Directors

Paul Spencer

(Chairman, non-executive)

Appointed in 2004. Aged 58, he was Group Finance Director and UK Chief Executive of Royal and SunAlliance Group plc from 1996 to 2002 after having served as Group Treasurer at Hanson plc and Rolls-Royce plc. He is Chairman of NS & I (National Savings and Investment) and State Street Managed Pension Funds Limited and on the Boards of WPP Group plc, Resolution plc and Nipponkoa Insurance (Europe) Limited. He is Chairman of the Rolls-Royce pension fund and Chairman of the BAT pension fund investment committee. He is a governor of the charity Motability and Chairman of the Association of Corporate Treasurers Advisory Board.

Graeme Marshall

(Chief Executive)

Aged 55, he has been instrumental in formulating and implementing Sovereign’s strategy since his appointment in 1999. He has worked full-time in the home reversions industry since 1997 and was Managing Director of Home & Capital Trust Limited from 1998 until October 2003. He was a Deputy Chairman of SHIP and Chairman of its Reversions Board before retiring from this Board in August 2007. Prior to his involvement in home reversions he qualified as a chartered accountant with KPMG and spent seven years with them, followed by 15 years in finance and corporate development roles.

The Rt Hon. John Gummer MP

(Non-executive, independent)

Appointed in 2004. Aged 68, he has been a Member of Parliament since 1970 and served as a Government minister for sixteen years. He was Secretary of State for the Environment from 1993 to 1997, where he had responsibility for housing matters. He is a regular writer on property issues, especially for Estates Gazette and Planning.

In 1997 he founded Sancroft International Limited which provides advice to corporations on environmental, ethical and health and safety issues. He is Chairman of the Association of Independent Financial Advisors, Veolia Water UK Limited and Valpak Limited.

Robert Lo

(Non-executive, chairman of Audit and Remuneration Committees, independent)

Aged 56, he has been a Director since inception in 1992. A solicitor, he is Vice-President, Corporate Finance at Ambrian Capital plc. He was formerly head of the Corporate Advisory Department of Johnson Fry, which raised substantial equity funds under the Business Expansion Scheme.

Rupert Pearce Gould

(Executive)

Aged 57, he has been involved in the management of Sovereign since becoming a Director in 1999 and has played a major role in implementing its acquisition and financing strategy, as well as chairing Home & Capital Trust Limited from 1999.

He is Chief Executive of Cambridge Corporate Consultants Limited, corporate finance advisers regulated by the FSA. A Chartered Accountant, he spent six years with N.M.Rothschild & Sons Limited in corporate finance and venture capital prior to establishing his own company to advise technology and private businesses.