Statement regarding remuneration consultants (New Bridge Street Consultants)

This document is the statement required by Provision B.2.1. of the July 2003 edition of the Combined Code.

1. The Remuneration Committee of the Board of directors of the Committee has appointed New Bridge Street Consultants LLP (“NBSC”) as its remuneration consultants.

2. NBSC has no other connection with the Company other than in the provision of advice on executive and employee remuneration.

3. NBSC advises the Committee directly on matters within the Committee’s terms of reference on which the Committee chooses to consult NBSC.

4. NBSC also advises the Company generally on aspects of executive and employee remuneration, typically on the implementation and ongoing operation of employee remuneration schemes. Such advice is usually provided through the Company Secretary.

5. NBSC may advise the Board of directors of the Company (or those directors charged by the Board to make recommendations) from time to time on the remuneration of non-executive directors, including the Chairman.