Defining the Indefinable 6 - 13

Corporate Profiles 14 - 24

Summary of Attendees 25 - 26

Table Plans 27 - 28

Notes 29 - 31

About Armstrong Wolfe

We focus on front office business management, risk, operations, control and governance. We partner our clients to source executive talent through retained search, market research and human capital advisory. We have global capability and work with our partner network to deliver worldwide. Since 2013 we have successfully completed on searches in 25 countries. Our research team works with our clients in sourcing ‘the leaders of tomorrow’ on a search-driven basis. This unique service recognises companies are permanently seeking to strengthen their middle management to create leadership in depth. This integrated solution ensures our clients hire, develop and retain the best people, delivering enhanced business performance.

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Our Charitable Cause

This foundation is run by a group of ex-British soldiers from The 1st Battalion The Royal Gloucestershire, Berkshire and Wiltshire Regiment (RGBW), who served as part of the United Nations Protection Force (UNPROFOR) in Gorazde, Bosnia in 1994 –1995. In 2012, these soldiers returned to the town in central Bosnia to re-dedicate memorial stones to the comrades they lost on this tour of duty. This visit led to a commitment to the children of Gorazde, through the donation of educational material and sports equipment. In doing so they are saluting those that sacrificed their lives in service in 1994, by investing in the town’s future generations. These are the children and grandchildren of those that suffered so terribly in the Bosnian conflict and those they came to protect. At the request of the town’s people, our goal is to raise £25,000 in order to build an English-speaking language centre, purchase books and other educational materials, and refurbish the school playground for Gorazde’s Primary School. Your kind donations will assist in the development of the students’ mental and physical state and give them the hope for a brighter future. To those that have done so and to those that will do so, The 1st Battalion The Royal Gloucestershire, Berkshire and Wiltshire Regiment (RGBW) thank you.

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About DAC Financial Markets

In 2013, Managing Director of Armstrong Wolfe, Maurice Evlyn-Bufton, teamed up with three of his banking contacts to establish DAC Financial Markets. As a partner within this new business venture, Armstrong Wolfe works with DAC Financial Markets to provide them experienced market practitioners, to meet the present demand for cost-effective project resource and management. DAC’s management team comprises of senior executives, each with over 15 years experience, working for leading institutions in a variety of front and back office roles. DAC’s people on client engagements are from the same backgrounds as our management team and possess top tier experience of 5 to 15 years.……………………………………………….. ……………………………………………………………….

“The partners work with our clients to ensure our people give a consistent, gold standard service across all disciplines, whether in the same team or spread across an organisation. At all times we ensure our goals and objectives are aligned with our clients.” Jeremy Wright, Partner, DACFM……………………………………………………………………………………………………………………......

…………………………………………………………………………………………………………………………………… Collectively, DAC’s management team provides a sounding board in assessing and advising on the design and implementation of client plans. In this way, our clients access a deep pool of expertise and experience that has encountered and solved the issues our clients face. DAC’s low overhead and a simple, transparent pricing structure mean our clients get great value for money. ……………………………………………………………………………………….

“Our client engagement model allows us to be fully flexible when staffing programmes of work. We can dynamically reduce or increase headcount to meet client demand.” Simon Wilkins, Partner, DACFM

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About the Royal Automobile Club

The Royal Automobile Club was founded in 1897 by Frederick Richard Simms and its distinguished history mirrors that of motoring itself. Ten years later, in 1907, King Edward VII awarded the Club the Royal title that it still holds to this day, sealing the Club's status as Britain’s oldest and most influential motoring organisation. In 1999 the Club demerged the motoring services and established an independent body, the Motor Sports Association (MSA), to govern motor sport in the UK. The Club then added contemporary facilities and refurbished both clubhouses for the benefit of its growing membership. Today, the Club continues to prosper with a diverse membership drawn from all four corners of the globe, two stunning and unique clubhouses, a flourishing events programme and unsurpassed accommodation, dining, sports and golfing facilities. The Club continues to develop and support automobilism through its promotion of motoring events and representation on the Motor Sports Association (MSA), Fédération Internationale de l’Automobile (FIA) and RAC Foundation Along with use of both clubhouses, a ‘home from home’ for many, members also enjoy a whole host of other benefits and opportunities to socialise with fellow members, including an extensive events programme and a wide range of sports and activities. For those travelling further afield, the Club also offers access to over sixty reciprocal clubs around the globe. Ever loyal to its motoring heritage, both clubhouses host motoring events and launches, with the Club awarding historic trophies and medals throughout the year. For more information please go to www.royalautomobileclub.co.uk

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Debate

Evolving and Common Practice with Control

Supposition

In an era when the banking sector is facing

increasing scrutiny and regulation, the

common response is a corporate call for an

absolute commitment to 'control' and in

many cases to appoint a group wide and/or

business-embedded control officer.

Question

What constitutes control and in what

ways can banks co-operate in common

practice and to mutual benefit to mitigate

risk, enhance control and win investor

and political confidence?

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The evolution and responsibilities of the Group Control Officer

by: Maurice Evlyn-Bufton, Managing Director, Armstrong Wolfe

Executive Summary The role of Control Officer carries, you could imagine, self explanatory connotations. This is, of course, if this role is not within a multi-faceted and complex banking environment, where the simplicity in title is not married to the responsibilities and deliverables in practice. This role now occupies a space at the top of the executive agenda, as banks scramble to meet regulatory obligations and head off media and political posturing and venomous assaults. Employee and investor confidence is sought and control is required to avoid the catastrophic events of the recent past. Whether the appointment of a corporate Control Officer will be the pilot to steer each bank and the sector out of troubled waters is unlikely. Although such appointments could play a key role in doing so, both in practice and by perception (by the appointment in title alone). Whilst the market grapples with the control issue and some seek to meet this question with a Control Officer appointment, themes are unfolding feeding this debate: I. Trust and Control • They are synonymous and both take time to build and

establish but can be lost easily. • They are not treated as differentiators today by banks

in the way they were in the 50s/60s/70s and part of the 80s (really pre-’big bang’).

• The fallacy is, today, society has been trusting IT companies more than Banks (Edelman argues IT companies are more insecure than banks).

II. Control and Reputational Risk

• The Control/Legal/Compliance functions are the "custodians" of the reputation of the firm.

• Arguably reputational risk is the most important thing that a Control Officer/Function should be focussed on. (e.g. when Standard Chartered Bank was fined by the U.S. regulator; the fine was trivial

compared to the $8-9bn wiped off the share price in the following few days; this is the "price" of reputational risk and what a Control Function should be mandated to serve).

