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Directors' remuneration

Dear Shareholder

Last year saw a change in the executive directors’ remuneration package. The package put even greater focus on two key criteria: shareholder alignment and link to the business strategy.

The Remuneration Committee is satisfied that the changes made are particularly appropriate in light of the current economic circumstances and this year the committee has decided not to make any changes to the reward packages for the executive directors. As such, the 2010 remuneration structure is unchanged from 2009 and the Committee has decided not to increase the base salaries for the current executive directors in the July 2009 review.

As well as considering the current package, the Remuneration Committee continues to monitor how well incentive awards made in previous years align with the Company’s performance. In this regard, the Committee is confident that there is a strong link between performance and reward.

The Remuneration Committee has appreciated the dialogue and feedback from investors over each of the past three years and will continue to take an active interest in their views and the voting on the remuneration report. As such, it hopes to receive your support at the AGM on 28 July 2009.

Luc Vandevelde
Chairman of the Remuneration Committee
19 May 2009


The detail of this remuneration report is set out over the following sections, as follows:

– The Remuneration Committee
– Overview of remuneration philosophy
– The remuneration package
– Awards made to executive directors during the 2009 financial year
– Amounts executive directors will actually receive in the 2010 financial year
– Other considerations
– Audited information for executive directors
– Non-executive directors remuneration
– Audited information for non-executive directors’ serving during the year ended 31 March 2009
– Beneficial interests