Audit Committee TORs Feb 2009

ELECTRIC & GENERAL INVESTMENT TRUST PLC AUDIT COMMITTEE: TERMS OF REFERENCE Approved on 12 February 2009 Membership The Committee shall be appointed by the Board, on the recommendation of the Nomination Committee, and shall comprise of a Chairman and at least two other members. All members of the Committee shall be non-executive directors, the majority of whom shall be independent. At least one member of the Committee should have recent relevant financial knowledge. The Chairman for the timebeing shall be Mr John Pocock or such other director as the Board shall select from their number from time to time. In the absence of the Committee Chairman and/or an appointed deputy, the remaining members present shall elect one of their number present to chair the meeting. The Secretary of the Company or their nominee shall act as Secretary of the Committee. Appointments to the Committee shall be for a period of up to three years, which may be extended provided the director remains independent. Meetings The Committee shall meet at least three times each year and at such other times as the Chairman of the Committee shall require. Meetings will be arranged to tie in with the publication of the Company’s financial statements, prior to a Board meeting where accounts or financial statements are to be approved. Meetings can be requested by the external auditors if they consider one is necessary. Meetings of the Committee shall be ...