AGM Statement

At the Company's Annual General Meeting held on 22 May 2003, all resolutions
were duly passed.

The resolutions passed under Special Business were as follows:

- The Directors' authority to allot a limited number of currently unissued
ordinary shares for cash, without first offering such shares to existing
ordinary shareholders pro-rata to their existing holdings, has been renewed.

- The Company's authority to purchase up to 14.94% of its own shares in issue
on 24 February 2003 for cancellation has been renewed. The maximum number of
shares to be purchased is 9,400,000 ordinary shares.

- The resolution permitting the Company to continue to carry on business as an
investment trust was passed.