The board is of the opinion that each non-executive director acts in an independent and objective manner. The board's opinion was determined by considering for each non-executive director:

• whether he is independent in character and judgement;
• how he conducts himself in board meetings;
• whether he has any relationships or whether there are any circumstances which are likely to affect, or could appear to affect, his judgement; and 
• whether he acts in the best interests of the company and all its shareholders at all times.

Furthermore, in determining that Messrs. P.N. Buckley and M.G.A. McLintock are independent notwithstanding their directorships of Caledonia Investments plc (which owns approximately 12% of the company) and Prudential plc (which has an interest in approximately 11% of the company held across a range of its investment and managed funds) respectively, the board took into account that neither of them attends board meetings as appointee of those companies. Mr. P.N. Buckley is retiring from the board before the end of the calendar year 2007.