• Control Functions lack the tools and experiences to undertake their role; most are unskilled in social media and "search and discovery" tools and processes and instead are focused on the traditional regulatory face-offs and internal controls, and even then they lack the tools to track what can be called "big regulation".

• The biggest external threats are from "big data”/ "social media /the "dark web”/cyber attacks, and in the investment banking functions these skills are not valued in the way a quant or trader is.

• Conversely these skills do exist in the retail banks, but the silos prevent them from being leveraged and integrated into the control.

Defining the Indefinable

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Examples cited, such as JP Morgan within this paper, can be read as control failures and even mooted as such, where managing risk and losses in the trading sense is key to managing ‘control’. However, many perceived control failures could also be read differently, such as JP Morgan’s recent issues, where many argue the real issue was a conflict of interest within the CIO function, namely when does liability management become investment management and alpha creation, is this a control failure that could have been mitigated by control processes, most think not. Our own interim conclusions are that going forward the Control Function and Officers need to be polymaths; not only conversant in Investment Bank Regulation and the risks inherent in the core business (market, counterparty, operational), but also conversant and equipped with the tools to manage the broader risks of "big data”/"dark internet”/cyber and denial of service attacks/ etc. Too many of these bankers are administrators, transactional and not enough of them lateral thinkers envisioning where the real threats are, what to do about them, and how to creatively leverage lateral skills and tools to manage them. The argument between quantitative and qualitative assessment, as a differentiator between market, credit and operational risk would appear to be present here. However, unlike these risk disciplines, the Control Officer will need to bridge both effectively. No easy task and no easy path exits for this function and its leadership. Control in Evolution – Basel sets the stage As the flourishing banking sector raced towards the 21st Century, the Basel Committee distributed numerous papers to the supervisory authorities worldwide in the belief that the principles presented would provide a useful framework for the effective supervision of internal control systems. ‘Control’ was on the agenda, although it was propping up other more important revenue generating items from far down on the list of corporate priorities. Today, it sits at the top, overseeing, overbearing and pre-eminent in its position.

As 2014 comes into view, control has developed its own agenda and is unquestionably at the top table, the main course for discussion, dissection and digestion at employee to Board level. How did this promotion to pre-eminence happen and what does it mean in practice? In this context, in the late 1990s, the Basel Committee wished to emphasise that sound internal controls were essential to the prudent operation of banks and to promoting stability in the financial system as a whole. While the Committee recognised that not all institutions would have or indeed would implement all aspects of this framework, banks were encouraged to work towards adoption. The guidance previously issued by the Basel Committee had typically included discussions of internal controls affecting specific areas of bank activities, such as interest rate risk, and trading and derivatives activities. In contrast, this new guidance had presented a framework that the Basel Committee encouraged supervisors to use in evaluating the internal controls over all on- and off-balance sheet activities of banks and consolidated banking organisations.

Defining the Indefinable The evolution and responsibilities of the Group Control Officer

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However, this guidance did not focus on specific areas or activities within a banking organisation. The exact application depended on the nature, complexity and risks of the bank's activities. It was evolutionary as opposed to revolutionary and left itself open to interpretation and inconsistent implementation, due largely to the qualitative and untested ambiguous nature of its recommendations. It was a valiant attempt to build a regulated, operating framework to reduce the chances of [individual banks] making the same mistakes of the past, through a new approach to operational risk management and capital allocation. Such areas, where a breakdown in control had been highlighted, became the focus for this new regulatory and risk framework, but were found to be woefully inadequate as the financial sector galloped headlong into a storm that became known as the Credit Crunch. This financial cataclysm was a series of interlocked events and consequent after quakes that still ripple through the sector today, each delivering a call, a demand for further regulation. It is clear, despite the arrival of the Basel regulatory initiatives and subsequent market-wide attempts to introduce control mechanisms to mitigate organisational, enterprise wide and systemic risk, that the early attempts at regulation failed. The ‘in defence of Basel’ argument being things could have been much worse without it, but how much worse is questionable. Too big to fail – A call for control It was in the shadow of these valiant attempts at building a market consensus to control that the tumultuous events of the Credit Crunch led to the banking sector finding itself under intense scrutiny. From the unwinding of Lehman Brothers to the present day, seemingly every action is eyeballed, every stone turned over and every discovery played out on the media stage. By now the need to further implement company and market wide control was clearly understood, self defining, but equally so was/is the need to be publically seen to be doing it. The media and politicians demanded it, clambering for executive and corporate scalps, and by default the general public became judge and jury [of the banking sectors and bankers generally] on the side lines.

The banking sector was found guilty on all counts and rehabilitation into the realms of respectability and responsibility would only be achievable if the banking sector’s individual members and as a collective, embraced regulation and were seen to be leading its further development and nailing their colours unequivocally to the mast of control. To understand this dynamic, perhaps the best and most well covered example relating to this unfolding control drama, is JP Morgan Chase & Co. In July 2013 Reuters* reported that JP Morgan Chief Executive Jamie Dimon said the U.S’s largest bank was bracing itself for more legal and regulatory scrutiny in the coming weeks and months, but defensively had outlined a series of steps the Company had taken to improve operations in a memo to employees in early July. Aligned to this memo, JP Morgan, which was already facing a wide range of probes from several regulators and the U.S. Department of Justice, stated it was devoting "unprecedented" resources to fix its risk, legal and compliance operations. Simultaneously, Dimon had also begun meeting with regulators directly to improve relationships. *reference: Reuters reporting by David Henry and Lauren Tara LaCapra; Editing by Gerald E. McCormick and Nick Zieminski

Defining the Indefinable The evolution and responsibilities of the Group Control Officer

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"Unfortunately, we are all well aware of the news around the legal and regulatory issues facing our company, and in the coming weeks and months we need to be braced for more to come" Dimon stated. By this time JP Morgan had added 4,000 staff to its control groups since 2012 - three quarters of them in 2013 - and increased spending on this effort by about $1 billion. The bank's control group including risk, compliance, legal, and finance, technology, oversight and control and audit functions. Reuters also stated that Dimon said the bank had been trying to simplify its operations by getting rid of businesses that are not core to its business model. For instance, JP Morgan had stopped selling identity theft protection and credit insurance to customers, Dimon further said. Earlier that month, the bank also said it was getting out of the student loan business, and was also planning to exit physical commodities trading. As such, JP Morgan is also conducting a review of its foreign correspondent banking business and paying closer attention to outside vendor partners, Dimon further outlined. The divesting of non-core business lines is seen across the market, as all banks look to revert to the core and reduce the risk of diversification. JP Morgan and Dimon himself had come under intense fire since in 2012, when a large, money-losing derivatives trade came to light, eventually costing the bank more than $6 billion in trading losses, and leading to the indictment of two former employees. The bank expected to pay [and did] at least $700 million to settle civil law investigations into this matter. As if not under enough inspection, JP Morgan was also facing probes by the U.S. Department of Justice, the Securities and Exchange Commission and other government agencies that are looking into subjects including energy trading, possible bribery in hiring practices in China, and possibly fraudulent sales of mortgage securities. At this stage, Dimon had not specified what new legal and regulatory issues he expected the bank to face, but emphasized that JP Morgan's control undertaking was a company-wide priority.

