Directors' remuneration report

Introduction

This Directors' remuneration report, prepared by the Remuneration Committee on behalf of the Board, has been drawn up in accordance with the 2010 Code, Schedule 8 of the Large and Medium-sized Companies and Groups (Accounts and reports) Regulations 2008, the Listing Rules and the Disclosure and Transparency Rules.

This Directors' remuneration report has been approved by both the Remuneration Committee and by the Board, and a resolution to approve the report will be proposed at the AGM of the Company on 23 May 2012.

The relevant regulations require that a company's auditors report on the 'audited information' in a directors' remuneration report and to state that this section has been properly prepared in accordance with these regulations. For this reason this Directors' remuneration report is divided into part A (containing the unaudited information) and part B (containing the audited information). The Company's auditors, PricewaterhouseCoopers LLP, have reviewed Part B of this Directors' remuneration report.