Relations with Shareholders

As a major institutional investor, the Company is acutely aware of the importance of maintaining good relations with its own institutional investors. The Company regularly holds discussions with major shareholders and a programme of meetings took place during 1998.

The Company believes the Annual General Meeting is an important forum for both institutional and private shareholders and encourages attendance by shareholders. At its Annual General Meeting in 1998 the Company indicated the level of proxies lodged on each resolution and the balance for and against the resolution after it had been dealt with on a show of hands. The Company proposes to continue with this practice at this year’s Annual General Meeting. The Notice of the Annual General Meeting and related papers are sent to shareholders at the same time as the Annual Report. As with last year’s Annual General Meeting, a business presentation will be provided and questions sought from shareholders.