Report on directors’ remuneration

The board presents its report on directors’ remuneration to shareholders. This report complies with the directors’ Remuneration Report Regulations 2002 and was approved by the board of directors on 6 March 2009.

The committee believes that the company has complied with the provisions regarding remuneration matters contained within the UK Combined Code since the committee returned to its full complement of independent non-executive directors with Ken Hydon’s appointment on 3 October 2008.

We will put a resolution to shareholders at the annual general meeting (AGM) on 1 May 2009 inviting them to consider and approve this report.