Keith Hamill (aged 52) - Chairman

Keith Hamill joined the Board as Chairman (which is a non-executive role) in September 2000. He is currently chairman of Travelodge and Luminar plc, a non-executive director of Electrocomponents plc and Pro-Chancellor of Nottingham University. He is a chartered accountant and worked for Price Waterhouse from 1975 to 1988, becoming partner in 1987. Subsequently he was director of financial control at Guinness, finance director of United Distillers, Forte plc and WH Smith. He was also previously a member of the Urgent Issues Task Force of the Accounting Standards Board and Chairman of the CBI Financial Reporting Panel. He is Chairman of the Nominations Committee.

Terry Smith (aged 51) - Chief Executive

Terry Smith started his career with Barclays Bank and became a stockbroker in 1984 with W Greenwell & Co. He was top rated bank analyst in London from 1984 to 1989, during which period he also worked at BZW and James Capel. In 1990 he became head of UK Company Research at UBS Phillips & Drew, a position he left in 1992 following the publication of his best selling book, Accounting for Growth. He joined Collins Stewart shortly after and became a director in 1996. Terry Smith is an Associate of the Chartered Institute of Bankers, has an MBA from The Management College, Henley and is qualified as a Series 7 Registered Representative and a Series 24 General Securities Principal with the NASD.

Paul Mainwaring – Group Finance Director

Louis Scotto (aged 54) – Executive Director, IDB Business

Louis Scotto started his career as Marketing Manager of AT&T. He joined Garban in 1981 as head of Technology and became President of Garban Computer Systems. In 1984 he left to join Mabon Nugent, becoming General Partner and Chief Administrative Officer. In 1993 he joined Liberty Brokerage as Managing Director, responsible for creation of US Corporate Bonds and Mortgage-Back Bond business. Based in London from 1994 to 1999, he built the business of Liberty Eurasia. In 1999, he was named Global Chief Operating Officer of Liberty Brokerage and then Group Chief Operating Officer of Tullett Liberty and subsequently named Chief Executive in April 2004. He was appointed to the Group Board on 4 June 2004.

David Clark (aged 57) – Independent Non-executive Director

David Clark worked for Bankers Trust, Commerzbank and Midland Bank before being appointed Treasurer, Europe of HSBC Holdings in 1992. In 1995 he joined Bankgesellschaft Berlin AG becoming Managing Director of Bankgesellschaft Berlin (UK) plc until June 1999. He was Senior Adviser to the Major Financial Groups Division of the Financial Services Authority until March 2003. He is non-executive chairman of Charity Bank and non-executive director of Caf Bank. He was appointed as a non-executive director of Tullett Liberty in September 2000 and to the Collins Stewart Tullett Board on 10 March 2003. He is a member of the Audit Committee and the Nominations Committee.

Michael Fallon MP (aged 52) – Independent Non-executive Director

Michael Fallon joined the Board in September 2004 and is chairman of the Remuneration Committee and a member of the Audit and Nominations Committees. He is the founder of Just Learning Limited, a company which builds and operates nurseries and the Conservative MP for Sevenoaks. He is also a member of the Treasury Select Committee of the House of Commons, chairing the Sub-Committee which scrutinizes the Inland Revenue and Customs and Excise Departments. He was Opposition spokesman on Trade and City matters from 1997-1998. He was previously a director of Quality Care Homes PLC.

Richard Kilsby (aged 53) – Independent Non-executive Director

Richard Kilsby joined the Board on 3 June 2005 and is chairman of the Audit Committee and a member of the Remuneration and Nominations Committees. He currently holds a number of board positions in privately held financial sector companies and is a founding partner of Efficient Frontiers, a consultancy firm specialising in capital markets. He has formerly held many positions in finance and the City including those of, inter alia, Vice Chairman of the virt-x stock exchange (created by the merger of the Swiss Exchange with Tradepoint), Chief Executive of Tradepoint (an AIM quoted electronic exchange), an Executive director of the London Stock Exchange responsible for listing, secondary regulation and the introduction of the SETs trading system and audit partner at Price Waterhouse.

John Spencer (aged 61) – Senior Independent Non-executive Director

John Spencer was appointed a director in September 2000 and is the Senior Independent non-Executive Director and a member of the Audit, Remuneration and Nominations Committees. He qualified as a chartered accountant with KPMG and in 1969 he joined Barclays Bank where he held a variety of posts including head of group finance and planning, president of Barclays Bank of New York, chief executive of the USA Banking division and deputy chief executive of BZW. He was non-executive chairman of Regent Inns plc from 1995 to 1998 and was also previously non-executive chairman of Softtechnet.com plc, a director of Numerica Group PLC and Chief Executive of Snell & Wilcox Limited.

Bernard Leaver (aged 58) – Independent Non-executive Director

Bernard Leaver was appointed a director in August 2003 and is a member of the Remuneration Committee and the Nominations Committee. He was formerly a Managing Director of Lehman Europe from 1988 to 2002 and a member of the Lehman European Board. Prior to that he was the senior partner of C T Pulley and a main board director at Hoare Govett.