our company has continued its efforts to ensure that the principles of Good Corporate Governance are adopted and implemented throughout the company.

We are confident that our transactions are clear and transparent and that our financial reporting is adequately scrutinised by both our internal and external auditors.

We have paid special attention to the principles of good risk management, and are updating a risk management strategy for the Company as a whole.

The Audit Committee is submitting a separate report and is functioning well, looking after the efforts of our internal audit, the conduct of company matters in general, as well as the performance of our internal and external auditors.

Separately we include in this report our Mission Statement, where the principles of our corporate behaviour are outlined in detail.

We are satisfied that all our shareholders have equal rights. Our Board has 14 directors in 2003, of which two are currently Executive Directors and seven are Independent Directors, including the Chairman. All shareholders have one vote for each share and may be represented by proxies.

There were no conflicts of interests and all staff have agreed and signed the Code of Conduct laid down by the Company.

We have decided that effective 2004, we will have a Nomination and Remuneration Committee consisting of Independent Directors.

We are satisfied that all information relevant to investors and the public at large is adequately and timely divulged.

Directors’s record of attendance for the year 2003 is shown below: