The Company is, by shareholder resolution, authorised to purchase up to 6,021,390 of its own ordinary shares at a maximum price equal to 105% of the average of the middle market quotations for such ordinary shares of the Company as derived from the London Stock Exchange for the five business days immediately prior to the date of purchase, and the minimum price that may be paid is 25p per share. The Company is also authorised to purchase up to 1,394,587 9% cumulative preference shares at a maximum price equal to 110% of the average of the middle market quotations for such ordinary shares of the Company as derived from the London Stock Exchange for the five business days immediately prior to the date of purchase, and the minimum price that may be paid is £1 per share.

These authorities expire at the AGM on 21 May 2011 and the Board may seek to renew this authority at that time.