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Directors' report*

Directors' Garden

Once again, this year the Directors' report includes reviews from the chairmen of three Board committees; Philip Lader, as chairman of the Company and its Nomination Committee; Paul Spencer, as chairman of the Audit Committee; and Jeffrey Rosen, as chairman of the Compensation Committee. It also contains an analysis of the Company's compliance with statutory and regulatory requirements.

The sections headed “Letter to share owners', “What we think' and “Operating & financial review' should be read in conjunction with and as part of the section headed Directors' report.

* The Directors' report has been prepared in accordance with English law and where applicable, the Disclosure and Transparency Rules and any liability in relation to the Directors' report, the report of the Compensation Committee and the financial statements is governed by English law.