Remuneration Committee Report for year ended 30 April 2013

This report sets out the remuneration policy and underlying details for the directors of the Company for the year ended 30 April 2013, including disclosure on directors' remuneration required by law. It will be presented at the Company's AGM for approval by our shareholders. The vote will be advisory and will be considered carefully by the Remuneration Committee in the formulation and approval of the Company's future remuneration policies.

The Company is aware of the current consultation process for revised remuneration reporting regulations instigated by the Department for Business, Innovation and Skills and will review the final regulations and their implications for the Company following their Parliamentary approval which is expected later in the year.