Directors	No of share options as at 31 March 2003	No of share options granted during the year	No of share options exercised during the year	Subscription price (£)	Exercisable 3-10 years from	No of share options as at 31 March 2004	Expected value (£)
EAG Mackay	5,586*	–	–	5.37	16/03/1999	5,586	13,200
MI Wyman	5,586*	–	–	5.37	16/03/1999	5,586	13,200

*The share options indicated were eligible to be tested against the performance condition described in this report for the three years ended 31 March 2004. The performance hurdle having been exceeded, these share options are eligible to be exercised.

No variations have been made to the terms and conditions of the options during the relevant period, including to the performance conditions to which exercise of the options are subject, as set out on the performance share award scheme.

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