CORDIANT DIGITAL INFRASTRUCTURE - Key Persons

Job Titles:

• Managing Director, Cordiant Digital

Mr Roy, is Cordiant Digital's in house expert on trends and operations in relation to mobile towers and fibre. He works closely with Mr Moroney in providing both the team and portfolio companies with expertise in relation to network trends and effectiveness. Mr Roy served as Head of Strategy of BT Group, the U.K.'s incumbent telecommunications operator, where he oversaw a network investment portfolio of £2.3bn. He also held senior roles in strategy and M&A at EE, the U.K.'s largest mobile operator, prior to its acquisition by BT Group for £12.5bn. He has been instrumental in creation of several site sharing agreements, including the U.K.'s largest such agreement between the mobile networks of EE and Three. He has a degree in Electronics and Telecommunications Engineering from Amravati University, India, and a Masters in Broadband and Mobile Communication from University of Kent, UK, where he is now also a visiting professor, (appointed by the Royal Academy of Engineering).

Job Titles:

• CEO, Managing Partner & Head of Investments

Benn Mikula has over 30 years of experience in digital and related areas as an equities analyst, investment banker, board member and investor. He was a top-ranked analyst (in the Brendan Woods and other analyst polls) in technology and telecommunications technology whilst working at RBC Capital Markets; he subsequently ran the relevant industry research group. He subsequently became Managing Director and Head of European Technology Investment Banking at JPMorgan. During his tenure at JPMorgan, he advised major European Digital Infrastructure and telecoms equipment providers (most notably Nokia, Ericsson and Alcatel-Lucent). He advised on billions of dollars of capital raising, capital structure optimisation and M&A in Europe and North America. Mr Mikula was a founder of a wireless communications company in Canada and was a founding Board Member of CoRadiant Inc., a first-generation cloud services and hosting company, where he played a key role in raising the initial funding. He also serves as a member of the Advisory Board of CloudOps. He has served on the boards of large public and private companies and is currently Chairman of Hudson Greenland. Mr Mikula holds a B.A. and an M.A. from McGill University.

Job Titles:

• Treasurer of CORD
• Treasurer, Cordiant Digital

Mr Bonar is Treasurer of CORD and Cordiant. He will assist portfolio companies in optimising both financial reporting as well as operations (for example, in lease portfolio optimisation). Mr Bonar held various executive roles at National Grid Group plc with significant responsibility in treasury, structured finance and M&A. He has also worked at JPMorgan Chase and Ernst & Young. A Fellow of the Association of Corporate Treasurers and a Fellow of the Institute of Chartered Accountants, he holds degrees from the University of Oxford as well as two degrees (Physics and Computing & Mathematical Science) from the Open University.

Job Titles:

• Managing Director

David Kippen brings a 25+ year background in M&A, corporate finance and private investing in the Telecom Media Technology (TMT) sectors, as well as energy and other sectors. He has worked on over 40 M&A transactions valued at over US$30 billion during this time. In addition, he has worked on numerous private and public debt and equity financings in the TMT/Digital sectors and has been a board member of growth stage and digital businesses. He was a colleague of Benn Mikula in JPMorgan's Technology/TMT Investment Banking Group and subsequently moved to UBS before moving to a family office where he has overseen direct Private Equity investments. Mr Kippen holds a BA from McGill University and a Masters from Johns Hopkins/SAIS.

Job Titles:

• Managing Director

Hagai Shilo delivers 20 years of experience in private equity investing and exits, M&A and corporate finance. As a banker at JPMorgan and BNP Paribas, Mr Shilo has advised on US$2 billion of M&A and raised financing (including for early-stage growth companies) of US$7.5 billion. Additionally, while working for two multi-billion family offices, Mr Shilo executed, as principal, the IPO of three portfolio companies on the LSE's AIM market, raising an aggregate amount US$500 million. Mr Shilo was a colleague of Benn Mikula in JPMorgan's Technology/TMT Investment Banking Group. He holds a BA from Tel Aviv University and an MBA from Rotterdam School of Management, Erasmus University.

