Capital Analytics,
   1 Ropemaker Street,
   London, EC2Y 9HT
   T +44 (0)20 7153 1270/1
   F +44 (0)20 7153 1170
Cato Wille, Founding Partner
Cato was head of Continental European ADR origination at Deutsche Bank from 2001 to 2004 and prior to that, was a Vice President in Citigroup's European ADR marketing group for 4 years. Cato has been involved in every aspect of ADR programme origination, programme management and Depositary Bank and Transfer Agent reviews for a wide range of international companies. He holds a BA in Political Science from the Institut d'Etudes Politiques in Paris and from the University of Oslo. He also holds a Masters degree in International Economics from SDA Bocconi in Milan.

T +44 (0)20 7153 1271
F +44 (0)20 7153 1170
M +44 (0)7834 181144

cato.wille@capitalanalytics.co.uk

Richard Spain, Founding Partner
Richard was a Vice President in Citigroup's ADR marketing team with responsibility for UK and Emerging Market programme origination. Richard has been involved in establishing or reviewing ADR programmes for a wide range of international companies. Richard has previously held senior management positions at Citigate Financial and Technimetrics. He read BA in Economics at Heriot-Watt University.

T +44 (0)20 7153 1270
F +44 (0)20 7153 1170
M +44 (0)7733 330931

richard.spain@capitalanalytics.co.uk