After acknowledging mistakes, he said the bank and its employees were "facing [our] issues and rolling up our sleeves to fix them.“ Following the "Whale" scandal, the 57-year-old CEO faced a bruising battle with some shareholders to retain his Chairman title earlier this year, and has since been under pressure to improve the bank's relationship with regulators. In the memo, Dimon also said he will now personally meet with bank examiners “on a regular basis” and hold town hall meetings [in May and June] for examiners from top U.S. regulators and staff who regularly deal with those examiners. More so in context to this discussion, as the by-product of this series of events, JP Morgan also had what Dimon described as a "state-of-the-art control room" at its corporate headquarters in Manhattan, from which staff devoted to control and operational risk matters could retrieve data from across the firm to spot problems. Dimon called the control initiative an "unprecedented effort" for JP Morgan Chase. "Never before have we focused so much time, effort, brainpower, technological power and money on a single, enterprise-wide objective," Dimon said.

Defining the Indefinable The evolution and responsibilities of the Group Control Officer

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Defining the Indefinable The arrival of the Group Control Officer To spearhead this well publicised effort, JP Morgan has appointed a Global Control Officer to oversee this financial and resource effort and are one of many banks to have done so. Whether this becomes a standard market-wide appointment will be seen as we run into and through 2014. Some feel they will be compelled to do so, as not having such an appointment will leave them exposed to the regulators questioning ‘why not?’ and to market and media negative perceptions. As such the market move to make such an appointment does raise a number of questions. Not least is the possible confusion and mixing of the high level concept and idea of a Chief Control Officer, why such an appointment is required and so on, with the need to understand how such an appointment fits in at the granular level within the established audit and risk system. This confusion cannot however negate the simple fact that these established functions failed and therefore the exact role, reach and mandate of a Chief Control Officer will have to, arguably, stretch from the granular to the high value and level. In some cases the Board are moving to being additionally titled the Risk Management Group, differentiating themselves from risk management and its staff. Questions are in abundance as this process unfolds: I. What is the mandate of the Control Officer and how

can this investment be effectively managed; can it be quantified in return on investment?

II. With regulatory pressures aligned to investor demands and political interference, how will internal supervision, compliance, audit and operational risk collaborate with and not replicate the effort of the ‘Control Office’?

III. How can the Control Officer and his/her direct and extended team work across the established control functions to drive collaboration and benefit, and avoid potential conflict and duplication of effort?

IV. What are the organisational and established component parts which the Control Office will

own directly and how, with this mandate, do you frame an integrated bank-wide control framework [working with the non owned and established control functions]?

V. What are these established internal control

functions? All of the control activities which are performed under the governance and organizational structure established by the bank’s Board of Directors and Senior Management and in which each individual within the organization must participate in order to ensure proper, efficient and effective performing of the bank’s activities in accordance with the management strategy and policies, and applicable laws and regulations and to ensure the integrity and reliability of accounting system and timeliness and accessibility of information in the data system;

VI. What is the accepted internal control system? All of the financial, operational and other control systems which are carried out by internal controllers and which involve monitoring, independent evaluation and timely reporting to management levels systematically in order to ensure that all the bank activities are performed by management levels in accordance with current policies, methods, instructions and limit;

VII. What constitutes the internal audit (inspection) system? A systematic audit process which is carried out by internal auditors independently as a part of the internal control function and in the form of financial activities and compliance audit independent of the bank’s daily activities, considering the management’s needs and the bank’s structure; which covers all the activities and units of the bank, mainly the internal control system and the risk management system, and which enables the assessment of these activities and units, wherein evidences and findings used in assessments are obtained as a result of reporting, monitoring and examination;

Defining the Indefinable The evolution and responsibilities of the Group Control Officer

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VIII. What is the internal supervision (control & audit) system? The integrated process consisting of the internal control system and the internal audit system;

IX. The risk management system? All of the

mechanisms concerning the process of standard-setting, reporting, verifying the compliance with standards, decision-making and implementing, which are established by the Board of Directors in order to monitor, to keep under control and, if necessary, to change the risk/return structure of the future cash flows of the bank and, accordingly, the quality and the extend of the activities;

Stakeholder Management The subtle art of building a Control framework In addition to the Control Officer mobilising the above to the common good, there are also other factors playing a role in defining and managing the control framework [from one centralised Control Office], as follows: I. Senior Management: The bank's General

Management and Deputy General Managers, and managers of operational departments who hold signature authority;

II. The Inspector: a staff member who inspects the conformity of the bank’s activities with the banking law and the internal regulations of the bank;

III. The Internal Control Unit: A unit that organizes, manages and coordinates the bank's internal control process;

IV. The Internal Controller: A member of staff of the bank, other than inspectors, who is authorized by the bank management to monitor, examine and control the activities of the bank on an on-going basis;

V. The Risk Management Group: The whole structure that comprises the Executive Risk Committee, Bank Risk Committee, and Risk Management Committees of the individual operational units, centralized or decentralized, established in order to manage the risks the bank is exposed to in a systematic way;

VI. Asset/Liability Management Committee: The committee assigned by the Board of Directors with the duties of determining the policies for asset/liability management and mobility of the funds and taking decisions to be executed by relevant units within the framework of the bank’s balance-sheet management and monitoring implementation of the activities;

VII. Risk Management Staff: Staff in risk management committees who are responsible for such issues as defining, verifying, and assessing risks to which the bank is exposed through certain criteria, quantitative and analytic techniques, and have adequate knowledge and experience in risk management; who work in coordination with internal controllers in accordance with the provisions and procedures set out by the Board of Directors.

