H M Henderson * ‡  Appointed a director in 1988,  Harry Henderson became Chairman in March 2003. He was formerly a partner of Cazenove & Co. and subsequently a senior executive at Cazenove Group plc, retiring in 2002. Mr Henderson is Chairman of Witan Investment Services Limited. He is also a director of Cadogan Settled Estates Limited.

A L C Bell MA Andew Bell was appointed a director and Chief Executive Officer with effect from 8 February 2010. He is responsible for the overall management of Witan. He has worked in the City since 1987, initially specialising in European equities as a strategist at Barclays de Zoete Wedd (BZW), following which he was Co-Head of the Investment Trusts team at BZW and Credit Suisse First Boston. From there, in 2000 he joined Carr Sheppards Crosthwaite (now Rensburg Sheppards Investment Management Limited) where until February 2010 he was a director and Head of Research and Strategy. Prior to the City, he worked for Shell in Oman, leaving to take a Sloan Fellowship at the London Business School. He is a non-executive director of Framlington Innovative Growth Trust plc, Henderson High Income Trust plc and the Association of Investment Companies, as well as serving as a governor of Bedford School. Mr Bell is a director of Witan Investment Services Limited.

R H McGrath * ‡  Rory McGrath was appointed a director in 1996. He was formerly Chief Executive of H. Young Holdings plc, a marketing company. Mr McGrath is a director of Witan Investment Services Limited.

R A Bruce * † MA, MBA Andrew Bruce was appointed a director in 2002. He is Group Credit Risk Director at Barclays PLC where he has responsibility for asset quality and credit risk across the Barclays Group. He is also a non-executive director of Clearstream International.

A Watson * † CBE, BSc (Econ), ASIP, Barrister-at-Law, FSI (Hon) Tony Watson was appointed a director in 2006. He was appointed Senior Independant Director in February 2008. He is a non-executive director of Hammerson plc, Lloyds Banking Group plc and Vodafone Group Plc and Chairman of the Trustees of Marks & Spencer Pension Scheme. He was Chairman of Strategic Investment Board Limited (Northern Ireland) and was a member of the Financial Reporting Council. Mr Watson retired in 2006 from an executive career in the investment management industry, most recently as Chief Executive of Hermes Pensions Management Limited.

J Bevan * MA James Bevan was appointed a director in 2007. He is CIO, CCLA Investment Management. Before joining CCLA in November 2006, he was the Chief Investment Officer at Abbey. Prior to Abbey, he was Chief Investment Officer for Barclays Stockbrokers and Barclays Personal Investment Management, having joined BZW in 1988, following post graduate research in applied economics and asset allocation at Cambridge University.

R W Boyle * † MA FCA Robert Boyle was appointed a director in 2009. He is a Chartered Accountant and was a partner of PricewaterhouseCoopers LLP, where he was responsible for multi-national client accounts, specialising in the telecoms and media sectors: he was Chairman of the PwC European Entertainment & Media Practice for 12 years retiring in 2006. He is a non-executive director, and chairman of the audit committee of Maxis Berhad (in Malaysia), Centaur Media plc, Prosperity Voskhod Fund Limited (an AIM listed company) and the Hampshire Partnership NHS Foundation Trust and a non-executive director of Schroder AsiaPacific Fund plc. He is also the independant member of the audit commitee of the National Trust.

M C Claydon * ‡ BA, MBA Catherine Claydon joined the Board on 9 March 2009. From 1992 to 2007 she worked at Goldman Sachs, from 2002 as Managing Director, Pension Advisory Group. From 2007 to 2008 she held the same position at Lehman Brothers International. Mrs Claydon is a Canadian citizen.

* Independent non-executive directors.
† Members of the Audit Committee which is chaired by Mr Boyle.
‡ Members of the Remuneration Committee which is chaired by Mrs Claydon.

As at April 2010