EXECUTIVE REMUNERATION REVIEW LIMITED

At an Extraordinary General Meeting of the the above-named Company, duly convened, and held at No 1 Riding House Street, London W1A 3AS, on 26 February 2003, at 10.00 am, the subjoined Special Resolution was duly passed: “That the Company be wound up voluntarily, and that Anthony Cliff Spicer, of Smith & Williamson Limited, is hereby appointed Liquidator of the Company for the purposes of such winding-up.” D Tankel, Chairman