Board of Directors

C. G. CLARKE FCA, NON-EXECUTIVE CHAIRMAN

Christopher Clarke (Age 65) Non-Executive Chairman Christopher Clarke was appointed to the board in 1999 and became Chairman in March 2003. Since qualification as a chartered accountant he has spent over 40 years in the investment management industry. He currently acts as an independent advisor to several charitable funds. His previous directorships include Witan Investment Trust PLC, one of the UK's largest investment trusts, of which he was Managing Director from 1992 to 2000, and Henderson Group plc.

S. M. ELLIOTT, BCom, CHIEF EXECUTIVE

Stephen Elliott (Age 55) Chief Executive Steve Elliott joined Investec in 1989 and held various roles including Group Treasurer, Chief Operating Officer of Investec Bank (UK) as well as Head of the UK Finance and Treasury Group. He was responsible for the integration of Investec's South African stockbroking operations and joined Carr Sheppards Crosthwaite ('CSC') as a director in March 2002, becoming Chief Executive of CSC in May 2004. Upon CSC's acquisition by Rensburg, he became Managing Director of Rensburg Sheppards plc on 6 May 2005, prior to becoming Chief Executive on 1 April 2007.

J. P. WRAGG BSC(HONS), ACA, FINANCE DIRECTOR

Jonathan Wragg (Age 42) Finance Director Jonathan Wragg graduated in mathematics and physics and then qualified as a chartered accountant. He gained post-qualification experience with Arthur Andersen and SIG plc prior to joining the group in 1997 as Financial Controller and held the position of Company Secretary from 1999 to March 2007. He was appointed Finance Director on 1 December 2000.

D. J. H. BULTEEL, EXECUTIVE DIRECTOR

David Bulteel (Age 54) Executive Director David Bulteel is a Divisional Investment Director of Rensburg Sheppards Investment Management Limited ('RSIM') based in the London office. After graduating with a business degree, David started his career in private client portfolio management at Quilter Hilton Goodison in 1981. He joined Capel Cure Myers in 1983 and took responsibility for the international team in 1988, subsequently overseeing a major expansion in the firm's overseas business. In 2001 David moved to Carr Sheppards Crosthwaite and, following the merger with Rensburg in 2005, he joined the Executive Committee of RSIM. David is the director responsible day to day for the London office. He was appointed to the board on 16 October 2007.

M. R. HAAN FCA, SENIOR INDEPENDENT NON-EXECUTIVE DIRECTOR

Michael Haan (Age 65) Non-Executive Director Michael Haan was appointed to the board on 14th November 2005. Formerly a Senior Partner with BDO Stoy Hayward he had several management roles including those with responsibility for human resources, technical, client service/new business development. He managed one of the firm's business units and was a member of its Management Executive Board. Both prior to his retirement from BDO and since, he has been chairman of significant pension schemes and charities, and their investment and finance committees. He also acts as advisor to certain family companies. He is a founder member of Auditchair, a body set up to enable chairs of audit committees to consider issues and exchange views. During his professional career Michael managed a broad and varied portfolio of clients, several of which were listed, and including some in the financial services industry.