Job Titles:

• Executive Chairman
• Managing Partner

Jean-François Sauvé has over 25 years of experience in the financial industry. He began his career at Barclays Bank in Toronto then, subsequently joined McLeod Young Weir Limited (rebranded ScotiaMcLeod Inc. and later Scotia Capital Markets). In 1993, he became a Director of the Corporate and Government Finance Department. Thereafter, he was named President of Pictet Canada L.P., where he was responsible for the North American operations of Pictet & Cie. Mr. Sauvé is also a principal advisor to a major European family office. He is Chairman of the Jeanne Sauvé Foundation. He completed his degree in Business Administration at l'école des Hautes études Commerciales (HEC Montréal) and later earned an MBA at INSEAD in Fontainebleau, France.

Job Titles:

• Cordiant Digital 's in - House Expert
• Director of TVA Group
• Managing Director, Cordiant Digital

Mr Moroney is Cordiant Digital's in-house expert in broadcast infrastructure technologies and business strategies, bringing a deep understanding of both coming trends and operational effectiveness. Mr Moroney is a Director of TVA Group (television audience, advertisement and IP streaming services), D2 Group (broadcast engineering) and Parkmore. He served as Commercial, Regulatory and Compliance Director at Arqiva (where he also managed the MuxCo business unit) and held executive roles as National Grid Wireless and Crown Castle. He is a graduate of City of Birmingham University.

Job Titles:

• General Counsel, Cordiant Digital

Mr Noble is responsible for the legal aspects of the acquisitions made by Cordiant Digital, as well as for the governance relationship between CORD and Cordiant. A highly experienced General Counsel and M&A lawyer, he has served as general Counsel of Renishaw plc and Deputy Group General Counsel at National Grid plc (where he managed legal teams in New York, Boston and London, oversaw transactions in North America and Europe and helped establish joint ventures such as the U.K.-Norway interconnector). He was substantially involved in both the acquisition of Crown Castle UK by National Grid Wireless and the subsequent sale of the enlarged business to Macquarie (the transaction that created Arqiva). He is a graduate of Coventry University.

Job Titles:

• Chief Financial Officer, Digital Infrastructure

Mark brings 18 years of experience in fund reporting and operations. Before joining Cordiant in September 2022, he served as Chief Financial Officer at Novalpina Capital, a 1bn European buyout fund, responsible for all aspects of finance, reporting, operations, tax and compliance. Prior to Novalpina he worked at Marwyn Investment Management LLP where he served as Finance Director, with responsibilities including all reporting and forecasting. Before Marwyn he worked at 3i Group plc in the Infrastructure Group as Finance and Operations Manager, supporting 3i Infrastructure plc's operations and investor reporting, together with the finance responsibilities of the 3i India Infrastructure Fund. He started his career at Ernst & Young LLP in London, qualifying as a Chartered Accountant in the Real Estate & Infrastructure group in London. Mark holds a BA in Philosophy, Politics and Economics from Oxford University.

Job Titles:

• Executive
• Non - Executive Director
• Fano Fine Food Salades B.V. As CEO

Marten Pieters is an executive with extensive international experience in the telecoms sector. From 1978 to 1984, Mr Pieters held company secretarial roles at Smilde Holding B.V., rising to Corporate Director of Finance and Strategic Planning in 1984 where he was responsible for various budgeting, financial reporting, policy, legal and fiscal matters. In 1988 Mr Pieters joined Fano Fine Food Salades B.V. as CEO, where he was responsible for management restructuring, overseeing several corporate acquisitions. Mr Pieters moved into telecoms in 1989 serving in various directorship positions, including as Managing Director for Telecom District Groningen from 1993 until 1995 and as Vice President of International Operations for PTT Telecom B.V. from 1995 until 1998. Between 1998 and 2003 Mr Pieters went on to hold various other positions within the KPN Group, the Dutch landline and mobile telecommunications company, including Executive Vice President, where he was responsible for branch offices in Europe and the US, and later becoming a member of KPN's Executive Management Board and CEO of the Division KPN Business Solutions, overseeing the operation of network solutions and equipment. During this time, he sat on various other international supervisory boards, including the board of directors of Cesky Telecom, Eircom Ireland, Euroweb Corp, KPNQwest, and notably as chairman of the supervisory board of Xantic, a worldwide working provider of software solutions and satellite services. From 2003 to 2007 Mr Pieters served as CEO of Celtel International B.V., a company operating mobile telephone licenses in African countries, and from 2009 until 2015 he served as Managing Director and CEO of Vodafone in India. Since 2015, Mr Pieters has held other board memberships including for Vodacom Group S.A., Vodafone India Ltd, Indus Towers Ltd and Oi S.A. He is currently chair of the supervisory board for Open Tower Company B.V., the Dutch telecom tower operator, and a non-executive director of Tawal Towers Saudi Arabia, a telecom tower operator and subsidiary of Saudi Telecom Company.

