Annual report and financial statements 2008

Remuneration report

This Remuneration report has been prepared on behalf of the Board by the Remuneration Committee. In all its activities, the Remuneration Committee has adopted the principles of good governance as set out in the Combined Code and complies with the Listing Rules of the Financial Services Authority, the relevant schedules of the Companies Act and the Directors’ Remuneration Report Regulations 2002. These regulations require the Company’s auditors to report on the ‘Audited information’ in the report and to state that this section has been properly prepared in accordance with the regulations. For this reason the report is divided into audited and unaudited information. The Remuneration report is subject to shareholder approval at the Annual General Meeting (AGM) on 9 July 2008.