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 2009 with the following exceptions:

• Michael Grade was Executive Chairman until 31 December 2009, contrary to Code provision A.2.1. Following the appointment of Archie Norman as non-executive Chairman and John Cresswell as Interim Chief Executive with effect from 1 January 2010, the Company complied with this provision. Adam Crozier subsequently took up the position of Chief Executive on 26 April 2010.
• Archie Norman was appointed a member of the Audit Committee on 2 February 2010. This is to enable the Committee to remain quorate until Andy Haste is able to take up membership later in the year. At this point Archie Norman will resign as a Committee member ensuring compliance with Code provision C.3.1.