Job Titles:

• Head of Talent, Cordiant Digital

Ms Maguire assists portfolio companies in building their teams, ensuring management depth and generally assisting in the construction of appropriate human resources structures. She also oversees Cordiant Digital's human resources function. Ms Maguire served as HR Director at National Grid Wireless and Crown Castle UK. Having established a human resources consultancy, she served a variety of corporate clients on important human resources initiatives including a subsidiary of American Tower, Royal Bank of Scotland and the National Health Service. Ms Maguire holds a Masters in Executive and Business Coaching, a, Post Graduate Diploma in the Psychology of Coaching, and is a Fellow of Chartered Institute of Personnel & Development and a Member of Warwick Business School's MBA Mentor and Coaches programme.

Job Titles:

• Chairman
• Non - Executive Director

Shonaid Jemmett-Page is an experienced non-executive director in the energy and financial sectors. Mrs Jemmett-Page spent the first 20 years of her career at KPMG in London and Tokyo, rising to the position of Partner, Financial Services. In 2001, she moved to Unilever, where she was Senior Vice President, Finance and Information for Asia, based in Singapore, before returning to the UK as Finance Director for Unilever's global non-food business. In 2009, Mrs Jemmett-Page joined CDC Group as Chief Operating Officer, a position she held until 2012. Since 2012 she has focused on non-executive appointments and is currently the Senior Independent Director and chairman of the audit and remuneration committees of ClearBank Limited. She is also a non-executive director of Aviva Plc and a non-executive director of QinetiQ Group plc, as well as chairman of the audit committee. Until April 2023 Mrs Jemmett-Page was the non-executive chairman of Greencoat UK Wind Plc. Within the past five years she has also held roles as a non-executive director of Caledonia Investments plc, chairman of MSAmlin plc; and chairman, and then subsequently as a non-executive director of MSAmlin Insurance SE (a Belgian subsidiary of MSAmlin plc). Mrs Jemmett-Page is also the examiner of the UK branch of an Indian children's cancer charity.

Job Titles:

• Chartered Accountant
• Non - Executive Director
• Senior Independent Director
• Member of the Board of Yealand Fund Services Limited ( a Fund

Sian Hill is a chartered accountant with experience principally within the financial services sector. Mrs Hill began her career practicing audit for KPMG in 1984, moving to specialise in tax in 1990. In 1996 she became a tax partner in KPMG's financial services group, working with a range of financial institutions, including major listed banking groups, international insurance and reinsurance groups and intermediaries and investment managers. She advised on a wide range of projects including mergers and acquisitions, disposals and reorganisations and also provided the tax input to the statutory audit of a number of financial services groups. From 1999 until 2003, and again from 2008 until 2010, Mrs Hill also served as Head of KPMG's UK Financial Services Tax group. From 2003 until 2006 she served as Head and Co-Head respectively of both KPMG's UK M&A Tax and European M&A Tax groups and was a member of KPMG's Global M&A Tax Steering Group. Mrs Hill also led KPMG's response to Brexit for the insurance sector, helping clients formulate and implement their response to Brexit, from early 2016 until her retirement from KPMG in 2018. Mrs Hill is a member of the Board of Yealand Fund Services Limited (a fund administration specialist) and the Suffolk Building Society, serving on both the Audit and Board Risk and Compliance committees of the latter. In November 2022, she was appointed independent non-executive director of Apollo Group Holding Limited's managing agency board and member of Apollo's Audit Committee. Since 2014 she has served as a trustee of the UK children's mental health charity Place2Be and is currently chair of the Finance and Audit Committee and member of the People and Culture Committee.