It is into this melee of established control functions and into the realm of fiefdom and personality that the Control Officer will have to forge his/her consensus and deliver upon the corporate mission, starting with the question of ‘what is a Control Office and how do you define its mandate?’

Defining the Indefinable The evolution and responsibilities of the Group Control Officer

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Defining the Operating Model The vertical v horizontal debate Across the market, where established, a Control Office appears to be a team mandated for coordinating all existing control elements into a consistent and logical model, tasked with ensuring future developments in the business are integrated into this model. It represents a corporate commitment with an emphasis on maintaining and enhancing a robust and effective control framework, not just for meeting regulatory requirements, but to deliver upon the core values and promise to the bank’s staff and investors. In some banks the Control Office is split into Infrastructure and Front Office Risk and Control functions, working independently, but in partnership. In others there is a fully integrated front to back and cross divisional Control function. In either model, the Control Officer is generally tasked to deliver a seamless controls framework across the company with ownership shared by all. In every model the military analogy of having lines of defence and strengthening each, aligning each more closely to each other, plays an increasing part. Control is now at the forefront of Front Office tasks and responsibilities, being the first line of defence. However, it is now seen as the role of the Control Officer to link the arteries and veins that run through vertically the bank’s business functions [on the horizontal i.e sales and trading, operations, product control and so on: see diagram 1]. This will be the Control Office’s primary task and challenge. Some argue these horizontals should remain firmly independent and some that Front Office is separate to the infrastructure. Whatever the argument, collaboration and communication and making sure all understand there is one, common and absolute objective, will help ensure the success of any configuration. This esoteric stand point will become the hardened, unassailable and achievable mission if, like Dimon, the bank’s Executive are unequivocal in the Board’s commitment to this initiative and the Control Officer is given the budget, the head count and the mandate to deliver upon its directive.

Many banks are at first base and/or working towards it. What is less understood is how any function will operate and divide the task of delivering this integrated approach to control, where it is generally accepted this task is split into design, behaviour and strategy/forward thinking. Some have suggested banks could collaborate in this design, to mobilise these collective resources, to deliver market wide common and best practice and in so doing, be ahead of regulation, leading self regulation. An interesting view and one for further discussion. In the interim, how the Control Officer will navigate across risk, supervisory and the established control functions is key, central to the success of such an appointment. He/she will have to possess well proven, soft, stakeholder, relationship management skills, that will play an important part when chairing and running committees and change groups. This complexity in responsibilities and deliverables [within the Control Officer role] demands diversity in competencies for any lead member of the Control function. In part needing to be strategic and understanding the end to end process, in equal part having an inquisitive and risk, audit driven mind set. To be able to identify risks and/or understand how to join the control arteries and veins from one part of the bank or group to another. Despite this demand and despite the present negative fervour about banking and the need to restrain, control, regulate the irresponsible banking sector and its occupants, it is a storm that will pass and when it does the sector will be better managed, more robust and controlled.

Defining the Indefinable The evolution and responsibilities of the Group Control Officer

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However, even here, the moral objective needs to meet and marry the pragmatic limitations of the sector to deliver this change. Where the two meet will define the success and wider acceptance of the banking sector moving forward, where control will be ‘the’ central pillar to acceptance.

For more information please contact Maurice@armstrongwolfe.com

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www.armstrongwolfe.com

Dealing with a historic perception Winning political, media and public confidence is key to quantifying success. What has made the banking sector such a success – innovation - has also been its downfall. Such controls will be designed to deal largely with historic innovation, not future development. Tomorrow’s bankers will find routes to bypass regulation, to pass by control measures, where their innovation and entrepreneurialism will ultimately lead to further regulation. The aim of today’s market investment in control initiatives is to ensure this regulation has been anticipated and that the banking sector is seen to be managing its shop in good order, delivering control mechanisms and processes in time, in advance and not in response to financial disaster. Whatever the outcome, however the banks resolve their common issue today, history has remained consistent as to its view of the role of the banking sector, The sector has a historical and entrenched negative view to deal with, exacerbated in today’s climate of mistrust [following recent scandals]: [Speaking about international bankers in 1831] “You are a den of vipers! I intend to rout you out, and by the Eternal God I will rout you out. If the people only understood the rank injustice of our money and banking system, there would be a revolution before morning.” . . . “If congress has the right under the Constitution to issue paper money, it was given them to use themselves, not to be delegated to individuals or corporations.” U.S. President Andrew Jackson, 1829-1837. Or perhaps even more damning, when Abraham Lincoln stated [echoing the present day comprehensive lack of trust in the banking sector]. “I have two great enemies, the Southern Army in front of me and the bankers in the rear. Of the two, the one at my rear is my greatest foe”. It is now the shared responsibility of today’s Control Officers, with executive support, to break this historic mould and view, to establish a sustainable banking model that will manifest itself with a banking sector serving its employees, its investors and with recognition and applaud by politicians and the general public.

Defining the Indefinable The evolution and responsibilities of the Group Control Officer

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Rory Byrne COO Capital Markets Lloyds Bank Commercial Banking

Rory has been a front line COO and Sales team head for 25 years. Working in Investment and Commercial Banks in London, Holland and Singapore. He has delivered volume and client growth in corporate finance, plain vanilla, derivatives, and structured sales in a wide range of investment banking scenarios.

His career has also involved project management, and startup strategy in cross border scenarios in Europe and Asia. Currently Rory is COO of the Capital Markets division of Lloyds Bank. This business comprises Bond Origination, ABS, Acquisition Finance, Project Finance, Corporate Swap sales as well as Bond and Loan Syndication.

Before joining Nomura, Dominic spent five years at Lehman Brothers. Initially as CAO for Operations and subsequently as CAO for the European Corporate Division. Prior to this he worked for seven years at Deutsche Bank, in a variety of roles including Operations, Cash Management and business management for the Middle East region. Dominic is a Governor and Chair of the Finance and Personnel Committee of Southwark Park Primary School, a school in Bermondsey with which Nomura has had a long standing partnership. Dominic has an MA from Cambridge University in Mathematics and Management.

Dominic Cashman is Chief Administrative Officer for EMEA with responsibility for the EMEA CEO office, Corporate Communications, Business Continuity Planning, Real Estate & Services and the corporate functions in the EMEA branch offices. He also co-ordinates key programs and initiatives across all Corporate functions in the region and is Programme Director for the Front Office Supervision and Conduct initiatives. He is a Managing Director and a member of the European Executive Management Committee. Additionally he serves on the boards of Nomura Alternative Investment Management Ltd, Nomura Re Ltd, Nomura Properties plc and OOO Nomura (Russia). Dominic joined Nomura in 2008 as CAO of the European Corporate Division and became CAO of the Global Corporate Division in 2010.

Dominic Cashman Chief Administrative Officer, EMEA Nomura

Corporate Profiles

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Clare Causton

Rob Cook

Rob has 20 years’ experience in financial services working for investment banks and asset management companies. He is a chartered accountant having qualified with KPMG’s financial services division. On leaving KPMG, Rob worked for Merrill Lynch as a product controller for their international credit trading business before moving to Credit Suisse to build out a product control team for their emerging markets credit business. After these roles, he joined Dresdner Kleinwort where he worked as the global COO for their emerging markets business setting up trading and sales operations around the globe. During his time at Dresdner, Rob also led the emerging markets structured products desk for the EMEA region. On leaving Dresdner, Rob built out an alternative asset management company for the Pearl Group acting as its COO before joining JP Morgan as the CFO for their emerging markets business in EMEA. Rob left JP Morgan to co-found DAC Financial Markets where he is currently leading the OTC derivatives clearing programme for State Street. Rob has a wealth of experience in delivering large business development, cost reduction and operational efficiency programmes as well as regulatory led change and control initiatives.

Clare joined RBS as Chief Operating Officer (COO) to the Markets and International Banking CRO. As COO, Clare’s role encompasses Reporting and Information Services (including the Risk Control Unit), Change Management, Regulatory Risk Implementation and Business Management. Clare came to RBS from UBS where she headed up Global Change for the Investment Bank Risk team and was additionally COO of the Investment Bank Risk Methodology team. Clare's background includes a number of Risk infrastructure and change related leadership roles at large banking institutions, including Bankers Trust/Deutsche Bank and Bank of America (where she was based in the Charlotte, North Carolina head office) and covering both investment bank and enterprise roles.

Clare has BA Honours from Manchester University. Clare lives in Smithfield and enjoys the cultural and gastronomic rewards of living in the City of London. She also has a house in Devon which is undergoing a series of non trivial renovations

COO, Markets & International Banking Risk RBS Group

Managing Partner DAC Financial Markets

Mark Cooke

Mark Cooke joined HSBC in January 2014, as Group Head of Operational Risk, based in London and heads up a Global team of 500 Risk Officers. Mark joined HSBC from Barclays where he was Chief Risk Officer for Barclays Wealth & Investment Management (2009-2013). Prior to that (2004-2009) Mark was Managing Director and Chief Operational Risk Officer for Europe, Middle East and Africa, for UBS, responsible for both the Operational Risk oversight of the EMEA region and Global Equities at UBS Investment Bank. Prior to Risk, he was a Managing Director in Global Operations, working both in UK and the USA. Mark joined UBS in 1997, having worked prior to that at a number of European Financials institutions in roles both within Finance and Operations. He started his initial career in 1989 at Coopers & Lybrand, where he went onto to qualify with them as a Chartered Accountant in 1992. Mark holds a joint BSc degree in Physics and Business from Warwick University.

Group Head of Operational Risk HSBC

Aileen Croft joined Marsh in 2012 as Head of Programme Management. In addition to managing the strategic landscape of BPO relationship with Capita, Aileen is responsible for the delivery of two of Marsh’s largest change programmes: London Market Platform Replacement (“LMPR”) Programme and EuroTrade2 (“ET2”). Both programmes will be implemented in 2014. ………………………..…………………………………………

Prior to joining Marsh, Aileen had over 20 years’ experience in financial services focusing on operational transformation. As a consultant and at senior level within FS organisations, Aileen has managed delivery of very large change programmes spanning systems, process reengineering and BPO implementations.

Originally a Civil Engineering Graduate from Trinity College Dublin, Aileen gained her MBA from Cranfield Business School.

Aileen Croft Head of Programme Management Marsh Ltd.

Victoria Davison joined Marsh Ltd in June 2011 as Chief Operating Officer. In addition to overseeing the day-to-day Operations and Technology activities in the UK and Ireland, she is currently responsible for delivering two of Marsh’s largest change programmes; London Market Platform Replacement (“LMPR”) Programme and EuroTrade2 (“ET2”). Both programmes will be implemented in 2014. Prior to joining Marsh, Victoria worked for UBS Investment Bank for 18 years. She was COO of various businesses and regions and her specialties were Fixed Income, Debt Capital Markets, Strategy and Planning, IT Management and Programme Management. Victoria is a trustee of Kids in Museums, a UK charity dedicated to making museums open and welcoming to all families. She lives in London with her husband and their four children.

Victoria Davison COO, UK Marsh Ltd.

James Elder is Head of Risk & Finance Audit, responsible for the audit plan and coverage over the Global Risk and Global Finance functions at HSBC, and a member of the HSBC Internal Audit ExCo. James joined HSBC from Deutsche Bank where he was Head of Business & Regulatory Development and Chief Operating Officer for Group Audit. Prior to this James worked in a number of risk roles across the banking and insurance sectors, across Operational Risk and Market Risk, and as a Chief Risk Officer. James is a Chartered Accountant and risk and internal audit professional with over 20 years experience. James Elder

Head of Risk & Finance Audit HSBC

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Maurice has over 17 years’ experience identifying and placing first class resource into the financial services industry. As a commissioned officer with the British Army, Maurice saw service during the troubles in Northern Ireland and the Balkans War where he was the second in command of the British U.N. forces protecting the south bank of the river Drina of the safe haven of Goražde. On leaving the Army, Maurice spent the next 17 years working within executive search specialising in wholesale banking, financial markets, asset and private wealth management. He has extensive experience in managing assignments at director and managing director level, managing assignments into financial centres across Europe, the Middle East, North America and Asia. Maurice’s experience has given him a proven ability to identify the best talent in the market. Maurice co-founded DAC Financial Markets, and remains managing director and owner of Armstrong Wolfe.

Maurice Evlyn-Bufton Managing Director Armstrong Wolfe

Jack is currently a Director at Armstrong Wolfe having been part of the company since its inception in 2011. The last 2 years he has focused on building out the Risk Management and Regulatory practice. His attention is currently split across Credit Risk, Market Risk, Operational Risk, Audit, Risk and Control and regulatory programmes bridging the front office. Prior to Armstrong Wolfe, Jack worked for a global business coaching organisation, where he sold its franchised business model to private investors around the country. He is a graduate of Gloucestershire University in Sports and Exercise Science.

