Corporate Governance Statement

4. Dealing in Securities

The Board has in place the Guidance for Dealings in Securities for Directors, which sets out the internal process for compliance by Directors when dealing in securities during and outside the closed periods, in accordance with the relevant provisions of the LR. The Guidance also provides that Directors must not deal in securities as long as they are in possession of price-sensitive information. In 2008, the Board decided to further tighten the process so that Directors must not deal in any securities during the closed period unless under exceptional circumstances deemed acceptable by the Chairman of the Board or, in his absence, the AC Chairman. The revised Guidance takes effect from 1 January 2009.

The Securities Transaction Policy for employees was also revised in 2008, to prohibit trading by employees of the Company (including principal officers) during closed periods as a measure to curb insider trading and to avoid COI.

COMPLIANCE STATEMENT

The Board is satisfied that in 2008 the Company has complied with the best practices of the CG Code save for the appointment of a Senior Independent NED for reasons stated in the last paragraph of point 2 on page 60 of the Annual Report.