Mr. Craig Dean, Chairman of the Board and CEO of Gerald Group, wishes to clarify a story in the press following comments by Ms. Pat Crepeault, at an industry forum last week. In our view, the report attempted to link the board appointments of Ms. Pat Crepeault and Ms Min Zhang to a controversy criticising the Group for previously holding its annual function at a venue which had been chosen for several years due to its proximity to other industry events being held the same day.

1. Statement to clarify press reports
31 March 2019
Mr. Craig Dean, Chairman of the Board and CEO of Gerald Group, wishes
to clarify a story in the press following comments by Ms. Pat Crepeault, at
an industry forum last week. In our view, the report attempted to link the
board appointments of Ms. Pat Crepeault and Ms Min Zhang to a
controversy criticising the Group for previously holding its annual function
at a venue which had been chosen for several years due to its proximity to
other industry events being held the same day.
Mr. Dean has always believed the Group will be the best by cultivating a
diverse and strong executive and leadership team. Ms. Pat Crepeault and
Ms. Min Zhang were appointed to the Board of Gerald Group as part of a
Group re-organisation, when certain individuals retired from the Board and
based on their professional achievements over extensive tenures of 25 and
19 years, respectively. Ms. Crepeault, was appointed to the Group Board in
December 2017 as she holds one of the most senior executive positions in
the Group. Ms. Zhang was appointed to the Board in January 2018, as
Senior Vice-President and Head of Desk for Copper and Copper
Concentrates, the largest performing book of business for Gerald Group.
Both Ms. Zhang and Ms. Pat Crepeault are shareholders in the Group. Mr.
Dean recommended to the other board members the candidacy of both
executives based on their respective roles, seniority, achievements, and
shareholdings in the Group. Mr. Dean and the entire board of directors
selected each candidate based solely on their individual merits.
Gerald Group strongly believes in diversity and will continue to recruit,
develop and retain women at all levels in the organisation. Forty percent of
our current workforce is women and growing and there is an equal gender
balance at many locations, which the Group continues to work on
improving. Gerald’s Head of Iron Ore and Head of Precious Metals desks,
and the Group’s CFO North America and Head of Risk, are also women,
who have worked at Gerald for many years. Gerald agrees that having
quotas forces companies to seek talent and train the best and the brightest.
Gerald actively manages compensation levels, to ensure that imbalances do
not exist because of gender and everyone earns based on their contribution.
While every commodity company is unique, and will have a different gender

2. balance, the Group is proud to be a leader in the industry by having more
women in senior roles than our peers.
Ms. Crepeault’s comment that she ‘does not believe in quotas’, was specific
to Gerald which has a smaller workforce of 225 trading employees and was
made in response to another panellist’s comment that, quotas may be needed
at commodity companies whose workforces run into thousands, whereas at
smaller, independents, quotas may not be needed.
Last year, Gerald confirmed that it would henceforth hold events at venues
that are clearly appropriate. We oblige all guests and staff to abide by our
strict codes of conduct, including dress, as they always have done at all our
past events.