Director/PDMR Shareholding

TRANSACTIONS BY DIRECTORS AND PDMRS

DISCLOSURE PURSUANT TO DISCLOSURE AND TRANSPARENCY RULE 3.1.4R(1)(a)

UK SHARE INCENTIVE PLAN

The Company was notified on 7 October 2011 by Computershare Investor Services plc, the provider of the all employee Share Incentive Plan ('SIP'), of the following purchases on 6 October 2011 in the Company's ordinary shares:-

(a) that 47,211 shares were purchased and allocated at £13.0755 per share using participating employees' gross salary ('Partnership Shares').

(b) that the Company matched the Partnership Shares purchased by employees and allocated a further 47,126 shares at £13.0755 per share ('Matching Shares'). The Company gives employees 2 Matching Shares for each Partnership Share bought by them up to a maximum of 6 Matching Shares per employee, each month.

The purchase, referred to above, was made pursuant to a regular standing order instruction with Computershare Investor Services plc for the monthly purchase of Partnership Shares.

The interests of Executive Directors/PDMRs of the Company in the transactions were as follows:

ISA REINVESTMENT

The Company was notified on 7 October 2011 of a re-investment by the manager of an ISA (formerly a PEP) held by Gregor Alexander pursuant to regular standing order instructions. Gregor Alexander acquired 34 shares at a price of £13.08 per share on 6 October 2011.

The interests of Gregor Alexander after the transaction are as follows: