20 May 2011

Small Cap Index Remuneration Report

o Base pay increase on the up - at the median up from 0% to 3%. o Of the 18 ‘super elite’ TSR companies, that is companies that have upper quartile TSR over both a three and one year period, 14 of them pay at about or below the predicted base pay level. This analysis provided weight to the arguments that simple conservative remuneration structures are more supportive of good corporate performance than those more highly geared exotic structures. Median Base pay CEO - £326k FD - £215k Median Total Cash CEO - £481k FD - £299k Contact davidbrooks@meis for a full copy of the Summary or a full copy of the Report