Mr. Philip Newson is the Chairman and a founding shareholder of the Devonshire Capital Group. He was formerly President of the Pacific Asia Group, a Hong Kong based boutique investment bank. In 1996, Mr. Newson established Devonshire Capital together with Mr. Affleck. Since Devonshire's conception, he has been largely responsible for Devonshire's growth and transition to a leading regional merchant banking organisation with a successful track record of over US$3 billion in corporate transactions, notable transactions include: Thailand's largest plain vanilla private placement, the US$540 million equity global offering for Bank of Ayudhya in June 1999, and advising ING Bank NV on their EURO$460 million acquisition of TMB Bank in January 2008. Mr. Newson is currently based in Thailand, and for over two decades has been covering the Asian markets. He has a Bachelor of Science from Bath University. United Kingdom.