| The Directors are of the opinion that the number of undertakings
in respect of which the Company is required to disclose information under
Schedule 5 to the Companies Act 1985 is such that compliance would result
in information of excessive length being given. |
| In accordance with section 231 of that Act, information regarding
principal subsidiary undertakings and joint ventures is set out on page
68. Full information will be annexed to the Company’s next annual return. |
| As permitted by Financial Reporting Standard 8 – Related Party
Disclosures – transactions or balances with Group entities that have been
eliminated on consolidation are not reported. |