Jack Gooding Director Armstrong Wolfe

Neil Hadley IB CAO, Head of the IB COO Management Office UBS

Neil has over twenty years’ experience in the financial services industry, seventeen of which have been at UBS. He is currently IB CAO and head of the Global COO Management Office for the Investment Bank (“IB”), working closely with Global COO of the IB, the senior COOs across the firm and Logistics and Control partners. He joined UBS in Finance and in 2000 moved to work with the Global Head of Fixed Income in the management office in London, and subsequently relocated to New York in 2002. In 2005 Neil was part of the senior project team to establish Dillon Read Capital Management ("DRCM") and subsequently worked within the DRCM COO Office and was Chief of Staff to the CEO and President. Following the closure of the business in 2007, Neil returned to London and ran the project to exit the discontinued activities and reintegrate the on-going operations into the IB and returned to London. He transitioned to the IB CEO Management Office to lead the strategy team and was appointed Chief of Staff to the IB COO. In early 2010, Neil moved back into FICC as Global COO for the Credit and Emerging Markets businesses where he also had COO responsibility for the Complex Structured Products business and led the migration of the asset portfolio to Corporate Centre and establishment of IB Legacy. Prior to UBS, Neil worked within Group Finance at Henderson Global Investors. He is a qualified accountant and holds a BSc (Hons) in Accountancy and Finance.

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Peter Healey Global COO, FRC UBS

Peter Healey is the Chief Operating Officer for FX, Rates & Credit (FRC). He has been with UBS Investment Bank since 1993, starting in the London office and subsequently moving to Zurich in 1999. In the FRC COO function, Peter is responsible for Strategic Planning & Resource Management, Day-to-Day Operations and Business Engineering, Regulatory Change and Operational Risk Management. Before joining UBS, Peter worked at Morgan Stanley where he was responsible for the Fixed Income business unit control department in Japan. Peter is a qualified accountant.

David Hudson CFO, Global Markets JP Morgan

Maz Khan CAO Markets RBS Group

Maz Khan since 2012 has been working as CAO, Markets for RBS Markets & International Banking. From 2007 till 2012 Maz was COO Equity Derivatives for Royal Bank of Scotland. Prior to this Maz was with Deutsche Bank within Derivatives and Risk Technology for 11 years. Maz previously worked with BNP Paribas and was an IT Project Manager and developer. He started his career with technology at Natwest Bank.

David Hudson is Managing Director and Chief Financial Officer for Global Markets at JPMorgan. He is responsible for business strategy, oversight of finance, technology and business operations, as well as regulatory and industry relationships for the Markets business within JPMorgan's Corporate and Investment Bank. David has also worked in a variety of COO roles at JPMorgan including: Global Rates, Public Finance, Fixed Income Exotics & Hybrids, Retail Structured Products and the Global Currency and Commodities Group. Prior to his current role at JPMorgan Chase, David was COO of EMEA Equities Sales at Nomura.

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David Long COO, EMEA Credit Suisse

David Long is a Managing Director of Credit Suisse based in London. He is Chief Operating Officer for the Europe Middle East and Africa (EMEA) region. He is responsible for the governance, controls and operational management of all EMEA offices outside of the UK Investment Banking entities (CSi and CSSEL). He is Chair of the EMEA Controls Committee and EMEA Expense Management Committee. He is also a member of the Managing Director Evaluation Committee and GLC. Prior to this, he was Chief Operating Officer of the Fixed Income department within the Investment Banking division. David joined Credit Suisse in 1992 from Bankers Trust where he was a trading junior on the Interest Rate Derivatives desk. David has had various COO roles in FX, Rates and FID.

Simon Longden WB COO, Geographies Standard Chartered Bank

Global Fixed Income & UK IB Controls Officer Credit Suisse

Simon Longden is COO Geographies, Wholesale Banking at Standard Chartered Bank. Currently he is managing the regional and global COO team supporting the Wholesale Bank’s business activities. Previously Simon was Managing Director Regional Head, Transaction Banking, Europe for six years. Prior to his move into the business Simon occupied various executive roles across the infrastructure including being appointed Managing Director Head of Trade & Cash Management Operations. Simon holds an extensive International Banking experience across Europe, Asia, Africa & the Middle East. An end to end business perspective covering Sales & Relationship Management, Transaction Banking, Infrastructure, Technology & Operations.

Charanpal Matharu

Charanpal Matharu is a Director of Credit Suisse, based in London. He is the Global Fixed Income and UK Investment Bank Controls Officer responsible for ensuring audit and regulatory compliance, quantifying operational risk in the front office, front office supervision, scenario testing, verification of controls and also involved in key strategic initiatives such as Holistic Trader Surveillance. Charanpal joined Credit Suisse in 2004 within Operational Risk and has also held roles at Barclays Capital, JPMorgan and Bank of America Merrill Lynch. Charanpal is an associate of the Chartered Institute of Management Accountants and graduated in Chemistry with Management from King’s College London.

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Stephen Miller CIO, Europe Standard Chartered Bank

Stephen joined Standard Chartered Bank in Singapore in 2008 as Global Head of FI Derivative Operations, running Middle Office and Operations functions in some 35 countries. He has recently returned to the UK to assume the position of CIO Europe, combining Operations and Technology leadership and governance across all of Standard Chartered’s European Businesses. Prior to joining SCB, Stephen spent 13 years in various Middle Office, Operations and Change Management roles at Bear Stearns and JPMorgan. Stephen has a degree in Ancient History from the University of Bristol.

Managing Director, Commercial Banking Control Function Lloyds Bank Commercial Bank

Ralph Nash

Ralph is the Managing Director in Lloyds Commercial Bank leading the Control Function. As such, he is responsible for first line of defence control activities covering operational risk, fraud and financial crime, business continuity, product governance and compliance. Prior to Lloyds, Ralph spent 7 years as a Managing Director at Barclays Corporate and Investment Bank, covering a range of roles in risk and compliance, including Global Head of Financial Crime Compliance. Ralph has held numerous other roles in industry and central banking, encompassing time at the Bank of England, including a secondment to the Basel Committee on Banking Supervision and at the House of Commons Treasury Select Committee. Ralph holds a MA in Geography from Cambridge University.

