Directors’ pension provision

1

The figure represents the amount of pension benefits, based on service, pensionable earnings and, where appropriate, transferred pension rights, which would have been preserved for Tim Lodge had he left service on 31 March 2011.

2

The figure represents the contributions paid over the year.

3

The figure represents the difference between the total accrued pension at 31 March 2011 and the corresponding accrued pension at the beginning of the year. No allowance is made for inflation.

4

The figure represents the difference between the accrued pension at 31 March 2011 and the corresponding accrued pension at the beginning of the year. The figures quoted include an adjustment for inflation in accordance with the Listing Rules of the UK Listing Authority.

5

The figure represents the transfer value of the inflation-adjusted increase in the total accrued pension for the year, net of the director’s own contributions. We have used September 2010 RPI price inflation as our measure of inflation.

6

The figure represents the transfer value of the accumulated total accrued pension as at the beginning of the year.

7

The figure represents the transfer value of the accumulated total accrued pension at 31 March 2011.

8

The figure represents the increase in the transfer value from the beginning of the year to 31 March 2011. The transfer values quoted have been calculated using the actuarial bases which applied at each reporting date, net of the director’s own contributions.