Investors

This section describes how the Company has applied the principles set out in section 1 of the Combined Code (the “Code”).

The Board considers that the Company has complied with the provisions of the Code during 2010 with the following exception (C.3.1) :

• Archie Norman was appointed a member of the Audit Committee on 2 February 2010 to enable the Committee to remain quorate until Andy Haste took up membership. He stepped down as a member of the Audit Committee with effect from 31 December 2010.