Non Executive Directors
Malcolm Morris

Malcolm Morris acts as a general advisor on behalf of the Fund. He is the corporate secretary of Stockford Limited, the parent company of Highcross, and has served on the Board of Directors of Highcross since 1983. Malcolm was integrally involved in the establishment, development and sale of Classic FM to GWR Group plc. Prior to joining Highcross, he was a Partner in a U.K. accountancy practice. Malcolm has served as a non-executive director or consultant to numerous industrial and leisure companies, including Classic FM, Newbury Weekly News Ltd, Cray Electronics plc and Nexus Structured Finance Ltd. Malcolm qualified as a Certified Accountant in 1966.
Stella Pirie, OBE FCA

Property fund manager
Highcross has appointed Stella Pirie OBE as non-executive director. Stella holds
directorships in several organisations, in both the public and private sectors
and is Chairman of Highcross audit committee. Currently Chairman of Bath Spa
University and Senior Independant Director of Avon Rubber Plc, Stella is also a
director of Schroder UK Growth Fund Plc and Chairman of Capital Radio Pension
Fund. Her previous directorships include GCap Media Plc (previously GWR Group
Plc), Stroud and Swindon Building Society and she was also Board Member of South
West RDA and UK Trade and Investment.