COO, Fixed Income, Currencies & Commodities Deutsche Bank

Ian Patterson

Ian joined Deutsche Bank in 1997 as Global Business Area Controller for Global Credit Trading. In 2001, he transferred to Global Markets Central Management, where he was initially involved in project management, planning, technology governance and regulatory affairs. In 2005, Ian was appointed Global COO for Currencies & Commodities and subsequently Global Finance & Foreign Exchange from 2007 onwards. In June 2012, Ian was appointed Global COO for Fixed Income, Currencies and Commodities. Ian is a member of the CB&S COO Exco.

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Jon Robertson EMEA Head of Operations Strategy & Change BNY Mellon

Jon is currently the EMEA Head of Operations Strategy & Change at BNY Mellon. In this role, he is responsible for ensuring that BNY Mellon’s operational services and products meet the clients’ demands and the business’ imperatives, and adhere to the ever changing regulatory environment. Prior to this, Jon was Head of Strategic Projects for Royal Bank of Scotland’s Businesses Services division, Head of Operations Change for RBS and ABN AMRO. He also managed the programme to develop a banking entity for RBS in the Netherlands following the purchase of ABN AMRO by the consortium led by RBS, as well as being COO for the Operations Shared Services and Commercial Banking Operations within ABN AMRO Prior to joining ABN AMRO, Jon was a partner in the Financial Markets division of Accenture, and a Captain in the Royal Engineers.

Cara Schulze Managing Director, Deputy Chief Controls Officer Barclays

Cara Schulze is a Managing Director at Barclays PLC. She is the acting Deputy Chief Controls Officer of the Corporate & Investment Bank. In her role, Cara is responsible for coordinating all existing control elements into a consistent and logical model and ensure all future developments are integrated into this model. Prior to transferring into the control function, she was part of the management team of Structured Capital Markets in charge of European Origination at Barclays. Before joining Barclays in 2005, Cara headed the German tax desk at EY, London for 4 years. Prior to this, Cara worked at PwC, London in the Financial Products Group from 1997 to 2001. Originally Cara trained to become a judge in Germany and qualified for the bench in 2006. She studied law at Julius Maximilian Universität, Würzburg, Germany. After her baccalaureate in 1987, she completed an apprenticeship at Bankhaus Marcard, Stein & Co, Hamburg, Germany.

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Rick Sears has worked at Barclays since 2010 as the Managing Director, Chief Operating Officer for FX, Commodities, Emerging Markets & E-Trading. Rick is also a Member of Board of Directors for CLS Bank. Previously Rick was President and Chief Operating Officer in London for FXMarketSpace Ltd, Chicago Mercantile Exchange as a Managing Director- Foreign Exchange in Chicago, has also worked in Bank of America, roles including Managing Director and Vic President in California. Rick attended Wheatin Collage where he received a Bachelor of Arts in Economics, Thunderbird - The American Graduate School of International Management and received a Masters in International Management with dual concentration in Finance and Marketing. Rick also attended University of Chicago, Graduate School of Business and completed the Executive Program in Strategic Sales Management. Rick Sears

Managing Director, COO FX FX Trading & Commodities Barclays

Chris Severson Director, CCO Team Barclays

Chris joined Barclays in August 2013 as Head of Governance – Chief Controls Office, bringing his operational and management experience to Barclays after a nearly 20 year career in the U.S. Marine Corps as a TOPGUN trained F/A-18 pilot. Chris has designed and delivered a comprehensive and effective governance model to support the newly established Chief Controls Office. To support the Barclays ambition of becoming the Go-To bank, Chris has spent time coaching leaders on having a different perspective on risk via his comparison of the Barclays environment with the Naval/Carrier Aviation environment, “Barclays and Naval/Carrier Aviation, Profits, Risk, and Safety”. During his time spent as a Marine Corps Officer, Chris served in various Squadrons and locations throughout the world. His last position was in the Marine Corps F/A-18 training squadron, leading a team of 850 fighter pilots, Marines, Sailors and civilians. He studied Engineering at Carnegie Mellon University and holds Masters of Business Administration degrees from both Columbia Business School in New York City and London Business School.

Peter Slater Independent Risk & Operations Consultant RBS Group

Peter is an Independent Risk & Operations consultant at RBS Group. He is a Senior Business Risk and Operations Executive with a successful track record of leadership as the Deputy Chief Executive and COO of a market-critical financial services industry utility, and is a Managing Director of global functions (including Operations and Operational Risk functions) in world-leading investment banks. He has extensive experience in the creation and delivery of strategic transformation programmes achieving significant enhancements to business capability, cost reduction and risk control across global business, operations, and technology functions. He is an effective influencer of the most senior external stakeholders, including senior market participants, Non Executive Board members and Regulators. Peter has worked at a number of major institutions over the past 30 years including PWC, HSBC, Deutsche Bank, CLS Group and Standard Chartered Bank.

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Global Head of Regulatory Reform Implementation Citi

John Tillett

John Tillett, Managing Director, is the Global Head of Regulatory Reform Implementation at Citi Markets. John joined Citi in November 2010 to setup and lead a team to implement regulatory reform for Citi Global Markets. Based in London, John is responsible for developing strategic responses and leading the implementation activities to meet the demands of the evolving regulatory environment for Citi Markets globally. Heavily involved in the industry response generally, and Citi’s in particular, John is an active participant in numerous industry working groups and steering committees including those organised through ISDA, SIFMA and AFME covering CFTC/SEC Dodd-Frank rules, EMIR and MIFID, amongst others. Prior to Citi, John ran the OTC Clearing Program, and prior to that was the Co-Head of Rates Technology at Barclays Capital. Prior to this, John also worked for LIFFE in the exchange traded derivatives environment, running many large business and infrastructure programs.