Job Titles:

• Chartered Accountant
• Non - Executive Director

Simon Pitcher has around 20 years' experience in international private equity. Mr Pitcher is a chartered accountant, spending the first six years of his career at PwC in London. In 2000, he moved to MetLife Investments where he was responsible for making and monitoring over $1 billion of mezzanine and private equity investments throughout Europe. In 2003, he left MetLife to become a founder member of Hermes Private Equity (HPE), a UK focussed mid-market buyout fund, where he remained until 2007. From 2007 to 2009 Mr Pitcher was a Director at Blackwood Capital Partners (BCP), based in Sydney, Australia. Whilst at BCP, a mid-market buyout fund with c.AUS$100 million under management, Mr Pitcher's role covered all aspects of investment-related activity, including holding portfolio board positions, investor reporting and assisting with the fund's financial reporting and compliance requirements. In 2009, Mr Pitcher returned to London, joining Standard Bank Private Equity, an US$800 million global emerging markets private equity business, as Director, where he remained until 2011. During his time at Standard Bank, Mr Pitcher was particularly focussed on its sub-Saharan African investments, fulfilling a senior deal execution role working closely with local teams. In 2012 Mr. Pitcher joined J Rothschild Capital Management (JRCM), Investment Manager of RIT Capital Partners (RIT), a UK listed investment trust founded by Lord Rothschild, where he remains Head of Private Investments. In this role he has responsibility for approximately £800 million of private investments across diverse sectors and geographies, with his role encompassing deal execution, portfolio management and asset realisation. Mr Pitcher has held several non-executive board positions representing JRCM, including six years at Helios Towers, a leading African telecom tower infrastructure company, prior to its London IPO. Mr Pitcher is currently a non-executive director of Infinity SDC, a UK data centre owner and operator, a position he has held since 2013.

Job Titles:

• Managing Director ( Structuring and Syndication )

Stephen Foss brings over 30 years of experience in capital markets and investing, most notably at RBC Capital Markets, where he was a senior Managing Director. He was responsible for the International Equities business for Europe and Australasia and subsequently led a senior client coverage effort with a particular focus on sovereign wealth funds. He subsequently joined the partnership of Merlin Partners LLP. Stephen was a member of the boards of Colombia-based Amerisur, Octant Energy plc (based in East Africa) and Nutraformis Ltd. He has served as a director of BOE Securities in South Africa. Stephen has a BA (Hons.) from the University of Western Ontario.

Job Titles:

• Chairman of Cordiant Digital Infrastructure Management
• Chairman of Next Gen Access UK

Prior to joining the Investment Manager, Mr Marshall was President of American Tower Corporation - US Tower Division. Whilst serving as President, AMT pioneered the network neutral telecommunications infrastructure model in the United States, Germany, France and 12 other countries in both communication towers and combinations of towers and fibre. Mr Marshall had a material influence on making AMT the company it is today - the largest network neutral telecommunications infrastructure company in the world with a market capitalisation of over US$100 billion. Prior to AMT, he built National Grid Wireless into the largest network neutral tower infrastructure provider in Europe. Subsequently sold to private equity interests, it became the core of Arqiva. He also developed and ran a US$1.5 billion fibre network in Brazil owned jointly by National Grid, France Telecom and Sprint. Most notable amongst his many acquisition and divestiture activities was his overseeing and the integration of leading two US$5 billion acquisitions whilst at AMT. Mr Marshall is Chairman of Next Gen Access UK (a long-distance fibre developer) as well as a board member of Tawal - Saudi Telecoms newly formed Tower Subsidiary with 14,000 towers and Chairman of Paradigm Infrastructure, an African Tower Developer. Mr Marshall holds a BSc (Hons) in Building and Civil Engineering from the University of Manchester, as well as an MBA from Alliance Manchester Business School, United Kingdom.