Directors' Remuneration Report

"As Chairman of the Remuneration Committee I present our report on how throughout the period we have sought to align the offering of competitive remuneration, to attract and retain high calibre management, with the achievement of our business objectives in line with shareholder and other stakeholder expectations."

Keith Harris Chairman, Remuneration Committee

Statement of Compliance with Laws and Codes

The Remuneration Committee (the "Committee") has prepared this report on behalf of the Board in accordance with the UK Corporate Governance Code, Schedules 5 and 8 of the Large and Medium-Sized Companies and Groups (Accounts and Reports) Regulations 2008 and the UK Listing Authority Listing Rules. This report has been approved by the Committee and the Board, and a resolution approving the report will be proposed to shareholders at the AGM of the Company on 31 July 2012.