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 4 April 2011 by Computershare Investor Services plc, the provider of the all employee Share Incentive Plan ('SIP'), of the following purchases on 31 March 2011 in the Company's ordinary shares:-

(a) that 48,282 shares were purchased and allocated at £12.60 per share using participating employees' gross salary ('Partnership Shares').

(b) that the Company matched the Partnership Shares purchased by employees and allocated a further 46,440 shares at £12.60 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.

UK SHARE INCENTIVE PLAN DIVIDEND REINVESTMENT

The Company was separately notified by Computershare Investor Services plc, that the cash dividends paid on 25 March 2011 were reinvested and used to purchase 108,059 Dividend Shares on 31 March 2011 at a price of £12.712910 per share. The purchase was made pursuant to a regular standing order instruction with Computershare Investor Services plc for the reinvestment of cash dividends into Dividend Shares.

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