Policy on external appointments

The Company recognises that its Directors may be invited to become non-executive directors of other companies and that such duties can broaden experience and knowledge and benefit the business. Subject to the approval of the Board, Executive Directors are, therefore, allowed to accept non-executive appointments and to retain the fees received (excluding positions where the Director is appointed as the Company’s representative) as long as this is not likely to lead to a conflict of interest.

For the year ended 30 September 2009, Peter Long received and retained non-executive directors’ fees in respect of two appointments (Debenhams PLC to 1 August 2009 and Rentokil Initial plc – FTSE 250 and FTSE 100 respectively) of £97,500 (2008: £105,000). Paul Bowtell received and retained non-executive director fees in respect of his appointment as a non-executive director of SThree plc (a small cap company) of £40,000 (2008: £36,667).