Compliance with the Combined Code

Throughout the period 1 April 2010 to 31 March 2011 the Company has been in full compliance with the June 2008 issue of the Combined Code on Corporate Governance (the Code), published by the Financial Reporting Council and available on its website www.frc.org.uk.

This report, together with the Directors’ remuneration report and the disclosures contained in the risk management section, provide details of how the Company applies the principles and complies with the provisions of the Code.