Base salary and 2013 pay review.

Over the last few years, the Company has exercised restraint in adjusting salaries, reflecting the wider economic situation, which continues to be challenging, although the Company performance has continued to show good and broad progress.

The Committee will consider base salary levels as part of its overall continuing review on executive remuneration. For 2013 base salaries for executive directors excluding the Group Chief Executive have been adjusted in line with the budgets for employees below Board. In line with his conditions on appointment, the Group Chief Executive’s base salary will remain the same for 2013 with his next review in March 2014.

The table below shows the changes to salaries for 2013.

(XLS:) Base salaries for the executive directors

Name

Salary at 31 December 2012

Salary with effect from 1 March 2013

% increase from December 2012

Nigel Wilson

£750,000

£750,000

0%

John Pollock

£450,000

£461,250

2.5%

Mark Gregory

£450,000

£461,250

2.5%

Mark Zinkula

£450,000

£461,250

2.5%