Statement of Directors' responsibilities

When compliance with the CFO Forum MCEV principles published in October 2009 is stated those principles require the Directors to prepare supplementary information in accordance with the MCEV principles and to disclose and provide reasons for any non-compliance with the principles.

The MCEV methodology adopted by the Group is in accordance with these MCEV principles except that:

• risk-free rates have been defined as the annually compounded UK government bond nominal spot curve plus ten basis points rather than as the swap rate curve;
• the value of asset management and the management service companies has been included on an IFRS basis; and
• no allowance for the costs of residual non-hedgeable risk has been made.

Further detail on these exceptions is included in note 1, Basis of preparation.

Specifically, the Directors have:

• determined assumptions on a realistic basis, having regard to past, current and expected future experience and to relevant external data, and then applied them consistently;
• made estimates that are reasonable and consistent; and
• provided additional disclosures when compliance with the specific requirements of the MCEV principles is insufficient to enable users to understand the impact of particular transactions, other events and conditions and the Group's financial position and financial performance.

Jonathan Moss Group Chief Executive St Helier 26 August 2010	Jonathan Yates Group Finance Director