Scrip Dividend Scheme

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1. WHAT IS THE SCRIP DIVIDEND SCHEME? The Company is offering you a Scrip Dividend Scheme which enables you to receive new Ordinary Shares of 27.5p each instead of cash dividends. The Scheme will apply to both interim and final dividends and enables you to increase your holding in the Company without incurring dealing costs or stamp duty. At the same time, the Company retains cash for reinvestment in the business which would otherwise be paid as a dividend. 2. WHO CAN JOIN THE SCHEME? All UK Shareholders can join the Scheme. For details regarding overseas Shareholders, please see the answer to question 10. 3. HOW DO I JOIN THE SCHEME? Please complete the enclosed Mandate Form and return it to Equiniti Limited, Share Dividend Operations, Aspect House, Spencer Road, Lancing, West Sussex BN99 6DA. No acknowledgement will be issued. Your Mandate will remain in force for all future dividends until cancelled by you in writing. For further details see the answer to question 15. Mandate Forms must be received by Equiniti Limited at least 20 working days before the dividend payment date to be eligible for that dividend. For details of this date for each interim and final dividend please refer to the Company’s website or call the Equiniti Limited share dividend helpline on 0871 384 2268, (calls to this number are charged at 8p per minute from a BT landline, other telephony provider costs may vary), or +44 121 415 7173 if you are calling from a mobile phone or from overseas. Shareholders with a text phone facility should use 0871 384 2255. Mandate Forms received after that date will be applied in time for the next dividend. 4. HOW MANY NEW SHARES WILL I RECEIVE? The number of New Shares you will receive for each dividend will depend on: (a) (b) (c) the amount of the cash dividend; the number of Ordinary Shares registered in your name; and the price to be used in calculating your New Share entitlement. This will be the average of the middle market quotations of an Ordinary Share, derived from the London Stock Exchange Daily Official List, for the five business days starting on the day the Ordinary Shares are first quoted ex-dividend. Fractions of New Shares will not be issued and any cash balance will be carried forward, without interest, and included in the calculation for the next dividend payment. 1
For example only: • The cash dividend is 2p per Ordinary Share. • You hold 1,000 Ordinary Shares and take New Shares instead of the cash dividend. • The calculation price is £1.05 Value of your cash dividend 1,000 x 2p = £20.00 Number of New Shares £20.00 ÷ £1.05 = 19.05 Rounded down to 19 New Shares. Value of New Shares 19 x £1.05 = £19.95 In this case a cash balance of 5 pence would be carried forward to the next dividend payment. (See question 6.) 5. HOW WILL I KNOW HOW MANY NEW SHARES I HAVE RECEIVED? You will receive a statement with your share certificate showing the number of New Shares you have received instead of the cash dividend and any cash balance carried forward to the next dividend payment. The statement will also contain details of the calculation price and the notional tax credit, which you will need for your tax return. If you wish to know the calculation price before this, please contact Equiniti Limited three business days after the record date of the particular dividend. (See question 17.) If on any occasion your cash dividend entitlement, together with any cash balance brought forward, is insufficient to acquire at least one New Share, you will receive a statement explaining that no New Shares have been issued to you and showing how much cash has been carried forward to the next dividend. 6. WHAT WILL YOU DO WITH THE CASH BALANCE? When working out your New Share entitlement, it is unlikely that the calculation will give rise to an exact number of New Shares. As fractions of New Shares cannot be issued, an entitlement to their cash value (being the cash balance) will be carried forward, without interest, and included in the calculation for your next dividend. If you withdraw from the Scheme or if you sell or transfer your entire holding of Ordinary Shares, or if the Company terminates the Scheme or if (being the sole Shareholder) you die, are declared bankrupt, go into liquidation or suffer from mental incapacity, any cash balance held will be paid to you or your estate or trustee entitled as soon as reasonably practicable. 2
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Scrip Dividend Scheme

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