The Remuneration Committee currently comprises Dipesh Shah, Viscount Asquith and Nigel Moore. The Committee is chaired by Dipesh Shah. The Chief Executive Officer attends meetings by invitation.

The Remuneration Committee which has terms of reference agreed by the Board and available to shareholders on request, meets at least twice a year, to assist the Board in determining the remuneration arrangements and contracts of the Directors and senior employees.

The Remuneration Committee met twice during 2008 with each of the members attending all meetings whilst they were members.

The Remuneration Committee employs the services of Mercer as remuneration consultants on an as required basis. Mercer have no other connection with the Company.

No Director is involved in deciding his own remuneration.

The report of the Directors’ remuneration, which involves details of the Directors’ interest in options together with information on service contracts, is set out on pages 48 to 54.

The Remuneration Committee has reviewed the Revised Combined Code, specifically Section B that addresses the level, make up and procedural aspects of remuneration. The Remuneration Committee considers that it complies with all the provisions and practices identified.