Subject to the passing of the Resolutions at the General meeting, the Board intends to announce the details of an initial Return of Capital under the B Share Scheme shortly after the General Meeting.

The adoption of a B Share Scheme will not limit the ability of the Company to return cash to Shareholders by using other mechanisms and, if the B Share Scheme is adopted, the Board will continue to review its efficacy over time. Details of the Board’s intention to implement the B Share Scheme are set out in the Circular (as defined below).

The Board’s proposal to adopt a B Share Scheme now should not be taken as any indication as to the likely timing or quantum of any future returns of cash to Shareholders.

General Meeting

The introduction of the B Share Scheme requires Shareholder approval, which will be sought at a General Meeting of the Company to held at the offices of Stephenson Harwood LLP, 1 Finsbury Circus, London EC2M 7SH on 5 April at 10.00 a.m. Resolution 1 is proposed as a special resolution and Resolutions 2 and 3, as ordinary resolutions. Together they seek approval for the B Share Scheme. A special resolution requires at least 75 per cent. of the vote cast to be in favour in order for the resolution to be passed. An ordinary resolution requires a majority of members entitled to vote and present in person or by proxy to vote in favour in order for it to be passed.