Nikesh is presently with UBS based in Zurich as COO for Technology Infrastructure within the Corporate Center of UBS Group. Encompassing a technology support division of ~2,500 staff globally. He has over 20 years' experience in providing business management support to c-level management, in particular domains of Capital Markets, Investment Banking & Wealth Management, Technology & Operations.…………………………………………………………………… . - COO Group IT/Operations - Investment Banking……………………………………………………… - Global Outsourcing/offshoring-near-shoring Operations/IT……………………………………. - Group change/programme management…………………………………………………………………… - Post merger integration/divestments/business restructuring……………………………… -Global operational cost reduction programmes

Nikesh Vishram Global COO, Infrastructure Services UBS

Nick Wilcock Deputy EMEA, COO Credit Suisse

Nick Wilcock is a Managing Director of Credit Suisse based in London. He is a member of the Regional Management Team for Europe, the Middle East and Africa (EMEA). He is Deputy Chief Operating Officer for the EMEA Region. Prior to this, Nick was the Chief Operating Officer for Russia, the CIS, Turkey, Israel and Greece. Nick joined Credit Suisse Financial Products (CSFP) in March 1992 and during his time with the Bank, has held a number of line and programme management roles in the Operations, Product Control and Complex Product Support, Information Technology and Internal Audit departments of Credit Suisse First Boston and CSFP. Prior to that, Nick spent four years in the Audit group of Price Waterhouse and has also worked as a Chemical Engineering Project Manager at British Petroleum. Nick holds a degree in Chemical Engineering from the University of Loughborough and is a Fellow of the Institute of Chartered Accountants in England and Wales. He is a Trustee of the Credit Suisse EMEA Foundation.

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Partner DAC Financial Markets

Simon Wilkins

Simon has over 20 years’ experience working within the financial services industry as a professional services consultant. Having left university, Simon worked for 10 years at Accenture as a senior manager within their financial services division managing strategic change on a variety of complex, technology led initiatives. His experience covers the banking and insurance industries with extensive programme management experience gained across the retail and wholesale sectors. He has led a variety of off-shoring, outsourcing and rationalisation initiatives and has a proven track record of third party vendor management when leading integration programmes of work. For the last several years, Simon’s experience has focused on delivering internal risk and controls strategic frameworks whilst working with clients to develop and manage operational implementation plans. Simon’s clients over the years have included brand names such as American Express and Barclaycard and top tier financial service firms including Aviva, Prudential, Capita, Lloyds TSB, ABN Amro and RBS.

Jeremy Wright Partner DAC Financial Markets

Jeremy has over 30 years’ experience working within the banking industry, predominantly at RBS where he held a variety of senior, cross asset class roles. These roles spanned the front and back office and saw Jeremy placed in various locations around the globe where he built out RBS’s product and service offerings in the UK, Hong Kong, Tokyo and India. His time at RBS saw him successfully lead a number of large and complex programmes most notably the integration of RBS and ABN AMRO’s Markets and Banking businesses where Jeremy was responsible for the whole programme lifecycle from planning to implementation across all front office, back office and technology functions and realised significant cost and revenue synergies from the combined entities. Over the years, Jeremy responsibilities included acting in both a CEO and COO capacity. Jeremy worked as the COO to the Global Markets business before moving to become the CEO for the commodities business where he delivered significant improvements to the control environment and material reductions to balance sheet and capital usage in preparing the division for sale to JP Morgan as a result of the EU competition Directive. As head of the Futures & Options business, Jeremy restructured the business to improve the bottom line and build out the global product offering.

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Summary of Attendees

Name Current Role Employer

Rory Byrne COO Capital Markets Lloyds Bank Commercial Banking

Dominic Cashman Chief Administrative Officer, EMEA Nomura

Clare Causton COO, Marketing & International Banking Risk RBS Group

Rob Cook Managing Partner DAC Financial Markets

Mark Cooke Group Head of Operational Risk HSBC

Aileen Croft Head of Programme Management Marsh Ltd.

Victoria Davison COO, UK Marsh Ltd.

James Elder Head of Risk & Finance Audit HSBC

Maurice Evlyn-Bufton

Managing Director Armstrong Wolfe

Jack Gooding Director Armstrong Wolfe

Neil Hadley IB CAO, Head of the IB COO Management Office UBS

Peter Healey Global COO, FRC UBS

David Hudson CFO, Global Markets JP Morgan

Maz Khan CAO Markets RBS Group

David Long COO, EMEA Credit Suisse

Simon Longden WB COO, Geographies Standard Chartered Bank

Charanpal Matharu Global Fixed Income & UK IB Controls Officer Credit Suisse

Stephen Miller CIO, Europe Standard Chartered Bank

Ralph Nash Managing Director, Commercial Banking Control Function

Lloyds Bank Commercial Banking

Ian Patterson Global COO, Fixed Income, Currencies & Commodities

Deutsche Bank

Jon Robertson EMEA Head of Operations Strategy & Change BNY Mellon

Cara Schulze Managing Director, Deputy Chief Controls Officer Barclays

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Name Current Role Employer

Rick Sears Managing Director, COO FX Trading & Commodities

Barclays

Chris Severson Director, CCO Team Barclays

Peter Slater Independent Risk & Operations Consultant RBS Group

John Tillett Global Head of Regulatory Reform Implementation

Citi

Nikesh Vishram Global COO, Infrastructure Services UBS

Nick Wilcock Deputy EMEA, COO Credit Suisse

Simon Wilkins Partner DAC Financial Markets

Jeremy Wright Partner DAC Financial Markets

Summary of Attendees

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Table Plan: Debate

Victoria Davison

Nick Wilcock

David Hudson

David Long

Jeremy Wright

Ian Patterson

Stephen Miller

Peter Healey

Dominic Cashman

Peter Slater

Jack Gooding

Chris Severson Aileen Croft

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Maz Khan Jon Robertson

Mark Cooke

Simon Wilkins

Maurice Evlyn-Bufton

Rick Sears

Ralph Nash

Rob Cook

Cara Schulze

Neil Hadley

James Elder

Clare Causton

Charanpal Matharu

Nikesh Vishram Rory Byrne John Tillett

Simon Longden

Table Plan: Dinner

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Maurice

Evlyn-Bufton

David Long

Ian Patterson

Simon Longden

David Hudson

Rob Cook

Rick Sears

Cara Schulze

Dominic Cashman

Neil Hadley

Jeremy Wright

Peter Healey

Nikesh Vishram

Rory Bryne

Jon Robertson

Stephen Miller

Victoria Davison

Maz Khan

John Tillett

Clare Causton

Simon Wilkins

James Elder

Mark Cooke

Ralph Nash

Chris Severson

Charanpal Matharu

Jack Gooding

Aileen Croft

Peter Slater

Nick Wilcock

Table 1 Table 2 Table 3

Notes

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Notes

30

Notes

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On behalf of Gorazde Children’s Foundation Bosnia, we thank you for your donation tonight. Your gift allows the Foundation to continue its mission of raising £25,000 for the children of Gorazde’s Primary School. Please visit our website to support our goal and see how your donation has helped the children.

www.gcfbosnia.com

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