This Remuneration report has been prepared on behalf of the Board by the Remuneration Committee. The Committee has adopted the principles of good governance as set out in the Combined Code and complies with Schedule 8 to the Accounting Regulations under the Companies Act 2006 and the Listing Rules of the Financial Services Authority. Part A of the report, which is not subject to audit, sets out the Company’s remuneration policy. Part B, which has been audited, provides details of the remuneration, pensions and share incentives of the directors for the year ended 31 August 2009. Shareholders will be asked to approve the report at the Annual General Meeting on 15 January 2010.

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