Dividend reinvestment

Main features

Your whole cash dividend is used to buy shares at favourable commission rates; your shares will be bought as soon as possible on or after the dividend payment date; and you will be sent a statement within 10 working days of your shares being bought that shows full information including:

• number of shares bought;
• price at which shares are bought;
• dealing costs deducted; and
• any cash balance.

How much does it cost?

• 1.5% of the value of the shares purchased, with a minimum of £2;
• Stamp Duty Reserve Tax currently at 0.5% of the value of the shares purchased; and
• joining and leaving – no charge.

How do I join the plan?

Simply complete and return the dividend reinvestment plan application form available from our Registrars together with a booklet setting out the terms and conditions of the plan.

Information provided here should not be taken as a recommendation by the Company to buy or hold shares in the Company. It is your decision whether to take part and if you have any doubts you should ask for advice from your independent financial adviser.

Remember that the value of shares can go down as well as up and you may not get back the full amount of your investment. If you have any questions about the plan just call our Registrars' helpline on 0371 384 2268.

Special information

Who may join?

UK shareholders – you may join the plan if you are resident in the UK. Overseas shareholders – please see paragraph 3 of the terms and conditions for full information on whether you may join the plan. You are responsible for checking that you can join.

What are the application/cancellation deadlines?

Our Registrars must receive your postal application or cancellation request at least 15 working days before the next dividend payment date, otherwise your instructions will be applicable only to subsequent dividends.

What happens to cash balances?

Following a share purchase any remaining cash balance is carried forward and added to the next dividend.

If you leave the plan our Registrars will pay you any remaining cash balance as soon as reasonably practical.

How does this affect my tax position?

You will be liable for tax on dividends reinvested on the same basis as if you had received the cash and arranged the purchase of shares yourself.

Terms and conditions

To apply and for a full set of terms and conditions please contact our Registrars at:

Equiniti Limited
Aspect House
Spencer Road
Lancing
BN99 6DA

Tel: 0371 384 2282