The Company's capital structure comprises Ordinary Shares, two tranches of Debenture Stock, and Equities Index Unsecured Loan Stock ('Index Stock').

Ordinary Shares

At 30 September 2009 there were 160,080,089 (2008: 160,080,089) Ordinary Shares of 10p each in issue.

Income Entitlement:
The profits of the Company (including accumulated revenue reserves) available for dividend and resolved to be distributed shall be paid by way of interim, final and (where applicable) special dividends among the olders of Ordinary Shares, subject to the payment of interest to the holders of Debenture Stock and Index Stock.

Capital entitlement:
After meeting the liabilities of the Company and the amounts due to Debenture and Index Stockholders on a winding up, the surplus assets shall be paid to the holders of Ordinary Shares and distributed among such holders rateably according to the amounts paid up or credited as paid up on their shares.

Voting entitlement:
Each Ordinary Shareholder is entitled to one vote on a show of hands and, on a poll, to one vote for every Ordinary Share held.

The Notice of Meeting and Form of Proxy stipulate the deadlines for the valid exercise of voting rights and, other than with regard to Directors not being permitted to vote their shares on matters in which they have an interest, there are no restrictions on the voting rights of Ordinary Shares.

Transfers:
There are no restrictions on the transfer of Ordinary Shares except for dealings which would or could constitute insider dealing or, in the case of Directors and Persons Discharging Managerial Responsibilities, would otherwise be prohibited under the UKLA Listing Rules.

The Company is not aware of any agreements between Shareholders nor any agreements or arrangements with Shareholders which would change in the event of a change of control of the Company.

Debenture Stock

At 30 September 2009 there were two tranches of Debenture Stock: £8,483,440 (2008: £8,514,940) 10 3/8 per cent Debenture Stock 2011 and £15,000,000 (2008: £15,000,000) 8 1/8 per cent Debenture Stock 2023.

Purchase Activity 2009
20 February 2009	Purchased £31,500 10 3/8 per cent Debenture Stock 2011 for cancellation
7 April 2009	45,000 Equity Index Unsecured Loan Stock 2013 Units for cancellation at 195p per Unit
20 October 2009	18,703 Equity Index Unsecured Loan Stock 2013 Units for cancellation at 220p per Unit
29 October 2009	59,000 Equity Index Unsecured Loan Stock 2013 Units for cancellation at 230p per Unit

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