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Dividend policy

The Directors intend to adopt a progressive dividend policy that will reflect the long-term earnings and cash flow potential of the Group as well as the Group’s currently modest investment and regulatory capital requirements. In respect of the financial year ended 30 June 2008, the Directors expect that the interim and final dividend will, in aggregate, represent not less than 60 per cent. of profit after tax.

The first interim dividend was declared at 3.065 pence per share, and paid on 28 March 2008 in respect of the financial year ended 30 June 2008. A final dividend of 2.42 pence per share, and a special dividend of 2.324 pence per share have been declared payable on 30 September 2008 in respect of the financial year ended 30 June 2008. The date at which you have to hold the shares in order to receive these dividends is 2nd September 2008. The total dividend for the financial year ended 30 June 2008 is 7.809 pence per share.

In circumstances where capital is accumulated in the Group which the Directors believe to be surplus to the Group’s requirements, the Directors intend to return surplus capital to shareholders in an appropriate manner, including by way of special dividend.