Since April 2006, I have been serving as non-Executive Director on the Board of Carador PLC, an LSE traded fund with positions in a diversified portfolio of equity tranches of cash-flow CDOs. These complex instruments require attentive valuation procedures based on a combination of counterparty quotes and the use of internal models. I am part of a Pricing Committee which meets on a monthly basis to assess the valuation methodology for the fund Net Asset Value (NAV), assesses liquidity and counterparty valuations and sets calibration benchmarks for the internal models.