Shareholdings and benefits – Share ownership guidelines.

In order to further align the interests of the executive directors and shareholders, the executive directors are required to build a significant personal shareholding in the business. The Group Chief Executive is expected to build a holding of shares valued at twice salary while the other executive directors are expected to build towards a holding valued at one times their salary.

As at 31 December 2009, the executive directors’ share ownership against the guidelines were:

Although share ownership guidelines are not contractually binding, the Committee retains the discretion to withhold future grants under the [PSP] if executives do not comply with the guidelines.