WYG

The audit committee comprises all non-executive directors and is chaired by John Richardson. The Board considers that all members of the committee have recent relevant financial experience.

The role of the committee is clearly defined in its terms of reference. It includes understanding the areas of greatest financial risk for the Company, evaluating whether management is managing this risk effectively and reviewing interim and annual accounts in conjunction with management and auditors.

The independence and objectivity of the external auditors, PricewaterhouseCoopers LLP, is considered on a regular basis. Both the audit committee and the independent auditors have in place safeguards to avoid the auditors' objectivity and independence being compromised.