Board of Directors

JOHN SPENCER, CHIEF EXECUTIVE (AGED 53)

Joined the Group as Chief Executive in April 2004. For the 11 years prior to joining the Group, John worked for Chubb Plc, the last four of those as managing director of Chubb Fire Limited. He has been a Director of the principal operating companies in Business Exchange since he joined the Group in 2004 and he has been a Director of the Company since November 2005. He is responsible for running the business and for formulating and implementing the Board’s strategy for delivering profitability and shareholder value. He is also responsible for liaison between the Company and its shareholders. John is a member of the Nominations Committee.

RICK ASPLAND-ROBINSON, EXECUTIVE DIRECTOR (AGED 51)

Joined MWB Group Holdings Plc in 1996. He has been a Director of the principal operating companies in Business Exchange since 2004 and has been a Director of the Company since November 2005. He is responsible for property acquisitions and the negotiation of major tenancies and licences as well as all corporate property partnership agreements.

KEVAL PANKHANIA, FINANCE DIRECTOR (AGED 39)

Joined MWB Group Holdings Plc as a finance executive in 1998 and transferred to Business Exchange as Finance Director in August 2003. He has been a Director of the principal operating companies since then and has been a Director of the Company since November 2005. He is responsible for financial and commercial management across the Group, including financial statements issued by the Group to its shareholders and debt and equity raising undertaken by the Group. He is also responsible for liaison between the Company and its shareholders.

ERIC SANDERSON, NON-EXECUTIVE DIRECTOR (AGED 60)

Eric Sanderson is a director of Schroder UK Mid Cap Fund Plc. He is also Chairman of the Court of the University of Dundee. He was formerly chairman of My Travel Group Plc and of Kwik-Fit Insurance Services Limited, Chief Executive of the British Linen Bank Limited and on the management board of Bank of Scotland. He joined the board of directors of the MWB Group in November 2002 and was chairman of the MWB Group Audit Committee until his appointment as Chairman of MWB Group Holdings Plc in April 2005. He was appointed a Director of the Company in March 2012 and is a member of the Group and Company Nominations, Audit and Remuneration Committees.

MALCOLM MURRAY, INDEPENDENT NON-EXECUTIVE DIRECTOR (AGED 55)

Joined the Board in February 2011. Prior to that he had thirty one years’ experience in investment management. During his career he has been involved in most international markets but has always retained a keen interest in the UK small- and mid-cap sectors. The majority of his career was spent at Phillips and Drew where he held various positions and helped develop their distinctive philosophy of taking significant stakes in companies and working closely with management on long-term strategy. This approach also delivered one of the first clearly stated policies on corporate governance. He has also spent many years as a trustee and given advice on investment strategy to a number of large pension funds. Malcolm is Chairman of the Audit Committee.